CS Lalit Rajput

Company Secretary

Company Secretary

Company Secretary, Advisor, Law Expert, Startup Expert, Content Writer, Blogger

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Company Secretary having 6+ years of post qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms and LLP. Have a keen interest in the Corporate Governance and Compliance Management and the soaring craving to learn everyday. Aim is to dive d...
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Construction Industry
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Accounting
Bankruptcy
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Experience
  • Company Secretary 04-08-2021 - 04-08-2021
    Company Secretary

    Corporate Laws


Education
  • Company Secretary 25-08-2011 - 25-08-2014
    ICSI

    Completed in 2014 (First Attempt)

  • B. Com 01-05-2011 - 30-10-2014
    Delhi University

    Graduate from Delhi University


Awards
  • Best Presenter - ICSI MSOP 2017
    ICSI

    Group Presentation Award

  • Certificate of Appreciation 2020
    Cabiznet

    Certificate of Appreciation for knowledge sharing initiative


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CS Lalit Rajput: Read My 284 Published Articles


About ARTICLE: This article contains various Compliance requirements for the Month of October, 2021 under various Statutory Laws. Compliance Requirement Under Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars Companies Act, 2013 & LLP Compliance (MCA/ROC Compliance) and Notifications Foreign Exchange Management Act, 1999 (FEM......

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Ministry of Finance vide press release 1759251 dated 29th September, 2021 has extended the scope of ECLGS’ and scheme extended till 31.03.2022 or till guarantees for an  amount of Rs. 4.5 lakh crore are issued under the scheme, whichever is earlier. Further, the last date of disbursement under the scheme has also been extended to 30.06.2022 to support various businesses impacted by the ......

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Under the Company Law provisions, the concept of Section 8 companies permitted companies with charitable objects etc. to be registered without the words ‘Limited’ or ‘Private Limited’. Section 8 continues to provide for restriction on application of profits and permits the same only for the purpose for which the company is promoted, prohibits declaration of dividend, conti......

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Indian Prime Minister, Shri Narendra Modi on Friday, 5th March 2021, while addressing a webinar on the Production Linked Incentives scheme through video conferencing, highlighted the need for reducing compliances burden and said it is the effort of the government to reduce 6,000 compliances burden at the state and Central level this year.  He emphasized the need to make Indian companies and ......

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Highlight: As per the new orders, Aadhaar-based e-KYC process has been reintroduced for issuing new mobile connections. Telecom service providers will be charged Re 1 per customer authentication by the UIDAI. Customer consent has been made compulsory in case the Aadhaar is being used and demographic details are being obtained electronically from UIDAI. Telecon reforms include ......

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IBC refers to Insolvency and Bankruptcy Code, 2016, the Bankruptcy Law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. Certain provisions on Insolvency Law deals with Micro, Small and Medium Enterprises (MSME’s) which are reproduce below for reference. 1. Section 29A of IBC, 2016: Insolvency and Bankruptcy Code (Second Ame......

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The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed. ⇒ Provisions of Section 96 of Companies Act, 2013 – AGM Related In case of firs......

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The Account Aggregator (AA) network is a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers’ greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers the individual with control over their personal financial data, which otherwise r......

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"Transport and Marketing Assistance"- “TMA” Key Highlights: Centre Revises "Transport and Marketing Assistance" (TMA) scheme for Specified Agriculture Products’ Dairy products, which were not covered under the earlier scheme, will be eligible for assistance Rates of assistance have been increased, by 50% for exports by sea and by 100% for exports by air In F......

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  • 6095 Views
  • 18 Sep 2021
  • CS Lalit Rajput
  • GST,  Updates,  CBIC,  

The 45th GST Council meeting was held today i.e. on September 17, 2021 under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman at Lucknow. The meeting is the first in-person meeting of the GST Council in nearly two years. The previous Council meeting was held via videoconferencing on 12.06.2021. Tthe minister also announced that concessional GST rates on Co......

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The 45th GST Council meeting is scheduled to be held on September 17, 2021 at Lucknow. This will be a significant meeting. This is the first physical meeting after a long time. The previous Council meeting was held via video conferencing on 12.06.2021. ♦ Key matters may be discussed in the upcoming GST Council Meeting: The Constitution (101st) Amendment Act 2016 provides for compensati......

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The central Govt., today, i.e. 15.09.2021, approved approved the Production-Linked Incentive (PLI) scheme for dronesand drone components. It is step towards realising our collective vision of an Aatmanirbhar Bharat. The PLI scheme comes as a follow-through of the liberalised Drone Rules, 2021 released by the Central Government on 25 August 2021.  The PLI scheme and new drone rules are intend......

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The central Govt., today, i.e. 15.09.2021, approved approved the Production-Linked Incentive (PLI) scheme for dronesand drone components. It is step towards realising our collective vision of an Aatmanirbhar Bharat. The PLI scheme comes as a follow-through of the liberalised Drone Rules, 2021 released by the Central Government on 25 August 2021.  The PLI scheme and new drone rules are intend......

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Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for transfer online EPF during this Pandemic situation (COVID-19)" If you do not link your EPF account to Aadhaar by 31st December 2021, the contribution from the company can be stopped. The deadline for linking the EPA account to the Aadhaar card has been extende......

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Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for transfer online EPF during this Pandemic situation (COVID-19)". Members with authenticated Aadhaar and Bank details seeded against their UAN can now submit their PF Withdrawal/Settlement/Transfer claims online. The deadline for linking the EPA account to the Aa......

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♦ One Person Company Sec 2(62) "One Person Company" means a company which has only one person as a member.  For OPC: Return Filing Provisions & AGM ♦ Section 137 of the Companies Act, 2013 One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial stateme......

