corporate law updates

What is the GST bill ? The Goods and Services Tax(GST) is a value added tax that will replace all the indirect taxes levied on goods and services by the government,both central and states,once it is implemented. The basic idea of this bill is to create a single, cooperative and undivided Indian market to make the economy stronger and powerful. ​ ​ Pros of GST bill : GST is a transparent tax and also reduce number of indirect taxes.With GST implemented a business premises can show the tax applied in the sales invoice. GST will not be a cost to registered retailers therefore there will be no hidden taxes andand the cost of doing business will be lower. Benefit people as prices will come downwhich in turn will help companies as consumption will increase. There is no doubt that in production and distribution of goods, services are increasingly used or consumed and vice versa. Separate taxes for goods and services, which is the present taxation system, requires division

For better understanding of GST. 100 Freqeuntly Asked Question GST 1. Does aggregate turnover include value of inward supplies received on which RCM is payable? Ans. Refer Section 2(6) of CGST Act. Aggregate turnover does not include value of inward supplies on which tax is payable on reverse charge basis. 2. What if the dealer migrated with wrong PAN as the status of firm was changed from proprietorship to partnership? Ans. New registration would be required as partnership firm would have new PAN. 3. A taxable person's business is in many states. All supplies are below 10 Lakhs. He makes an Inter State supply from one state. Is he liable for registration? Ans. He is liable to register if the aggregate turnover (all India) is more than 20 lacs or if he is engaged in inter-State supplies. 4. Can we use provisional GSTIN or do we get new GSTIN? Can we start using provisional GSTIN till new one is issued? Ans. Provisional GSTIN (PID) should be converted into

Every document needed under GST in excel : . 1.Payment Voucher -  Payment Voucher.xlsx . 2.Export Invoice -  Export Invoice.xlsx . 3.Debit Note -  Debit Note.xlsx . 4. Tax Invoice( Inter - State) -  Tax Invoice - Inter State.xlsx . 5. Tax Invoice (Intra - Sales) -  Tax Invoice - Intra State.xlsx . 6. Revised Invoice -  Revised Invoice.xlsx . 7. Refund Voucher -  Refund Voucher.xlsx . 8. Bill of Supply -  Bill of Supply.xlsx . 9. Credit Note -  Credit Note.xlsx . 10. Receipt Voucher -  Receipt Voucher.xlsx 3 views  ·  Posted Jul 2

*Exemptions to Private Companies under Companies Act, 2013:* As we all know that some exemptions were granted by MCA to Private Companies on 05.06.2015, the MCA has added more exemptions by amending the notification issued on 5th June, 2015 and by notifying further exemptions on 13th June, 2017: 1. New Concept of *Start-up/ Start-up Companies* has been introduced: Start up Private Companies are not required to prepare the Cash Flow Statements under Companies Act, 2013. For the purposes of this Act, the term 'start-up' or "start-up company" means a private company incorporated under the Companies Act, 2013 (18 of 20'l3) or the Companies Act, 1956 ('l of 1956) and recognized as start-up in accordance with the notification issued by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry." 2. The Private Companies which are small companies are not required to mention the amount of *remuneration drawn* by Directors

There are seven myths going around about GST which are not true. I want to dispel them one by one in form of myth and reality. Pl see these. Myth 1: I need to generate all invoices on computer/ internet only. Reality 1: invoices can be generated manually also Myth 2: I need internet all the time to do business under GST. Reality 2: internet would be needed only while filing monthly return of GST Myth 3: I have provisional ID but waiting for final ID to do business. Reality 3: provisional ID will be your final GSTIN number. Start business. Myth 4: My item of trade was earlier exempt so I will immediately need new registration before starting business now. Reality 4: U can continue doing business and get registered within 30 days Myth 5: There are 3 returns per month to be filed. Reality 5 : There is only 1 return with 3 parts, out of which first part filed by dealer and two other parts auto populated by computer. Myth 6: Even small dealers will have to file invo

