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Avantis Newsletter for November 6 , 2017

November 6, 2017
1. The Central Board of Direct Taxes vide a Notification dated October 31, 2017 has inserted two new Rules to the Income Tax Rules, 1962. 2. The CBDT vide a Press Release dated October 31, 2017, has extended the due date filing of Income Tax Returns and various reports of audit under the Income Tax Act pertaining to Annual Year 2017-18 to November 7, 2017 from October 31, 2017. 3. CBEC has extended the due date for filing FORM GSTR – 2 and FORM GSTR – 3 for the month of July. 4. CBEC has made the Central Goods and Services Tax (Eleventh Amendment) Rules, 2017 5. Central Board of Excise and Custom vide several Notifications/Orders issued on October 28, 2017, has extended the time limit for furnishing FORM GST-ITC-04, FORM GST-ITC-01, FORM GST TRAN-1 under Rule 120A, FORM GST TRAN-1 under Rule 117, FORM GST REG-26, and FORM GST CMP-03. 6. The Ministry of Labour and Employment, vide a Notification dated October 27, 2017, has published the draft of certain rules which propose to amend “Rationalisation of Forms and Reports under Certain Labour Laws Rules, 2017”. 7. Pension Fund Regulatory and Development Authority (PFRDA) vide press release dated October 27, 2017 has taken initiative to increase pension coverage in the country by introducing e-NPS, reducing minimum contribution levels, new investment instruments, aggressive life cycle funds etc. 8. Central Government, on October 30, 2017 has proposed to amend the E-Waste (Management) Rules, 2016 for inviting objections and suggestions from public. 9. The Ministry of Corporate Affairs has issued a circular dated October 27, 2017 for relaxation of additional fees and extension of last date for filing of E-Forms AOC-4 and AOC-4 (XBRL Non-IndAS) under Companies Act, 2013 for the year ended March 31, 2017. 10. The State Government of Bihar, Chhattisgarh, Gujarat, Jharkhand, Madhya Pradesh, Odisha and Tamil Nadu have further amendments to the respective State Goods and Services Tax Rules, 2017. Avantis Softech LLP Newsletter_Issue 1 of November 2017

Avantis Newsletter for October 30, 2017

October 30, 2017
1. Central Board of Excise and Customs vide a Press Release dated October 24, 2017, has waived the late fee payable in case of failure to furnish the return in FORM GSTR-3B for the months of August and September, 2017. 2. CBEC has specified certain supplies as “Deemed Exports” under the Goods and Service Tax and enumerated the evidences which are required to be produced by the supplier of deemed export supplies for claiming refund. 3. CBEC clarifies whether supply of books, pamphlets, brochures, envelopes, annual reports, leaflets, cartons, boxes etc., printed with design, logo, name, address or other contents supplied by the recipient of such supplies, would constitute supply of goods. 4. CBEC vide a Circular dated October 18, 2017 has provided clarification on issues raised by the stakeholders when the goods are moved within the state or from the state of registration to another state for supply on approval basis. 5. Central Board of Direct Taxes, vide a Circular dated October 23, 2017 has provided clarifications in relation to the Guidelines for establishing Place of Effective Management in India. 6. Ministry of Corporate Affairs has appointed October 18, 2017, as the date on which the Section 247 of the Companies Act, 2013, shall come into force and has introduced Companies (Registered Valuers and Valuation) Rules, 2017. 7. MCA has issued a circular for relaxing additional fees and extending last date of filing of AOC-4 XBRL E-Forms using Indian Accounting Standards under Companies Act, 2013. 8. Reserve Bank of India vide a Press Release has clarified that linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. 9. RBI updates Master Direction on External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers 10. Food Safety and Standards (Food Products Standards and Food Additives) Thirteenth Amendment Regulations, 2017 published giving general standards for Milk and Milk Products by introducing new standards for camel milk, dairy whitener, edible lactose, flavoured dahi, fermented milk drinks and revised standards for cow milk. 11. Government of India has announced that subscribers to the General Provident Fund and other similar funds shall carry interest at the rate of 7.8% with effect from October 01, 2017 to December 31, 2017. 12. Bihar, Delhi, Gujarat, Madhya Pradesh, Maharashtra and Rajasthan State Governments have made amendments to their respective State Goods and Service Tax Rules, 2017. 13. Karnataka Government notifies the Karnataka Factories (Amendment) Rules, 2016. Avantis Softech LLP Newsletter_Issue 4 of October 2017

Avantis Newsletter for October 23, 2017

October 23, 2017
1. The Central Government, on October 18, 2017, has made the Central Goods and Services Tax (Tenth Amendment) Rules, 2017. 2. Draft notification providing for the amendment of Rule 17A and Form 10A under Income-tax Act has been framed and uploaded on the website of the Income Tax Department for comments from stakeholders and general public. 3. Reserve Bank of India has updated the Master Direction on Risk Management and Inter-Bank Dealings as on October 13, 2017. 4. SEBI makes amendments to Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 to further streamline the operations at IFSC. 5. Draft Food Safety and Standards (Food Products Standards and Food Additives) ………. Amendment Regulations, 2017 on Mineral Water and on Complementary Foods for Older Infants and Young Children published for receiving objections and suggestions from public. 6. Banking Industry and Coal Industry to be a Public Utility Service under Industrial Disputes Act, 1947. 7. Ministry of Labour and Employment, vide notice dated October 10, 2017, has formulated a draft National Policy for Domestic Workers and has invited general public to give their comments/opinions in this regard. 8. Ministry of Corporate Affairs has made amendments in Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 relating to manner of transfer of shares and Refunds to claimants from Fund. 9. Turnover Limit for Composition Levy under State GST increased to Rs. 1 Crore in Bihar, Gujarat and Maharashtra. 10. Date of submission of Returns under Bihar and Goa GST has been extended. Avantis Softech LLP Newsletter_Issue 3 of October 2017

