MCA extends Annual Return due date upto 31 Dec. 2018

MCA extends due date for Filings of Financial Statements & Annual Return up to 31.12.2018

Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03.2018 on account of various factors, it has been decided to relax the additional fees payable by companies on e-forms AOC-4, AOC (CFS) AOC-4 XBRL and e- Form MGT-7 upto 31.12.2018 wherever additional fee is applicable.

 

General Circular No. 10/2018

F.No. 01/34/2013 CL-V
Government of India
Ministry of Corporate Affairs

5th Floor, ‘A’ Wing, Shastri Bhawan,
Dr. Rajendra Prasad Road, New Delhi-1

Dated: 29.10.2018

To
 All Regional Directors,
 All Registrar of Companies, All Stakeholders.

Subject: Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statements) under the Companies Act, 2013– – reg.

Keeping in view the requests received from various stakeholders seeking extension of time for filing of financial statements for the financial year ended 31.03.2018 on account of various factors , it has been decided to relax the additional fees payable by companies on e-forms AOC-4, AOC (CFS) A0C-4 XBRL and e- Form MGT-7 upto 31.12.2018, wherever additional fee is applicable.

2. This issues with the approval of the competent authority.

Yours faithfully,

(KMS Narayanan)

Assistant Director (policy)

011-23387263

For the original circular, please read:  MCA General Circular No. 10/2018 dt. 29 Oct. 2018

MCA extends due date of DIR-3KYC / E-KYC of Directors

MCA extends due date of DIR -3KYC / E-KYC of Directors

In order to update the Directors database of The Ministry of Corporate Affairs(MCA), MCA has requested all Directors holding a DIN to complete DIN KYC before 15th September 2018.

To complete DIN KYC, the Director would be required to file a form known as DIR-3 KYC or DIN e-KYC.

The notification issued by Ministry of Corporate Affairs has been reproduced below:

 

 

Government of India 
MINISTRY OF CORPORATE AFFAIRS

Notification

New Delhi, dated 21st August 2018

G.S.R. …… (E).-In exercise of the powers conferred by sections 396,398,399, 403 and 404 read with sub-sections (1) and (2) of section ‘1-69 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Registration Offices and Fees) Rules, 2014, namely:-

  1. (1) These rules may be called the Companies (Registration Offices and Fees) Fourth Amendment Rules, 2018.
    (2) They shall come into force from the date of their publication in the Official Gazette.
  2. In the Companies (Registration Offices and Fees) Rules, 2014, in the Annexure, under the head VII, for note below Fee for filing e-form DIR-3 KYC, the following note shall be substituted, namely:-

“for the current financial (2018-2019), no fee shall be chargeable till
the 15th September 2018 and fee of Rs.5000 shall be payable on or after the 16th September 2018”.

[F. No. 01/16/2013 CL-V (Pt-I)]

 

Sd/-

K.V.R MURTY, JOINT SECRETARY

Purpose of E-form DIR-3 KYC

The main purpose of e-form DIR-3 KYC is to collect the latest information about the directors of all companies. The information to be provided while completing eKYC procedures include Aadhar, PAN, Passport number, address, phone and email. The information submitted must be authenticated by completing one-time-password (OTP) verification and by signing with Digital Signature of Director and a practising Chartered Accountant.

Applicability

All directors having a DIN as on 31st March of 2018 must file e-form DIR-3 KYC on or before 15th September of 2018. For all Directors who obtained DIN after 31st March, 2018, DIR e-KYC must be filed next year.

Documents Required

The following are the documents required to file E-form DIR-3 KYC:

  • PAN Card for identity proof
  • Aadhar Card for address proof
  • Recent passport size photographs
  • Personal Mobile Number and E-mail ID of director for OTP Verification
  • Digital Signature Certificate of the director (DSC) that must be registered on MCA Portal
  • Passport (if the person holds a foreign citizenship)

Certifying Authority

The E-form DIR-3 KYC has to be duly certified by the Practicing Chartered Accountant (PCA), Practicing Company Secretary (PCS) or Practicing Cost Accountant.

Penalties

If the DIN holders do not file DIR-3, the MCA will mark them as deactivated. If the DIN holder files e-form DIR-3 KYC after 31st August 2018, a fee of Rs. 5,000 will be charged.

Time Limit

All directors to whom DIN has been allocated as of March 2018, the e-form DIR-3 KYC has to be filed by September 15, 2018. Originally, the MCA had provided a due date of 31st August which was subsequently changed to 15th September.

 

How new single monthly GST return system will be implemented

The GST Council on Friday finally approved single monthly return with an aim to boost collections and compliance. The new system is scheduled to be implemented in next six months.

The Goods and Services Tax (GST) Council on Friday finally approved single monthly return with an aim to boost collections and compliance. The new system is scheduled to be implemented in next six months — but could take more time. “The Council has approved the new system of GST return but the software will take six months to get fully operationalised,” Finance Minister Arun Jaitley said.

However, from the preliminary information provided by the GST Council, the new system will be implemented in three phases. “While the initiative of GST return simplification appears to have crossed another milestone – the 3 Phase implementation plan of the revised returns format or procedures do not bring out the exact comfort that industry has sought so far,” Indirect tax expert Jigar Doshi of SKP Business Consulting told FE Online. He explained how the new single return filing system is planned for implementation.

The new return filing process would be introduced in three phases:

Phase 1: First six months

  • The current process of filing GSTR-3B and GSTR-1 will continue for the first six months.
  • Software for the new system will be developed during this phase.

