The weekly messenger | Edition 32.18
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
Draft Companies (Cost Records and Audit) Amendment Rules, 2018 – 6 August 2018
The Ministry of Corporate Affairs in order to incorporate certain changes pursuant to the introduction of Goods and Services Tax (GST) has issued the Draft Companies (Cost Records and Audit) Amendment Rules, 2018.
For more information, click here.
Companies (Prospectus and Allotment of Securities) 2nd Amendment Rules, 2018 - 7 August 2018
The Central Government (CG) has amended the Companies (Prospectus and Allotment of Securities) Rules, 2014 with the Companies (Prospectus and Allotment of Securities) 2nd Amendment Rules, 2018 wherein it has made certain procedural changes in Rule 14 ‘Private Placement’ and has also substituted the existing Form No. PAS – 4 ‘Private Placement Offer Letter’ with a new form i.e. PAS – 4 ‘Private Placement Offer Cum Application Letter’ pursuant to the Companies (Amendment) Act, 2017.
For more information, click here.
Notification regarding commencement of certain sections of Companies (Amendment) Act, 2017
The CG has issued two new notifications regarding the commencement of certain other sections of the Companies (Amendment) Act, 2017, the listing of which along with their commencement dates are as follows:
Sections | Commencement Date |
Section 36 i.e. Amendment of section 134, ‘Financial Statement, Board’s report, etc.’ | 31 July 2018 |
Section 10 i.e. substitution of new section for section 42, ‘Issue of shares on private placement basis.’ | 7 August 2018 |
For Notification 1, click here;
For Notification 2, click here.
Amendment to SEBI (LODR) Regulations, 2015 – 10 August 2018
The Securities and Exchange Board of India (SEBI) vide its SEBI (Listing Obligations and Disclosure Requirements (LODR)) (Fourth Amendment) Regulations, 2018 has amended the Regulation 40 ‘Transfer or transmission or transposition of securities’ of the aforesaid regulations wherein it was intimated that the transfer of securities cannot be processed unless the securities are held in the dematerialized form with a depository with effect from 5 December 2018. Consequent to this amendment, SEBI received several calls and/or emails w.r.t. the applicability of the said amendment, pursuant to which the SEBI provided the following clarifications:
- The amendment does not prohibit the investor from holding the shares in physical form i.e. the investor has the option of holding shares in physical form even after 5 December 2018;
- The amendment is not applicable for transmission and transposition cases;
- Any investor who is desirous of transferring shares (which are held in physical form) after 5 December 2018 can do so only after the shares are dematerialized.
For more information, click here.
Further GST Updates
The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. GST whose links are as follows:
- For information w.r.t. special procedure for completing migration of taxpayers who received provisional IDs but could not complete the migration process, click here;
- For information w.r.t. exemption in payment of tax till 30.09.2019, click Update 1, Update 2 and Update 3;
- For information w.r.t. due dates for filing FORM GSTR-3B for the months from July, 2018 to March, 2019, click here;
- For information w.r.t. the due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of up to Rs.1.5 crores for the period from July, 2018 to March, 2019, click here;
- For information w.r.t. the due dates for furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores for the months from July, 2018 to March, 2019, click here; and
- For information w.r.t. the taxability of services provided by Industrial Training Institutes (ITI), click here.