Avantis Newsletter for October 2, 2017

October 16, 2017
1. The Central Government has extended the last date of filing Form GSTR-4, GSTR-5A, GSTR-6 and GST ITC-01. 2. The Central Government vide Notification dated October 13, 2017 has removed the applicability of Reverse Charge Mechanism on transactions up to Rs. 5000 per day till March 31, 2018. 3. Securities Exchange Board of India vide Circular dated October 10, 2017, has enumerated the procedure which will be followed by the recognised stock exchanges/depositories as against listed entities, their promoters and directors in case of they fail to comply with Minimum Public Shareholding Requirement as prescribed by SEBI (LODR) Regulations, 2015. 4. Reserve Bank of India on October 11, 2017 has issued Master Direction on Issuance and Operation of Prepaid Payment Instruments. 5. Employees’ Provident Fund Organisation has introduced a free Aadhaar based e-Sign in addition to DSC to be used by Employers. 6. Ministry of Corporate Affairs will be revising Form CRA-4 which is a form for filing Cost Audit Report with the Central Government with effect from October 13, 2017. 7. Maharashtra and Gujarat RERA passed order in respect of late registration of applications for on-going projects. Avantis Newsletter for October 2 , 2017

The Avantis Newsletter for October 9 ,2017

October 9, 2017
1. The Central Government, on September 29, 2017 has made the Central Goods and Services Tax (Eighth Amendment) Rules, 2017. By virtue of the Amendment, Rule 24, Rule 118, Rule 119, Rule 120 and Rule 120A have been amended. 2. CBEC, vide Order No. 04/2017-GST, dated September 29, 2017, has extended the time limit 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 Act, i.e. the option for composition levy is exercised in FORM GST CMP-03 to October 31, 2017. 3. Securities Exchange Board of India vide a Press Release dated September 29, 2017, has deferred the implementation of its Circular No. CIR/CFD/CMD/93/2017 dated August 4, 2017 related to the Disclosures to be made by Listed Entities on Defaults until further notice. 4. Insolvency and Bankruptcy Board of India has introduced IBBI (Information Utilities) (Amendment) Regulations, 2017 dated September 29, 2017, which amend the IBBI (Information Utilities) Regulations, 2017. 5. Pension Fund Regulatory and Development Authority vide a Notification dated September 15, 2017, issued guidelines for Operational Activities of PoPs, PoP-SP, PoP-SE and PoP-Corporates. 6. Ministry of Consumer Affairs, Food and Public Distribution, vide the press release, dated September 29, 2017, has extended the deadline to display the revised retail sale price (MRP) due to implementation of GST by way of stamping or putting sticker or online printing from September 30, 2017 to December 31, 2017. 7. Gujarat Government and Madhya Pradesh Government further amends the respective State Goods and Service Tax Rules. 8. Government of Uttarakhand has revised the minimum rate of wages for employees employed in scheduled employment with effect from October 01, 2017. 9.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. Avantis Softech LLP Newsletter_Issue 1 of October 2017

Avantis Newsletter for September 25, 2017

September 25, 2017
1. The Central Government, on September 15, 2017 has made the Central Goods and Services Tax (Seventh Amendment) Rules, 2017. 2. The GST Council has specified that the due dates for return in Form GST-3B for the months August 2017 to December 2017. 3. CBEC has extended of time limit for submitting Form GST TRAN-1 under Rule 117 and Rule 120A of Central Goods and Service Tax Rules, 2017till October 31, 2017. 4. CBDT has proposed to the insertion of new Rule 39A and Form No.28AA in the Income Tax Rules, 1962. The proposed Rule aims to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers on voluntary compliance basis. 5. The Reserve Bank of India has updated the Master Direction on Export of Goods and Services. 6. The EPFO has ordered to discontinue the submission of Form 9 in physical form in respect of all the members joining as well as the establishments being covered on or after October 1, 2017. 7. FSSAI’s New Standards relating to Non-carbonated Water Based Beverages (Non-Alcoholic), Fish & Fish Products and Cereal & Cereal Products are now operational. 8. The Union Cabinet has given its approval for introduction of the Dentists (Amendment) Bill, 2017 in Parliament subject to modifications of drafting or consequential nature. 9. Ministry of Corporate Affairs introduced the Companies (Restriction on number of layers) Rules, 2017. This rule provides the details regarding restriction on number of layers for certain classes of holding companies. 10. Gujarat, Jharkhand, Madhya Pradesh and Rajasthan Government make amendments to the respective State Goods and Service Tax Act, 2017. The Avantis Newletter for October 2017