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The Central Board of Direct Taxes (Income Tax Department) vide Press Release ID: 1753603 dated 09.09.2021 {CBDT Circular No.17/2021 in F.No.225/49/2021/ITA-II dated 09.09.2021} has decided to further extend the due dates for filing of Income Tax Returns (ITR) and various reports of audit for the Assessment Year 2021-22. CBDT has considered representation w.r.t. difficulties reported by the taxpay......

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About ARTICLE: This article contains various Compliance requirements for the Month of September, 2021 under various Statutory Laws. Compliance Requirement Under Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars Companies Act, 2013 & LLP Compliance (MCA/ROC Compliance) and Notifications Foreign Exchange Management Act, 1999 (F......

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Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person's income and the taxes to be paid on it during the year. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. ♦ Importance of Income Tax Ret......

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RBI to impose Penalty Rs. 10,000 soon, for non-replenishment of ATMs with cash Key Highlights: Banks to be fined for non-availability of cash in ATMs. The RBI will start imposing penalties on banks in case the ATMs remain out-of-cash for a total period of 10 hours in a month from October 1, 2021, onwards. Banks will have to submit a system generated statement on downtime of ATMs du......

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Income Tax (CBDT) Due Date Further Extended on 29.08.2021 The Board of Direct Taxes (Income Tax Department) vide circular No. 16/2021 dated 29.08.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time lines for electronic filing of various Forms under the Income-tax Act, 1961: Ex......

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Ministry of Corporate Affairs made an announcement vide General Circular no. 14/2021 and E-file no.CSR-05/01/2021-CSR-MCA dated 25th August, 2021 with an aim to bring in greater transparency and clarity. The Ministry has notified the amendments in Section 135 of the Act as well in the CSR Rules on 22nd January 2021 with an aim to strengthen the CSR ecosystem, by improving disclosures and by simpli......

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Key Highlights: Cabinet approves continuation of Centrally Sponsored Scheme for Fast Track Special Courts for further 2 years Continuation of 1023 Fast Track Special Court (FTSCs) including 389 exclusive POCSO Courts Outlay of Rs. 1572.86 crore, Rs.971.70 crore as Central Share and Rs.601.16 crore as State share Central Share is to be funded from Nirbhaya Fund Fast Track S......

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Ministry of Commerce and Industry, Minister Sh. Piyush Goyal on 17.08.2021 has announced to provide 80 % fee reduction to all recognized educational institutions applying for patents, whether in India or abroad. Earlier this scheme was available to all recognized educational institutions which are owned by the government of India only but now further extended. Define Patent: A patent is the gra......

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Securities and Exchange Board of India (SEBI) vide notification / Circular SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021, has introduced and published “Extension of time for holding the Annual General Meeting (AGM) by top 100 listed entities by market capitalization” in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 ......

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Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DIL/CIR/P/2021/614 issued and publishes dated 13th August, 2021, has introduced “Guidelines on issuance of non-convertible debt instruments along with warrants (‘NCDs with Warrants’) in terms of Chapter VI – Qualified Institutions Placement of SEBI (Issue of Capital and Disclosure Req......

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Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2021/619 issued and publishes dated 17th August, 2021, has introduced “Penalty for Repeated Delivery Default” in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) ......

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Highlights: Scheme to boost our exports & competitiveness Sectors like Marine, Agriculture, Leather, Gems & Jewellery, Automobile, Plastics, Electrical / Electronics, Machinery get the benefits of Scheme. Rates of RoDTEP to cover 8555 tariff lines Union Government on August 17, 2021, notified Remission of Duties and Taxes on Exported Products- (RoDTEP) Scheme Guideline......

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The Micro, Small and Medium Enterprises (“MSMEs”) are an extremely critical sector for India’s economic growth. This has been highlighted during the tough times of COVID-19, where special financial stimulus packages have been showered on this sector by the Central Government. Section 18(3) of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 provides that whe......

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Prime Minister Shri Narendra Modi  on August 2nd launched digital payment solution e-RUPI, a cashless and contactless instrument for digital payment. Prime Minister said that the eRUPI voucher is going to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country and will give a new dimension to digital governance.   He said e-RUPI......

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Parliament Okays amendment to 2008 law on limited liability partnerships. The Limited Liability Partnership (Amendment) Bill, 2021 has been passed by the Lok Sabha today. i.e. 09.08.2021. It was passed by the Rajya Sabha on 4th August, 2021. Key features of the Bill De-criminalization of procedural & technical defaults under LLP Act, 2008 will incentivize compliance and reduce burden on NC......

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BSE vide notice no. 20210709-9 dated 09 July 2021 has issued a circular w.r.t. Guidance note for companies undergoing Corporate Insolvency Resolution Process.     SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“LODR Regulations”) was amended in the year 2018 vide SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regu......

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Levies late fee for filing ITR despite the deadline extended The tax department extended the return filing deadline for individual taxpayers for the financial year 2020-21 (assessment year 2021-22) to September 30, 2021, in light of the COVID-19 second wave. The government had given multiple such extensions to taxpayers last year also, considering the hardship caused by covid-19. However, many ta......

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The Board of Direct Taxes (Income Tax Department) vide circular No. 15/2021 dated 03.08.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time lines for electronic filing of various Forms under the Income-tax Act, 1961 to provide relief to taxpayers in view of the severe pandemic a......

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Compliance Requirement Under Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications Other Statutory Laws and Updates SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015 SEBI Takeover Regulations 2011 SEBI (Prohibition of......

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MSME and Small scale industries (SSI) are very important plays vital role in the economic growth of the Company because it helps in increasing employment and economic development of the country. These enterprises account for more than 40% of the total production of goods and services in India. They are one of the main reasons for the growth and strengthening of the economy. the Ministry of Micro, ......

