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Reference: Central Board of Indirect Taxes and Customs
Update:
Extension of due date for e-filing Annual Return:
CBIC has extended the time limit for furnishing of the annual return under under section 44 of the CGST Act read with rule 80 of the CGST Rules for the FY 2017-18 as follows:
| Registered person, whose principal place of business is in | Due date for furnishing return for FY 2017-18 |
| Chandigarh, Delhi, Gujarat, Haryana, Jammu and Kashmir, Ladakh, Punjab, Rajasthan, Tamil Nadu, Uttarakhand. | 5th February 2020 |
| Andaman and Nicobar Islands, Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Dadra and Nagar Haveli and Daman and Diu, Goa, Himachal Pradesh,Jharkhand, Karnataka, Kerala, Lakshadweep, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Telangana, Tripura, Uttar Pradesh, West Bengal, Other Territory. | 7th February 2020 |
Implication:
The taxpayers will have more time for filling their annual return under the act.
Update:
Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidised Articles and for Determination of Injury) Amendment Rules, 2020:
CBIC has notified Customs Tariff (Identification, Assessment and Collection of Countervailing Duty on Subsidised Articles and for Determination of Injury) Amendment Rules, 2020. In the new rule CBIC has introduced anti-circumvention provisions and made certain other miscellaneous changes.
Update:
Implementation of automated clearance on pilot basis:
The Central Board of Indirect Taxes & Customs has now decided to implement the facility of automated clearance as envisaged in 1st proviso to Section 47(1) in the Customs Act, 1962. However, the facility will be initially rolled out on a pilot basis at 2 Customs locations- Chennai Customs House & Jawaharlal Nehru Customs House with effect from February 6th, 2020. Thereafter, the facility will be reviewed and further expanded on PAN India basis at all Customs EDI locations where RMS is enabled and functional.
Reference: Ministry of Corporate Affairs
Update:
Companies (Compromises, Arrangements and Amalgamations) Amendment Rules,2020
MCA has notified Companies (Compromises, Arrangements and Amalgamations) Amendment Rules,2020. Vide the said amendment MCA has provided that a member of the company shall make an application for arrangement, for the purpose of takeover offer, when such member along with any other member holds not less than three-fourths of the shares in the company, and such application has been filed for acquiring any part of the remaining shares of the company.
The Rule has also provided that the application of arrangement for takeover offer shall contain following:-
- the report of a registered valuer disclosing the details of the valuation of the shares proposed to be acquired by the member after taking into account the following factors: –
(i) the highest price paid by any person or group of persons for acquisition of shares during last twelve months;
(ii) the fair price of shares of the company- - details of a bank account, to be opened separately, by the member wherein a sum of amount not Iess than one-half of total consideration of the takeover offer is deposited
Implication:
A new procedure shall be followed by a member while applying for arrangement for takeover offer.
Update:
National Company Law Tribunal (Amendment) Rules,2020:
MCA has amended Nationaal Company Law Tribunal Rules, 2016. Vide the said amendment MCA has provided that an application made in Form NCLT-1 for arrangment for takeover offer shall be accompanied with following documents:
- Affidavit verifying the petition
- Memorandum of appearance with copy of the Board\’s Resolution or the executed vakalatnama, as the case may be.
- Documents in support of the grievance against the takeover.
- Any other relevant document
MCA has also provided fees for Application in cases of takeover offer of companies which are not listed shall be Rs. 5,000
Update:
Nidhi (Amendment) Rules, 2020
MCA has notified the Nidhi (Amendment) Rules, 2020. Vide the amendment MCA has substituted the Form NDH-I, NDH-2 & NDH-3 which was provided in Nidhi Rules, 2014.
Implication:
The said amendment shall come in to force from 10th February, 2020. The stakeholders are required to use the new Forms for filing purpose.
Reference: Securities & Exchange Board of India
Update:
Relaxation of additional fees and extension of last date in filing of forms MGT-7 and AOC-4- UT of J&K and UT of Ladakh
Performance review of the commodity derivatives contracts:
SEBI has issued guidelines for MD/ CEOs & All Recognized Stock Exchanges having commodity derivatives segment except those in International Financial Services Centre relating to Performance review of the commodity derivatives contracts. As per said guidelines:
- All recognized stock exchanges shall review the performance of all contracts traded on their exchanges, in commodity derivatives segment, as per the parameters laid down in the Circular.
- The said performance review shall be consulted with the Product Advisory Committee
- The said performance review along with the methodology adopted in evaluation, if any, shall be disclosed by the stock exchanges on their website prominently.
- The said performance review shall be conducted on an annual basis for each financial year and shall be disclosed by 30th June of the following financial year
Implication:
This will evaluate the performance of these contracts based not merely on statistics regarding delivery and trade volumes but also on the strength of a comprehensive empirical assessment after considering all relevant information, pertaining to the performance of a derivative contract during the relevant period of time. Also protect the interests of investors in securities and promote the development of, and regulate the securities market. The Circular would be effective from April 01, 2020.
Reference: Insurance Regulatory and Development Authority of India
Update:
Committee on Development of a concept paper on standalone Micro- Insurance Company.
IRDAI has formed a committee on Development of a concept paper on standalone Micro- Insurance Company for allowing standalone insurers for transaction of exclusive Micro-Insurance business, as it may boost the Micro-Insurance penetration in India with geographical spread.
The terms of reference of the committee are:
- To assess the desirability and feasibility of formation of standalone Micro-Insurance Companies;
- To review the existing legal and regulatory framework to enable a standalone micro-insurance company Indian Insurance Company after analysing similar provisions in other jurisdictions;
- Recommend on the maximum sum insured per person which may be accepted by the proposed micro-insurance Company;
- Considering the aspect of ease of doing business, suggest on the applicability and or relaxation of extant Act / Regulatory provisions for proposed micro-insurance Company, which may be registered as an insurer.