The Avantis Newsletter – August 28

August 29, 2017
1.The CBEC has made amendments in Notification No. 23/2017–Central Tax, G.S.R. 1024(E), dated August 17, 2017, by extending the last date of filing return in Form GSTR-3B by five days. 2.The FSSAI has clarified that the +F logo shall be displayed on the Fortified Food Labels as given in the Schedule-II of Food Safety and Standards (Fortification of Foods) Regulations, 2017, together with the statement “Fortified with (name of the fortificant)”. 3.EPFO vide circular dated August 21, 2017 has released the revised Composite Claim form for death cases. This Composite Claim form shall come into force from August 21, 2017. 4.The ICSI has issued a notification to withdraw its earlier notification regarding Secretarial Standards 1 regarding Meetings of Board of Directors and Secretarial Standards 2 regarding General Meetings respectively with effect from September 30, 2017. The ICSI notification also provides that such withdrawal of notification will not have any effect on enforceability of these Secretarial Standards. 5.Central Government vide notification dated August 14, 2017 has issued the Oil Mines Regulations, 2017. 6.Delhi, Goa, Jharkhand, Madhya Pradesh and Maharashtra Government have notified the date and conditions for filing the Return in FORM GSTR-3B for July, 2017. 7.State Government of Uttarakhand has notified that the first periodical return for the quarter ending June 30 related to the assessment year 2017-18 may be filed by a dealer liable to tax or a person responsible for deduction tax at source up to August 20, 2017 without any late fee, provided that the payment of tax/ composition money or TDS shall be made within the time. 8.Orissa Government issues clarification on different aspects of the CST Act such as liability, return, registration and the eligibility to make interstate purchase of goods against Form C. 9.Maharashtra Government proposes to revise minimum rates of wages under Minimum Wages Act, 1948. 10.Government of Himachal Pradesh with a view to promote industrial development in the state of Himachal Pradesh has issued the Draft Himachal Pradesh Single Window (Investment Promotion and Facilitation) Act, 2017. Avantis Softech LLP Newsletter_Issue 4 of August 2017

The Avantis Newsletter – August 21

August 21, 2017
1.The Central Government has made the Central Goods and Services Tax (Fifth Amendment) Rules, 2017 on August 17, 2017 to further amend the Central Goods and Services Tax Act, 2017. 2.CBEC has further extended the date of filing Form GSTR-3B vide notification dated August 17, 2017. Earlier the date for filing the said return for the month of July 2017 was August 20, 2017 which has been now extended for the certain class of registered persons on the fulfillment of the required conditions. 3.The Reserve Bank of India (RBI) has updated the Master Direction on Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016. 4.The SEBI has made amendments to Regulation 10 of the SAST Regulations to exempt enlisted acquirers from the requirement of giving open offer subject to certain conditions and has also amended Regulation 70 of the ICDR Regulations to exempt preferential issue of equity shares made under certain scenarios from the obligations casted upon them. 5.EPFO has issued a clarification on provision for grant of family pension to a widowed/divorced daughter beyond the age of 25 years. 6.The Ministry of Corporate Affair has issued the draft rules the Companies (Cost Records and Audit) Amendment Rules, 2017 to amend Companies (Cost Records and Audit) Rules, 2014. 7.Government of Assam notifies the Assam Goods and Services Tax (Fourth Amendment) Rules, 2017. 8.Delhi Government extends the time period for filing of online return for First Quarter of 2017-18. 9.Maharashtra Government notifies the time period for filing GSTR-1, GSTR-2, GSTR-3 and GSTR-3B. 10.Rajasthan Labour Department issues Draft Rajasthan Ease of Compliance to Maintain Registers under various Labour laws Rules. Avantis Softech LLP Newsletter_Issue 3 of August 2017

The Avantis Newsletter – August 14

August 16, 2017
The Central Government, on the recommendations of the Council, has extended the time limit for furnishing FORM GSTR-1, GSTR-2, GSTR-3 and GSTR-3B under Central Goods and Services Tax Act, 2017. The Reserve Bank of India (RBI) has updated Master Direction on Liberalised Remittance Scheme (LRS).  The LRS Scheme is published as a liberalization measure to facilitate resident individuals to remit funds abroad for permitted current or capital account transactions or combination of both. The Securities and Exchange Board of India, vide its circular dated August 09, 2017, has decided to operationalize SEBI Intermediary Portal to submit the application for registration as a Custodian of Securities under the SEBI (Custodian of Securities) Regulations, 1996. EPFO has entered into agreement with ten banks to collect EPFO dues and to make payments of Provident Fund (PF) withdrawals, pension and insurance to EPFO beneficiaries. Central Government vide notification dated August 08, 2017 has amended the Environment (Protection) Rules, 1986 and vide notification dated August 10, 2017 has issued the Noise Pollution (Regulation and Control) Amendment Rules, 2017. The Commissioner of Assam, Jammu and Kashmir, Uttarakhand and West Bengal on the recommendations of the Council, has extended the time limit for furnishing FORM GSTR-1, GSTR-2, GSTR-3 and GSTR-3B under the respective State Goods and Services Tax Act, 2017. The Government of Gujarat, Puducherry, Odisha, Rajasthan and Tripura has extended the time limit for furnishing FORM GSTR-3B under the respective State Goods and Services Tax Act, 2017. The Goa Government and Jharkhand has passed the Goa Goods and Services Tax (Fourth Amendment) Rules, 2017 and Jharkhand Goods and Services Tax (Fourth Amendment) Rules, 2017, respectively.   The Avantis Newsletter – August 14

