AVANTIS WEEKLY NEWSLETTER | ISSUE 1 OF JANUARY 2018

  • CBEC has further extended the due
    ​​
     dates for quarterly furnishing of form GSTR-1 for taxpayers with aggregate turnover of up to Rs.1.5 crore and monthly furnishing of form GSTR-1 for those taxpayers with aggregate turnover of more than Rs. 1.5 crores.
  • Central Government has appointed February 1, 2018, as the date from which E-Way Bill Rules shall come into force.
  • Central Government, on the recommendations of the GST Council, has made further amendments for the effective rate of tax under Composition Scheme for manufacturers and other suppliers.
  • RBI issues Master Direction on Issuance and Operation of Prepaid Payment Instruments and on Master Direction on Foreign investment in India.
  • The Board Members of Securities and Exchange Board of India conducted the SEBI Board Meeting in Mumbai on December 28, 2017 and took various decisions.
  • Food Safety and Standards Authority of India (FSSAI) has published the draft regulations to further amend the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011.
  • Ministry of Labour and Employment has made the Contract Labour (Regulation and Abolition) Central (Second Amendment) Rules, 2017, Rationalisation of Forms and Reports under Certain Labour Laws (Amendment) Rules, 2017, Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Central (Amendment) Rules, 2017 and Building and Other Construction Workers’ (Regulation of Employment and Conditions of Service) Central (Amendment) Rules, 2017.
  • Ministry of Corporate Affairs on December 29, 2017, has issued the Condonation of Delay Scheme, 2018 with a view to give an opportunity for the non-compliant, defaulting companies to rectify their default. The scheme will come into effect from January 1, 2018 and will remain in force up to March 31, 2018. 
  • Insolvency and Bankruptcy Board of India (IBBI) has made the fourth amendment regulations to amend the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
  • State Government of Bihar, Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Utttakhand have further extended the due dates for quarterly furnishing of form GSTR-1 for taxpayers with aggregate turnover of up to Rs.1.5 crore.
  • State Government of Bihar, Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Utttakhand have appointed February 1, 2018, as the date from which E-Way Bill Rules shall come into force and have revised the effective rate of tax under composition scheme for manufacturers and other suppliers under the respective State GST Act.
  • Tamil Nadu Government issues draft Amendment to the Minimum Wages (Tamil Nadu) Rules.​

 

​​
Avantis Softech LLP Newsletter_Issue 1 of January 2018