Central Goods and Services Tax (Eighth Amendment) Rules, 2017
The Central Government, on September 29, 2017 has made the Central Goods and Services Tax (Eighth Amendment) Rules, 2017 to amend certain timelines under Central Goods and Services Tax Rules, 2017.
In Rule 24(4), the due date of 30th September has been
substituted to 31st October;
In Rule 118, 119 and 120 for the words “ninety days of
the appointed day”, the words and figures “the period
specified in Rule 117 or such further period as extended
by the Commissioner” has been substituted.
Rule 118 states provisions for declaration to be made
under Section 142(11)(c), Rule 119 gives provision for
declaration of stock held by a principal and agent and
Rule 120 gives provisions for submissions for details of
Extension of Time Limit for filing FORM GST CMP-03
On the recommendations of the GST Council, the period for intimation of details of stock held on the date preceding the date from which the option to pay tax under Section 10 of the Central Goods and Services Tax Act, 2017 is exercised in FORM GST CMP-03 is extended till October 31, 2017.
CBEC reduces the Excise Duty Rates on Petrol and Diesel
To cushion the impact of rising international prices of crude petroleum oil and petrol and diesel on Retail Sale Prices of Petrol and Diesel, the Central Board of Excise and Customs, on October 3, 2017, has made amendments to Notification No. 11/2017-Central Excise so as to reduce the excise duty rates on
Petrol and Diesel, both branded and unbranded, by Rs. 2 per litre. The rates of duty of excise for the following goods have been reduced:
Motor spirit commonly known as petrol intended for
sale without a brand name;
Motor spirit commonly known as petrol other than
those intended for sale without a brand name;
High speed diesel (HSD) intended for sale without a
brand name;
High speed diesel (HSD) other than those intended for
sale without a brand name.
This notification shall come into force with effect from October 4, 2017
Read Notification No. 11/2017-Central Excise at http://www.cbec.gov.in/resources//htdocs-cbec/excise/cx-act/notifications/notfns-2017/cx-tarr2017/ce11-2017.pdf
CBEC issues Notification extending Facility of LUT to All Exporters
In view of the difficulties being faced by the exporters in submission of bonds/Letter of Undertaking (LUT) for exporting goods or services or both without payment of integrated tax, Notification No. 37/2017 – Central Tax dated October 4, 2017 has been issued which extends the facility of LUT to all exporters under Rule 96A of the Central Goods and Services Tax Rules, 2017 subject to the following conditions and safeguards:
(i) all registered persons who intend to supply goods or
services for export without payment of integrated tax
shall be eligible to furnish a Letter of Undertaking in
place of a bond except those who have been
prosecuted for any offence under the Central Goods
and Services Tax Act, 2017 or the Integrated Goods and
Services Tax Act, 2017 or any of the existing laws in
force in a case where the amount of tax evaded
exceeds two hundred and fifty lakh rupees;
(ii) the Letter of Undertaking shall be furnished on the
letter head of the registered person, in duplicate, for a
financial year in the annexure to FORM GST RFD – 11
referred to in sub-rule (1) of rule 96A of the Central
Goods and Services Tax Rules, 2017 and it shall be
executed by the working partner, the Managing
Director or the Company Secretary or the proprietor or
by a person duly authorised by such working partner or
Board of Directors of such company or proprietor;
(iii) where the registered person fails to pay the tax due
along with interest, as specified under Rule 96A (1) of
Central Goods and Services Tax Rules, 2017, within the
period mentioned in clause (a) or clause (b) of the said
sub-rule, the facility of export without payment of
integrated tax will be deemed to have been withdrawn
and if the amount mentioned in the said sub-rule is
paid, the facility of export without payment of
integrated tax shall be restored.
This notification has been issued in supersession of Notification No. 16/2017 – Central Tax dated July 7, 2017 except as respects things done or omitted to be done before such supersession. The provisions of this notification shall mutatis mutandis apply in respect of zero-rated supply of goods or services or both made by a registered person (including a Special Economic Zone developer or Special Economic Zone unit) to a Special Economic Zone developer or Special Economic Zone unit without payment of integrated tax.
