The weekly messenger | Edition 43.17
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
Designation of Special Court – 3 November 2017
The Central Government, with the concurrence of the Chief Justice of High Court of Judicature at Madras, has designated the following courts as mentioned in column (1) the Table below as Special Court for the purposes of providing speedy trial of offences punishable with imprisonment of two years or more under the said sub-section, namely:-
Courts (1) | Jurisdiction as Special Court (2) |
XV Additional Court, XVI Additional Court of City Civil Court, Chennai. | State of Tamil Nadu except Districts of Coimbatore, Dharmapuri, Dindigul, Erode, Krishnagiri, Namakkal, Nilgiris, Salem and Tiruppur. |
For more information, click here.
Introduction of LEI for large corporate borrowers – 2 November 2017
The Reserve Bank of India in order to improve the quality and accuracy of financial data systems and for better risk management, has decided to implement the Legal Entity Identifier (LEI) system for large corporate borrowers. Accordingly, it has been decided that all the banks are required to make mandatory for corporate borrowers having aggregate fund-based and non-fund based exposure of Rs. 5 crore and above to obtain LEI registration and capture the same in the Central Repository of Information on Large Credits (CRILC).In case, the borrowers do not obtain LEI as per the schedule, they would not to be granted renewal / enhancement of credit facilities. Further, a separate roadmap for borrowers having exposure between ₹ 5 crore and up to ₹ 50 crore would be issued in due course.
The schedule for implementation of LEI is as follows:
Total Exposure to SCBs | To be completed by |
Rs.1000 crore and above | 31 March 2018 |
Between Rs. 500 crore and Rs. 1000 crore | 30 June 2018 |
Between Rs. 100 crore and Rs. 500 crore | 31 March 2019 |
Between Rs. 50 crore and Rs. 100 crore | 31 December 2019 |
For more information, click here.
CBDT extends the 'due-date' for filing IT returns and reports – 31 October 2017
After considering the representations received from various stakeholders, the Central Board of Direct Taxes (CBDT) has further extended the ‘due-date’ for filing income-tax (IT) returns and reports of audit pertaining to Assessment Year 2017-18 from 31 October 2017 to 7 November 2017.
For more information, click here.
Further GST Updates
The Central Board of excise and Customs has issued certain updates w.r.t. Goods and Services Tax (GST) whose links are as follows:
- For amendment in Notification no. 30/2017-Central Tax dated 11.09.2017 so as to extend the due date for filing FORM GSTR-2 and FORM GSTR-3 for the month of July, 2017,click here.