The Avantis Newsletter for August 4

August 8, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for August 4, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: CBDT has extended the due date for e-filing income tax return up to August 5, 2017  SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2017 has amended Clause (b) of the First Proviso, of Regulation 37, pertaining to the Lock-In period for Specified Securities held by persons other than Promoters. IRDAI vide circular dated August 04, 2017 has issued clarification on Creation of Debenture Redemption Reserve under IRDAI (Other Forms of Capital) Regulations, 2015. Amendment regulations regarding revision of standards for milk and milk products in Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011. FSSAI’s draft Amendment Regulations relating to Meat and Meat Products, Fish and Fisheries Products etc. published for inviting objections or suggestions. The Companies (Amendment) Bill, 2017 has been passed in the Lok Sabha. The Bill would now be referred to Rajya Sabha for consideration and passing. MCA amends the Incorporation Rules for shifting of Registered office (ROC to ROC) & (State to State) EPFO on the recommendations of the 7th Central Pay Commission has decided to revise the rates of Fixed Conveyance Allowance and abolish existing Caretaking Allowance, Extra Duty Allowance, Flag Station Allowance, Flight Charge Certificate Allowance, Library Allowance, Rajbhasha Allowance and Special Appointment Allowance as a separate allowance  Commissioner, Value Added Tax, Delhi has extended the last date of filing of online/hard copy of first quarter return for the year 2017-18, in Form DVAT-16, DVAT-17 and DVAT-48 under the Delhi Value Added Tax Rules, 2005  Excise & Taxation Commissioner, Haryana has extended the period for filing online quarterly returns for the quarter ending June 30, 2017 up to August 16, 2017. Government of Manipur, upon subsumation of the Manipur Value Added Tax Act, 2004 under the Manipur Goods and Services Tax Act, 2017 has decided to close the taxation check-posts set up in state of Manipur. Avantis Softech LLP Newsletter_Issue 1 of August 2017

The Avantis Newsletter for July 31, 2017

July 31, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for July 31, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Central Government has made the Central Goods and Services Tax (Fourth Amendment) Rules, 2017 on July 27, 2017. Central Board of Excise and Customs (CBEC) vide order dated July 21, 2017 and various other State Government have extended the period for filing intimation in FORM GST CMP-01 under Rule 3(1) of the Central Goods and Services Tax Rules, 2017 and respective State Goods and Services Tax Rules, 2017 up to August 16, 2017. Ministry of Finance issues Clarifications on Computation of Book Profit for the purposes of levy of Minimum Alternate Tax under Section 115-JB of the Income-tax Act, 1961 for Indian Accounting Standards compliant companies. Amendments to SEBI (International Financial Services Centres) Guidelines, 2015 and SEBI (Depositories and Participants) Regulations, 1996. EPFO directs Exempted Establishments to file Returns through Newly Launched Portal and launches Transfer Claims under Unified Portal in Member and Employer Interface. MCA revises 4 Company Forms with effect from July 29, 2017. Government of Andhra Pradesh notifies the document known as e-Waybill that is to be issued by the taxable person or any other person. Pollution Control Board of Assam has decided to direct all the entrepreneur of Hotel/Lodge / Restaurant / Dhabas / Resorts / Banquet Halls / Banquet Premises / Bakery / Confectionery / Sweet Product Manufacturing / Automobile Servicing Stations / Workshop vis-a-vis other industrial units operating / functioning without prior permission of the Board in the State of Assam to make an application for grant of consent under the provisions of Water (Prevention and Control of Pollution) Act, 1974 and Air (Prevention and Control of Pollution) Act, 1981 as applicable within 15  days. Department of Sales, Maharashtra, vide Ticker News has extended the time for filing monthly and quarterly returns for the period ending June 2017 till July 31, 2017. The extension is provided on the condition that the dealer has made the requisite tax payment on or before July 21, 2017. Government of Manipur, to promote a digital payments ecosystem has launched referral scheme for BHIM users only. Avantis Softech LLP Newsletter_Issue 5 of July 2017