In the light of the new notification, three circulars in this matter, namely Circular No. 2/2/2017 – GST dated July 5, 2017, Circular No. 4/4/2017 – GST dated July 7, 2017 and Circular No. 5/5/2017 – GST dated August 11, 2017, which were issued for providing clarity on the procedure to be followed for export under bond/LUT, now require revision and a consolidated circular on this matter is warranted.
Accordingly, to ensure uniformity in the procedure in this regard, the Central Board of Excise and Customs (CBEC), in exercise of its powers conferred under Section 168 (1) of the Central Goods and Services Tax Act, 2017 clarifies the following issues:
Eligibility to export under LUT
Validity of LUT
Form for bond/LUT
Documents for LUT
Time for acceptance of LUT/Bond
Bank guarantee
Clarification regarding running bond
Sealing by officers
Purchases from manufacturer and Form CT-1
Transactions with EOUs
Realization of export proceeds in Indian Rupee
Jurisdictional officer
[Notification No. 37 /2017 – Central Tax and Circular No. 8/8/2017-GST]
Scheme for Rebate of State Levies on Export of Garments and Made Ups- Post GST Interim Rates of ROSL
In pursuance of the decision of the Government of India to initiate measures for reforms to boost employment generation in the employment intensive textiles and apparel sector, the Ministry of Textiles has notified the schemes for Remission of State Levies on export of garments and made ups through the mechanism of rebate. The two schemes have been merged under the Scheme for Rebate of State Levies on Export of Garments and Made-ups (ROSL Scheme).
In supersession of Ministry of Textiles’ Notification No 14/26/2016-IT dated 27.06.2017, Notification No.12020/3/2016-IT(Pt.) dated 31.07.2017 and Notification No.12020/03/2016-IT dated 04.11.2016 (pre-GST) read with Notification No.12020/03/2016-IT dated 13.08.2016 for Garments and Notification No.12015/47/2016-IT dated 15.03.2017 for Made-ups, the interim rates effective from October 01, 2017 under the ROSL Scheme for export of garments, garments under AA-AIR and made-ups textiles articles are being hereby notified as Schedules-I, II and III respectively of this Notification. The final rates shall be notified on receiving the recommendations of the Drawback Committee and shall be effective from October 01, 2017. The benefits received by the exporter under the interim rate shall be adjusted in the final claim.
In pursuance of revised list of taxes/levies considered for calculation of ROSL rates post GST, definition of rebate of state levies under clause 3.5 of scheme guidelines of ROSL for garments and made-ups notified vide Notification No.12020/03/2016-IT dated August 12, 2016 and vide Notification No.12015/47/2016-IT dated January 3, 2017 respectively is being amended and the same may now be read as:
“3.5 Rebate of State Levies shall be understood to comprise VAT on fuel used in transportation (raw materials, finished goods and factory workers), VAT on fuel used in generation of captive power, Mandi tax on purchase of cotton and Duty on electricity used in manufacture as accumulated from stage of Cotton/MMF fibre till garment/made up stage”.
The exporter may claim RoSL rates for export of garments, garments under AA-AIR and made-ups textiles articles which are being hereby notified as Schedules-I, II and III respectively of this Notification provided he shall have to give an undertaking that he has not claimed or shall not claim
CBDT’s Draft Rules in respect of Country-by-Country reporting and Furnishing of Master File
Section 286 of the Income-tax Act, 1961 was inserted vide Finance Act, 2016, providing for furnishing of a Country-by-Country report in respect of an international group by its constituent or parent entity. Section 92D of the Act was also amended vide Finance Act, 2016 provides for keeping and maintaining of Master File by every constituent entity of an international group, which was to be furnished as per rules prescribed in this regard.
