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*KINDLY TAKE A NOTE* *RCM on aggregate value of such supplies of goods or service or both received by a registered person from any or all the suppliers, who is or are not registered, exceeds five thousand rupees in a day has been made applicable in force w.e.f. 01/02/2019 by Notification No. 01/2019 – Central Tax (Rate) dated 29/01/2019.* RCM on supplies from unregistered dealers has been suspended till 30/09/2018 by Notification No. 22/2018 – Central Tax (Rate), Dated: 6th August, 2018 but the same has been *rescinded* by the Notification No. 01/2019 – Central Tax (Rate) dated 29/01/2019 and made RCM on supplies from unregistered dealers applicable w.e.f. 01/02/2019. Hence, w.e.f. 1st February, 2019 the supplies of goods and services received from the Unregistered Dealers in excess of Rs. 5, 000/- per day will be liable for Reverse Charge as per Section 9(4) of the CGST Act.
MCA UPDATE 22.01.2019 Highlights of Companies (Amendment) Ordinance 2019 1. *Commencement Certificate* is mandatory now to be obtain within 6 months of Incorporation without which, it can not comment its business activity or borrow money. 2. The ROC can strike off a company if the address of Regd Office is *bogus* or incomplete/improper address. 3. Conversion of public Ltd to Pvt Ltd matters shifted from NCLT to Regional Directorate. 4. Company cannot issue shares at discount, - heavy penalty imposed on violation. 5. Alteration of Authorised Capital to be intimated within 30 days, default - penalty 1000 every day or 5 Lac whichever is less. 6. Creation of charge filing with ROC- time limit *reduced* from 300 days to 60 days. 7. Wrong statement/ information in filing Charge forms with ROC may lead to misrepresentation and *jail* 8. *Annual Return* should be filed within 60 days from AGM, failure to this, penalty of 100 per day to Company + directors max 5 Lakh apart from ROC delay charges is applicable. 9. Penalty of 5 lakh to Company secretary certifying wrong Annual Return. 10. Explanatory statement to be given with Notice of General Meeting must contain all details as required by Law, if no detail/short detail/misleading - penalty for Company + Directors + KMP - 50K 11. *filing of Resolutions* with ROC- delay will be *very costly* now. Penalty for defaulter increased substantially. 500 every day max 25 Lakh 12.Filing of Balance sheet with ROC within time limit- failure is costly for Company + Directors both. Penalty of 100 per day + 1 lakh to Company + Director each. 13. *Resignation of Auditor* must be filed by the resigning Auditor within 30 days, failure to which the resigning Auditor is liable for penalty of 50, 000 + 500 per day. 14. A director can not become director in morethan 20 companies. If he continues, he becomes disqualified now. 15. Appointment of CS on payroll (Pvt Co having paid-up capital 5 cr & above) is mandatory. Default is now very costly- penalty increased substantially. 16. ROC may strike off a company if subscribers have not paid initial share capital after incorporation of a Company within 6 months.
Govt issued a press release to give a long rope to the filing defaulter . For GSTR-1 and 3B from July 2017 to Feb 2019 and for quarter July 2017 to December 2018 due date is 31-3-2019 . Accordingly all late fees are waived . ITC in respect of the invoices issued during 2017-18 may be availed till the due date of GSTR 3B for the month of March 2019 . *Golden opportunity for defaulters . High time to file all your pending GST Returns*
31st GST Council Meet Dated 22nd December, 2018 – Key Highlights *Due date for GST Annual Return and Audit Report extended till 30th June 2019. *Creation of a Centralised Appellate Authority for Advance Ruling (AAAR) to deal with cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.* *Amendment of section 50 of the CGST Act to provide that interest should be charged only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit, i.e. interest would be leviable only on the amount payable through the electronic cash ledger.* *5% GST on Air Tickets for Economy Class for Pilgrims. 12% on Premium Tickets. *Group of Ministers (GoM) to study Issues of Low Revenue in some States. *Only Luxury and Sin Products in 28% Slab Now. Out of this, rates of 6 Items reduced Today. *GST on Movie Tickets reduced. 12% GST on Tickets up to 100 and Rs. 18% on Tickets valuing more than 100 Rupees. *30000 crores given as Compensation to States in last 6 months. GST on Video Games and Sports Items reduced to 18% 12% GST on Third-Party Insurance carrying Vehicles. *Air conditioners, dishwashers largely used by upper segment of society, left at 28%. *13 items of automobile parts, 8 items of cement industry will remain under the 28 per cent. *Composition Scheme to be restricted for Small traders only. Threshold Limit for Scheme will also be modified. Final Decision in Next Meeting. *Natural Calamity Cess: Final Decision in Next Meeting *Services supplied by banks to PMJDY to be exempted from GST *Services by Banks to Basic Savings Deposit Accounts, PMJDY exempted from GST More information write to us Info@fmsllp.in