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Limited Liability Partnership Amendment Bill, 2021 The Cabinet on 28th day of July, 2021, Wednesday, approved amendments to the Limited Liability Partnership (LLP) Act for decriminalising offences under the law as the government looks to improve ease of doing business and encourage start-ups. LLPs are becoming popular among start-ups. Currently, there are 24 penal provisions in the LLP Act, 21 c......

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Key Highlights Government taking steps to make India a hub for aircraft leasing and financing Leasing Units exempted from corporate tax for a block period of 10 years Unified Regulator for IFSC announced World Class Fin-Tech hub to be developed at the GIFT-IFSC to promote domestic aircraft manufacturing Government has taken a number initiatives for to make India a hub for ......

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The Insolvency and Bankruptcy Board of India (IBBI) vide circular no. No. IBBI/IPA/43/2021 dated 28th day of July 2021, has issued circular on the topic “Monetary Penalties to be imposed by an Insolvency Professional Agency” in exercise of powers under section 196 of the Insolvency and Bankruptcy Code, 2016. IBBI move seeks to ensure insolvency professionals remain compliant with the ......

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Government has taken a number initiatives for providing financial assistance to the Micro, Small and Medium Enterprises (MSMEs) to cope with the financial impact of the COVID-19 pandemic which inter-alia include measures such as : 20,000 crore Subordinate Debt for MSMEs, 4.5 lakh crore Collateral free Automatic Loans under Emergency Credit Line Guarantee Scheme (ECLGS) for businesses, ......

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Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/MIRSD/DOP/P/CIR/2021/595 issued and publishes dated 16th July, 2021, has introduced “Block Mechanism in demat account of clients undertaking sale transactions” Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996. The mechanism would do ......

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Securities and Exchange Board of India (SEBI) vide notification / Circular dated 05th May, 2021, has introduced amendments to SEBI (LODR) Regulations, 2015 and published “Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021”. New Provision (effective immediately unless otherwise prescribed) Link of the circular:......

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Government tenders to attract GST, deemed a service Maharashtra Authority for Advance Ruling (AAR): any tendering should attract GST on the processing fee and that 18% GST should apply wherever such forms are bought online or offline. Both online and offline tendering would be considered as “supply of service. Case Details: Case Name: Maharashtra State Dental Council (GST AAR Maharashtra......

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Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/IMD/DF3/CIR/P/2021/014 issued and publishes dated 29th January, 2021, has published “Circular on Revision of Monthly Cumulative Report” in exercise of the powers conferred under Section 11 (1)  of  the  Securities  and  Exchange  Board  of  India  Act,&nbs......

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Employees' Provident Fund Organization (EPFO), India Ministry of Labor & Employment, Government of India has issued and launches electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors". EPFO has introduced a facility for interlinking of Principal Employers with respective contract employers for effective compliance. ♦  Principal Employer: In a fa......

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Including Covid-19 relaxations / updates Goods and Services Tax is an indirect tax used in India on the supply of goods and services. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state ta......

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On the occasion of World Population Day 2021, Uttar Pradesh CM, Yogi Adityanath, inaugurated the state’s population policy 2021-30. He further stated that rising population is the root cause of major problems including inequality. He unveiled the state's new population policy, which aims to incentivize people to help in population control. The unveiling coincided with the World Population Da......

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MCA21 is an e-Governance initiative of Ministry of Corporate Affairs (MCA), Government of India that enables an easy and secure access of the MCA services to the corporate entities, professionals and citizens of India. ♦ Key MCA / ROC Circulars in brief: 1. New MCA E-form Introduced: CSR related Compliance CSR -1 : Filing of Form CSR-1 with the Registrar of Companies (MCA) for registratio......

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Insolvency and Bankruptcy Board of India (IBBI) has issued a circular on “Retention of records relating to Corporate Insolvency Resolution Process (CIRP) by an Insolvency Professional” vide circular no. No.: IBBI/CIRP/38/2021 dated 06th January, 2021 in exercise of the powers under clauses (aa) and (g) of sub-section (1) of section 196 of the Code read with regulation 39A of the CIRP R......

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This article contains various Compliance requirements for the Month of July, 2021 under various Statutory Laws. Compliance Requirement Under Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars Other Statutory Laws and Updates Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications SEBI (Listing Obligations &......

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♦ Overview Securities and Exchange Board of India (SEBI) vide report dated 27th January, 2021 has issued and publishes Consultation Paper for public comments on “Consultation Paper on introduction of provisions relating to appointment or re-appointment of persons who fail to get elected as Whole-time directors or Managing Directors at the general meeting of a listed entity”......

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♦ Relaxations to the FBOs due to Covid-19 Pandemic Regulatory Compliance Division of Food Safety and Standards Authority of India (FSSAI) vide circular No. 15(6)2020/FLRS/RCD/FSSAI dated 23.06.2021 has decided to facilitate the FBOs and ensure ease of doing business by providing following extension in relaxations provided earlier vide FSSAI circular dated 2004.2021 due to spike in the cases......

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The Institute of Chartered Accountants (CA) of India, with the approval of the Central Government, vide notification no. No. 1-CA(7)/196/2021 dated 22.06.2021 & Gazette Id No. CG-DL-E-23062021-227811, made amendment to the Chartered Accountants Regulations, 1988 ♦ Applicability: With effect from the date of their publication in the Official Gazette i.e. 22.06.2021. ♦ Key Highlig......

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Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021. Ministry of Micro, Small and Medium Enterprises vide notification no. 2347(E) dated 16.06.2021 & F. No. PY-10024/6/2021-P and G-DCMSME, made amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 and provides the extension of the validit......

