The weekly messenger | Edition 21.17
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Regulatory News
Clarification regarding the due date of transfer of shares to IEPF Authority- 29 May 2017
The Ministry of Corporate Affairs (MCA) had issued a clarification on 28 February 2017, wherein it has clarified that where the period of 7 years in respect of unpaid dividend amount lying under section 124(5) is completed during 7 September 2016 to 31 May 2017, the due date for such purpose of transfer of such shares by companies would be 31 May 2017.
Further, MCA has issued a circular on 27 April 2017, wherein it has clarified that it has decided to open a special demat account with National Securities Depository Limited (NSDL) for the purpose of transfer of the above mentioned shares and it was also mentioned that NSDL will prescribe the formats and operational procedures for the purpose of transfer of such shares to special demat account of the Investor Education and Protection Fund’s (IEPF) Authority by 30 April 2017 and 15 May 2017 respectively.
However, on 16 May 2017, MCA has issued a circular whereby it has withdrawn the above mentioned circular i.e. the circular which was issued on 27 April 2017.
Now, MCA has issued a circular on 29 May 2017, whereby it has clarified that the method for transfer/ transmittal of shares from companies accounts to the demat account of the IEPF Authority are being finalized with the depositories, and the due date for the purpose of transfer/ transmittal of such shares would be notified soon.
For more information, click here
Disclosure requirements for Issuance and Listing of Green Debt Securities – 30 May 2017
The Securities and Exchange Board of India has issued a circular on the disclosure requirements wrt the issuance and listing of Green Debt Securities which inter-alia includes:
- The definition of Green Debt Securities;
- Disclosures wrt the green debt securities in Offer Document / Disclosure Document and other requirements;
- Continuous Disclosure Requirements; and
- The Responsibilities of the Issuer.
For more information, click here
CBDT extends the due date for furnishing SFT- 31 May 2017
The Central Board of Direct Taxes has extended the due date for the purpose of furnishing of the Statement of Financial Transactions (SFT) which is required to be furnished for certain prescribed transactions given under rule 114E of the Income Tax (IT) Rules, 1962 read with section 285 BA of the IT Act, 1961 from 31 May 2017 to 30 June 2017, for the Financial Year 2016-2017.
For more information, click here
Further GST Updates – 3 June 2017
The Central Board of Excise and Customs after their discussions in the Goods and Service Tax (GST) Council Meeting held on 3 June 2017 has issued certain rules, formats and rates whose links are as follows:
For GST Return Rules, click here;
For GST Practitioner Formats, click here;
For GST Mismatch Formats, click here;
For GST Return Formats, click here;
For GST Rate Schedule, click here;
For Addendum to GST Rate Schedule for Goods, click here;
For IGST Exemptions/Concessions under GST, click here