CBEC issues 41 Notifications on 13th October 2017 after 6 days of 22nd GST Council Meeting held in New Delhi on 7th October 2017 to give effect to decisions taken in the meeting.
No RCM liability on supplies from unregistered persons from 13.10.2017 to 31.3.2018 Notification 38/2017-Central Tax (Rate) of 13.10.2017.
Extension of time limit for filling of return in Form GSTR – 4 for the quarter ending September 2017 by a composition dealer upto November 15, 2017 vide Notification No. 41/2017 –dated October 13, 2017.
RBI is liable to pay GST under RCM in case of services procured from Member of Overseeing Committee Notification No. 13/2017 dated June 28, 2017.
Exports grew at a six month high rate of 25.7 per cent in September year on year, maintaining the momentum of 13 months of interrupted rise and despite the problems of getting refunds under the goods and services tax (GST) regime.
Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about Rs 9 billion by eliminating fraud in beneficiary lists.
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Quick Reference to " FAQs related with Company Law .
1. Whether the Notice of General meeting shall be accompanied by the attendance slip and Proxy form ?
∆ Yes. The Notice of General meeting shall be accompanied by the attendance slip and Proxy form with comprehensive instructions of filling, signing & depositing proxy form.
2. What is the Quorum for members at general meeting of private Company.
∆ 2 members Personally Present.
3. Whether the Proxy has to prove his identity at the General meeting of the Company for attending the meeting?
∆ Yes. The Proxy - holder has to prove his identity.
4. Whether the Non- Profit Organization is only Incorporated under section 8 of Companies Act, 2013
∆ No. NPOs can be registered under The Indian Trusts Act, 1882 or The Societies Registration Act, 1860 also.
5. Can Board meeting is possible to be conduct on national holiday ?
∆ Yes. As per Revised ss-1 . Board meeting can be held at any day.
6. Whether Preference shareholder can sign requisition for egm ?
∆ Yes. Preference shareholder can sign the requisition for EGM if he has earned voting rights.
7. Whether Listed Company can issue duplicate share certificate within 60 days ?
∆No. Listed Company has to issue duplicate share certificate within 45 days.
8. Is it required to pay Stamp duty on transmission of Shares?
∆ No. Stamp duty is required to pay on transfer of Shares & Not on the transmission of Shares.
9. Can a company issue debentures carrying with Voting rights ?
∆ No. A Company is not allowed to issue debentures carrying with Voting rights as per section 71 (2). Of the Companies Act, 2013.
10. Can a company give dividend above the amount recommended by Directors?
∆ No. Its totally upto the amount recommended by BOD.
11. Whether Independent director is entitled for stock option ?
∆ No. Independent director is not entitled for stock option. He is entitled for Sitting fees.
12. If AOA of the Company does not include / mentioned provision about appointment of first directors then, what is the remedy for Company?
∆ If APA of Company does not include / mentioned provision about appointment of first directors then, All the Subscribers to the memorandum who are individuals are deemed to be directors.
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ICAI - Examination of the Certificate Course on Valuation scheduled on 26th November, 2017 - (12-10-2017) - https://www.icai.org/new_post.html?post_id=13997&c_id=240
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GST Council to decide bringing Real Estate sector under GST regime
Read more at: http://www.taxscan.in/gst-council-decide-bringing-real-estate-sector-gst-regime/12164/
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Levy of Forest Development Fee is Ultra Vires to the Constitution: Karnataka HC [Read Judgment]
Read more at: http://www.taxscan.in/levy-forest-development-fee-ultra-vires-constitution-karnataka-hc/12158/
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Quick Reference to " FAQs related to Company Law ".
1. Can Company pay Underwriting Commission out of Profit of the Company only ??
∆ No. Company can pay Underwriting Commission out of Profit as well as Proceeds of the issue of Shares.
2. Whether ordinary resolution is Sufficient for conversion of Section 8 Company into another kind of Company?
∆ No. Special Resolution is mandatory for the same.
3. Whether debenture trustee is allowed to beneficially hold Shares in the Company?.
∆ No. debenture trustee is not allowed to beneficially hold Shares in the Company. Its a disqualification for him.
4. Whether section 169 i.e. Removal of Directors is applicable to public as well as private Company?
∆ Yes. It is applicable to public as well as private Company.
5. Whether CSR expenditure can be claimed as Business Expenditure?
∆ No. As per finance act, 2014, CSR expenditure is disallowed to be claimed as Business Expenditure.
6. A Person who is nominee director of the Company can appointed as a Independent director of that Company?
∆ No. As per section 149 (6), the Definition of Independent director excludes Nominee Director.
7. XYZ. Ltd has 1500 deposit holders, then whether it is mandatory to Constitute Stakeholders relationship Committee for the Company?