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The 44th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 12th day of June, 2021, Saturday, via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and Union territories (UTs) are also attending the virtual meeting, which is being h......

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Highlights: Companies (Incorporation) 4th Amendment Rules 2021 Ministry of Corporate Affairs (MCA) notification dated 07th June, 2021 has notified the Companies (Incorporation) 4th Amendment Rules 2021 in exercise of the powers conferred under Section 469 (1) & 469 (2) of the Companies Act, 2013, further to amend the Companies (Incorporation) Rules, 2014. Applicability: from the date of publ......

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This article contains various Compliance requirements for the Month of June, 2021 under various Statutory Laws. Compliance Requirement Under                    Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications Income Tax Act, 1961 Goods & Services Tax Act, 2017 (GST......

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The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing on Friday, 28th day of May, 2021 via video conferencing in New Delhi to discuss various matters which includes, GST Amnesty Scheme, Relaxation in Returns Filings, exemption on GST for hand sanitisers, face masks, gloves, PPE Kits, temperature scanners and......

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The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 28th day of May, 2021 via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and Union territories (UTs) are also attending the virtual meeting, which is being held to final......

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Keeping in view the resurgence of the COVID-19 pandemic and the representations received from various bank and non-bank entities, it has been decided to extend the timeline of certain compliance Norms with respect to the Various Payment System Requirements. The Reserve Bank of India (RBI) vide circular No. RBI/2021-22/41  -- CO.DPSS.POLC.No.S-106/02-14-003/2021-2022 dated 22.05.2021, in exer......

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The Board of Direct Taxes (Income Tax Department) vide circular No. 09/2021, (F. NO.225/49/2021-ITA-1I dated 20.05.2021, in exercise of its power under section 119 of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) has issued circular w.r.t. Extension of time limits of certain compliances to provide relief to taxpayers in view of the severe pandemic and spike in Covid-1......

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(The Food Safety and Standards (Labelling and Display) Regulations, 2020) MINISTRY OF HEALTH AND FAMILY WELFARE, Food Safety and Standards Authority of India (FSSAI) vide Gazette ID CG-DL-E-19122020-223813 issued dated 18th November, 2020 and published in Gazette on 10.12.2020, has come up with The Food Safety and Standards (Labelling and Display) Regulations, 2020 in exercise of the powers confe......

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About Article : This article contains various Compliance requirements for the Month of May, 2021 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non? ......

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Delhi, CM, on 25th day of April, 2021 has announced and extended the Lockdown in Delhi for further period of one week, till 03rd May, 2021 (till 5 am) which now again has been extended by one further week time. Earlier, lockdown was imposed last week, from April 19, 2021, to April 26, 2021. Only the essential services will be allowed during the lockdown and the movement of the individuals, howeve......

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ICSI Clarification dated 24th April, 2021: In view of the Covid-19 Pandemic, it has been decided by the Institute to award structured CPE Credits to the members attending the programmes organized by HQs, ROS, Chapters, CCGRT and CoE through electronic mode during May 1, 2021 till June 30, 2021. The structured CPE Credit will be considered for the year 2020-21 only. That means physical attendance......

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The Council of the Institute of Company Secretaries of India (ICSI) has notified ICSI (Continuous Professional Education) Guidelines, 2019 [‘ICSI (CPE) Guidelines, 2019’] for every member of the ICSI. Extension of CPE Timeline for the year 2020-21 Kindly note that ICSI on 27th March, 2021 has given notification stating EXTENSION OF TIME FOR OBTAINING THE MANDATORY CPE CREDITS UPTO 30......

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 About Article : This article contains various Compliance requirements for the Month of April, 2021 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, t......

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1. EPF Contribution- From April 1, 2021, interest on employee contributions to provident fund above Rs 2.5 lakh per annum will be taxable. The changeover was made with the intention of taxing high-income earners who contribute towards the Employees' Provident Fund (EPF), but the government has argued that it will affect less than 1% of contributors. The EPF is for the benefit of employees, and t......

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ABOUT ARTICLE: This article contains various Compliance requirements for the Month of March, 2021 under various Statutory Laws. If you think compliance is expensive, try non? compliance” Compliance Requirement Under 1. Income Tax Act, 1961 2. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars 3. Other Statutory Lawsand Updates 4. Foreign Exchang......

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Central Board of Direct Taxes (CBIC), Ministry of Finance, (Department of Revenue), vide Gazette ID CG-DL-E-27022021-225559 and Notification No. 10/2021/F. No. 370142/35/2020-TPLdated 27thFebruary, 2021has come up with the notification in partial modification of the notification of the Government of India in the Ministry of Finance, (Department of Revenue) No.93/2020 dated the 31st December, 2020,......

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Central Board of Indirect Taxes and Customs (CBIC), GST Policy Wing vide Circular no. 146/02/2021-GST and F.No.CBEC-20/16/38/2020-GST dated 23rd February, 2021 has issued Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 - Reg. The Circular was issued to: The Principal Chie......

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What is GST Audit? Audit under GST is the process of examination of records, returns and other documents maintained by a taxable person. The purpose is to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess the compliance with the provisions of GST. Key Objective: 1. To ensure and promote the correctness of turnover declared, tax......

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FSSAI notifies Alcoholic Beverage Standards’ amendment Regulations The Food Safety and Standards (Alcoholic Beverages) First Amendment Regulations, 2020 MINISTRY OF HEALTH AND FAMILY WELFARE, Food Safety and Standards Authority of India (FSSAI) vide Gazette ID CG-DL-E-19122020-223813 dated 18th December, 2020 has come up with the Food Safety and Standards (Alcoholic Beverages) First Amendm......

