Corporate Updates – 21-08-2017

GST:

The GST Authorities have given extension of the last date for payment of the GST & GST Return in Form 3B for the month of July 2017 to 25th August, 2017. Earlier the last date for payment of taxes and filing of GST Return in Form 3B for the month of July was kept as 20th of August 2017. Since it is the first Return to be filed under GST, the tax payers and the tax practitioners have requested for few more days to file their Return. Also there have been requests from States which are hit with floods to extend the last date for filing of GST Returns. Further, it has been specified that for those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017 and for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier.

ICSI – Secretarial Standards:

The Secretarial Standards have been revised by the ICSI and approval of the Central Government, as required, under section 118(10) of the Companies Act, 2013 has been obtained for the revised SS-l and SS-2 vide Ministry of Corporate Affairs vide letter dated 14th June, 2017. Earlier, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the Companies Act, 2013 on 10th April, 2015 and were additionally published in the Gazette of India by the ICSI for making them effective from 1st July, 2015. It has now been decided by the Council to withdraw that additional notification only w.e.f. 30th September, 2017 without affecting the enforceability of SS-1 and SS-2 during the period before such withdrawal. Further, the revised version of SS-l and SS-2 as approved by the MCA, shall be applicable to all the companies (except the exempted class of companies) w.e.f. 1st October, 2017 and will supersede the text of earlier SS-l and SS-2. Till the revised SS – 1 & SS- 2 are made effective, all are required and requested to follow the present version.