The Avantis Newsletter for July 24, 2017

July 24, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for July 24, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: The Union Cabinet has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017. Central Government abolishes Various Cesses in the Last Three Years for Smooth Roll-Out of GST. The Reserve Bank of India (RBI) vide notification dated July 20, 2017 has issued Master Circular on Detection and Impounding of Counterfeit Notes. The Securities and Exchange Board of India (SEBI) on July 13, 2017 has made amendments to the SEBI (Issue and Listing of Debt Securities) Regulations, 2008. Ministry of Labour and Employment with the aim to achieve the objectives of simplifying procedures for raising Industrial Disputes by individual workmen or trade unions, easily, hassle-free and quickly, 2 proforma are developed for filing of Industrial Disputes online by workmen or trade unions under Section 2-A and 2-K of the ID Act, 1947. The Ministry of Corporate Affairs (MCA) has amended the Companies (Meetings of Board and its Powers) Rules, 2014 by introducing the Companies (Meetings of Board and its Powers) Second Amendment Rules, 2017 vide its notification dated July 13, 2017. The Central Government vide notification dated July 17, 2017 has issued draft Static and Mobile Pressure Vessels (Unfired) (Amendment) Rules, 2017. The Central Government vide notification dated July 17, 2017 has issued draft Gas Cylinders (Amendment) Rules, 2017. Vide this amendment new definition is inserted to Rule 2. The Central Government vide notification dated July 19, 2017 has exempted the existing models of buses with seating capacity of 13 or more passengers excluding driver from the applicability of Rule 125C(1) of the Central Motor Vehicles Rules, 1989 up to the 30th September, 2017 or until further orders whichever is earlier. The Government of Bihar to grant amnesty to the vehicle owners of tax has amended the Bihar Motor Vehicle Taxation Act, 1994. Vide this amendment the vehicle owners of tax defaulter registered/ unregistered commercial/Goods carriage vehicle and Tractor-trailer, which are used in agricultural/commercial activities, will be given amnesty, subject to certain conditions. The Government of Gujarat has made the Gujarat Goods and Services Tax (Third Amendment) Rules, 2017 to further amend the Gujarat Goods and Services Tax Rules, 2017. The Government of Maharashtra has specified the conditions and safeguards for the registered person who intends to supply goods or services for export without payment of integrated tax, for furnishing a Letter of Undertaking in place of a Bond. Avantis Softech LLP Newsletter_Issue 4 of July 2017

The Avantis Newsletter for July 17, 2017

July 17, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for July 17, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: CBDT vide notification dated July 12, 2017 has further amended Income-tax Rules, 1962​ in Rule 11UA​ The ​Central Government vide Press Release has brought to notice that Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST RBI vide notification dated July 13, 2017 has clarified that in banks where the Board of Directors is chaired by a non-executive chairman, there will not be any restriction if he/she is also nominated to the Audit Committee of the Board of Director The SEBI has decided to grant time till July 31, 2017 for submitting the comments on Consultation Paper proposing Amendments/Clarifications to the SEBI (Investment Advisers) Regulations, 2013​ The ​SEBI makes amendments to the Investor Grievance Redressal System and Arbitration Mechanism ​Securities Contracts (Regulation) (Third Amendment) Rules makes amendment in Rule 19A(1) ​The FSSAI has operationalized these standards for Non-carbonated Water Based Beverages (Non-Alcoholic) from July 6, 2017 ​TRAI has issued a consultation paper on “Issues related to Digital Radio Broadcasting in India” seeking comments and counter comments from public​ Ministry of Corporate Affairs (MCA) has ​amended Companies (Meetings of Board and its Powers) Rules, 2014 EPFO has launched a new facility in employee’s Member Interface of Unified Portal for the employees/members to submit Online Claims based on Composite Claim Form (Aadhar) for availing the benefits under EPF (Form-19), Pension (Form-10C) & PF Part Withdrawals (Form—31 The Gujarat Value Added Tax (Amendment) Act, 2017 has come into force from July 1, 2017​ Avantis Softech GST Edition_July 17, 2017 Avantis Softech LLP Newsletter_Issue 3 of July 2017

The Avantis Newsletter for July 10, 2017

July 10, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for July 10, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: CBEC issues procedure for submission of Bond / LUT for exports under Rule 96A of CGST Rules. The Central Government has exempted all goods imported by a unit or a developer in the Special Economic Zone for authorised operations, from the whole of the integrated tax leviable thereon under Section 3(7) of the Customs Tariff Act, 1975 read with Section 5 of the Integrated Goods and Service Tax Act, 2017. With the roll out of the GST, 22 states in India have abolished their check posts. The CBDT has clarified that in respect of receipt in the nature of repayment of loan by NBFCs or HFCs, the receipt of one installment of loan repayment in respect of a loan shall constitute a ‘single transaction’ as specified in clause (b) of Section 269ST of the Act and all the installments paid for a loan shall not be aggregated for the purposes of determining applicability of the provisions Section 269ST. The CBEC has made Central Excise Rules, 2017 and CENVAT Credit Rules, 2017 under the Central Excise Act, 1944 which shall come into force with effect from July 1, 2017. Reserve Bank of India (RBI) vide notification dated July 06, 2017 has updated Master Direction – Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. EPFO vide circular dated June 30, 2017 has decided to make mandatory for all the employers to furnish Form of Return under Employees’ Enrolment Campaign, 2017 in respect of membership of the employees who were to become members of the fund under the Employees’ Enrolment Campaign, 2017 on or after the April 01, 2009 but before the January 01, 2017 but were not enrolled as members for any reason. MCA amends Transfer of Pending Proceedings Rules, 2016 of the Companies Act, 2013. Ministry of Corporate Affairs (MCA) has issued a notification dated July 5, 2017 to amend Schedule IV which is a “Code for Independent Directors”. The Government of Maharashtra has exempted the entertainment duty levied under Section 3 of the Maharashtra Entertainments Duty Act, 1923, on which the goods and services tax is being levied. The Central Government has permitted the manufacturers or packers or importers of pre-packaged commodities to declare the changed retail sale price (MRP) on the unsold stock manufactured/ packed/ imported prior to July 1, 2017 after inclusion of the increased amount of tax due to GST if any, in addition to the existing retail sale price (MRP), for three months with effect from July 1, 2017 to September 1, 2017.   Avantis Softech LLP Newsletter_Issue 2 of July 2017Avantis Softech GST Edition_July 10, 2017

