Friday, 16 March, 2018 - Saturday, 31 March, 2018

Vistra India Update 348

COMPANY LAW

Commencement of certain provision of the Companies Act, 2018.

Subsequent to the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approving the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA, the Central government has notified on 21st March 2018 as the date on which the below provisions of Companies Act 2013 will come into force.

Section 132(3) – Appointment of Chairman and members of NFRA

Section 132(11) – Appointment of Secretary of NFRA

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Companies (Incorporation) Second Amendment Rules 2018

Ministry of Corporate Affairs has notified that an application for reservation of name made through form RUN, may either be approved or rejected by ROC, after allowing re-submission of such application within 15 days for rectification of defects, if any.

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Extension of due date for filing AOC 4 XBRL

Based on request received from various stakeholders, Ministry of Corporate Affairs has extended the time limit for filing Form AOC-4 XBRL using Ind AS under Companies Act 2013 for all eligible companies for FY 2016-17 without additional fees up to 30th April, 2018.

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Extension of time for Condonation of Delay scheme 2018

The Central government vide circular number 16/2017 had introduced a scheme called Condonation of Delay Scheme 2018 giving an opportunity to companies and directors who have defaulted in filing the annual return/financial statements to become compliant and normalize the operations.  This scheme come into force with effect from 1st January 2018 and was valid up to 31st March 2018. Based on the request received from various stakeholders, Ministry of Corporate Affairs now has extended the scheme upto 30th April 2018.

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The Companies (Indian Accounting Standards) Amendment Rules, 2018

The Ministry of Corporate Affair (MCA) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 with effect from 1st April 2018. The amended rules includes Ind AS 115 Revenue from Contracts with Customers, Appendix D to Ind AS 115 Service Concession Arrangements and Appendix B to Ind AS 21, Foreign Currency Transactions and Advance Consideration (corresponding to IFRIC 22). Ind AS 11 Construction Contracts and Ind AS 18 Revenue will be omitted.

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GOODS AND SERVICES TAX

The Central Board of Excise and Customs (CBEC) has notified changes in the due dates for filing  periodical returns and the effective date of implementation of E-Way bill procedure vide Notification Nos. 15, 16,18 & 19 2018 – Central Tax as detailed below.

Notifies April 01 2018 as the date from which E-Way Bill Rules shall come into force

Due date for filing FORM GSTR-3B and FORM GSTR 1

Month

Due Date

Form GSTR 1**

Form GSTR 3B

April-18

31-May-18

20-May-18

May-18

10-Jun-18

20-Jun-18

June-18

10-Jul-18

20-Jul-18

                                   

 

                                   

 

 

 

** For registered person having aggregate turnover of more than 1.5 core rupees

The due dates for filing FORM GSTR-6 for the months of July 2017 to April 2018 is extended to 31st May 2018.

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LABOUR LAWS

Provident Fund

Process of Enrolment as Member under Employee’s Pension Scheme (EPS) without Aadhaar number

With effect from 1 July 2017, submission of Aadhaar was a mandatory identity document for enrolment as member under Employee’s Pension Scheme (EPS).

The Provident Fund department received various representation from stakeholders on the difficulties faced for Initial enrolment of a new member due to non-possession of Aadhaar. Hence, to facilitate immediate enrolment as member and avoid in delay of remittance of provident fund contributions, the following procedure has been formalized:

Employers may apply to the concerned RPFC for generating UAN number for such employees.

RPFC (OIC) will generate UAN for such employees based on undertaking from these employees forwarded through the employer concerned that he/she does not have Aadhaar number for generation of UAN

The UAN thus generated shall be forwarded to employers concerned to file ECR for such employees under intimation to the concerned employees about their UAN.

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Amendment to Payment of Gratuity Act, 1972

The Central Government has notified the Payment of Gratuity (Amendment) Act, 2018 with effect from 29th March 2018 wherein the maximum amount of gratuity payable to an employee has been increased to twenty lakhs from ten lakhs. 

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