The weekly messenger | Edition 06.19

Accounting News

ED on AS 41, Agriculture – 1 February 2019

The Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI), as an initiative to upgrade the existing Accounting Standards (AS) and to bring them nearer to the Indian Accounting Standard (Ind AS) has been issuing the Exposure Drafts (EDs) of various ASs, basis their corresponding Ind ASs. Recently, the ASB has issued the ED of AS 41 ‘Agriculture’ which would be applicable non - Ind AS compliant companies having net worth of less than 250 crore. 
Comments are to be provided by 3 March 2019.
For more information, click here.

Regulatory News

ICAI issues clarification on applicability of Rotation principles if a company ceases to fall under ambit of Rotation principles in subsequent years – 29 January 2019

The Corporate Laws & Corporate Governance Committee of the ICAI has issued a clarification w.r.t. the applicability of Rotation principles on a company if such company subsequently ceases to fall under the ambit of the aforesaid principles, wherein the ICAI is of the view that, since the requirement of rotation of auditors is not applicable on the company subsequently, therefore, the company can appoint any chartered accountant/ firm as an auditor of the company irrespective of the fact that the same chartered accountant/ firm was an auditor of the company in previous years.
 
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Commencement of Section 465 of the Companies Act 2013 - 30 January 2019

The Central Government (CG) has appointed 30 January 2019 as the date on which the provisions of Section 465 ‘Repeal of certain enactments and savings’ of the Companies Act, 2013 shall come into force.
 
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Further GST Updates

The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows:

• • For more information w.r.t amendment in notification No. 65/2017- Central Tax dated 15 November 2017 in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of Central GST (CGST) Act, 2017) in the GST Acts, click here;
  • For more information w.r.t amendment in notification No. 8/2017- Central Tax dated 27 June 2017, so as to align the rates for Composition Scheme with CGST Rules, 2017, click here;
  • For more information w.r.t amendment in notification No. 2/2017- Central Tax dated 19 June 2017, so as to define jurisdiction of Joint Commissioner (Appeals), click here;
  • For CGST (Amendment) Rules, 2019, click here;
  • For more information w.r.t bringing into force the CGST (Amendment) Act, 2018, click here;
  • For more information w.r.t bringing into force the Integrated GST (IGST) (Amendment) Act, 2018, click here;
  • For more information w.r.t bringing into force the Union Territory GST (UTGST) (Amendment) Act, 2018, click here;
  • For more information w.r.t bringing into force the GST (Compensation to States) Amendment Act, 2018, click here;
  • For more information w.r.t rescinding of notification No. 8/2017- Central Tax (Rate) dated 28 June 2017, in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts, click here;
  • For more information w.r.t amendment in notification No. 10/2017- Integrated Tax dated 13 October 2017, in view of bringing into effect the amendments (to align Special Category States with the explanation in section 22 of CGST Act, 2017) in the GST Acts, click here;
  • For more information w.r.t amendment in notification No. 7/2017-Integrated Tax dated 14 September 2017, to align with the amended Annexure to Rule 138(14) of the CGST Rules, 2017, click here;
  • For more information w.r.t rescinding of notification No. 32/2017- Central Tax (Rate) dated 13 October 2017, in view of bringing into effect the amendments (regarding RCM on supplies by unregistered persons) in the GST Acts, click here;
  • For more information w.r.t rescinding of notification No. 8/2017-Union Territory Tax (Rate) dated 28 June 2017, click here;
  • For more information w.r.t extension of due date for furnishing of FORM GSTR – 7 for the months of October 2018 to December 2018 till 28 February 2019, click here;
  • For more information w.r.t amendments in the earlier issued circulars in wake of amendments in the CGST Act, 2017 - CGST, click here;
  • For more information w.r.t amendments in the earlier issued circulars in wake of amendments in the CGST Act, 2017 - IGST, click here;
  • For more information w.r.t amendment in Removal of Difficulties Order no 4/2018-CT to extend the due date for furnishing of FORM GSTR – 8 for the months of October, 2018 to December, 2018 till 07 February 2019, click here;
  • For more information w.r.t. extension of time limit for submitting the declaration in FORM GST TRAN – 1 under rule 117(1A) of the CGST Rules, 2017 in certain cases, click here;
  • For more information w.r.t CGST (Removal of Difficulties) Order, 2019, click here; and
  • For more information w.r.t UTGST (Removal of Difficulties) Order, 2019, click here