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Latest Update_ECB Policy: Rationalization of End use provisions

Latest Update; ECB Policy: Rationalization of End use provisions

ECB (External Commercial Borrowing) proceeds cannot be utilized for working capital purposes, general corporate purposes and repayment of Rupees loans except when ECB is availed from foreign equity holder (foreign shareholder) with a minimum average maturity period of 5 years. Also, on-lending for these activities out of ECB proceeds is also prohibited. As per latest Notification on ECB, eligible borrowers will now be permitted to raise ECBs for the following purposes from recognised lenders, except foreign branches/ overseas subsidiaries of…

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MCA has amended Instructions For Preparation of Balance Sheet and Statement Of Profit And Loss of A Company

Financials Presentation Minor Change

MCA has amended Instructions For Preparation of Balance Sheet and Statement Of Profit And Loss of A Company / NBFCs vide its notification dated 11.10.2018 and accordingly for Division I Part of Schedule III ,  The words Fixed Assets has been replaced by Property,Plant & Equipment in Balance Sheet and Securities Premium Reserve has been replaced by Securities Premium.  It is important to note here that Division I of Schedule III provides format for Indian GAAP Companies whereas Division II is…

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GST update | ITC can be availed till filing of Annual Return | Gujarat High Court

GST update | ITC can be availed till filing of Annual Return | Gujarat High Court

In the recent Judgement delivered by Hon’ble Gujarat High Court, it was held that Form GSTR-3B is a return in lieu of Form GSTR-3. The return in Form GSTR-3B is only a temporary stop gap arrangement till due date of filing the return in Form GSTR-3 is notified. Further, input tax credit can be claimed till filing of Annual Return. Writ Petition : AAP & Co. Vs Union of India (Special Civil Application No. 18962 of 2018) Plea : a)…

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