Corporate Updates – 21-06-2017


MCA has notified the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 which shall come into force on the date of their publication in the Official Gazette. These regulations shall apply to inspection and investigation of service providers. The Board shall conduct inspection and investigation of such number of service providers, as may be decided by the Board from time to time under section 218. If the Board, is of the prima facie opinion that sufficient cause exists to take actions under section 220 or sub-section (2) of section 236, it shall issue a show cause notice in accordance with regulation 12 to the service provider or an associated person and in any other case, close the inspection or investigation, as the case may be. The Board shall refer the show-cause notice to the Disciplinary Committee alongwith all the relevant records including the written submissions, if any, made by the noticee in the matter.


The Central Government issues various CGST and IGST Notifications along with 5 Final Rules & formats under GST. As the rollout date of July 1, 2017 is fast approaching and to setup the systems and governing rules in place, the Central Government, has issued certain Notifications under Central GST and Integrated GST all dated June 19, 2017. Further, the final version of 5 Rules duly approved along with their formats, as approved by the GST Council, have also been put on public domain. On 19th June 2017 CBEC released Six Central Tax notifications, two Integrated Tax notifications paving the way for implementation of GST with effect from 01st July 2017. In Addition to that it also released with Format GST Rules related to Advance Ruling, Anti Profiteering, Appeals and Revision, Assessment and Audit and E-way.

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