The Avantis Newsletter for July 03, 2017

July 3, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for July 3, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: The CBDT has decided that provisions of Tax Deduction at Source (Section 51 of the CGST / SGST Act 2017) and Tax Collection at Source (Section 52 of the CGST/SGST Act, 2017) will be brought into force from a date which will be communicated later. CBEC in furtherance of roll-out of GST has made amendments to the Re-export of Imported Goods (Drawback of Customs Duties) Rules, 1995, Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 and Notification no. 131/2016-Customs (N.T.) relating to AIRs of Duty Drawback. Reserve Bank of India (RBI) vide press release dated June 23, 2017 has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks. Reserve Bank of India (RBI) vide notification dated June 23, 2017 has amended the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. TRAI had invited comments of stakeholders on Consultation Paper on Data Speed under Wireless Broadband Plans dated June 01, 2017. The last dates for receiving written comments and counter comments from the stakeholders were fixed as June 29, 2017 and July 13, 2017 respectively. Based on the representation received and in order to further streamline the process of OFS with an objective to encourage greater participation by employees, the existing provision with respect to restriction on sale of shares by promoters post OFS has been modified by the SEBI. CDSCO vide notice dated June 22, 2017 has withdrawn the drugs Oseltamivir and Zanamivir from the list of Schedule X drugs and is now permitted for sale as similar drugs under Schedule H1 of Drugs & Cosmetics Act and Rules. Mandatory Submission of Aadhar as Identity Document under Scheme for Promotion of International Co-operation in AYUSH. Ministry of Women & Child Developmet has launched a portal to lodge a complaint against Child victims of cyber crimes. The complaint can be lodged at National Commission for Protection of Child Rights (NCPCR)’s POCSO e-box. Ministry of Corporate Affairs (MCA) has issued a public notice dated June 28, 2017 and invited suggestions/comments on the draft Companies (Specification of Definitions Details) Rules, 2014 on or before July 20, 2017. Avantis GST Edition of July 2017 Avantis Softech LLP Newsletter_Issue 1 of July 2017

The Avantis Newsletter for June 26, 2017

June 27, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for June 26, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Certain Sections of the IGST Act, 2017, CGST Act, 2017 to come into force with effect from June 22, 2017 Common Goods and Services Tax Electronic Portal notified All States/UTs except the State of Jammu & Kashmir, approves the State GST Act and are ready for the smooth roll-out of GST with effect from July 1, 2017 Draft Notifications giving new Forms published by CBEC for inviting Comments and Suggestions on Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2017 IRDAI directs all Registered Branch Offices of Foreign Reinsurers other than Lloyd’s to submit Actuarial Reports for the FY 2016-17 IRDAI directs all Registered Branch Offices of Foreign Reinsurers other than Lloyd’s to submit Actuarial Reports for the FY 2016-17 Administration of Chandigarh launches Online Single Window System for Ease of Doing Business Government of Delhi revises the Minimum Rates of Wages payable for Monthly and Daily Rated Employees Punjab Government notifies Punjab State Real Estate (Regulation and Development) Rules, 2017 Documents required to be uploaded for Grant of Registration for Dealers in Maharashtra Government of Puducherry revises Stipend Rates of Apprentices under Apprenticeship Rules, 1992 Avantis Softech LLP Newsletter_Issue 4 of June 2017

The Avantis Newsletter for June 19, 2017

June 19, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for June 19, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Accounts and Records Rule and related format and slightly modified Registration Rules (Rule 19 only) as approved by GST Council have been uploaded on the Central Board of Excise and Customs’ website. Form No. 16C, which is certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source and Form No. 26QC, which is challan-cum-statement of deduction of tax under section 194-IB introduced vide the Income-tax (13th Amendment) Rules, 2017. SEBI has issued Circular giving the penalties for non-compliance with certain provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 to be levied by stock exchanges. EPFO has decided to conduct physical inspection of the securities (both in DEMAT and physical format) of all the Employees’ Provident Fund exempted establishments during the compliance audit. Central Government has notified Trade Mark Rules, 2017 with effect from March 6, 2017 giving guidelines for the sake of convenience to general public in filing applications under the said Rule. Central Government modifies the Exemption List of Section 8 Companies, private companies and Government companies. Certain provisions of the Companies Act, 2013 shall not apply or shall apply with such exceptions, modifications and adaptations as given in the Exemption List. BSE mandates filing of Reconciliation of Share Capital Audit Report in XBRL Mode. Governor of Assam has revised the rate of tax on Petrol, Diesel and Aviation Turbine Fuel in Schedule IV of Assam Value Added Tax Act, 2003. Government of Chandigarh has revised the minimum rates of wages payable for monthly and daily rated employees for the period April 01, 2017 to September 30, 2017. Department of Sales Tax, Maharashtra has generated Computerized Desk Audit (CDA) reports for the period 2014-2015 after analyzing electronic data pertaining to e-Returns, audit reports in form e-704 and annexures thereof uploaded by all the dealers. Commissioner of Commercial Taxes, Tamil Nadu has extended the issue of manual ‘C’ and ‘F’ forms up to June 30, 2017, for the inter-State transactions up to May 31, 2016 already reported and accounted for. ​ Avantis Softech LLP Newsletter_Issue 3 of June 2017

