Tuesday, 16 October, 2018 - Wednesday, 31 October, 2018

Vistra India Update 362

INCOME TAX

Electronic process notified for making an application for grant of certificates for deduction of income-tax at any lower rates or no deduction of income-tax and Application for certificate for collection of tax at lower rates

The Central Government has now notified that an application for grant of certificates for deduction of income-tax at any lower rates or no deduction of income-tax and Application for certificate for collection of tax at lower rates under section 197 and 206C respectively has to be made in Form 13 electronically under digital signature or through electronic verification code.

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COMPANY LAW

Extension of due date for certain filings and relaxation for payment of additional fees

Ministry of Corporate Affairs (MCA) has extended the due date for filing Form AOC-4, AOC (CFS) AOC -4 XBRL, MGT-7 for the year ended 31st March, 2018 to 31st December, 2018. MCA has also relaxed payment of additional fees for filing these forms up to 31st December, 2018

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Commencement of relevant provisions of Companies Act, 2013 relating to National Financial Reporting Authority

With the constitution of National Financial Reporting Authority, Ministry of Corporate Affairs has fixed 24th October, 2018 as the effective date for commencement of certain provisions of Companies Act, 2013 relating to powers and duties of National Financial Reporting Authority. 

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GOODS AND SERVICES TAX

Extension of Due Dates of filing Form GSTR – 3B

The Central Board of Indirect Taxes and Customs vide Notification No. 55 /2018 Central Tax – has extended the due date for filing of Form GSTR – 3B for the month of September 2018 to on or before October 25, 2018.

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Clarification on certain issues relating to GST refund

The Central Board of Indirect Taxes and Customs vide Circular No. 70/44 2018 GST has clarified certain issues regarding the GST refund application relating to

Status of refund claim after issuance of deficiency memo and re-credit of electronic credit ledger

Allowing exporters who have received capital goods under EPCG to claim refund of IGST paid on exports

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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. 87 /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 19th of October 2018. 

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Events

San Francisco | 12 Dec
San Francisco | 14 Dec

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