AVANTIS WEEKLY NEWSLETTER | ISSUE 4 OF OCTOBER 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