Consequent to the aforesaid amendments to the Act, the Central Board of Direct Taxes (CBDT) has proposed to insert following Rules and Forms in the Income-tax Rules, 1962 laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report:
Rule 10DA: Information and documents to be kept and
maintained under proviso to sub-section (1) and to be
furnished in terms of sub-section (4) of Section 92D,
Rule 10DB: Furnishing of Report in respect of an
International Group,
Form No. 3CEBA: Master File - Report to be furnished
under sub-section (4) of Section 92D of the Income-tax
Act, 1961,
Form No. 3CEBB: Notification Report by a constituent
entity, resident in India, of a non-resident international
group for the purposes of sub-section (1) of Section 286
of the Income-tax Act, 1961,
Form No. 3CEBC: Country-By-Country Report - Report
by a parent entity or an alternate reporting entity or
any other constituent entity, resident in India, for the
purposes of sub-section (2) or sub-section (4) of section
286 of the Income-tax Act, 1961,
Form No. 3CEBD: Notification on behalf of the
international group for the purposes of the proviso to
sub-section (4) of section 286 of the Income-tax Act,
1961,
Form No. 3CEBE: Notification Report by a constituent
entity, resident in India, of a non-resident international
group for the purposes of sub-section (4) of Section
92D of the Income tax Act, 1961.
The comments and suggestions of stakeholders and general public on the above draft notification are invited. The comments and suggestions may be sent electronically by October 16, 2017 at the email address [email protected].
In accordance with Section 14 of the Customs Act, 1962, the Central Board of Excise and Customs releases Exchange Rate Notification for valuation of goods for purposes of assessment under the said Act. In international trade, the value of goods is determined by converting the foreign currency into INR using the customs exchange rate. This is the deemed value of goods on which a duty of customs will be chargeable.
The Central Board of Excise and Customs (CBEC) on October 5, 2017 has issued an exchange rate notification giving the rate of exchange of conversion of the below mentioned foreign currencies in Indian rupees which shall be effective from October 6, 2017:
CBEC modifies Tariff Value for Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Sliver
The Central Board of Excise and Customs (CBEC) on September 29, 2017 has amended the tariff notification in respect of fixation of tariff value of the following goods:
Crude Palm Oil
RBD Palm Oil
Others – Palm Oil
Crude Palmolein
RBD Palmolein
Others – Palmolein
Crude Soya Bean Oil
Brass Scrap (all grades)
Poppy seeds
Gold, in any form, in respect of which the benefit of
entries at serial number 321 and 323 of the Notification
No. 12/2012-Customsdated March 17, 2012 is availed
Silver, in any form, in respect of which the benefit of
entries at serial number 322 and 324 of the Notification
No. 12/2012-Customs dated March 17, 2012 is availed
Areca nuts
The Tables 1, 2and 3 provided in the notification will be substituted for the existing tables in its parent notification. These tables contain the details about chapter headings, descriptions of goods and tariff value.
RBI notifies Master Directions on Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017
The Reserve Bank of India (RBI) vide notification dated October 04, 2017 has notified Master Directions on Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017.
These Directions shall apply to every Non-Banking Financial Company- Peer to Peer Lending Platform (NBFC-P2P). Peer to Peer Lending Platform means an intermediary providing the services of loan facilitation via online medium or otherwise, to the participants. These Directions provide a framework for the registration and operation of NBFC-P2Ps in India.
These Directions shall come into force with immediate effect
[RBI/DNBR/2017-18/57 Master Direction DNBR (PD) 090/ 03.10.124/ 2017-18]
RBI reduces the SLR requirement for all commercial banks in maintaining SLR and holdings of SLR in HTM category
The Reserve Bank of India (RBI) vide notification dated October 04, 2017 has decided to reduce statutory liquidity ratio (SLR) requirement for all the commercial banks in SLR and holdings of SLR in Held-To-Maturity (HTM) category from 20.0 percent (20%) of their Net Demand and Time Liabilities (NDTL) to 19.5 percent (19.5%) from the fortnight commencing October 14, 2017.
Currently, the banks are permitted to exceed the limit of 25 percent (25%) of the total investments under HTM category, provided the excess comprises of SLR securities and total SLR securities held under HTM category are not more than 20.5 percent (20.5%) of NDTL. In order to align this ceiling on the SLR holdings under HTM category with the mandatory SLR, it has been decided to reduce the ceiling from 20.5 percent (20.5%) to 19.5 percent (19.5%) in a phased manner, that is 20 percent (20%) by December 31, 2017 and 19.5 per cent by March 31, 2018.
Every commercial bank with effect from October 14, 2017 whether primary (urban) cooperative bank, state co-operative bank or central co-operative bank shall maintain in India assets value of which shall not, at the close of business on any day, be less than 19.5 percent (19.5%) of their total net demand and time liabilities in India as on the last Friday of the second preceding fortnight, valued in accordance with the method of valuation specified by the Reserve Bank from time to time.
