Insights

Vistra India Update 374

April 16 to April 30 2019

INCOME TAX

1.    Agreement for exchange of Country-by-Country Reports entered into by the Government of the Republic of India and the Government of the United States of America

Government of the Republic of India and the Government of the United States of America have signed an agreement for exchange of annual country-by-country reports (“CbC Reports”), with a view to assessing high-level transfer pricing risks and other base erosion and profit shifting related risks, as well as for economic and statistical analysis, where appropriate

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COMPANY LAW

2.    Companies (Incorporation) 4th Amendment Rules, 2019

Ministry of Corporate Affairs (MCA) has amended Companies (Incorporation) Rules, 2014 to extend the due date for filing Form 22A from 25th April, 2019 to 15th June, 2019. Accordingly additional fees will have to be paid when the form is filed on or after 16th June, 2019. 

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3.    Acceptance of Deposits 2nd Amendment Rules, 2019 

In continuation of clarifications issued earlier, Ministry of Corporate Affairs (MCA) has amended Companies Acceptance of Deposit Rules to provide the following in respect of filing one time return DPT-3:

1.    The details of information to be filed is up to 31st March, 2019 as opposed to the details required to be filed up to 22nd January, 2019.
2.    Due date of filing DPT – 3 is 90 days from 31st March, 2019 instead of 90 days from the date of earlier notification.

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4.    Companies (Appointment and Qualification of Directors) Amendment Rules, 2019

Ministry of Corporate Affairs (MCA) has amended Companies (Appointment and Qualification of Director) Rules, 2014 to extend due date for filing E- KYC for individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year from 30th April to 30th June of immediate next financial year.

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5.    Companies (Registration of charges) Amendment Rules, 2019 and Companies (Registration Offices and Fees) 3rd Amendment, 2019

Ministry of Corporate Affairs (MCA) has amended Companies (Registration of charge) Rules, 2014 and Companies (Registration Offices and Fees) Rules, 2014 to provide, among others, the following:

1.    To specifically provide payment of advalorem fee (instead of additional fee levied at multiples of original fees ) as prescribed in the Companies (Registration Offices and Fees) Rules, 2014 in case if the particulars of a charge are not filed in accordance with 3 (1)
2.    Where the company fails to register the charge, the charge-holder shall be entitled to recover from the company the amount of any fees or additional fees or advalorem fees paid by him to the Registrar to create/ modify the charge.
3.    In accordance with the Companies Amendment Ordinance, 2018, Condonation of delay by Central Government is not allowed for delay in creation or modification of charge. However, Central Government may condone delay of filing of satisfaction of charge, if such filing is not made within a period of 300 days from the date of such payment or satisfaction.
4.    New Form Nos. CHG-l, CHG-8 and CHG-9 have been brought with effect from 1st August, 2019.
5.    Fees for filing charge documents.

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GOODS AND SERVICES TAX

6.    Due date of filing of GSTR – 3B  extended

The Board vide Notification No. 19/2019– Central Tax has extended the due date for filing of GSTR – 3B for the month of March 2019 till 23rd April 2019.

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7.    Revocation of Cancellation of registration

The Board vide Notification No. 20/2019– Central Tax has amended Rule 23 that in case of revocation of cancellations, all the returns relevant from the effective date of cancellation till the date of revocation should be filed within 30 days from the date of order of revocation.

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8.    Effective date of Rule 138E has been notified

The Board vide Notification No. 22/2019– Central Tax has announced the effective date of Rule 138E as June 21st 2019.  Rule 138E is relating to Restriction on furnishing of information in PART A of FORM GST EWB 01 (E-Way bill).  As per rule, any person who has not furnished the GST return for two consecutive tax periods shall not be allowed to furnish the information in PART A of FORM GST EWB 01.

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CUSTOMS

9.    Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 32/2019 - 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 April 2019 respectively.  

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