Friday, 15 September, 2017

Vistra India Update 335

September 01 - September 15, 2017

COMPANY LAW

Clarification relating to Payment Bank and Small Finance Banks which are subsidiaries of Corporates on compliance with Ind AS and Rule 4 of Companies (Indian Accounting Standards) Rule, 2015

The Ministry of Corporate Affairs has clarified that if the holding Company is covered by the corporate sector roadmap for implementation of Ind AS, it shall follow the corporate sector road map. If the Company has a payment bank or a small finance bank as its subsidiary, then, subsidiary Company shall follow the banking sector road map prescribed as per RBI circulars.

Click to view the circular

Certain unlisted public companies exempted from appointing of Independent directors

Ministry of Corporate Affairs had amended Rule 4 of Companies (appointment and qualification of directors) to rules 2014 to provide, inter alia, that an unlisted public company which is joint venture, a wholly owned subsidiary or a dormant company will not be required to appoint independent directors. It is now been clarified that a joint venture would mean a joint arrangement entered in to in writing whereby the parties that have joint control of management have rights to net assets of the arrangement.

Click to view the circular

GOODS AND SERVICES TAX

System based reconciliation of information furnished in FORM GSTR-1 and FORM GSTR- 2 with FORM GSTR-3B

The GST Policy wing has published  detailed procedure for reconciliation of information furnished in FORM GSTR-1, FORM GSTR-2, FORM GSTR-3 and FORM GSTR-3B which includes the following:

  1. Furnishing of information in FORM GSTR- 1 & FORM GSTR-2
  2. Correction of erroneous details furnished in FORM GSTR-3B
  3. Action on the system-based reconciliation
  4. Additional payment of taxes
  5. Additional claim of eligible ITC
  6. Reduction in output tax liability
  7. Submission of GSTR-3B without payment of taxes
  8. Processing of information furnished

Click to view the circular

Extension of due dates for filing returns under GST

The Central Government through notification No. Notification No. 30/2017 – Central Tax has extended the due dates for filing of Form GSTR – 1, Form GSTR – 2 and Form GSTR – 3 for the month of July 2017 as detailed below

Month

Due date for filing of details of outward supplies in FORM GSTR-1

Due date for filing of details of inward supplies in FORM GSTR-2

Due date for filing of details in FORM GSTR-3

July, 2017

Having turnover of more than one hundred Crores – Upto 3rd Oct 2017

Having turnover of upto one hundred crore - Upto 10th Oct, 2017

Upto 31st October, 2017

Upto 10th November, 201

Click to view the circular

Fee for late filing of FORM GSTR-3B, for the month of July 2017 waived

The Central Government through notification No. 28/2017 – Central Tax has waived the late fees payable for filing of form GSTR – 3B beyond the due date for the month of July 2017.

Click to view the circular

Seventh amendment to the CGST Rules, 2017

The Central Government through notification No. Notification No. 34/2017 – Central Tax has notified the Central Goods and Services Tax (Seventh Amendment) Rules, 2017.  Various operational matters which are dealt with in the amendment are as follows:

  1. Payment of taxes by the person who has been granted registration on a provisional basis or who has applied for registration
  2. Revision of FORM GST TRAN-1
  3. Generation of e-way bill by the principal located in one State to a job worker located in any other State irrespective of the value of the consignment

Click to view the circular

CUSTOMS

Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 84 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 8th of September 2017.  The Notification is appended below for reference.

Click to view the circular

Events

Berlin | 26 Feb - 1 Mar
Hong Kong | 2 Mar
Krakow | 8 Mar
Hong Kong | 12 Mar
Cannes | 13 Mar - 16 Mar
Bucharest, Romania | 28 Mar - 29 Mar

Archive

Recent Newsletters