SEBI changes in Reporting Norms for Category III Alternative Investment Funds regarding Investment in Commodity Derivatives Market
The Securities and Exchange Board of India (SEBI) issued Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2017/61 dated June 21, 2017, which allowed the Category III Alternative Investment Funds (AIFs) to participate in the commodity derivatives market, subject to certain conditions which inter-alia include the following:
Category III AIFs shall invest not more than ten percent
of the investable funds in one underlying commodity.
Category III AIF shall be subject to the reporting
requirements as may be specified by SEBI.
Now, the SEBI has decided to revise the reporting formats for Category III AIFs so as to capture the information pertaining to investment in commodity derivatives as per Annexure attached with the Circular. Accordingly, circular no.CIR/IMD/DF/10/2013 dated July 29, 2013 issued for operational, prudential and reporting requirements for AIFs stands modified.
All Category III AIFs are to submit the monthly/quarterly report in the revised format for the period ended September 30, 2017 onwards.
The Securities and Exchange Board of India (SEBI) has decided to defer implementation of SEBI Circular No. CIR/CFD/CMD/93/2017 dated August 4, 2017 until further notice.
The said Circular stated disclosures that are required to be given by listed entities regarding defaults in payment of interest/ repayment of principal amount on loans from banks / financial institutions, debt securities, etc.
Read Circular No. CIR/CFD/CMD/93/2017dated August 4, 2017 at http://www.sebi.gov.in/legal/circulars/aug-2017/disclosures-by-listed-entities-of-defaults-on-payment-of-interest-repayment-of-principal-amount-on-loans-from-banks-financial-institutions-debt-securities-etc_35538.html
Report by SEBI’s Committee on Corporate Governance
The Securities and Exchange Board of India (SEBI) formed a Committee on Corporate Governance in June 2017 with a view to enhancing the standards of corporate governance of listed entities in India. The committee has submitted its report on October 5, 2017 on the following matters:
Composition and Role of the Board of Directors
Institution of Independent Directors
Board Committees
Enhanced Monitoring of Group Entities
Promoters/Controlling Shareholders and Related Party
Transactions
Disclosures and Transparency
Accounting and Audit related Issues
Investor Participation in Meetings of Listed
Entities
Governance Aspects of Public Sector Enterprises
Leniency Mechanism
Comments are sought from the public on the aforesaid report. Comments may be sent by email to Shri Pradeep Ramakrishnan, DGM at [email protected] and Ms. Nila Khanolkar, AGM at [email protected] not later than November 4, 2017.
The report can be read at http://www.sebi.gov.in/reports/reports/oct-2017/report-of-the-committee-oncorporate-governance-for-public-comments_36178.html
TRAI releases Consultation Paper on 'In Flight Connectivity'
The Telecom Regulatory Authority of India (TRAI) vide press release dated September 29, 2017 has released a Consultation Paper on 'In Flight Connectivity'.
Department of Telecommunications has proposal to introduce In Flight Connectivity (IFC) for voice, data and video services over Indian airspace for domestic, international and overflying flights in Indian Air Space. DoT has also requested TRAI to furnish its recommendations on licensing terms and conditions for provision of IFC for voice, data and video services and associated issues such as entry fee, license fee, spectrum related issues including usage charges and method of allocation and other conditions. In this regard, a. consultation paper has been
prepared and has been placed on TRAI's website http://www.trai.gov.in/releasepublication/consultation
Written comments are invited from the stakeholders on the issues raised in the Consultation Paper by October 27, 2017 and counter comments by November 03, 2017. The comments and counter-comments may be sent, preferably in electronic form at [email protected]. For any clarification/ information Shri S.T. Abbas, Advisor (Networks, Spectrum & Licensing), TRAI may be contacted at Telephone Number +91-11-23210481.
Extension of Time Period for the Compliance of Notification relating to Standards of Food Additives for use in various Food Categories
The Food Safety and Standards Authority of India (FSSAI) published Notification No. 11/09/Reg/Harmoniztn/2014 dated September 5, 2016 prescribing revised provisions for use of Food Additives in various food/food categories. This notification had the effect of revising the provisions related to the use of food additives in various foods/categories of food, including the vertical standards of food products. As per this notification, a transition period of six months that is up to July 1, 2017 has been given to the food business operators to comply with the amended regulation.
