CA Online

Taxpayers Told to File Final July GSTR by Today The government on Monday asked businesses to file final GST returns for the month of July by Tuesday as it ruled out any extension to the due date. “An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. “Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately,“ the finance ministry said in a statement. Once a taxpayer files GSTR-1by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto populated. The buyer shall finalise his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit (ITC). The Economic Times, New Delhi,10th October 2017

RBI Launches 3rd Tranche of Gold Bonds This Year RBI will sell gold bonds -third tranche for this year-at Rs 2,956 a gram, the central bank said in a circular issued to banks on Monday.Online applicants who pay digitally will get a `50 discount per gram, it said. The sale would be open between Monday and Wednesday of every week starting from October 9 to December 27.The 2.5% interest bearing bonds, which will be sold to resident Indians -individuals, trusts as well as charitable institutions and universities, will be capped for different category of buyers.Individuals, jointly with another individual or a minor can buy up to four kgs of gold annually, the ceiling for trusts and charities is 20 kgs.The RBI has clarified that this ceiling will exclude holdings as collateral by banks and other financial institutions. The Economic Times, New Delhi,10th October 2017

No Independent Woman Director at 40% of NSE Cos Uday Kotak panel says cos should have at least one independent woman member on their board.Nearly 40% of the companies listed on the National Stock Exchange will have to appoint a woman independent director if the recommendations of the Uday Kotak-led Sebi panel on corporate governance were to be implemented.Data from Prime Database show that among the 1,670 companies listed on the NSE, as many as 637 do not have a woman independent director on their boards. A Securities and Exchange Board of India panel last week recommended inclusion of at least one “independent“ woman director at all listed companies. Earlier, the Companies Act of 2013 mandated a certain class of companies to have at least one woman director on board. Sebi, in compliance with the Companies Act 2013, made it compulsory to have at least one woman on a board from October 2014. Many companies inducted a woman member from their promoter families to the board to meet the

Director disqualification hits 500 listed companies Exchanges send notices asking firms why their directors were disqualified by MCA Stock exchanges have sent notices to listed companies that share directors who have been disqualified for associating with other firms which haven’t filed their financial statements or annual returns for three years.The notices ask such firms to explain why their directors have been disqualified and when the companies plan to replace them, said two people with direct knowledge of the matter. At least 500 publicly traded firms shared directors with suspected shell companies. “The National Stock Exchange of India or NSE has so far sent out 307 notices to listed companies in two tranches seeking explanations on their disqualified directors. The first set of 210 notices were sent in last week of September and 97 notices were sent on Friday,” one of the two people cited above said on condition of anonymity.BSE Ltd has also identified 500 companies so f

Corp Affairs Ministry Objects to Some Suggestions of Sebi Panel Says Companies Act already covers matters related to committee's recommendations The Ministry of Corporate Affairs (MCA) has opposed some of the recommendations made by the Securities and Exchange Board of India (Sebi) committee on corporate governance on the grounds that they concern matters already covered by the Companies Act. The committee, which was set up by Sebi to suggest ways in which to enhance corporate governance standards, has called for an increase in the minimum number of directors and the inclusion of at least one independent woman board member -areas under the ambit of the Companies Act and therefore not under the remit of the market regulator. “Committee proposes to make recommendations which seek to empower Sebi to prescribe a number of additional requirements on matters which have been core company law principles and find place, rightly so, under Companies Act,“ MCA joint secretary AK Bhat

GST Council Adopts Concept Paper Discouraging Tinkering with Rates Paper says no manufactured goods should be given outright exemption as it would hit Make in India The Goods and Services Tax (GST) Council will actively discourage any further tweaks in rates, following a major revamp of the indirect tax regime on Friday to help small industries and exporters. A concept paper adopted by the council says no manufactured goods should be given outright exemption as this would hinder the Make in India initiative. States should opt for direct subsidy transfers if they want to reduce tax incidence on any item. This suggests that companies looking for such breaks like Apple would not be able to get any outright tax exemptions. “The whole idea is to look at the issue of rate revision afresh... There should be no ad hocism in rate revision,“ said a government official familiar with the thinking behind the concept paper that will guide changes to tax rates from now on.The key principles i

GST Council sets up panel to rework GST rate for restaurants GST Council has set up a five-member panel of state ministers to rework the GST rate on restaurants and implement the composition scheme for SMEs Federal tax body the Goods and Services Tax (GST) Council has set up a five-member panel of state ministers to make the quarterly tax filing and payment scheme for small businesses more attractive and to rework the tax rate on restaurants.The panel comprises Assam finance minister Himanta Biswa Sarma, Bihar deputy chief minister Sushil Kumar Modi, Jammu & Kashmir finance minister Haseeb Drabu, Punjab finance minister Manpreet Singh Badal and Chhattisgarh commercial taxes minister Amar Agrawal, a person privy to the development said on the condition of anonymity. At present, services of non-air-conditioned restaurants are taxed at 12% and that of air-conditioned ones including those in five star and above rated hotels are taxed at 18%.The Council has noticed that restaura