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Extension of due date under CBC reporting

Dear Reader, The Indian government has prescribed country-by-country report filing requirements for Indian subsidiaries of large multinationals parented in some foreign countries, including the US, Saudi Arabia, United Arab Emirates, Sri Lanka, and Taiwan. Notification No. 88/2018, issued on December 18, 2018, will mainly impact subsidiaries of US MNEs, given the large presence of US-based companies in India. The US is one of the largest sources of foreign direct investment in India. This new Indian notification was followed up with…

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Review of FDI policy in E Commerce

Dear Reader, RBI has reviewed guidelines for FDI on E-commerce sector, which will affect retailers. New Norms may freeze Flipkart, Amazon models. Before moving towards Guidelines for FDI on E-Commerce sector, mentioned below importance terms and definitions:   Ø  Important Terms and Definitions:   1) E-Commerce activities:   Sector/Activity % of Equity/FDI Cap Entry Route E-Commerce activities 100% Automatic 2) E-Commerce: E-Commerce entity means a Company incorporated under Companies Act, 1956 or Companies Act,2013 or a foreign company covered under Section…

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Notification by RBI on Micro, Small and Medium Enterprises (MSME) sector – Restructuring of Advances

With a view to facilitate meaningful restructuring of MSME accounts {MSME as defined in the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006} that have become stressed, it has been decided by Reserve Bank of India to permit a one-time restructuring of existing loans to MSMEs classified as ‘standard’ without a downgrade in the asset classification, subject to the following conditions: The aggregate exposure, including non-fund based facilities, of banks and NBFCs to the borrower does not exceed Rupees…

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GST Update | GST Annual Return-Audit due date extension

The CBIC has extended due date of GST Audit GSTR-9C, GST Annual Return i.e. GSTR-9 & GSTR-9A for the period July-2017 to March-2018 till 30th June-2019. The due date is extended as per recommendations of GST Council. In this regard, an Order bearing No. 03/2018-Central Tax dated 31st December-2018 has been issued by the Government to give the effect to this extension of the due date for furnishing of GST Annual return & GST Audit.

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GST Update | ITC Availment FY 2017-18 | Last Date 31-March-19

We would like to inform you all of you that, the taxpayers can avail Input Tax credit (ITC) of FY 2017-18 in the current year also i.e FY 2018-19 and that is up to 31st March-2019. Earlier the date for availing ITC of FY 2017-18 is 20th October-2018 ( GSTR-3B of September-2018). Accordingly, rectification in GSTR-1 for transactions pertaining to FY 2017-18 is possible now. The Govt. has taken this welcome step considering grievances faced by taxpayers and considering FY…

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GST Update | 31st GST Council- Notifications

The CBIC has issued 13 Notifications on the last day of the year 2018 to give effect to 31st GST Council Meeting Recommendations, we are providing brief update on the said Notifications under CGST Act, 2017 as under: In addition to below mail regarding recent notifications the CBIC has issued some other Notifications relating to GST rate changes & provided clarification on certain issue in latest circulars, we are providing update on this as under: We would like to bring to…

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Companies (Incorporation) Fourth Amendment Rules, 2018

Dear Reader,   In exercise of the powers conferred by Section 2(41), Section 3, Section 7(1), Section 10A, Section 14 and Section 469(1) & (2) of Companies Act, 2013, Central  Government hereby makes the following rules further to amend the Companies (lncorporation) Rules, 2014. These rules may be called the Companies (Incorporation) Fourth Amendment Rules, 2018. Summary of the said notification in the Companies Act, 2013 is listed below: Amended provision under Companies (Incorporation) Fourth Amendment Rules, 2018 Comments if any…

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Companies (Registration of Charges) Second Amendment Rules, 2018

In exercise of the powers conferred Section 469(1) & (2) of Companies Act, 2013, Central  Government hereby makes the following rules further to amend the Companies (Registration of Charges) Rules, 2014. These rules may be called the Companies (Registration of Charges) Second Amendment Rules, 2018. Summary of the said notification in the Companies Act, 2013 is listed below: Amended provision under Companies (Registration of Charges) Second Amendment Rules, 2018 In Companies (Registration of Charges) Rules, 2014, for Form CHG-4, new…

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