Corporate Updates – 18-09-2017


The Ministry of Corporate Affairs and Central Board of Direct Taxes (CBDT) have entered into a formal Memorandum of Understanding (MoU) for data exchange to take forward the initiative launched by the Government of India to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes. The MoU will facilitate the sharing of data and information between CBDT and MCA on an automatic and regular basis. It will enable sharing of specific information such as Permanent Account Number (PAN) data in respect of corporates, Income Tax returns (ITRs) of corporates, financial statements filed with the Registrar by corporates, returns of allotment of shares, audit reports and statements of financial transactions (SFT) received from banks relating to corporates. The MoU will ensure that both MCA and CBDT have seamless PAN-CIN (Corporate Identity Number) and PAN-DIN (Director Identity Number) linkage for regulatory purposes. The information shared will pertain to both Indian corporates as well as foreign corporates operating in India. In addition to regular exchange of data, CBDT and MCA will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.


The Central Government, on the recommendations of the Council, has notified that the persons making inter-State taxable supplies of handicraft goods as the category of persons exempted from obtaining registration under the Integrated Goods and Services Tax Act, 2017. Provided that the aggregate value of such supplies, to be computed on all India basis, does not exceed an amount of Twenty Lakh rupees in a financial year. Provided further that the aggregate value of such supplies, to be computed on all India basis, does not exceed an amount of Ten Lakh rupees in case of Special Category States, other than the State of Jammu and Kashmir. All such persons making inter-State taxable supplies shall be required to obtain a Permanent Account Number and generate an e-way bill in accordance with the provisions of rule 138 of the Central Goods and Services Tax Rules, 2017. The expression “handicraft goods” has also been specifically prescribed in the notification along with HSN code, when made by the craftsmen predominantly by hand even though some machinery may also be used in the process.

News from NIRC of ICSI

NIRC of ICSI, invites all its members at a Discussion Meeting on Revival of the Companies under Section 252 of the Companies Act, 2013 & Disqualification of Directors u/s 164(2) of Companies Act, 2013 on Monday, the 18th September, 2017 from 5.30 PM onwards at ICSI-NIRC BUILDING, 4, Prasad Nagar Institutional Area, New Delhi. NO PARTICIPATION FEE. PROGRAM CREDIT HOUR: 2.

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