Companies Act Updates
1.Nirbhay Buildcon (P) ltd. vs Registrar of Companies, Jharkhand
CP (Appeal) No. 37/KB/2018
NCLT held that where the procedure prior to strike off has not been complied and is challenged or alleged , burdern is heavy on the Roc to prove the compliance. If the roc fails to do so, the order of striking off the name of the company becomes illegal and irregular and the original status of the applicant company is to be restored as if the name of the company has not been struck off from the register of companies with resultant and consequential actions.
2. Rajni Anand vs Cosmic Structures Ltd.
CP No. 152 of 2016
High Court held that in case of allegations of fraud and mis - appropriation on the part of the ex directors and where much time has been passed for the order appointing official liquidator as provisional liquidator and also the liquidation proceedings are at the advanced stage , there is no ground to tranfer the petition to NCLT, and the application for transfer is to be dismissed.
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No Fundamental Right to Marry
Contending that the Constitution of India does not stipulate Right to marry as a Fundamental Right, the Central Government has defended its policy of inducting only unmarried men and women as Judge Advocate General in the Indian Army.
Read more at http://bit.ly/2O2owzi
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Error while offsetting liability during filing of GSTR3B for the month of February 2019.
Portal not yet updated with new provisions applicable from February 2019.
https://twitter.com/drgst_team/status/1105368515358400512?s=12
Don’t be in a hurry to file GST3B of February 2019 with old sett off provisions.
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Implementation of various decisions taken by the GST Council for the MSME Sector, like Registration limit extended to 40 lakhs, Composition scheme for service provider etc
Ministry of Finance has issued a press release on 07.03.2019 for Implementation of various decisions taken by the GST Council for the MSME Sector; Issue of Notifications thereof.
The GST Council in its 32nd Meeting held on 10th January, 2019, inter-alia, had taken the following decisions to be effective from 1st April, 2019 (01.04.2019):
Higher Exemption Threshold Limit for Supplier of Goods: There would be two Threshold Limits for exemption from registration and payment of GST for the Suppliers of Goods i.e. Rs. 40 lakhs and Rs. 20 lakhs. States would have an option to decide about one of the limits. The Threshold for Registration for Service Providers would continue to be Rs. 20 lakhs and in case of Special Category States Rs. 10 lakhs.
Composition Scheme for Services and Mixed Suppliers: A Composition Scheme shall be made available for Suppliers of Services (or Mixed Suppliers) with a tax rate of 6% (3% CGST + 3% SGST) having an Annual Turnover in preceding Financial Year upto Rs 50 lakhs.
Increase in Turnover Limit for the Existing Composition Scheme: The Limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs. 1.5 crore. Special Category States would decide about the Composition Limit in their respective States.
Following Notifications have been issued to implement the above decisions:
Notification No. 10/2019
Central Tax, dated the 7th of March, 2019 for higher exemption Threshold Limit for Supplier of Goods;
Notification No. 02/2019
Central Tax (Rate), dated the 7th of March, 2019 for Composition Scheme for Services and Mixed Suppliers, which would be optional to the taxpayers;
Notification No. 14/2019
Central Tax, dated the 7th of March, 2019 for Increase in Turnover Limit in case of existing Composition Scheme.
These Notifications shall come into effect from the 1st of April, 2019.
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👉Finance Ministry asks Trade and Industry to Exercise Caution while filing the Annual GST Returns Form as the facility to revise it is not available.
👉CBIC clarifies on levy of GST on Sales Promotion Schemes. Promotional schemes such as ‘buy one get one free’ (BOGO) and additional quantity for the same price will be eligible for Input Tax Credit, bringing huge relief to Fast Moving Consumer Goods (FMCG), Food, Retail and Pharmaceutical Companies.
👉Finance Ministry notifies April 1 as the date for the implementation of doubling of GST Exemption Limit to Rs 40 lakh, which will benefit Small and Medium Enterprises. Besides, the effective date for availing Higher Turnover Cap of Rs 1.5 crore for Availing Composition Scheme by traders has also been fixed as April 1.
👉RBI relaxes norms for White Label ATM (WLA) Operators and allowed them to buy wholesale cash directly from the central bank. RBI also permits WLA operators to source cash from any Bank, including Cooperatives and Regional Rural Banks. WLAs are owned and operated by non-bank entities on behalf of the banks.
👉RBI notifies the norms for Banks with regards to 2% Interest Subvention or Subsidy for Short-Term Crop Loans during 2018-19 and 2019-20. The Centre has already approved the scheme.
👉Union Cabinet approves the proposal for creation of the Post of Technical Member in Securities Appellate Tribunal (SAT), Mumbai at the level of Secretary to the Government of India
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🔊🔊Co.Law
1.Zero Incorporation fee in Spice for Authorised Capital upto INR 15 Lakhs:
Now incorporation (SPICe form) fees will be zero if the Authorised Share Capital is upto INR 15 Lakhs w.e.f 18-03-2019. Earlier, it was INR 10 Lakhs. Stamp duty charges on MOA and AOA shall remain same.
