EXTENSION OF DUE DATE TO COMPLY WITH THE REQUIREMENTS UNDER THE COMPANIES ACT
The Ministry of Corporate Affairs (MCA) vide Notification dated March 31, 2022, has issued ‘Companies (Accounts) Second Amendment Rules, 2022 (hereinafter referred to as “Second Amendment Rules”), which amends the Companies (Accounts) Rules, 2014 as below: Rule 3 – Manner of Books of Account to be Kept in Electronic Mode As per the Companies (Accounts) Amendment Rules, […]
Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, 2022
In exercise of the powers conferred by section 196(1)(t) read with section 240 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 and has notified Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) (Amendment) Regulations, […]
MCA Extends Due Dates for e-forms AOC-4/ AOC-4 (CFS)/ AOC-4 (XBRL), AOC-4 (Non-XBRL), MGT-7/ MGT-7A
Further to various extensions granted previously by Ministry of Corporate Affairs (hereinafter referred to as “MCA”) to file e -forms AOC-4/ AOC-4 (CFS)/ AOC-4 (XBRL), AOC-4 (Non-XBRL), MGT-7/ 7A, under the Companies Act, 2013 (hereinafter referred to as “the Act”), MCA has again extended the due dates for filing of the aforesaid forms, via Circular […]
Advisory on Auto-population of E-invoice details into GSTR-1
Auto-population of e-invoice details into GSTR-1 Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on the Invoice Registration Portal (IRP). Invoices […]
Advisory for Importers to avail benefit of IGCR Rules (Import of Goods at Concessional Rate of duty)
IGCR module is developed by ICEGATE, CBIC to provide a digital service to importers to avail benefits under the IGCR Rules (Import of Goods at Concessional Rate of Duty). The broad provisions are as under: i. Available post log in on ICEGATE for importers in their existing account, registered with valid DSC. ii. Provision of […]
GSTN has enabled facility for filing Letter of Understanding (“LUT”) for FY 2022-23 on GST Portal for taxpayers.
Disclaimer: This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any […]
Major Benefits under New Gujarat IT & ITeS Policy 2022-27
Dear Readers, I hope you are doing well. Recently, Chief Minister Bhupendra Patel unveiled new “IT/ITES Policy 2022-27” which would replace the IT & ITeS policy, 2016-2021, which offers both capital and operational support to Information Technology (IT) firms making investments in Gujarat for existing and expansion units. The objectives of new policy are to create […]
The Limit for Mandatory E-invoicing has been reduced from Rs. 50 crores to Rs. 20 crores
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.20 crore from April 1, 2022. (Turnover exceeds in any FY from 2017-18 and onwards). Original Notification 13-2020 has been amended from time to time and turnover limit is now reduced to Rs. 20 crores in latest Notification […]
Upcoming GSTR-1 Enhancements & Improvements:
GSTR-1/IFF can be viewed as usual by navigating in the following manner : Return Dashboard > Selection of Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online The following changes are being done in this phase of the GSTR-1/IFF enhancements : 1.Removal of ‘Submit’ button before filing: The present two-step filing of […]
INTRODUCTION OF FORM CSR- 2 – Annual reporting
THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2022 – INTRODUCTION OF FORM CSR- 2 The Ministry of Corporate Affairs (MCA) vide Notification dated February 11, 2022, has issued ‘Companies (Accounts) Amendment Rules, 2022 the Companies (Accounts) Rules, 2014. The Amendment Rules: Inserts new-sub rule 1A in Rule 12 in Companies (Accounts) Rules, 2014 Adds a new form – form […]