The Avantis Newsletter for June 12, 2017

June 12, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for June 12, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Chapter wise rate wise GST Schedule, Addendum to the GST Rate Schedule, IGST Exemption and Concession List, final Return Rules along with Goods and Service Tax Practitioner Formats, Mismatch Formats and Return Formats and final Transition Rules and related formats have been uploaded on CBEC’s Website. The Central Board of Direct Taxes (CBDT) has modified the date of furnishing Form 16 to the employee or the payee, for the financial year in which the income was paid and tax deducted under Rule 31(3) of the Income-tax Rules, 1962 vide Income-tax (10th Amendment) Rules, 2017. The due date has been extended from 31st May to 15th June. For the purpose of enabling the Reserve Bank of India (RBI) to regulate the credit system of the country to its advantage, the RBI has issued Master Directions – Information Technology Framework for the NBFC Sector, 2017 on June 8, 2017. The SEBI has published the SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2017 to include provisions related to Systemically Important Non-Banking Financial Companies in the Regulations. Draft Rules to amend the Child Labour (Prohibition and Regulation) Rules, 1988 which were published by the Ministry of Labour and Employment for inviting objections and suggestions from all persons have been notified on June 2, 2017. Employees’ Provident Fund Organisation has clarified the meaning of International workers under the Employees’ Provident Fund Scheme, 1952  MCA has revised SPICe Form on June 7, 2017 and is likely to revise Form 23AC on MCA21 Company Forms Download page with effect from June 10, 2017. Government of Gujarat has extended the last date of applicability of the Gujarat VAT/Sales Tax Amnesty Scheme-2016 from March 31, 2017 till June 30, 2017 and has introduced a new VAT/Sales Tax Amnesty Scheme-2017. Governor of Haryana has made amendments in the Haryana Alternative Tax Compliance Scheme for Contractors, 2016, relating to input tax credit on purchase of goods and time period and conditions for new contractor opting the Scheme. Government of Maharashtra publishes Draft Maharashtra Motor Vehicles Amendment Rules inviting comments and suggestions till June 30, 2017.   Avantis Softech LLP Newsletter_Issue 2 of June 2017 (2)  

The Avantis Newsletter for June 5, 2017

June 5, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for June 5, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Declaration of valid GSTIN in Customs documents would be mandatory with effect from July 1, 2017 to avail IGST credit on Imports or GST refund on exports. CBDT has extended the due date of furnishing of the SFT to be filed under Section 285BA of the Income-tax Act, 1961 and Rule 114E of the Income-tax Rules, 1962, in respect of specified financial transactions registered or recorded during Financial Year 2016-17, from May 31, 2017 to June 30, 2017. The Reserve Bank of India has decided to implement the Legal Entity Identifier system for all participants in the Over-the-Counter (OTC) markets for Rupee Interest Rate derivatives, foreign currency derivatives and credit derivatives in India, in a phased manner. For public issue and listing of Green Debt Securities and listing of privately placed Green Debt Securities, in addition to the requirements as prescribed under SEBI (Issue and Listing of Debt Securities) Regulations, 2008  and Circulars made there under, a few more disclosure requirements have been made shall applicable by SEBI. In furtherance of Securities and Exchange Board of India’s endeavor to bring all the intermediary related processes to the online platform, an online system has been introduced for Portfolio Managers and Venture Capital Funds. In order to provide quality edible oil to the small consumers and reduce unauthorised sale of loose edible oil in the country, the FSSAI has decided to allow sale of edible oil through automated tamper proof vending machines. IRDAI issues procedure to be followed to deal with the Resignation of Insurance Sales Persons of Insurance Marketing Firms. Central Pollution Control Board has issued Guidelines on the provision of buffer zone around waste processing and disposal facilities. The Ministry of corporate Affairs is likely to revise Form INC-1 on MCA21 Company Forms Download page with effect from June 3, 2017. The Maharashtra Goods and Services Tax related Laws (Amendments, Validation and Savings) Act, 2017 and Maharashtra Goods and Services Tax (Compensation to the Local Authorities) Act, 2017 has received the assent of the Governor on May 29, 2017.   Avantis Softech LLP Newsletter_Issue 1 of June 2017

The Avantis Newsletter for May 29, 2017

May 29, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for May 29, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Central Specific Updates: In supersession of Gazette Notification No G.S.R. 180 (E), the Department of Industrial Policy and Promotion (DIPP) has issued a new Notification which provides for the definition of a Startup, process of recognition as a Startup, tax benefits for Startups and revocation of the recognition certificate. CBEC has issued Press Releases giving a comparative analysis of GST rates prevailing tax rates on 8 important commodities. SEBI notifies the permissible investments by Portfolio Managers, Alternate Investment Funds and Mutual Funds under SEBI (IFSC) Guidelines, 2015. I RDAI issues Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) (First Amendment) Regulations, 2017. Constitution of State Agency for Export Development of Aquaculture and Fisheries under MPEDA which will be an advisory committee of the MPEDA for various regions of the country. Central Government issues Prohibition of Smoking in Public Places (Amendment) Rules, 2017. State Specific Updates: Himachal Pradesh Government permits Employment of Women Workers in Factories in three shifts. The Government of Gujarat has exempt from whole of tax the sale of goods to the African Development Bank under the provisions of Article 57 of the African Development Bank Act, 1983. The Government of Madhya Pradesh has issued Biodiversity Waste (Control) Amendment Ordinance, 2017. Vide the Ordinance, the State Government may notify the thickness of plastic carry bags or containers, for the production, storage, transportation, sale and use or by a notification, completely ban the production, storage, transportation, sale and use of plastic carry bags in the entire State or any part of the State. Maharashtra Goods and Services Tax Bill, 2017 has been introduced in Maharashtra Legislative Assembly.   Avantis Softech LLP Newsletter_Issue 4 of May 2017

