Thursday, 1 March, 2018 - Thursday, 15 March, 2018

Vistra India Update 347

COMPANY LAW

Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Amendment Rules, 2018

The Ministry of Corporate Affairs has amended Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015 to provide that the companies which have filed their financial statements in XBRL shall continue to file their financial statements and other documents in the same form though they may not fall under the class of companies specified therein in succeeding years.

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RBI AND FEMA

Discontinuance of Letters of Undertaking (LoU’s) and Letters of Comfort (LoCs) for Trade Credits

Reserve Bank of India announced discontinuance of the practice of issuance of LoU’s and LoC’s for Trade Credit for imports into India by Authorized Dealer Category – I banks with immediate effect from March 13, 2018.  However, Letters of Credit and Bank Guarantees for Trade Credits for imports into India may continue to be issued subject to compliance with the provisions contained in Department of Banking Regulation Master Circular No. DBR. No. Dir. BC.11/13.03.00/2015-16 dated July 1, 2015 on “Guarantees and Co-acceptances”, as amended from time to time. Master Direction No. 5 dated January 01, 2016 will be updated to reflect the changes.

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GOODS AND SERVICES TAX

Amendment to E way bill rules

The Central Board of Excise and Customs (CBEC) vide Notification No. 12 2018 – Central Tax has issued Central Goods and Services Tax (Second Amendment) Rules, 2018.  The amendment covers

Information to be furnished prior to commencement of movement of goods and generation of e-way bill.

Documents and devices to be carried by a person-in-charge of a conveyance.

Verification of documents and conveyances

Inspection and verification of goods

Facility for uploading information regarding detention of vehicle

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Clarifications on exports related refund issues

The Central Board of Excise and Customs (CBEC) through Circular No. 37/11/ 2018 – GST has issued clarifications on exports related refund issues.  Further to the clarification on the subject provided earlier by CBEC and subsequent to receiving several representations from the stakeholders , CBEC has now again issued circular clarifying the refund related issues with a view to ensure uniformity in the implementation of the provisions.  The Circular covers clarification on the following matters.

  1. Non-availment of drawback
  2. Amendment through Table 9 of GSTR-1
  3. Exports without LUT
  4. Exports after specified period
  5. Deficiency memo
  6. Self-declaration for non-prosecution
  7. Refund of transitional credit
  8. Discrepancy between values of GST invoice and shipping bill/bill of export
  9. Refund of taxes paid under existing laws
  10. Filing frequency of Refunds
  11. BRC / FIRC for export of goods
  12. Supplies to Merchant Exporters
  13. Requirement of invoices for processing of claims for refund

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CUSTOMS

Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 18 & 19 /2018 - 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 2nd and 16th of March 2018 respectively.  The Notification are appended below for reference:

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