Corporate Updates – 19-04-2017


The Hon’ble President, Mr. Pranab Mukherjee, has given his assent to the four key Goods and Services Tax (“GST”) Bills, after they were passed by the Parliament. The four GST Bills viz The Central Goods and Services Tax Act, 2017, The Integrated Goods and Services Tax Act, 2017, The Goods and Services Tax(Compensation to States) Act, 2017, The Union Territory Goods andServices Tax Act, 2017 which are now notified and enacted. Earlier, these Bills were passed in Rajya Sabha on April 6, 2017 and by Lok Sabha on March 29, 2017. Recently, with Presidential nod, the much-awaited indirect tax reform i.e. GST further moves closer for the roll out of one-nation-one-tax regime from July 1, 2017. Further, the State Governments need to pass the State GST Bill in their respective assemblies to switch on to the GST regime, which would be more or less the replica of the CGST and UTGST Bills.

The Employee’s Compensation Act, 1923

The Central Government has notified the Employee’s Compensation (Amendment) Act, 2017 which shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. AS per new inserted Rule 17A – Every employer shall immediately at the time of employment of an employee, inform the employee of his rights to compensation under this Act, in writing as well as through electronic means, in English or Hindi or in the official language of the area of employment, as may be understood by the employee. Further, penalties for offences under the Act have been revised from maximum five thousand rupees to not less than fifty thousand rupees but which may extend to one lakh rupees.

News from NIRC of ICSI

Registration open for NIRC’s Workshop on "Secretarial Audit", on Saturday, the 21st April, 2017 (Registration starts at 9.00 AM) from 10.00 am onwards at Auditorium, ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi. Fee : Rs. 400/- upto 07-04-2017 for all participants including Corporate Members of NIRC; Online Payment/Registration Facility Available; Program Credit Hours: 04.

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