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Q1: What is QRMP scheme and what are its benefit? A: Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme is a scheme to simplify compliance for small taxpayers. Under this scheme, taxpayers having an aggregate turnover at PAN level up to Rs. 5 crore can opt for quarterly GSTR-1 and GSTR-3B filing. Payment can be made in the first two months by a simple challan in FORM GST PMT-06. For th......

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Ministry of Corporate Affairs (MCA) vide Gazette ID No.  CG-DL-E-11022021-225116 and F. No. 5 /1 /2020-CL.I  dated 11th day of February, 2021 has released the the Producer Companies Rules, 2021 in section 378H (4) and section 378ZL (1) read with section 469 (1) & (2) of the Companies Act, 2013, and in supersession of the Producer Companies (General Reserve) Rules, 2003, exc......

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MCA21 Version 3.0 to be launched in Fiscal 2021-22 Ministry of Corporate Affairs vide Press Release no. 1695473, dated 05th February, 2021 has come out with MCA Version 3.0 outline and key features. This Version will have additional modules for e-Adjudication, e-Consultation and Compliance Management. MCA Version 3.0 MCA21 V3 Project is a technology-driven forward looking project, envisioned to......

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About Article : This article contains various Compliance requirements for the Month of February, 2021 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non-comp......

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One Person Company: Sec 2(62) "One Person Company" means a company which has only one person as a member. For OPC: Return Filing Provisions & AGMSection 137 of the Companies Act, 2013 One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundre......

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For those opting for Aadhaar authentication, new GST registration will be issued within three working days and would not need to wait for physical verification. However, those not opting for Aadhaar authentication for GST registration would be granted it only after physical verification of the place of business or documentary verification which may take up to 21 working days or more if notice is i......

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About Article : This article contains various Compliance requirements for the Month of December, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non? com......

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NEFT - National Electronic Funds Transfer What is NEFT? NEFT is a nation-wide payment system that allows transfer of funds from one bank account to another. Individuals, firms and corporates can transfer the money from one bank branch to any other bank account held by individual, firm or corporate in the country. 24X7 Availability: NEFT allows individuals, firms, corporate to transfer money from......

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About Article This article contains various Compliance requirements for the Month of December, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.If you think compliance is expensive, try non? complia......

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Listed Companies – Be Alert !!!!! NSE and BSE both vied Circular Ref No: NSE/CML/2020/53 and notice no. 20201106-39 dated 06.11.2020, respectively has issued circular stating Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees (“ALF”) for Financial Year 2020-21. This Circular has been issued to: The Company Secretary / Complian......

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Introduction: GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Eligibility for the QRMP Scheme: In terms of notification No. 84/2020- Central Tax, dated 10.11.2020, a registered person......

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“Discontinuation of Returns Reports under FEMA, 1999” Overview Reserve Bank of India (RBI) vide notification / Circular No. RBI/2020-21/66 A.P. (DIR Series) Circular No. 05 dated 13th November, 2020, has published Discontinuation of Returns/ Reports under Foreign Exchange Management Act, 1999 ” in exercise of the powers conferred under sections Section 10(4) and 11(2) of the Fo......

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OverviewSecurities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/231 issued and publishes dated 13th November, 2020, has published Non-compliance with provisions related to continuous disclosures” in exercise of the powers conferred under sections 11(1) and 11A(2) of the SEBI Act, 1992 read with Section 9 and 21 of Securities Contracts (Regu......

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About Article : This article contains various Compliance requirements for the Month of November, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. Compliance Requirement Under Income Tax Act, 196......

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The National Medical Commission (NMC),  with an of aim affordable medical education has notified its first major regulation titled as 'Minimum Requirements for Annual MBBS Admissions Regulations 2020 to replace the Minimum Standard Requirements for Medical Colleges, 1999 of the erstwhile Medical Council of India (MCI). Applicability: applicable to all new medical colleges proposing to be es......

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Key highlights: MSME Ministry introduces Artificial Intelligence (AI) and Machine Learning (ML) strengthening its Single Window System Portal ‘Champions’ to assist MSMEs of the country. Ministry implements AI & ML tools to get insights into MSME related issues and grievances for their quick and effective resolution. AI & ML analytics can be seen at the “AI ......

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This article contains various Compliance requirements for the Month of October, 2020 under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.If you think compliance is expensive, try non? compliance” Comp......

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The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 05th day of October, 2020 via video conferencing in New Delhi. Union minister of state (MoS) for finance Anurag Thakur and finance ministers of states and Union territories (UTs) are also attending the virtual meeting, which is being held to f......

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Government has announced several measures to promote growth, investment and create new employment opportunities through the amendments in the Income-tax Act, 1961 and the Finance Act (No. 2), 2019. Following measures has been measures taken by Ministry of Finance: reduction in the corporate tax rate from 30% to 22% provided the company did not avail any exemption or incentive. an option......

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Overview Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/ISD/ISD/CIR/P/2020/168 issued and publish dated 09th September, 2020, has published - Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 - System driven disclosures.” in exercise of the powers conferred under Section 11(1) of the S......

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Dear Readers,   This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.   Compliance Requirement Under Income Tax Act, 1961 Goods &......

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The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed.   Provisions of Section 96 of Companies Act, 2013 – AGM Related   In ......

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The 41st GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman via video conferencing today i.e. 27th day of August, 2020. Shri Anurag Thakur and Finance Ministers of States & UTs and Senior officers from Union Government & States are present. EXPECTATIONS: Issues such as compensation to states and GST rates revision. Is......

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(Subletting, Leasing Services)*(AAR - Authority for Advance Ruling - Karnataka) Advance Ruling No. KAR ADRG 17/2020, Dated 23rd March, 2020 Clarification required to be sought: Whether exemption prescribed under entry number 13 of notification no. 9/2017- integrated tax (rate) dated. 28thJune, 2017 can be sought and the lessors (here Ambrish Vasudeva and 4 others) need not charge GST while is......