MCA Updates MCA has made some recent amendments which are as under: - Amends Companies (Appointment and Qualification of Directors) Rules to provide that JV, WOS and dormant unlisted public companies need not have independent directors -  http://lunawat.com/Uploaded_File... - Amends Schedule IV - Code for Independent Directors -  http://lunawat.com/Uploaded_File... - Amends NCLT Rules to insert Rule 87A for appeal to Tribunal u/s 252 -  http://lunawat.com/Uploaded_File... - Issues Companies Removal of Difficulties Order for voluntary winding of company commenced under companies Act 1956 pursuant to applicability of related sections under 2013 Act -  http://lunawat.com/Uploaded_File... - Amends Companies (Transfer of Pending Proceedings) Rules for giving effect to removal of difficulty order regarding voluntary winding up -  http://lunawat.com/Uploaded_File... SPICe form has been recently revisied on MCA21 Company Forms download page. Stakeholders are advised to check

No. SEBI/LAD-NRO/GN/2017-18/013 dated 25th July 2017 issued by SEBI In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with Section 25 of the Depositories Act, 1996 (22 of 1996), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, namely 1. These Regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2017. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, in Regulation 58, for sub-regulation (3), the following shall be substituted- (3) Within fifteen days of receipt of the application, the depository shall after concurrence of the pledgee through its participant, create and record

Few important due dates July month 10 July 2017 - Excise return (which might have been filed) 21 July 2017 - VAT return 30 July 2017 - Filing of Tran-2 application 30 July 2017 - Record all the transaction with the old taxes August month 15 August 2017 - Service Tax Return 20 August 2017 - Summary GST return in Form 3B for the month of July 2017 30 August 2017 - Filing of Tran-2 application September Month 01 to 05 September 2017 - GSTR 1 for the month of July 2017 06 to 10 September 2017 - GSTR 2 for the month of July 2017 15 to 20 September 2017 - GSTR 1 for the month of August 2017 20 September 2017 - Summary GST return in Form 3B for the month of August 2017 21 to 25 September 2017 - GSTR 2 for the month of August 2017 28 September 2017 - Filing of Trans-1 application 9 views   ·   Posted Fri

MCA Updates: Major amendments with respect to shifting of registered office of a Company MCA, on 27th July, 2017, has issued a notification amending Companies (Incorporation) Rules, 2014 with respect to: Rule 28 - Shifting of registered office within same state but from one ROC to another Rule 30 - Shifting of registered office from one state/UT to another Major Changes in Rule 28: 1. There is no need to publish advertisement in news paper 2. There is no need to issue individual notices to debenture holders, creditors and depositor. 3. Revised rule has mentioned specified documents to be attached with Form INC-23. Major Changes in Rule 30: 1. No hearing with Regional Director will be held, if no objection is received. 2. 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." 3. Company needs to attach w

Capital market regulator SEBI is seeking major changes to the structure of equity trading in India, evidently driven by the government’s recent realisation that it may be losing chunks of tax revenues due to a high concentration of equity trading volumes in the derivative segment. Alarming rise SEBI may soon announce measures to boost cash equity volumes and curb excessive derivative speculation, two sources close to the regulator told  BusinessLine . India’s emergence as the second-most speculative equity market globally — due to derivative trading — after South Korea, has rattled the government and SEBI. A recent study showed that the ratio of equity derivative turnover to cash segment turnover stood at 15.2:1. That is, more than 15 trades in derivatives were being conducted for every cash market trade. Sources say the fact that derivative trading was way higher than cash was causing heartburn in the Prime Minister’s Office and the Finance Ministry as the government deriv

RULES, 2017 In exercise of the powers conferred by sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Incorporation) Rules, 2014, namely: — These rules may be called the Companies (Incorporation) (Second Amendment ) Rules, 2017. They shall come into force on the date of their publication in the official gazette. In the Companies (Incorporation) Rules, 2014 (hereinafter referred to as the principal rules), for rule 28, the following rule shall be substituted, namely:— “28. Shifting of registered office within the same State. — An application seeking confirmation from the Regional Director for shifting the registered office within the same State from the jurisdiction of one Registrar of Companies to the jurisdiction of another Registrar of Companies, shall be filed by the company with the Regional Director in Form No.INC.23 along with the fee and following doc