The weekly messenger | Edition 28.18

Regulatory News

Constitution of Committee to review the offences under the Companies Act 2013 – 13 July 2018

The Central government (CG) has constituted the Committee to review the offences under the Companies Act 2013 whose terms of reference are as follows:

• To examine the nature of all acts categorised as compoundable offences viz offences punishable with fine or imprisonment or both under the Companies Act 2013 and recommend if any such acts need to be re-categorised as acts which attract civil liabilities wherein the company and its ‘officers in default’ are liable for penalty;
• To review the provisions relating to non-compoundable offences and recommend whether any such provisions need to be re-categorised as compoundable offence;
• To examine the existing mechanism of levy of penalty under Companies Act 2013 and suggest improvements;
• To take necessary steps in formulation of draft changes in the law etc.

The Committee is required to submit its recommendations within thirty days of its first meeting.

For more information, click here.

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 information w.r.t. examination for confirmation of enrolment of GST practitioners, click here.
• For information w.r.t. assumption Ceremony of the Vice Chair of the Asia Pacific Region of World Customs Organisation (WCO), click here.