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MCA vide General Circular no. 28/ 2020 dated 17th August 2020 has issued Clarification on Extension of Annual General Meeting (AGM) for the financial year ended as at 31.03.2020- Companies Act, 2013.   Key Highlights:   1. MCA has received several representations to allow companies to hold their annual general meeting (AGM) for the financial year ended on 31st March, 2020 beyond the ......

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The Reserve Bank of India (RBI) has released Statement on Developmental and Regulatory Policies dated 06th August, 2020 on account of various developmental and regulatory policy measures to enhance liquidity support for financial markets and other stakeholders; further easing of financial stress caused by COVID-19 disruptions.   Payment and Settlement Systems   1. Scheme of Offline ......

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This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non-compliance” Compliance Requirement Under ......

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Securities Exchange Board of India (SEBI) vide Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/147 dated 03rd August, 2020 issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 has come out with Procedural Guidelines for Proxy Advisors  to protect the interests of investors in securities and to promote the development of, and to regulate the s......

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Securities Exchange Board of India (SEBI) vide Public notice dated 27th July, 2020 has  issued Public notice in respect of SEBI-Settlement Scheme 2020 to provide one time settlement opportunity to the entities that have executed trade reversals in the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015 against whom any proceedings are pending. Reason behin......

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SEBI – Further Relaxations Relating To Procedural Matters – Takeovers And Buy-Back Upto 31.12.2020 Securities Exchange Board of India (SEBI) vide Circular No. SEBI/HO/CFD/DCR2/CIR/P/2020/139 dated 27th July, 2020 issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992has come out with Relaxations relating to procedural matters ......

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The Reserve Bank of India (RBI) has released 21st Issue of the Financial Stability Report (FSR), on 24th July 2020 which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the ......

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The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed.   MCA CLARIFICATION ON HOLDING OF DIGITAL AGM THROUGH VC OR OAVM – NOT PHYSICAL  ......

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Faceless hand-holding of the Taxpayers Government of India, Department of Revenue, Ministry of Finance and Central Board of Direct Taxes has came out with a New Form 26AS which is the Faceless hand-holding of the Taxpayers to provide full details of their financial transactions. Aim is to prevent suppression of information by taxpayers. The taxpayers tax passbook or the form 26AS contains detai......

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Reconciliation of Share Capital Audit Report on half yearly basis. Introduction:   MCA vide General Circular G.S.R. 376(E). dated 22nd May, 2019 has came up with Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 and has issued Companies (Prospectus and Allotment of Securities) Third ......

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Dubai, a major business center in the Middle East has been treated as a tax haven for the Investors / Businessmen. The Taxation system is very satisfactory for the Businessmen and Investors. The corporate tax is set at a maximum rate in the oil and bank sectors in the Emirates. Taxation aspects for Companies in Dubai Corporate Tax Corporate taxation in Dubai is limited only to banks and oil c......

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As on 12th July 2020 Ministry of Finance, vide press release id 1638112 dated 12th day of July, 2020 has issued a “Progress Report of Aatma Nirbhar Bharat Package” and Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs. Announcement made by Prime Minister Shri Narendra Modi: Anno......

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Key Highlight: Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Laws and Regulations: Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961), the Central Government makes NPS TIER II TAX SAVER SCHEME 2020. Ministry of Finance (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) vide Gazette ID CG-DL-E-07072020-220404 ......

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The concept of Annual General Meeting (AGM) has been defined under Section 96 of the Companies Act, 2013. It can be considered as an annual gathering of Directors and Shareholders / members of the Company to discuss the future of the Company and also company’s overall performance is analyzed.   Provisions of Section 96 of Companies Act, 2013 – AGM Related   In c......

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ESI Return due date Extended for October – 2019 to March 2020 Period In continuation to the Employees State Insurance Corporation, Circular no. P-11/12/Misc./1/2019(M)-Rev.II dated 18th March, 2020 ESIC departmenthas further extended the due date and provide “Relaxation of time limit for filing and depositing ESI Contribution for the month of February, 2020 and March 2020. Fu......

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Securities Exchange Board of India (SEBI) vide Press Release No. PR No.37/2020 dated 03rd July, 2020 has come out with Amendments to SEBI (Investment Advisers) Regulations, 2013 with an aim to strengthen the regulatory framework for investment advisers.   In January, 2020, SEBI had issued a Consultation Paper, on Review of Regulatory Framework for Investment Advisers and sought comments fr......

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Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs had announced and launched a Special Liquidity Scheme of Rs. 30,000 crore on 13th March, 2020 with a view to improving the liquidity position of NBFCs as well as HFCs. Key Highlights: RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by the Trust. The total amount ......

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About Article: This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.   If you think compliance is expensive, try non-compliance”Compliance R......

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Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020. MINISTRY OF CORPORATE AFFAIRS (MCA) vide Gazette ID CG-DL-E-29062020-220254 and G.S.R. 420(E) dated 29th June, 2020 has issued and published the Companies (Removal of Names of Companies from the Register of Companies) Amendment Rules, 2020  further to amend the Companies (Removal of Names of Compa......

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Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Instructions for transfer online EPF during this Pandemic situation (COVID-19)" In case of change of Job, it is important to switch EPF account from previous employer to the new employer.   Prerequisites:   must have active UAN (Universal Account Number) If U......

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Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/110 dated 26th June, 2020 has come out with Relaxation of time gap between two board / Audit Committee meetings of listed entities owing to the CoVID-19 pandemic in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 101 of the LO......