∆ Yes. Any has having more than 1000 shareholders, Debenture holders, Deposit holders or other security holders during a financial year is compulsory to Constitute Stakeholders relationship Committee. ( Section 178 (5) of Companies Act, 2013.).
8. Whether Private Company can issue Shares to its employees under Employees Stock Option through Ordinary resolution??
∆ Yes. as per section 62(1)(b) and Notification dated 5th June , 2015.
Now Special Resolution is not required.
9. Can a Director appoint proxy for board meeting?
∆ No. Director is not allowed to appoint a proxy for board meeting.
10. Whether Company is allowed to Convert existing equity share capital with voting rights into equity share capital having diffential voting rights ?
∆ No. Its not allowed as per Rule 4(3) of Companies (Share Capital and Debentures) Rules, 2014.
11. Whether Company can issue Irredeemable Preference Shares ?
∆ As per Section 55 (1) of Companies Act, 2013, the Company can not issue Irredeemable Preference Shares.
12. Within how many days, the minimum subscription shall be received by the Company in case of Non- Underwritten Issue?
∆ The minimum Subscription shall be received by the Company by the closure of issue otherwise Company has to refund application money within 15 days of the Closure of Issue.
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Notification 36/2017 (Central Tax Rate) & 32/2017 (Integrated Tax Rate)
Exemption from reverse charge u/s 9(4), CGST Act, 2017 and 5(4) of IGST Act, 2017:– A very welcome step for all the dealers. All the registered persons have been exempted from the applicability of reverse charge u/s 9(4) i.e. goods or services procured from unregistered persons till 31.03.2018.
Now, no reverse charge will be required to be paid for procurement from unregistered persons, however the same will be continued in case of goods or services notified u/s 9(3), e.g. Advocates, Govt services, GTA Services etc.
*Important to note that this change shall be effective from the date of notification i.e. 13.10.2017. However we would advise to give the effect from 14.10.2017 to avoid any litigation.*
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Notification No 40/2017 (Central Tax)
This notification brought in a major change in the GST Law in terms of compliance and also a big relief to MSME sector. As per this notification supplier of Goods; whose turnover during the previous financial year was less than 1.5 crore and in case of newly registered persons if the turnover is likely to be less than 1.5 crore during the current financial year; will be allowed to file returns in the manner prescribed in chapter IX of CGST Act.
This means that quarterly return feature will be brought in the law in the due course. As of now they have just notified such class of persons who will be eligible for such new return procedure (as recommended by GST Council it is to be quarterly). However such procedure is still awaited as the same needs to be brought in the law which needs amendment and parliament is not session. So there may be an ordinance issued by the Govt. for all such changes.
*Important to note here is that such benefit is extended to the supplier of goods and NOT to the supplier of services.* Composition dealers are already availing the facility of quarterly returns.
Further, there are probabilities that this will increase burden of large taxpayer having turnover more than 1.5 crore since taking credit from such small taxpayers may be a difficult situation since automatic credit may not be available and accounts would be required to be maintained differently.
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Notification No 10/2017 (Integrated tax)
Exemption from registration to Interstate service providers: Service providers engaged in providing taxable supplies have been exempted from registration if the turnover does not cross the mandatory registration threshold of Rs. 20 Lakhs.
Earlier all the suppliers making interstate supplies were required to get themselves registered irrespective of their turnover, in terms of provisions of sec 24(i).
However, this benefit is not extended to supplier of goods.
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Quick Reference to " Basics about Limited Liability Partnership " :-
1. LLPs are governed by Limited Liability Partnership Act, 2008.
2. It is Combination of Partnership Firm + Company.
3. The LLP is regarded as Body Corporate and separate from its Partners.
4. Minimum 2 Partners and there is no limit on Maximum number of Partners.
5. Partners are jointly liable hoto their Contribution.
6. Minimum 2 Designated Partners are required and out of them 1 should be resident of India.
7. Filling of LLP agreement with ROC is mandatory.
8. Statutory Audit is compulsory for LLPs if their Turnover is ₹40 lakhs or more OR if Contribution is ₹ 25 lakhs or more.
9. An individual or Body Corporate can become a Partner in LLP.
10. The rights and Duties of Partners are governed by "LLP Agreement ".
11. The provisions of Secretarial Audit is not applicable for LLPs.
12. An individual partner is Protected from joint liability created by another partner’s wrongful business decisions or any such misconduct.
13. The Indian Partnership Act, 1932 is not be applicable to LLPs.
14. Designated Partner is required to obtain/have a “Designated Partner’s Identification Number” (DPIN).
15. There is no provision for regular meeting of members of LLPs.
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Activity of Organizing Meetings and Giving Awards to Eminent people are not ‘Charitable’: ITAT denies 12AA Registration [Read Order]
Read more at: http://www.taxscan.in/activity-organizing-meetings-giving-awards-eminent-people-not-charitable-itat-denies-12aa-registration/12128/