CA World: Week 1, October 2017

In your endeavour to be an excellent CA all you got to do is stay focused and believe in yourself and trust your own ability and judgment. Happy Learning

CA Related Updates
(02nd October– 08thOctober 2017)

  1. Deferment of implementation of SEBI Circular

SEBI, through Press Release, has decided to defer implementation of circular pertaining to disclosures by  listed  entities of  defaults  on  payment  of  interest/  repayment of  principal amount on loans from  banks/ financial institutions, debt securities, etc. until further notice.

You can read more about this here

  1. Report of the Committee on Corporate Governance

With a view to enhance the standards of corporate governance of listed companies in India, the Committee on Corporate Governance has submitted its recommendations to SEBI on 5 October 2017 . A few important ones are summarised below

  • For any listed entity, a minimum of six directors should be required on the board of directors
  • Board of directors shall have an optimum combination of executive and non-executive directors
    with at least one woman as an independent director
  • The board of directors of every listed entity should be required to list the competencies/expertise that
    it believes its directors should possess and actually possess
  • A higher level of shareholder endorsement may be required for directors to continue in their position beyond
    a certain age
  • Minimum number of meetings of board of directors be increased to five every year.
  • At least once a year strategy, succession planning, budgets, risk management, ESG (environment,sustainability and
    governance) and board evaluation should be discussed by board
  • At least once every year, the board of directors should be updated on regulatory and compliance changes

You can read  about the rest of them here

  1. Categorisation and Rationalisation of Mutual Fund Schemes

SEBI, vide circular dated 6 October 2017 has decided to prescribe norms for categorisation of the MF schemes in order to bring the desired uniformity in the practice, across Mutual Funds and to standardise the scheme categories and characteristics of each category.

You can read more about this here

  1. Master Directions – Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017

RBI, vide notification dated 4 October 2017 has issued Non-Banking Financial Company – Peer to Peer Lending Platform(NBFC-P2Ps) (Reserve Bank) Directions, 2017.

These Directions provide a framework for the registration and operation of Non-Banking Financial Companies-Peer to Peer Platforms in India and will come into force with immediate effect.

You can read more about this here

  1. Exposure drafts issued by ICAI

ICAI has issued exposure drafts  inviting comments on any aspect of the following :

AS 23 – Borrowing Costs (Link – https://resource.cdn.icai.org/47219asbicai-as23ed.pdf)

AS 24 – Related Party Disclosures (Link – https://resource.cdn.icai.org/47220asbicai-as24ed.pdf)

  1. GST Council 22nd Meeting Update
  • Turnover for composition scheme raised from INR 75 Lakhs to INR 1 crores.
  • E-way bill provisions deferred till April 2018.
  • Reverse charge to be abolished till 31-Mar-2018.
  • Quarterly returns for taxpayers with annual turnover less than INR 1.5 crores. Tax to be paid on monthly basis.
  • GST on cloths reduced to 5% from 12%
  • 60 items tax reduced to 5% from 12%
  • Restaurant Tax reduced to 12% from 18% GST
  • Return to be filed once in quarter not monthly basis

You can read more about this here

We hope you had a happy learning. See you again next Monday.

Keep Rising and Keep Shining.

Project Veda

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