Notification No. 28 /2017 – Central Tax, dated- 01st September, 2017- CBEC waives late fee payable under section 47 of the CGST Act, 2017, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date.
The SARFAESI Act has been amended on 12-08-2016 to extend the scope of the Act to provide for registration of security interest held by all other creditors, in addition to the banks and financial institutions defined as secured creditors under the Act. T
The Government launched a concerted drive against black money with Demonetization being an important step in that direction. Among the main objectives of Demonetization was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base. The impact of Demonetization on black money, widening of tax base and Direct Tax Collections is summed up here under:
The Government of India decided to cancel the Legal Tender Status of Rs. 1000 and Rs. 500 denomination currency notes on 8th November 2016 with several objectives: (i) flushing out black money, (ii) eliminate Fake Indian Currency Notes (FICN), (iii) to strike at the root of financing of terrorism and left wing extremism, (iv) to convert non-formal economy into a formal economy to expand tax base and employment and (v) to give a big boost to digitalization of payments to make India a less cash economy.
Taking into consideration, the value of SBNs now reported to have been counted, approximately 98.96% of SBNs in value terms have come back to the RBI after demonetization. In other words, only an estimated Rs. 16000 crore worth of SBNs have not come back to the RBI so far.
Many Traders and service providers who were registered under State VAT Laws /Service TAX /Excise Law prior to 30.06.2017 have been migrated under GST Law w.e.f 01.07.2017 but they do not wish to continue their registration under GST their turnover being less than threshold limit of Rs. 20Lacs / 10Lacs as the case may be.
The Institute of Company Secretaries of India (ICSI) has recently revised the Secretarial Standard on Meeting of the Board of Directors (SS 1) and General Meeting (SS 2). The enforce ability of SS 1 and SS 2 comes from the provisions of section 118(10) of the Companies Act, 2013 (Act, 2013). The earlier SS 1 and SS 2 were made effective from 1st July 2015.
The Standard is applicable to the Meetings of Board of Directors of all companies incorporated under the Act except One Person Company (OPC) in which there is only one Director on its Board.
Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the Companies Act, 2013 on 10th April, 2015 and were published in the Gazette of India Extraordinary Part III -Section 4 on 23rd April, 2015 vide ICSI Notification No. (1) SS of 2015, making them effective from 1st July, 2015.
Following is the text of the revised Secretarial Standard-2 (SS-2) on General Meetings, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of the Companies Act, 2013.