However, large numbers of representations have been received from several quarters, requesting for further extension of time for enforcement of the said amendment regulations since the consequential restriction in the use of a large number of food additives which are either deleted or restricted in their usage level have led to technological challenges to the industry in terms of product reformulation and related labelling.
Considering the fact that further amendments to the said regulations are currently under process to address the concerns either by re-permitting several additives through various amendment or referring the issues to the concerned scientific panels, the FSSAI has decided, in supersession of the order dated June 30, 2017, that compliance with the notification dated September 5, 2016 will be enforced with effect from July 1, 2017 with the exception of the food additives provision:
that were earlier permitted in the Food Safety and
Standards (Food products Standards and Food
Additives) Regulations, 2011 but got deleted in the
notification No. 11/09/Reg/Harmoniztn/2014 dated
September 5, 2016.
that were earlier permitted in the Food Safety and
Standards (Food products Standards and Food
Additives) Regulations, 2011 at GMP or higher usage
level but their usage level is now restricted in the above
said notification.
These exemptions will remain effective until December 31, 2017 and the industry is advised to reformulate their products till such time with this direction, use of Potassium bromate as an additive in any food is not allowed.
[File No. 17/1/Food Additives Extn/FSSAI-2017]
URL: http://www.fssai.gov.in/home
Ministry of Consumer Affairs, Food and Public Distribution extends date for mandatory submission of Aadhar for implementation of relevant provisions of the National Food Security Act, 2013
Ministry of Consumer Affairs, Food and Public Distribution vide notification dated September 28, 2017 has extends the date for mandatory submission of Aadhar for implementation of relevant provisions of the National Food Security Act, 2013 through Targeted Public Distribution System and Cash Transfer of Food Subsidy Rules, 2015 issued under the said National Food Security Act, 2013 which involves recurring expenditure from the Consolidated Fund of India from September 30, 2017 to December 31, 2017.
Ministry of Consumer Affairs, Food & Public Distribution extends time for displaying revised MRP due to Implementation of GST
On account of implementation of GST with effect from July 1, 2017, there were instances where the retail sale price of a pre-packaged commodity is required to be changed. In this context, the Minister for Consumer Affairs, Food & Public Distribution had allowed the manufacturers or packers or importers of pre-packaged commodities to declare the revised retail sale price (MRP) in addition to the existing retail sale price (MRP), for three months with effect from July 1, 2017 to September 30, 2017. Declaration of the changed retail sale price (MRP) was allowed to be made by way of stamping or putting sticker or online printing, as the case may be.
Use of unexhausted packaging material/wrapper was also been allowed up to September 30, 2017 after making the necessary corrections.
Considering the requests received to extend the permission for some more time, the Ministry of Consumer Affairs, Food and Public Distribution has decided to extend the time limit to display the revised MRP due to implementation of GST by way of stamping or putting sticker or online printing for a further period of three months, that is up to December 31, 2017.
CDSCO issues clarification on application for the renewal of existing Import Licence / Registration Certificate under Rule 28 and 28A of Drugs and Cosmetics Act and Rules 1945
Central Drugs Standard Control Organization (CDSCO) vide office order dated September 28, 2017 has issued clarification on application for the renewal of existing Import Licence / Registration Certificate under Rule 28 and 28A of Drugs and Cosmetics Act and Rules 1945. It has been clarified that as per Rule 28 & 28A of Drugs and Cosmetics Act, 1940, if the application for the renewal of the existing Import Licence / Registration Certificate is made before 3 (three) months of expiry of Import License and before 9 (nine) months of expiry for Registration Certificate, the current license/certificate will be deemed to be continued until orders are passed on the application.
DGCA issues Procedure for Medical Examination of Aircraft Personnel for Alcohol Consumption
Director General of Civil Aviation (DGCA) vide Civil Aviation Requirements (CAR) has issued Procedure for medical examination of aircraft personnel for alcohol consumption. This procedure is applicable to-
Indian operators engaged in scheduled air transport
services for carriage of passengers, mail or cargo.