2.Newspaper advertisement for Shitfing of Registered Office ,Now English Language Advertisment can be made in a English Newspaper with WIDE Circulation.The word WIDEST has been replaced with the word WIDE.
🔊🔊Due Date GST
3.10th Mar 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of Feb'19 under GST.
🔊🔊 NCLT
5.Andhra Pradesh and Madhya Pradesh get new NCLT benches.
6.Bad assets and bankruptcy code: Lenders recover almost half of Rs 1.43-lakh crore defaulting advances.
7.'Pagdi’ buildings may be brought under RERA
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# New functionality on GST portal : Comparison of liability 3B with GSTR-1 and GSTR 2A
1) Libility other than export/RCM
2) Liability due to RCM
3) Liability due to Export and SEZ supplies
4) ITC credit claim and due
- For view and download in Excel.
- Details avaliable for FY 17-18 & FY 18-19
# NO GST on Income Tax TCS : Corrigendum to Circular No. 76/50/2018-GST dt. 31-12-2018 issued vide F.No. CBEC- 20/16/04/2018-GST dt. 07-03-2019
# CBIC releases format of New GST Return- Normal , Sahaj & Sugam : Proposed Return documents, as approved by competent authority, can now be downloaded from the Download section of the GST Portal.
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Clarification on various doubts related to treatment of sales promotion schemes under GST vide Circular No. 92/11/2019-GST Dated 7th March 2019-
1. Free samples and gifts: - It is clarified that samples which are supplied free of cost, without any consideration, do not qualify as „supply‟ under GST, except where the activity falls within the ambit of Schedule I of the said Act. It is Further clarified that input tax credit shall not be available to the supplier on the inputs, input services and capital goods to the extent they are used in relation to the gifts or free samples distributed without any consideration
2. Buy one get one free offer:-It can at best be treated as supplying two goods for the price of one. Taxability of such supply will be dependent upon as to whether the supply is a composite supply or a mixed supply and the rate of tax shall be determined as per the provisions of section 8 of the said Act. It is also clarified that ITC shall be available to the supplier for the inputs, input services and capital goods used in relation to supply of goods or services or both as part of such offers.
3. Discounts including ‘Buy more, save more’ offers and Volume Discount At Year End Or at Periodic Interval- i. It is clarified that discounts offered by the suppliers to customers (including staggered discount under „Buy more, save more‟ scheme and post supply / volume discounts established before or at the time of supply) shall be excluded to determine the value of supply provided they satisfy the parameters laid down in sub-section (3) of section 15 of the said Act, including the reversal of ITC by the recipient of the supply as is attributable to the discount on the basis of document (s) issued by the supplier.
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🔉🔉IBC UPDATE
1.Operational creditors benefit equally from IBC: IBBI
In December, the NCLT had observed that operational creditors should have voting rights to have a bigger say in any resolution process.
2.More queue up in SC to recover dues from Anil Ambani.A controversy had come up after an order issued by the court on February 7 requiring personal appearance of Anil Ambani was found to be tampered with.
3.NCLT Ahmedabad clears ArcelorMittal's Rs 42,000 crore resolution plan for Essar Steel.
4.Resolutions of both Binani and Essar were within rules: IBBI.The Ahmedabad bench of NCLT has approved the ArcelorMittal's Rs 42,000 cr resolution plan, rejecting the Ruias settlement offer.
Recently, in the case of Binani Cement, the Kolkata bench of NCLT approved the resolution plan of UltraTech Cement which was higher than what the Dalmia Bharat group had to offer.
📙Due date calendar for the month of March 2019
15th Mar 2019- Due date for fourth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
20th Mar 2019 - GST monthly return for the month of Feb’2019 (GSTR-3B)
15th Mar 2019- Due date for PF and ESIC payment.
25th Mar 2019- Due date for filing monthly return of PF
30th Mar 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for Feb'19.
31st Mar 2019 – PT payment for the month of Feb'19
31st Mar 2019 – Due date for filing of GSTR 3B and 1 from July’17 to Sept18 without late fees
31st Mar 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July17 to Dec’18.
31st Mar 2019 – Due date for Annual return under PT from April to Mar’19
31st Mar 2019 – Last date for linking Aadhar with PAN.
## MCA
Form AOC4-XBRL is revised on MCA21 Company Forms Download page w.e.f 09th March, 2019. Stakeholders are advised to check the latest version before filing.
##RERA
The Uttar Pradesh Real Estate Regulatory Authority Friday issued deregistration notices to seven builders for failing to meet their commitments to buyers covering 14 projects and approximately 4,800 residential units. The first of its kind action against builders has been taken under Section 7 of the RERA Act.
###LABOUR DEPARTMENT
Notification for allowing EPF member non-refundable advance of 75% in case of continuous unemployment of not less than one month.