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MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMED) vide Gazette Id no. CG-DL-E-26062020-220191 and S.O. 2119(E). dated 26th June 2020 has officially notified criteria for CALCULATION OF INVESTMENT AND TURNOVER UNDER MSME.   I. Composite criteria of investment and turnover for classification 1. A composite criterion of investment and turnover shall apply for classification of an enter......

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Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/109 dated 25th June, 2020 has come out with Further extension of time for submission of Annual Secretarial Compliance Report by listed entities due to the continuing impact of the CoVID-19 pandemic in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 199......

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Key Highlights: Ministry of Micro, Small and Medium Enterprises (MSMEs) launches another funding scheme to help the distressed MSME sector The Scheme will provide Rs. 20,000 crore of guarantee cover to two lakh MSMEs. This is a sub-debt facility to the promoters of those operational MSMEs which are distressed or NPA Shri Nitin Gadkari, MSME Minister, has launched the Credit Gua......

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Securities Exchange Board of India (SEBI) vide Notification No. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dated 24th June, 2020 has come out with Further extension of time for submission of financial results for the quarter/half year/ financial year ending 31st March 2020 due to the continuing impact of the CoVID-19 pandemic   The Circular was issued to:   All listed entities All Recogniz......

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Securities Exchange Board of India (SEBI) vide Press Release no. PR No.35/2020 dated 23rd June, 2020 has come out with Relaxations for Listed Companies having stressed assets aimed at helping stressed companies raise capital through timely financial intervention, at the same time protecting the interest of shareholders.   Relaxations are divided into two main parts:   Relaxations......

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Securities Exchange Board of India (SEBI) vide Circular no. SEBI/HO/DDHS/CIR/P/103/2020 dated 23rd June, 2020 has came out with Operational framework for transactions in defaulted debt securities post maturity date/ redemption date under provisions of SEBI (Issue and Listing of Debt Securities) Regulations, 2008.   The Circular was issued to:   All Issuers who have listed their d......

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Overview In view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide notification / circular  dated 22nd day of June, 2020 has issued Circular with respect to PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS BEYOND 30th JUNE 2020. Several representations have been received from stakeholders with regard to di......

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(Annual Return to Be Filed By Auditor With The National Financial Reporting Authority) Key Highlights: NFRA-2 e-Form live since 9th December 2019. Due date of Filing form NFRA -2 : within 210 days from the deployment of this form. Applicable Law(s) Section 132 of the Companies Act, 2013 and Rule 5 of the National Financial Reporting Authority Rules, 2018 “aud......

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EGM refers to Extra – Ordinary General Meetings, called by a company other than scheduled annual meeting (AGM) to deal with urgent matters (Special Businesses). As per Clause 2.2. of Revised SS-2, Items of business other than Ordinary Business may be considered at an Extra-Ordinary General Meeting or by means of a postal ballot, if thought fit by the Board. Procedure to conduct the extra......

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MCA vide General Circular no. 23/ 2020 dated 17th June, 2020 has issued Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 for all Companies Registered with ROC.   Provisions Related to Filings Section – 77 of the Companies Act 2013 - creation or modification of charges Timeline: with a period of 12......

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Director’s / Board Report As a move towards greater corporate transparency, a Directors / Board’ report is a financial document that is required to file at end of the financial year by the Companies. Section 134 of the Companies Act, 2013 has laid down provisions related to Financial statement, Board’s report, etc. I. Contents of Board / Director’s Report 2020: ......

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  • 6155 Views
  • 17 Jun 2020
  • CS Lalit Rajput
  • CBIC,  Articles,  

CBIC Begins Using e-Office in all CGST and Customs offices   “The e-Office is a Mission Mode Project (MMP) under the National e-Governance of India.” Chairman of Central Board of Indirect Taxes and Customs (CBIC) has launched remotely the e-Office application today i.e. 15th day of June, 2020 in over 500 CGST and Customs offices across India in the presence of over 800 senior o......

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Key highlights: A taxpayer may now file NIL Form GSTR-3B, through an SMS, apart from filing it through online mode, on GST Portal. Filing of Form GSTR-3B is mandatory for all normal and casual taxpayers, even if there is no business activity in any particular tax period. Following Conditions must fulfilled to file NIL Form GSTR-3B through SMS,   Must be registered as Normal......

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“Recommendations of GST council related to Law & Procedure” Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing today i.e. 12th day of June 2020. GST Council is meeting today for the first time after the nationwide lockdown. Key Highlights: Reduction in Late Fee for past Returns: Late fee for non-furnishing FORM GSTR-3B......

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RBI has released a discussion paper today i.e. 12th June 2020, on ‘Governance in Commercial Banks in India’ for public comments. Objective: To align the current regulatory framework with global best practices while being mindful of the context of domestic financial system. Last date to forward suggestions: Suggestions and comments on the discussion paper may be sent by email latest......

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(Circular No. 140/10/2020-GST dated 10th June, 2020) Overview: CBIC (Central Board of Indirect Taxes and Customs), Government of India, Ministry of Finance, Department of Revenue, GST Policy Wing vide Circular No: 140/10/2020 – GST, File No. CBEC-20/10/05/2020 -GST dated 10th June, 2020 has finally came out with Clarification in respect of levy of GST on Director’s remuneration. Nee......

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Relaxations from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Further Public Offer (FPO’s) Overview Securities and Exchange Board of India (SEBI) in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, vide notification / Circular No. SEBI/HO/CFD/CIR/CFD/DIL/85/2020 iss......

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While Addressing the FICCI National Executive Committee members, Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman stated that COVID Emergency Credit Facility covers all companies and not just MSMEs. Finance Minister assured the industry of all possible Government support with the intent of supporting Indian business and reviving the economy.   » Liquidity Suppor......