Indian Non-scheduled/private category operators/flying
training institutes, etc.
Central Government and State Government Civil
Aviation Departments, Public Sector companies under
Centre and State Government.
As per the provision of Rule 24 of the Aircraft Rules, ‘no person acting as, or carried in aircraft for the purpose of acting as pilot, commander, navigator, engineer, cabin crew or the other operating member of the crew thereof, shall have taken or used any alcoholic drink, sedative, narcotic, or stimulant drug preparation within 12 hours of the commencement of the flight or taken or use any such preparation in the course of the flight, and no such person shall, while so acting or carried, be in state of intoxication or have detectable blood alcohol whatsoever in his breath, urine or blood alcohol analysis or in a state in which by reason of his having taken any alcoholic, sedative, narcotic or stimulant drug or preparation his capacity so to act is impaired, and no other person while in a state of intoxication shall enter or be in aircraft or report for duty.’
For all scheduled flights originating from India, each
flight crew member and cabin crew member shall be
subjected to pre-flight breath-analyzer examination at
first departure airport during a flight duty period.
During a flight duty period, if a crew member enters the
terminal building at any transit airport, that crew
member shall undergo the pre-flight breath-analyzer
examination at that airport before undertaking the
flight.
If a crew member operates a flight without undergoing
the pre-flight breath-analyzer examination, the Chief of
Operations of the concerned airline shall ensure that
the involved crew member is off-rostered at the first
point of landing and same is reported to DGCA as per
the CAR provisions.
For all scheduled flights originating from destinations
outside India, post-flight breath-analyzer examination
of each flight crew and cabin crew shall be carried out
on reaching in India.
In case of diversion of flights, due to unforeseen
circumstances, to an airport where facility for pre-flight
breath-analyzer examination is not available, the flight
crew and cabin crew shall undergo post-flight breath-
analyzer examination at first landing.
All maintenance personnel shall be subjected to
breath-analyzer examination for alcohol consumption
before undertaking any taxi operation of the aircraft.
No crew member shall consume any drug/formulation
or use any substance mouthwash/tooth gel which has
alcoholic content. Any crew member who is
undergoing such medication shall consult the company
doctor before undertaking flying assignment.
Save as provided, representative of Air Safety
Directorate/DMS (CA) of DGCA at his discretion may
order a breath-analyzer examination of any of the crew
NPPA directs all Manufacturers/Importers/Marketers of Orthopedic Knee Implant System to comply with the price capping of the Primary Knee and Revision Knee and maintaining its uninterrupted supply
National Pharmaceutical Pricing Authority (NPPA) vide office memorandum dated October 03, 2017 has directed companies to:
1) to furnish the production figures for 2015-16, 2016-17
and 2017-18;
2) to maintain production/import/supply of the
orthopedic knee implant systems at the same levels
before August, 2017;
3) to submit a weekly report on orthopedic knee implant
system produced and distributed.
All the manufacturers/importers/marketers of orthopedic knee implant system are required to comply with the above direction in letter and spirit. This directions also enable the companies to submit the data, in three excel formats have been devised as Table-A and Table-B and Table-C. The details of the same are as follows:
i) Table-A is to submit production/import/sales figures for
the years 2015-16, 2016-17 and 2017-18 up to July, 2017.
ii) Table-B is to submit production/import/sales figures for
the month of August, 2017 in two parts Part (i) from 01
/08/2017 to 15/08/2017 and part (ii) from 16/08/2017 to
31/08/2017.
iii) Table-C is for submitting weekly report for
production/import/sales of orthopedic knee implant
system.
Therefore, all manufactures/importers/marketers of knee implant system are directed to follow the direction of the Department of Pharmaceuticals and to submit one time report as per Table-A and Table-B and weekly report as per Table-C. It is requested that he soft copy of the report should be sent in excel format only to email id [email protected] a hard copy of the same may be sent by post. Non-compliance of these instructions shall be taken up for prosecution under relevant provisions of Essential Commodities Act.
