Corporate Updates : 03 December, 2018

1.      Companies (cost records and audit) Amendment Rules, 2018 :

In exercise of the powers conferred by sub-sections (1) and (2) of section 469 and section 148 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (cost records and audit) Rules, 2014.

 Read full text at:

http://www.mca.gov.in/Ministry/pdf/CompaniesAmendmentRulesCostAndAudit_03122018.pdf

2.      Transfer of securities only in demat form- Deadline extended till April 1, 2019

The Board, on March 28, 2018, decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. This measure was to come into effect from December 5, 2018.

Subsequently, SEBI has received representations from shareholders for extension of the date of compliance. In view of the same, the deadline has been extended and the aforesaid requirement of transfer of securities only in demat form shall now come into force from April 1, 2019.

Link: https://www.sebi.gov.in/media/press-releases/dec-2018/transfer-of-securities-only-in-demat-form-deadline-extended-till-april-1-2019_41214.html

3.      SEBI has issued Circular to The Managing Directors of all Recognized Stock Exchanges and Depositories regarding Cyber Security & Cyber Resilience framework for Stock Brokers / Depository Participants.

Read Full Circular at: https://www.sebi.gov.in/legal/circulars/dec-2018/cyber-security-and-cyber-resilience-framework-for-stock-brokers-depository-participants_41215.html

4.      Modi ready with another GST like reform to boost trade :

Modi government to change customs duty architecture to boost trade, ease of doing business 

Read more at:

//economictimes.indiatimes.com/articleshow/66911579.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

5.      Company conversion to LLP a transfer, taxable: I-T Appellate Tribunal 

Read more at:

//economictimes.indiatimes.com/articleshow/66913616.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

6.      Status of GST Refunds

Total GST refunds to the tune of Rs 91,149 crores have been disposed by CBIC and State authorities out of the total refund claims of Rs 97,202 crores received so far. Thus, the disposal rate of 93.77 per cent has been achieved. The pending GST refund claims amounting to Rs 6,053 crores are being expeditiously processed so as to provide relief to eligible claimants. Refund claims without any deficiency are being cleared expeditiously.

Read full at: http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1551802

Thanks & Regards

Corporate Compliance Calendar - December, 2018

Compliance INDEX

For the M/o December, 2018

Applicable Laws/Acts	Due Dates	Compliance Particulars	Forms (Filing mode)
Income Tax Act, 1961	07.12.2018	Due date for deposit of tax deducted/collected for the month of November, 2018. (TDS & TCS)
GST, Act, 2017x	11.12.2018	Return of outward supplies of taxable goods and/or services for the Month of November 2018 (for Assesses having turnover exceeding 1.5 Cr.) Monthly Return.	GSTR – 1
Companies Act, 2013	12.12.2018	Every existing body corporate other than a company governed by the NFRA Rules (Rule 3(1)), shall inform the National Financial Reporting Authority (“NFRA”) about details of the auditor(s) as on 13th November 2018.	E-form NFRA-1
GST, Act, 2017	13.12.2018	GST Return for input service distributor for the month of November 2018 (GSTR 6).	GSTR – 6
PF	15.12.2018	PF Payment for November 2018	ECR
ESIC	15.12.2018	ESIC Payment for November 2018	ESI Challan
Income Tax Act, 1961	15.12.2018	Due date for furnishing of Form by an office of the Government where TDS for the month of November, 2018 has been paid without the production of a challan.	Form – 24G
Income Tax Act, 1961	15.12.2018	Third installment of advance tax for the assessment year 2019-20.
Income Tax Act, 1961	15.12.2018	Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of October, 2018. (TDS on Immovable   property)
Income Tax Act, 1961	15.12.2018	Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of October, 2018 (TDS on Certain Rent payment)
GST, Act, 2017	20.12.2018	Return of outward supplies of taxable goods and/or services for October 2018 (for Assesses having turnover more than 1.5 Cr.) only for 11 districts of Tamil Nadu affected by Cyclone Gaza (Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapattinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram).	GSTR -1 http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-63-central-tax-english-2018.pdf;jsessionid=D125EE01C4BE4637932F7277263995AD
GST, Act, 2017	20.12.2018	Simple GSTR return (GSTR 3B) for the Month of October, 2018 by above 11 Specified Districts in the state of Tamil Nadu.	GSTR-3B http://www.cbic.gov.in/resources//htdocs-cbec/gst/notfctn-62-central-tax-english-2018.pdf;jsessionid=C778F18D7A35D192B8CB3CC3F0D56C7F
GST, Act, 2017	20.12.2018	Simple GSTR return for the month of November 2018	GSTR – 3B
GST, Act, 2017	20.12.2018	GST Return 5A NRI OIDAR service provider for the month of November 2018 (GSTR 5A).	GSTR – 5A
PF	25-12-2018	PF Return filing for November 2018 (including pension and insurance scheme forms)	Provident Fund(includes EDLI)
Income Tax Act, 1961	30.12.2018	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of November, 2018 (TDS on Immovable   property)
Income Tax Act, 1961	30.12.2018	Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of November, 2018 (TDS on Certain Rent payment)
GST, Act, 2017	31.12.2018	Due date for filing declaration (Details of goods/ capital goods sent to job worker and received back) during July, 2017 to September, 2018.	ITC-04
GST, Act, 2017	31.12.2018	Annual Return	GSTR – 9
GST, Act, 2017	31.12.2018	Statement of reconciliation between the Annual returns in GSTR-9 filed for an FY, first being 2017-18 and the figures as per Audited Annual Financial statements of the taxpayer. (Taxpayers whose annual turnover  exceeds Rs. 2 crores during the financial year. All such taxpayers are also required to get their accounts audited and file a copy of audited annual accounts and reconciliation statement of tax already paid and tax payable as per audited accounts along with GSTR 9C )	GSTR – 9C
GST, Act, 2017	31.12.2018	Persons registered under composition scheme under GST (GSTR 9A)	GSTR – 9A
GST, Act, 2017	31.12.2018	E Commerce Operator annual form for financial year 2017-18 (GSTR 9B)	GSTR – 9B
Companies Act, 2013	31.12.2018	Filing of Financial Statements with the Registrar of Companies for the FY ended on 31.03.2018.	Form AOC-4 /AOC 4 – XBRL/ Form AOC-4 (CFS) (vide Circular No. 10/2018 dated 29.10.2018 issued by MCA )
Companies Act, 2013	31.12.2018	Filing of Annual Return with the Registrar of Companies for the FY ended on 31.03.2018.	Form MGT-7                     ( vide Circular No. 10/2018 dated 29.10.2018 issued by MCA)
FEMA / RBI	31.12.2018	Due date for furnishing Annual Performance Reports (APR) of the overseas JV/WOS based on its audited financial statements with the RBI through AD Bank.	Form ODI
Companies Act, 2013	Within 90 days from the date of AGM	Form IEPF-2 is required to be filed by the company/Corresponding New Bank which shall contain investor wise details of unclaimed and unpaid amounts in respect of dividends, debentures, deposits, etc as on the Annual General Meeting (AGM) date.	Form IEPF-2
Companies Act, 2013	30 days from the date of deployment of e-form BEN-2 in the MCA portal	Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018	Form BEN-2

Thanks & Regards,