Chartered Accountants
(Date:10/08/2018)
The Govt. has extended the due date of filing GSTR-1 for the months of July, 2018 to March, 2019 to 11th day of the next month for taxpayers having turnover above Rs. 1.5 crore.
(Date: 10/08/2018)
The Govt. has notified the due date of filing quarterly GSTR-1 for the taxpayers having annual aggregate turnover up to Rs. 1.5 crore. The due dates for the period of July to September, 2018, October to December, 2018 and January to March, 2019 are October 31, 2018, January 31, 2019 and April 30, 2019 respectively.
(Date: 7/08/2018)
CBIC has notified the special procedure for registration of taxpayers who did not file the complete Form GST REG-26. But they received the provisional ID till December 31, 2017. They are required to furnish the required details to the jurisdictional nodal officer of the Central Government or State Government before August 31, 2018.
(Date: 7/08/2018)
The reverse charge mechanism on supply of goods or services by unregistered person to registered person has been deferred till September 30, 2019 as compared to the original date of September 30, 2018
(Date: 7/08/2018)
The Ministry of Corporate Affairs has proposed amendment to the Companies (Cost Records and Audit) Rules, 2014 to bring a new reporting requirement of Statement of Reconciliation of GST in the Cost Audit Report.
Accordingly, the Draft Companies (Cost Records and Audit) Amendment Rules, 2018 have been placed on the Ministry’s website www.mca.gov.in for suggestions/ comments.
(Date posted:4/08/2018)
The government may soon release one-time settlement for minor and non-serious company law offences removing 60% of the ongoing cases in the National Company Law Tribunal and special courts and free up bandwidth to deal with the insolvency matters.
The cases that may be withdrawn under the scheme are likely to fall under 16 categories attracting both fines and penal provisions. To name such offences to include […] Read More >>
(Date posted: 3/08/2018)
The finance ministry in a tweet announced the extension of ITR filing deadline by a month to August 31, 2018. The notice states that the Central Board of Direct Taxes (CBDT) is extending the ‘Due Date’ for filing of Income Tax Returns from 31st July, 2018 to 31st August, 2018 in respect of the said categories of taxpayers.
A new section 234F was inserted by the government in the Income Tax Act. As […] Read More >>
– By Ishanah Santhalia
The Financial Intelligence Unit (FIU) has released a list of 9,491 NBFCs that have been categorized as ‘high-risk’ due to non-compliance of one of the stipulated conditions mentioned in the PMLA Act and Rules. According to the FIU, these 9,491 NBFCs did not comply with the conditions of appointing a Principal Officer responsible to check and report suspicious transactions and cash transactions of 10 Lakhs and above and […] Read More >>
– By Khushboo Jain
To strengthen two of the major agendas currently being perused by the Government of India i.e. “Identification of Beneficial Ownership” and “Ease of Doing Business”, The Reserve Bank of India (“RBI”), apex Central Bank of India, in pursuance of regulation of foreign capital flows, has issued a Circular No. 30 dated June 7, 2018, streamlining the reporting requirement for entities which presently have Foreign capital contribution and/or entities contemplating to have foreign investments.
In this […] Read More >>
– By Aditi Jhunjhunwala
– Nirali Gosaliya Vasa
In its recent move to eradicate the shell companies Government has yet taken another move by introduction of Rule 12A and amendment to existing Rules of Companies (Appointment and Qualification of Directors) Rules, 2018 wherein Government seeks to ensure that the management is being run by directors who are qualified enough to act as such and accordingly seeks to identify the shadow directors. While the move is a welcome move in light […] Read More >>