PFRDA issues guidelines for Operational Activities
Pension Fund Regulatory and Development Authority (PFRDA) has issued guidelines for Operational Activities of PoPs, PoP-SP, PoP-SE and PoP-Corprates. Following are the key compliances for POP including PoP-SP/PoP-SE and PoP-Corporate which are enumerated under the Guidelines:
Service Standards: ‘Service Standards’ are provided
under Schedule I in relation to the functions relating to
registration of subscribers, undertaking Know Your
MNRE issued draft Technology Development and Innovation Policy for New & Renewable Energy
The Ministry of New & Renewable Energy (MNRE) has been supporting RD&D for Technology Development and Demonstration for commercialisation of New & Renewable Energy Systems/Devices. In view of fast technology development in renewable energy across the globe and enhanced target of renewable power set in India, the MNRE has decided to bring out Technology Development and Innovation Policy (TDIP) in furtherance of RD&D efforts aiming at promoting indigenous technology development and manufacture, improving quality and reliability of energy supply for large scale deployment of New & Renewable Energy technologies/systems for various applications in the country.
The TDIP aims at:
(i) To encourage innovative ideas/innovation/research for
developing prototypes for improvement in renewable
energy 4 systems/devices/components.
(ii) To develop and demonstrate the technology for
promotion of the use of new and renewable energy for
wide ranging applications across the country in cost
effective manner.
(iii) To strengthen R&D/academic/engineering
institutions/organizations, industries, etc. for pursuing
research in advanced areas for technology
development for commercialization so that India
becomes an international leader in the renewable
energy technology domain.
(iv) Making MNRE’s national institutions as R&D
institutions of global excellence.
(v) To create a robust testing, standardization and
certification infrastructure for quality and reliability
assurance of new and renewable energy
systems/devices/components.
The Stakeholders are requested to send their comments/suggestions on the said draft by October 20, 2017 at the following email [email protected]
The Ministry of Corporate Affairs (MCA) will be revising Form 21A which is for “Particulars of annual return for the company not having share capital” with effect from October 05, 2017. This form is available on MCA21 Company Forms Download Page.
URL: http://www.mca.gov.in
BSE’s Circular on Half Yearly Risk Based Supervision
The Bombay Stock Exchange (BSE) vide a Circular dated September 29, 2017, has stated that the Risk Based Supervision (RBS) data for the half-year, which ended on September 30, 2017, is required to be submitted by November 30, 2017 .
Further, the Circular states that:
Submission of RBS data is mandatory for all trading
members of the Exchange who have executed even a
single trade during the aforementioned period.
RBS data is to be submitted only electronically through
BSE Electronic Filing System (BEFS), and no physical
copies are required to be submitted to the Exchange.
Details of total credit balances of all clients and total
funds available in bank/with clearing member &
exchange are not required to be furnished as a part of
RBS data since the same have been incorporated in
enhanced supervision report.
Details in relation to submission of the RBS data are
enumerated in Annexure – 1 that is attached to the
Circular. Further, a user manual and FAQs have also
been provided.
For delayed/non-submission of data, penalty norms/
IBBI notifies the IBBI (Information Utilities) (Amendment) Regulations, 2017
IBBI had notified the IBBI (Information Utilities) Regulations, 2017 on March 31, 2017. These regulations provided that ordinarily a person should not hold more than 10% of paid up
equity share capital or voting power of an information utility, while allowing certain specified persons to hold up to 25%. These further provided that a person may hold up to 51% of paid-up equity share capital or total voting power of an information utility till the expiry of three years from its registration.
IBBI has amended the IBBI (Information Utilities) Regulations, 2017 on September 29, 2017. According to the amended regulations, a person may, directly or indirectly, either by itself or together with persons acting in concert, hold up to fifty-one percent of the paid-up equity share capital or total voting power of an information utility up to three years from the date of its registration. Further, an Indian company, (i) which is listed on a Stock Exchange in India, or (ii) where no individual, directly or indirectly, either by himself or together with persons acting in concert, holds more than ten percent of the paid-up equity share capital, may hold up to hundred percent of the paid-up equity share capital or total voting power of an information utility up to three years from the date of its registration. However, these amended provisions are available in respect of information utilities registered before September 30, 2018.
The amendment requires that more than half of the directors of an information utility shall be Indian nationals and residents in India.
The amendments shall be effective from September 29, 2017.