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During a meeting of Shri Nitin Gadkari, Union Minister for MSME and Road Transport and Highways with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of COVID-19 on MSMEs.Some of the questions asked and the suggestions given included Major Points discussed : Including traders as MSMEs, Inclusion of Medium ......

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Key Highlights: Ministry of MSME gears up to implement the New Norms of classification of MSMEs the upper ceiling for classification of MSMEs now has been raised New definition and criterion notified; & will come into effect from 1st July, 2020 Exports will not be counted in turnover for any enterprises whether micro, small or medium Detailed guidelines along with othe......

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MINISTRY OF MICRO, SMALL AND MEDIUM ENTERPRISES (MSMED) vide Gazette Id no. CG-DL-E-01062020-219680 and S.O. 1702(E) dated 01st June, 2020 has officially notified criteria for classification of micro, small and medium enterprises, —In exercise of the powers conferred by sub-section (1) read with sub-section (9) of section 7 of the ‘Micro, Small and Medium Enterprises Development Act, 2......

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About Article: This article contains various Compliance requirements under Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance Requirement Under Tax Calendar: GST Compliance Due Date Calendar Income Tax Due Date Calendar MCA - ROC  Calendar: MCA / ROC Due Date Calendar MCA – ROC Relaxation due to COVID-19 Outbreak ......

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Key Highlights: - Overview - Latest Update on Due Date - Requirement of Auditor Certificate - Drafts Formats Introduction: Ministry of Corporate Affairs (MCA) vide its notification dated 22.01.2019 has notified amendment in the Companies (Acceptance of Deposits) Rules 2014  and a new sub – rule 16A(3) was inserted which read as follows: “Every company other......

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Key highlight: FM launches facility of Instant PAN through Aadhaar based e-KYC Decoding the Circular:   Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs has launched the facility for instant allotment of PAN (on near to real time basis).   About the facility availability:   Facility is available for those PAN applicants who: possess a ......

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Key highlight: Notification for extension of validity of fee payment and extension of time period for paying fees as mandated under rule 32 and 81 of Central Motor Vehicle Rules 1989 Details from the Circular:   Due to this COVID-19 outbreak, whole country is lockdown except for few establishment working under essential services / goods and other private organizations with strict ......

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Overview Bombay Stock Exchange (BSE) vide notice no. 20200522-21 dated 22nd May, 2020 has issued Notification related to “Relaxation in Eligibility Criteria for SMEs in view of Covid-19 Pandemic Situation”. This circular has been issued to amend BSE circular dated 19th April 2012 related to eligibility criteria for companies seeking listing on BSE SME Platform as well as the guidelin......

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RBI Governor Shaktikanta Das addressed the media at 10 am today post  Finance Minister gave details of the Rs 20 lakh crore economic relief package to help the economy recover from the coronavirus pandemic. Key Highlights: Repo rate reduced by 40 bps to 4% Private consumption impacted most by COVID-19 Food inflation increased to 8.6% in April 2020 MPC says inflation to fa......

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OVERVIEW In view of the situation arising due to COVID-19 pandemic and extended lockdown period, Ministry of Corporate Affairs vide notification / circular  dated 20th day of May, 2020 has issued Circular with respect to:PERIOD/DAYS OF EXTENSION FOR NAMES RESERVED AND RESUBMISSION OF FORMS. Several representations have been received from stakeholders with regard to difficulty in incorporati......

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Employees' Provident Fund Organization (EPFO), India Ministry of Labour & Employment, Government of India has issued Circular dated 20th May 2020 providing:FAQ’S ON  REDUCTION IN STATUTORY RATE OF EPF CONTRIBUTION FROM 12% TO 10%.   As part of the government's Rs 20 lakh crore stimulus package, EPF contribution of both employer and employee has been reduced to 10 percent of b......

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  • 6476 Views
  • 20 May 2020
  • CS Lalit Rajput
  • GST,  Updates,  CBIC,  

CBDT HAS NOTIFIED PROVISONS U/S TRANSITIONAL ARRANGEMENTS FOR ITC Transitional credit for un-availed CENVAT-Amended provisions effective from 18.05.2020 Central Board of Indirect Taxes and Customs, Ministry of Finance, (Department of Revenue) vide Notification No. 43/2020 – Central Tax dated 16th May, 2020 has issued  notification which Seeks to bring into force Section 128 of......

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  • 6464 Views
  • 20 May 2020
  • CS Lalit Rajput
  • MSME,  

Key Highlights of FM Speech 17.05.2020 on major LAw Reforms, EODB, HEalth, Public Sectors (Self-Reliant India Movement -V) Overview of PAST THREE Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers and the third aimed at Agriculture, Farmers and Workers and the Fourth aimed at Structural Reforms. Key Highlights: Today's steps will fo......

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Key Highlights of FM Speech 16.05.2020 on Structural reforms (Self-Reliant India Movement -IV) Overview of PAST THREE Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers and the third aimed at Agriculture, Farmers and Workers. Key Highlights: Structural reforms are the focus of today's announcements which are new horizons of growth,......

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FM announced Special relief and credit support to Agriculture, hospitality, tourism dt. 15.05.2020 (Self-Reliant India Movement -III) Overview of First Two Tranches: The first tranche included measures for small businesses, the second aimed at helping migrant workers. Key Highlights: 1. Today's initiatives 11 measures today includes: 11 booster shots for India's farmers 8 relating to st......

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SEBI vide Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/18 dated May 14 May, 2020 states:   1.SEBI circular No. CFD/CMD/CIR/P/2017/115 dated October 10, 2017  lays down the procedure to be followed by the recognized stock exchanges/depositories with respect to MPS non-compliant listed entities, their promoters and directors, including levy offences, freeze of promoter holding etc.   ......

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