Legal Updates - Corporate Law Reporter

CBEC vide Notification no.13/2017-Central Excise(N.T) vests powers upon Central Excise and Service Tax officers

Central Board of Excise and Customs exercises the powers conferred by Central Excise Rules, 2002 and vests the jurisdiction upon the Central Excise officers vide Notification no. 13/2017- Central Excise (N.T), dated the 9th June 2017 . This Notification issued by the Central Board of Excise and Customs on 9th June 2017 gets notified in the official Gazette… Read More

CBEC vide Notification no.12/2017-Central Excise(N.T) appoints Central Excise and Service Tax officers

Central Board of Excise and Customs appoints Central Excise officers vide Notification No. 12/2017-Central Excise(N.T) and vests them with all powers under the Central Excise Act, 1944 and rules made there under and Chapter V of the Finance Act, 1994. This Notification issued by the Central Board of Excise and Customs on 9th June 2017 gets… Read More

Central Government notifies certain sections of Union Territory Goods and Services Tax Act, 2017

Central Government vide notification no. 1/2017–Union Territory Tax, notifies provisions of sections 1, 2, 3, 4, 5, 17, 21 and section 22 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017) which shall come in force on 22nd June 2017 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 21st… Read More

Central Governments directs Banks, Post Office and Cooperative Bank to deposit scrapped notes with RBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 20th June, 2017 G.S.R. 611(E).—In exercise of the powers conferred by sub-section (1) of Section 11 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 ( 2 of 2017), the Central Government hereby makes the following rules, namely:— 1. Short title and… Read More

ICSI constitutes Task Force on Audit/ Due Diligence/Compliance of SEBI Laws

The Institute of Company Secretary (ICSI) constitutes a Financial Services Committee to look after financial services as dedicated area of focus and amongst others, to formulate views / suggestions on various financial services related matters. The Committee recommended that, SEBI law compliances need to be independently checked and verified, in detail, periodically with observations… Read More

Insolvency and Bankruptcy Board notifies IBBI (Inspection and Investigation) Regulation,2017

The Insolvency and Bankruptcy Board of India notifies the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 . Under this Regulation, the board shall order to inspect or inspect the service providers defined under Section 2(1)(j) of regulation to ascertain whether adequate internal control systems, procedures and safeguards have been established and… Read More

DIR-5 (Application for surrender of Director Identification Number) will be deployed as an e-form for filing purposes shortly

Dear Professional Colleagues, In terms of Rule 11(f) of the Companies (Appointment and Qualification of Directors) Rules, 2014, the Central Government or Regional Director (Northern Region), Noida or any officer authorised by the Regional Director may, upon being satisfied on verification of particulars or documentary proof attached with the application received alongwith fee as specified… Read More

Insolvency Professional to obtain Certificate of Registration under Insolvency Code:IBBI

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA PRESS RELEASE 15th June, 2017 No person to function as an Insolvency Professional without Certificate of Registration Section 3 (19) of the Insolvency and Bankruptcy Code, 2016 (Code) defines ‘insolvency professional’ to mean a person enrolled under section 206 with an insolvency professional agency (IPA) as its member and… Read More

IBBI notifies Fastrack Insolvency Resolution Process for Corporate Persons Regulations

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA PRESS RELEASE 15th June, 2017 Insolvency and Bankruptcy Board of India notifies Fast Track Insolvency Resolution Process for Corporate Persons Regulations The Insolvency and Bankruptcy Board of India (IBBI), in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and… Read More

CBEC releases notifications on CGST and IGST to be enforceable on 22 June 2017

Central Tax Notifications The Central Government notifies Central Goods and service Tax Rules,2017 (Read Notification) CBEC notifies modes of verification of any document to be furnished under Rule 26 of the Central Goods and Service Tax Rules, 2017 (read notification) The Central Government to notify the specific persons who are only engaged in making supplies of… Read More

GST council release the Final Anti-profiteering Rules,2017

The GST council in its 17th meeting held on 18th June, 2017 approved the Anti-Profiteering Rules,2017. The council may constitute a standing and screening committees in each state on Anti-profiteering which will inspect if the supplier is passing the benefit of reduction in rate of tax on goods or services to consumers under GST regime. The… Read More

CBDT notifies Rules for Computation of interest income pursuant to secondary adjustments

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th June, 2017 G.S.R. 590(E).— In exercise of the powers conferred by sub-section (2) to section 92CE and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to… Read More

The GST Council in its 17th meeting recommends Composition Levy and GST rates on certain goods

RECOMMENDATIONS REGARDING THE COMPOSITION LEVY AND GST RATE ON CERTAIN GOODS [As per discussions in the 17 th GST Council Meeting held on 18 th June, 2017] I. The Turnover Limit for the Composition Levy: The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition… Read More