Andhra Pradesh Government extends the Time Limit of Operation of the Notification for e-Waybill
The Government of Andhra Pradesh, under Andhra Pradesh Goods and Services Tax Act, 2017, has extended the time limit of operation of the notification issued vide G.O.Ms.No.309 dated July 24, 2017 till December 31, 2017 or till the e-way bill system is developed and approved by the Council, whichever is earlier.
G.O.Ms.No.309 had notified the document known as e-Waybill that is to be issued by the taxable person or any other person. This notification was to be in operation till September 30, 2017.
Read G.O.Ms. No. 309 at https://www.apct.gov.in/gstportal/GST_Portal/pdf/2017REV_MS309.pdf
Delhi Government extends time for filing of Reconciliation Return in Form 9 for the year 2016-17
The Commissioner, Value Added Tax, Delhi has extended the last date of filing of online return in Form 9 for the year 2016-17, prescribed under Rule 4 of Central Sales Tax (Delhi) Rules, 2005 up to December 31, 2017.
The return is to be filed by dealers who have made interstate sale at concessional rates against statutory forms ‘C’ or stock transferred against ‘F’ forms or sold the goods against ‘N’ forms to dealers (other than Delhi) or claimed deduction from taxable turnover against E-I/E-II forms or I/J forms etc.
The dealers who have not made the sale as mentioned above need not file reconciliation return in Form 9.
[Circular no. 16 of 2017-18]
URL: http://dvat.gov.in/website/home.html
Delhi Government waives off late fee payable for late filing of return in FORM GSTR-3B for the month of July, 2017
The Lt. Governor of the National Capital Territory of Delhi, on the recommendations of the Council, has decided to waive off the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for the month of July, 2017 by the due date.
Tax Rules, 2017. Vide this amendment the following changes have been made:
In Rule 24(4), the due date of 30th September has been
substituted to 31st October;
In Rule 118, 119 and 120 for the words “ninety days of
the appointed day”, the words and figures “the period
specified in Rule 117 or such further period as extended
by the Commissioner” has been substituted.
Rule 118 states provisions for declaration to be made under Section 142(11)(c), Rule 119 gives provision for declaration of stock held by a principal and agent and Rule 120 gives provisions for submissions for details of goods sent on approval basis.
Madhya Pradesh Government further amends the Madhya Pradesh Goods and Services Tax Rules, 2017
Government of Madhya Pradesh vide notification dated September 28, 2017 has further amended the Madhya Pradesh Goods and Services Tax Rules, 2017. Vide this amendment in sub-rule (1) of rule 117, the words “of eligible duties and taxes as defined in Explanation 2 to section 140” shall be omitted.
Rule 117 under Madhya Pradesh Goods and Services Tax Rules, 2017 refers to tax or duty credit carried forward under any existing laws or on goods held in stock on appointed date.
This notification shall be deemed to have come into force with effect from July 01, 2017.
Amendments to Madhya Pradesh Goods and Services Tax Rules, 2017
The Government of Madhya Pradesh vide notification dated September 29, 2017 has further amended the Madhya Pradesh Goods and Services Tax Rules, 2017. Vide this amendment-
In Rule 24(4), the due date of 30th September has been
substituted to 31st October;
In Rule 118, 119 and 120 for the words “ninety days of
the appointed day”, the words and figures “the period
specified in Rule 117 or such further period as extended
by the Commissioner” has been substituted.
Rule 118 states provisions for declaration to be made under Section 142(11)(c), Rule 119 gives provision for declaration of stock held by a principal and agent and Rule 120 gives provisions for submissions for details of goods sent on approval basis.
Uttarakhand Government revises Minimum Rates of Wages under Minimum Wages Act, 1948
Government of Uttarakhand has revised the minimum rate of wages for employees employed in scheduled employment with effect from October 01, 2017. The minimum of wages are as under:
All the information and commentary provided in this newsletter is for illustrative purposes only and should not be regarded or relied upon as legal advice. While the content provided is accurate as at the date of first publication, laws and regulations change frequently. Any reliance on the information contained in this newsletter is solely at the user's own risk. Avantis Softech LLP expressly disclaims all responsibility for any loss, injury, liability or damage of any kind resulting from and arising out of, or any way related to the content of this newsletter
