Notification of Effective date for certain provisions of Companies (Amendment) Act, 2017
Ministry of Corporate Affairs appoints 7th August, 2018 as the effective date on which Section 10 of Companies Amendment Act, 2017 will come into force. The said section deals with the provisions relating to Private Placement. The key amendments are as below:
- Companies cannot utilize the funds raised through Private Placement until allotment of securities is made and Form PAS 3 is filed
- Number of person to whom the offer for Private Placement can be made is increased from 50 to 200
- The requirement for the value of offer or invitation per person of Rs. 20,000/- of face value of the securities has been done away with.
- The time limit for filing the form is reduced to 15 days instead of 30 days.
Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018
Subsequent to new section 42 relating to Private Placement being notified, Ministry of Corporate Affairs has amended Companies (Prospectus and Allotment of Securities) Rules, 2014 to accommodate the provisions of new section 42 as per Companies (Amendment) Act 2017.
GOODS AND SERVICES TAX
Extension of Due Dates for filing Form GSTR – 1
The Central Board of Indirect Taxes and Customs vide Notification No. 32/2018 & 33/2018 Central Tax – has extended the due date for filing of Form GSTR – 1 as detailed below
For registered persons having aggregate turnover of more than Rs. 1.5 crore in the preceding financial year, the due date of filing for the months from July 2018 to March 2019 has been extended to eleventh (11th) day of the month succeeding such month from the earlier 10th of the month succeeding such month.
For registered persons having aggregate turnover of upto Rs. 1.5 crore in the preceding financial year, the due dates of quarterly filing has been extended as follows:
Quarter for which details in
FORM GSTR-1 are furnished
Time period for furnishing details in FORM
July 2018- September, 2018
31st October 2018
October 2018 - December, 2018
31st January 2019
January 2018 - March, 2019
30th April 2019
Form GSTR – 3B to be filed for the period July 2018 to March 2019
The Central Board of Indirect Taxes and Customs vide Notification No. 34/2018 – has notified that filing of Form GSTR – 3B has to be continued for the period from July 2018 to March 2019 and the due date for filing the same is on or before 20th of the succeeding month.
Payment of GST under Reverse Charge Mechanism deferred till 30th September 2018
The Central Board of Indirect Taxes and Customs vide Notification No. 22/2018 Central Tax (Rate) & Notification No. 23/2018 Integrated Tax (Rate) – has deferred the payment of GST on purchase of goods or services by the registered dealer from unregistered dealer till 30th September 2019.
Publishing of rate of exchange for conversion of the foreign currency
The Central Board of Excise and Customs (CBEC) vide Notification No. 67/2018 - 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 3rd of August 2018. The Notification is appended below for reference:
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