The weekly messenger | Edition 25.17

Auditing news

ICAI issues ED on SA 299 (Revised) Joint Audits- 27 June 2017

The Auditing and Assurance Standard Board of the Institute of Chartered Accountants of India (ICAI) has issued an exposure draft (ED) on Standard on Auditing (SA) 299 (Revised) Joint Audits.
Comments are to be received by 11 August 2017.
For more information, click here

Regulatory news

Notice inviting comments on amendments to Companies (Specification of Definitions Details) Rules, 2014- 28 June 2017

The Ministry of Corporate Affairs has proposed an amendment to the Companies (Specification of Definition Details) Rules 2014 wherein it has considered to include the proviso to clause (87) of section 2 of the Companies Act 2013 which includes the definition of the subsidiary company in the said rules. This proviso provides for restricting class or classes of holding companies from having layers of subsidiaries beyond prescribed number.
Comments are to be received by 20 July 2017.
For more information, click here

Companies (Transfer of Pending Proceedings) Second Amendment Rules, 2017 – 29 June 2017

The Central Government (CG) has amended the Companies (Transfer of Pending Proceedings) Rules 2016 with the Companies (Transfer of Pending Proceedings) Second Amendment Rules 2017 in which certain procedural changes have been made with respect to the following topics:

• Pending proceeding relating to voluntary winding up;
• Transfer of pending proceedings of winding up on the ground of inability to pay debts.

For more information, click here

Companies (Removal of Difficulties) Order 2017 – 30 June 2017

CG has issued the Companies (Removal of Difficulties) Order 2017 in which it has removed the following difficulties:

• In the third proviso to clause c of sub section 1 of section 434 “Transfer of certain pending proceedings”, the words “provided further that” have been substituted with the words “provided also that”;
• After third proviso to clause c of sub section 1 of section 434 , following proviso has been added:  “Provided also that proceedings relating to cases of voluntary winding up of a company where notice of the resolution by advertisement has been given under sub section 1 of section 485 “Publication of resolution to wind up voluntarily” of the Companies Act, 1956 but the company has not been dissolved before 1 April 2017 shall continue to be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959”.

This order shall come into force w.e.f. 29 June 2017.
For more information, click here

IRDAI defers the IND AS Implementation by 2 years for Insurance Companies – 28 June 2017

The Insurance Regulatory and Development Authority of India (IRDAI) considering the various peculiarities in the Insurance sector has deferred the implementation of the Indian Accounting Standards (Ind AS) for the insurance companies from 1 April 2018 to 1 April 2020. Some of the peculiarities considered for the purpose of deferment are :

• No standard equivalent to International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement in India;
• Increase in compliance cost as companies would be required to spend twice once on implementation of Ind AS and secondly when International Financial Reporting Standard (IFRS) 17 would get implemented in India.

However, the earlier requirement of submitting Proforma Ind AS financial statements on a quarterly basis as directed under IRDAI circular IRDA/F&A/CI R/ACTSI 262112/2016 dated 30th December 2016 would continue to apply.
For more information, click here

Further GST updates- 28 June 2017

The Central Board of Excise and Customs has issued various notifications w.r.t. Central Tax, Central Tax (Rate), Integrated Tax, Integrated Tax (Rate), Union Territory Tax, Union Territory Tax (Rate), Compensation Cess, Compensation Cess (Rate) whose links are as follows:

• For Central Goods and Service Tax (Third Amendment) Rules, 2017, click here
• For Goods and Services Tax Compensation Cess Rules, 2017, click here
• For Exemption to registered receiver of goods and services from unregistered supplier under Delhi Goods and Service Tax, click here
• For Exemptions under Delhi Goods and Service Tax, click here
• For Exemption to receiver (who is deductor under section 51) of goods and services from unregistered supplier under Delhi Goods and Service Tax, click here
• For Exemption of Specified Goods under Delhi Goods and Service Tax, click here
• For Exemption to registered receiver of second hand goods from unregistered supplier under Delhi Goods and Service Tax, click here
• For Amendments in rates under Central Tax, Union Territory Tax & Integrated Tax, click here
• For online portal notification of GST, Union Territory Goods and Services Tax (Andaman and Nicobar Islands), (Chandigarh), (Dadra and Nagar Haveli), (Daman and Diu), (Lakshadweep) Rules 2017 and their HSN codes applicability,  interest rates, under Union Territory Tax click here
• For Rates on goods, exemptions, reverse charge, input tax credit & refund rules under Union Territory Tax and Rates of Compensation Cess: click here
• For Rates on Services, exemptions, reverse charge, input tax credit and refund rules, applicability to Union Nations and Diplomatic agents under Union Territory Tax and Rates Compensation Cess: click here
• For Rates on Goods, exemptions, reverse charge, input tax credit & refund rules under Integrated Tax and Central Tax: click here
• For Rates on Services, exemptions, reverse charge, input tax credit & refund rules, applicability to Union Nations and Diplomatic agents under Integrated Tax and Central Tax: click here
• For Central Goods and Services Tax (Second Amendment) Rules, 2017, click here
• For applicability date of certain provisions of section under Union Territory Tax, click here
• For applicability date of all the provisions under Goods and Service Tax Compensation, click here
• For Integrated Goods and Services Tax Rules, 2017, click here
• For applicability of HSN codes and interest rates under specified sections under Integrated Tax, click here
• For applicability date of certain provisions of sections, amendments to notification 6/2017, applicability of HSN Codes, interest rates under specified sections under Central Tax and applicability date of certain provisions of sections under Integrated Tax: click here

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