Phase 2: Next six months

  • A single-monthly system of filing returns will be introduced for all taxpayers, except persons with nil liability and composition dealers. They will be filing quarterly returns.
  • A uni-directional system of uploading details of invoices by the supplier will be implemented. Recipients will get credit on the basis of these invoices.
  • For the first six months of the new system, a facility to avail provisional credit by the recipient will be available.
  • Suppliers will be uploading details of invoices and recipients will follow up with the supplier in case of any gap in the uploaded details.
  • Recipients will try and reduce mismatch through follow up only. No mechanism will be in place for the recipients to upload any invoice.

Phase 3: After 1 year

  • The new system of return filing will be fully implemented with no facility of provisional credit. Credit will be available on the basis of details of invoices uploaded by the supplier only.
  • If tax liability on uploaded invoices is not discharged by the supplier but the credit is availed by the recipient, the government would first recover the same from the supplier. However, the government would retain the power to recover the tax from the recipient also.

 

Source: Financial Express

SEBI puts in place new framework to check non-compliance of listing rules

Sebi has put in place a stronger mechanism to check non-compliance of listing conditions, wherein exchanges will have powers to freeze promoter shareholding and even delist the shares of such defaulting companies.

The move is aimed at maintaining consistency and adopting a uniform approach in the matter of levy of fines for non-compliance with certain provisions of the listing regulations.

Under the new framework, exchanges would have the power to freeze the entire shareholding of the promoter and promoter group in non-compliant listed entity also holding in other securities, the Securities and Exchange Board of India (Sebi) said in a circular.

Besides, exchanges can levy fines on non-compliant company, move the stocks of such firms to restricted trading category and suspend trading in the shares of such entities.

Further, in case an entity fails to comply with the requirements or pay the applicable fine within six months from the date of suspension, the exchange will need to initiate the process of compulsory delisting.

The new rules would come into force with effect from compliance periods ending on or after September 30, 2018.

Grounds for suspension from listing include failure to comply with the board composition including appointment of women director and failure to constitute audit committee for two consecutive quarters; failure to submit information on the reconciliation of shares and capital audit report for two consecutive quarters.

According to new rules, Sebi has asked stock exchanges to impose penalties ranging from Rs 1,000-5,000 per day on violation of certain clauses of the listing agreement like non-submission or delay in submission of document related to the company’s financial and shareholding details, failure to appoint women director on the board.

Besides, the exchanges can levy a fine of Rs 10,000 per instance for delay in furnishing prior intimation about the company’s board meeting and delay in non-disclosure of record date or dividend declaration.

Such fines will continue to accrue till the time of rectification of the non-compliance to the satisfaction of the concerned recognized stock exchange or till the scrip of the listed entity is suspended from trading for non-compliance with the provisions of Listing Regulations.

Such accrual will be irrespective of any other disciplinary or enforcement action initiated by stock exchanges or Sebi.

Further, if a non-complaint entity is listed on more than one exchanges, the concerned bourses need to take uniform action in consultation with each other.

The board of directors need to be informed about the non-compliance and their comments need be made public so that investors can make informed decisions.

The exchanges would have to disclose on their websites the action taken against the listed entities for non-compliance of the listing conditions, including the details of respective including the details of respective requirement, amount of fine, period of suspension, freezing of shares, among others.

Every bourse is required to review the compliance status of the listed entities within 15 days from the date of receipt of information. Also, exchanges need to issue notices to the non-compliant listed entities to ensure compliance and pay fine within 15 days from the date of the notice.

If any non-compliant listed entity fails to pay the fine despite receipt of the notice, the exchange will initiate appropriate enforcement action including prosecution.

If the non-compliant listed entity complies with the Sebi’s requirement and pays applicable fine within three months from the date of suspension, the exchange will have to revoke the suspension of trading of its shares after seven days of such compliance and trading would be permitted only in ‘trade to trade’ basis for a week from revocation.

Source: Times of India

GST monthly revenue touches Rs 1 lakh crore for first time; govt credits better compliance

The government announced today that the GST revenue for the month of April has crossed Rs 1 lakh crore – a first since GST was rolled out in July last year. As mentioned by the Ministry of Finance, the total gross GST revenue collected in April is Rs 1,03,458 crore.

Out of that CGST (Central GST) amounted to Rs 18,652 crore, while SGST (State GST) amounted to Rs 25,704 crore. IGST (Integrated GST) stood at Rs 50,548 crore, including Rs 21,246 crore that was collected on imports, and cess at Rs 8,554 crore, including Rs 702 crore collected on imports.

As mentioned in ANI, the finance ministry also noted that the central and state governments earned a total revenue of Rs 32,493 crore in CGST and Rs 40,257 in SGST, after settlement in April.

Moreover, the ministry noted that out of 87.12 lakh, 60.47 lakh GSTR 3B returns were filed for March till April 30. That makes 69.5% of the eligible proportion. The ministry also said that 11.47 lakh out of 19.31 lakh composition dealers filed their quarterly return (GSTR 4), amounting to 59.40%. In total Rs 579 crore in taxes were paid, which is included in the aforementioned GST revenue figure.

The ministry said, “The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance. However, it is usually noticed that in the last month of the financial year, people also try to pay arrears of some of the previous months. Therefore, this month’s revenue cannot be taken as a trend for the future.”

The recently introduced e-way bill might be the reason behind the sudden spike in GST revenues. E-way bill, which is generated for consignments moving inter-state or intra-state was rolled out in April. The inter-state e-way bill was introduced in April 1, while the intra-state one was pushed to April 15.

The GST Council is scheduled to meet on May 4 next.

Source: Business Today