The Avantis Newsletter for May 22, 2017

May 22, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for May 22, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Central Specific Updates: The GST Council in its 14th meeting held at Srinagar, Jammu and Kashmir has approved the GST Rules and has broadly given the rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods. The Reserve Bank of India has updated the Master Direction on Reporting under Foreign Exchange Management Act, 1999 and has prescribed various reports and forms under FEMA to be submitted by Authorised Persons/ Authorised Dealer Category – I Banks/ Authorised Banks. Bureau of Indian Standards has issued a notice regarding launch of online web portal for the Product Certification Scheme with effect from May 15, 2017. Ministry of Labour and Employment has notified the Employee’s Compensation (Amendment) Act, 2017 which shall come into force with effect from May 15, 2017. Restriction on dealer in respect of purchase, movement, sale, supply, distribution or storage for sale of pulses, for a period up to September 30, 2017 has been removed. Ministry of Corporate Affairs is likely to revise SPICe form and LLP Form 24 with effect from May 20, 2017. State Specific Updates: Commissioner, Value Added Tax, Delhi has extended the last date of filing of online/hard copy of fourth quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures under Delhi Value Added Tax Rules, 2005 up to May 30, 2017. Application for Registration under Gujarat Value Added Tax Rules, 2005 can be attested by a Chartered Accountant The whole of late fee payable by any dealer, who files returns under Maharashtra Value Added Tax Act, 2002  for the periods of any month or quarter for Financial Year 2016-17 shall stand exempted, if such returns are filed  on or before June 15, 2017. Meghalaya and Odisha State Pollution Control Board have imposed prohibition on open burning of waste on lands, including of landfill sites. Any violator shall be liable to pay environmental compensation. Commissioner, Commercial Taxes, Rajasthan has extended the date of submission of quarterly return in Form VAT 10 for the fourth quarter of the year 2016-17 under Rajasthan Value Added Tax Rules, 2006 up to May 25, 2017. Governor of Tamil Nadu has appointed May 15, 2017 as the date on which the Tamil Nadu Payment of Subsistence Allowance (Amendment) Act, 2017 shall come into force.   Avantis Softech LLP Newsletter_Issue 3 of May 2017  

The Avantis Newsletter for May 15, 2017

May 15, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for May 15, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance and more, key highlights of this Newsletter are: Central Specific Updates: The Central Government has exempted certain individuals from the provisions of Section 139AA under Income-tax Act, 1961 relating to quoting of Aadhaar number. The Reserve Bank of India (RBI) has decided to move the reporting of SLR from PCRPCD to XBRL (Extensible Business Reporting Language) platform. All the Banks are advised to submit the returns in Form VIII in XBRL from the month of April 2017. SEBI has issued guidelines and introduced Instant Access Facility in order to enhance the reach of Mutual Funds towards retail investors. Now Mutual Funds and Asset Management Companies may offer Instant Access Facility, subject to certain conditions. Ministry of Labour and Employment has further amended the Employees’ Deposit-Linked Insurance Scheme, 1976 relating to assurance amount – how to be paid. The payment may be made to the person, to whom payment is to be made through electronic or digital funds transfer system in any Scheduled commercial bank or any post office. The Ministry of Corporate Affairs (MCA) has revised the Company Forms on MCA21 Company Forms Download page with effect from May 11, 2017. State Specific Updates:  Further extension of date of filing returns under West Bengal VAT, Sales Tax and Profession Tax till May 16, 2017. The Gujarat Electricity Regulatory Commission has prepared draft Regulations called as Draft Distribution Code (Third Amendment), 2017. The Commission has placed the Draft Distribution Code (Third Amendment), 2017 on the website inviting suggestions/objections. The Central Government has appointed Port Dhamra situated in the State of Orissa to be Customs Port for the purposes of unloading of imported goods and loading of export goods or any class of such goods. The Excise and Taxation Commissioner, Haryana, has extended the period for filing online quarterly returns under Haryana Value Added Tax Act, 2003 for the quarter ending March 31, 2017 up to May 15, 2017. Government of Bihar has approved the Bihar Real Estate (Regulation & Development) Rules, 2017 to bring transparency in real estate sector and to protect the interest of consumers.   Avantis Softech LLP Newsletter_Issue 2 of May 2017

The Avantis Newsletter for May 8, 2017

May 8, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for May 8, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance, and more!     Avantis Softech LLP Newsletter_Issue 1 of May 2017

The Avantis Newsletter for Apr 30, 2017

April 30, 2017
The Avantis Newsletter – your one-stop shop for all regulatory compliance updates for India. Read the release for April 30, 2017. Keep following us for more updates on: statutory compliance, tax compliance, labor law compliance, environmental compliance, and more! Avantis Softech LLP Weekly Newsletter_Issue 4 of April 2017
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