Corporate Updates – 31-07-2017


MCA has notified the Companies (lncorporation) Second Amendment Rules, 2017 which shall come into force on the date of their publication in the official gazette i.e 27/07/2017. The complete process and procedure of Shifting of Registered office from one State to another has been changed. Rule 28, which deal with Shifting of registered office within same state but from one ROC to another, now there is no need to publish advertisement in news paper and to issue individual notices to debenture holders, creditors and depositor. Further, Rule 30 which deal with Shifting of registered office from one state/UT to another has got some welcome changes like No hearing with Regional Director will be held, if no objection is received, Notice to creditors and advertisements in newspaper shall be made not more than 30 days before the date of filing Form INC-23. Earlier, it used to be "not more than 14 days before the date of hearing. Company needs to attach with Form INC-23 a copy of details w.r.t. each of the objection received and responses made by Company. As per amended rule, if no objection is received from any person, the application may be put up for orders without hearing and the order shall be passed within 15 days from the date of application. However, if objection is received, RD shall hold a hearing to get consensus after which, the RD shall pass order within 60 days of filing application.

CBEC – Customs

CBEC has issued Clarification regarding exports under claim for drawback in the GST scenario. As, the higher All Industry Rates (AIRs) under Duty Drawback scheme viz. rates and caps available under columns (4) and (5) of the Schedule of All Industry Rates of Duty Drawback have been continued for a transition period of three months i.e. 1.7.2017 to 30.9.2017. The Government has amended Note and Condition 12A of Notification 131/2016-Cus (N.T.) and dispensed with the requirement of the certificate from GST officer to claim higher rate of drawback. To facilitate exports, the higher rate of drawback can be claimed on the basis of self-declaration to be provided by exporter in terms of revised Note and Condition 12A of aforesaid Notification. Another aspect that may be noted is that there could be cases where export goods had been cleared from factory, warehouse, etc. prior to 1.7.2017 but let export order has not been issued before 1.7.2017. Such goods are not supplies under GST and accordingly, said Note and Condition 12A is not applicable. For such goods, the declaration from exporter or certificate from the then Central Excise officer as applicable in terms of Note and Condition 12 of said Notification No. 131/2016-Customs (NT) shall continue. In order to further facilitate exporters, it may be ensured that all pending drawback claims are disposed of on priority and zero pendency be maintained and Supplementary claims whenever filed should also be processed on priority.

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