CORPORATE AND PROFESSIONAL UPDATES 18TH JUNE 2018

CORPORATE AND PROFESSIONAL UPDATES 18TH JUNE 2018

DIRECT TAX

• Cost Inflation Index for FY 2018-19 (AY 2019-20) notified as 280. Notification No.26/2018/F.No.370142/3/2018- TPL of 13.6.2018.

INDIRECT TAX

• GST registrants can approach jurisdictional tax officer with valid documents to change the e-mail and mobile number recorded against their GST identification number (GSTIN).
• Sale of pre-GST packaged goods has now been allowed with stickers of revised ratestill July 31. The deadline has been extended several time and the latest was April 30.

FAQ on E-WAY BILLS:

• Query:How to enter multiple modes of transportation, i.e., road, rail, ship, air for the same e-way bill?
• Answer:.One e-way bill can go through multiple modes of transportation before reaching destination. As per the mode of transportation, the EWB can be updated with new mode of transportation by using ‘Update Vehicle Number’.

MCA Updates:

• MCA has amend the Companies (Management and Administration) Rules, 2014.These rules may be called the Companies (Management and Administration) Second Amendment Rules, 2018 which shall come into force on the date of their publication in the Official Gazette
• The MCA has made the Companies (Significant Beneficial Owners) Rules, 20l8, which shall come into force on the date of their publication in the Official GazeIte.
• MCA has amend the Companies (Registered Valuers and Valuation) Rules, 2017. These rules may be called the Companies (Registered Valuers and Valuation) Second Amendment Rules, 2018, which shall come into force on the date of their publication in the Official Gazette.
• An MCA has notified 5 Sections of companies Amendment Act, 2013.
• The corporate affairs ministry wants all unlisted companies with paid-up capital of more than Rs 50 million to digitalize shares by June-end. Others can do so by September. The aim is to make transactions more transparent.

SEBI UPDATES

• SEBI vides its notifications dated May 31, 2018, amended the provisions of Takeover Code, Issue of Capital and Disclosure Requirements (ICDR) Regulations, Delisting Regulations and Listing Obligations and Disclosure Requirements (LODR) Regulations to facilitate the resolution process under IBC.

OTHER UPDATES

• ICAI has decided to obtain information from all the Members holding COP as on 01.04.2018 who presently have or at any time in the past seven financial years had networking relationship or affiliation by whatever name called with any entity.
• The ICAI Members/partners/firms who at present or any time in the past seven financial years had no networking arrangements or affiliation by whatever name called need not submit the information.
• ICAI young members Committee will organize training programmers for 1000 interested members for developing their public speaking skills as Guest Speaker.Please click the link https://goo.gl/Jmd2xT to access the form. Last date 2nd July 2018. Phone: +91-11-30110431 ; Email: ymec@icai.in

KEY DATE:

• QUARTERLY RETURN FOR REGISTERED PERSONS WITH AGGREGATE TURNOVER UP TO RS. 1.50 CRORES: GSTR-1 :-31. JULY 2018
• DUE DATE FOR FILLING GST TRAN-2- 30.06.2018
• DUE DATE FOR GSTR-3B -20.06.2018
• More read:

  • Key characteristics for Auto-population of e-invoice

  • Overview of Invoice Furnishing Facility (IFF) Under QRMP Scheme