Corporate Updates – 26-06-2017


MCA provides relaxation on auditor’s term for private cos. having paid up share capital upto 50 crore. The MCA has notified rules which may be called the Companies (Audit and Auditors) Second Amendment Rules, 2017 and shall come into force on the date of their publication in the Official Gazette. In the Rule 5 (b), for the word "twenty", the word "fifty" has been substituted.

CBEC – Service Tax:

The service tax returns are filed on half yearly basis and due dates for filing the service tax returns are 25th October for the first half of the year and 25th April for the second half of the year. As this year the GST tax regime will be implemented, all the indirect taxes will be subsumed into GST w.e.f 01-07-2017 and there will be no further applicability of service tax. Due to the said reason, there arises a need to file returns. For the 1st quarter (i.e. from 1st April,2017 to 30th June,2017) the service tax return is required to be filed upto 15th August 2017. The return needs to be filed in form ST – 3 or ST – 3C as may be applicable. Further, the service tax return which is to be filed for the period of 1st April,2017 to 30th June,2017 can be revised within 45 daysof filing the original return. The service tax return filed will help in availing the input credit in the GST regime.

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