Reference: Securities and Exchange board of India
Update:
Stewardship Code for all Mutual Funds and all categories of AIFs, in relation to their investment in listed equities
The Stewardship code is based on following 6 principles:
Institutional Investors should formulate a comprehensive policy on the discharge of their stewardship responsibilities, publicly disclose it, review and update it periodically.
Institutional investors should have a clear policy on how they manage conflicts of interest in fulfilling their stewardship responsibilities and publicly disclose it.
Institutional investors should monitor their investee companies.
Institutional investors should have a clear policy on intervention in their investee companies. Institutional investors should also have a clear policy for collaboration with other institutional investors where required, to preserve the interests of the ultimate investors, which should be disclosed.
Institutional investors should have a clear policy on voting and disclosure of voting activity
Institutional investors should report periodically on their stewardship activities.
Implication:
The stewardship code will come into effect from the financial year beginning April 1, 2020, Securities and Exchange Board of India (Sebi) said in a circular.
Update:
SEBI has amended Framework for listing Commercial Paper
SEBI had prescribed a framework for listing of commercial Paper. Upon receiving various representations from the market participants, SEBI has modified following paragraphs:
All listed issuers (who have already listed their specified securities and/or ‘Non-convertible Debt Securities’ (NCDs) and/or ‘Non-Convertible Redeemable Preference Shares’ (NCRPS)) who are in compliance with SEBI (Listing obligations and disclosure requirements) Regulations 2015 (SEBI LODR Regulations), and/or issuers (who have outstanding listed Commercial Paper (CPs)) who are in compliance with Annexure II of CP Circular may file unaudited financials with limited review for the stub period in the current financial year, subject to making necessary disclosures in this regard including risk factors.
However, if an issuer is required to prepare financial results for the purpose of consolidated financial results of its parent company in terms of Regulation 33 of SEBI LODR Regulations, such issuers shall submit financial results in terms of para 1.1 above or shall submit quarterly financial results that have been prepared for the purpose of consolidation of their parent company.
Update:
Guidelines for filing of placement memorandum-InvITs proposed to be listed
SEBI has issued following guidelines for filing of placement memorandum.
infrastructure investment trusts (InvITs) to file draft papers with the regulator and exchanges 30 days prior to opening of the issue.
The draft placement memorandum shall be filed through a Sebi registered merchant banker.
The merchant banker to the issue, shall ensure that all comments are suitably incorporated in the draft placement memorandum prior to filing of the placement memorandum.
Implication:
The circular shall come into effect from January 15, 2020 for all InvITs issuing units on private placement basis and are proposed to be listed.
Reference: Central Board of Indirect Taxes and Customs
Update:
Waiver of late fees for non- filing of FORM GSTR-1 from July, 2017 to November, 2019.
CBIC has waived the amount of late fee payable for the registered persons who failed to furnish the details of outward supplies in FORM GSTR-1 for the months/quarters from July, 2017 to November, 2019 by the due date but furnishes the said details in FORM GSTR-1 between the periods from 19th December, 2019 to 10th January, 2020.
Implication:
This notification shall be deemed to have come into force with effect from the 19th day of December, 2019
Update:
Central Goods and services Tax Rules 2019:
CBIC has amended Central Goods and services Tax Rules 2017 with effective from the date of its publication in official Cazette.
Vide said amendment CBIC has reduce the availment of input tax credit in respect of invoices or debit notes, the details of which have not been uploaded by the supplies from 20% to 10%.
CBIC has also included Conditions of use of amount available in electronic credit ledger.
Implication:
Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers, shall not exceed 10 % of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers
Update:
Extension of Due date for filing FORM GSTR :
CBIC has extended due date for furnishing the details of outward supplies in
FORM GSTR-1 for registered persons whose principal place of business is in the State of Assam, Manipur or Tripura by such class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or current financial year, for the month of November, 2019 till 31st December, 2019
Implication:
This notification shall be deemed to come into force with effect from the 11th Day of December, 2019
Update:
Extension of Due date for filing FORM GSTR 3B
CBIC has extended due date for filing return in FORM GSTR-3B for the month of November, 2019 for registered persons whose principal place of business is in the State of Assam, Manipur, Meghalaya or Tripura till 31st December, 2019
Implication:
This notification shall be deemed to have come into force with effect from the 23rd day of December, 2019
Update:
Extension of Due date for filing form GSTR 7
CBIC has extended due date for filing the return by a registered person, required to deduct tax at source in FORM GSTR-7 for the month of November, 2019, whose principal
place of business is in the State of Assam, Manipur or Tripura, till 25th December, 2019.
Implication:
This notification shall be deemed to have come into force with effect from the 10th Day of December, 2019
Update:
Extension of due date for funishing Annual Return/ Reconciliation Statement:
CBIC has extended the last date for furnishing of annual return/reconciliation statement in FORM GSTR-9/FORM GSTR-9C for FY 2017-18 till 31.01.2020.
Reference: Central Board of Direct Taxes
Update:
Extension of time limit for filing of response to notices issued under section 142(1) of the Income-tax Act, 1961 under E-assessment Scheme-201
With a view to provide relief to the taxpayers and tax professionals and to facilitate the compliance with respect to e-Assessment proceedings under Eassessment Scheme,2019, the time limit for filing of response to notices under section 142(1) of the Income-tax Act issued up to 24.12.2019 by the National e-Assessment Centre is extended up to 10.01.2020 or time given in such notices, whichever is later.
Implication:
The time limit for submitting response to Notice u/s 142(1) issued up to 24th December, 2019 by National e-Assessment Centre has been extended till 10th January, 2020 or the time limit mentioned in the Notice whichever is later.
