CA World: Week 2, September 2017

We generally never see a consistently successful person with an easy past. So start working hard, be humble and stay hungry for your dreams. This will improve your odds of excellence in the CA field. Here come the updates for the Week 2 of September 2017. Happy Learning

CA Related Updates

(04th– 10th September 2017)

1. Clarification to amended Rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014

Ministry of Corporate Affairs has issued a notification vide G.S.R 839(E) dated 5-July-2017 amending Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014. The amendment provides that an unlisted public company which is a joint venture, wholly owned subsidiary or a dormant company will not be required to appoint Independent Directors.

Various stakeholders have sought an explanation for the meaning of the term ‘Joint Venture’ for the purpose of availing the exemption.

Accordingly, MCA has issued a clarification vide Circular dated 5-September-2017 that ‘joint venture’ would mean a joint arrangement, entered into in writing, where the parties that have joint control of the arrangement, have the rights to the net assets of the arrangement.

You can read more about this here

2. Acquisition of ‘control’ under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

For the purpose of ascertaining acquisition of ‘control’ under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, SEBI vide press release dated 8 September 2017 has decided not to introduce any bright-line tests and instead continue with the extant definition of control under the above referred regulations.

You can read more about this here

3. Revised GST return filing dates

Central Board of Excise and Customs (CBEC) vide Notification 29/2017 – Central Tax specified the revised dates of filing the GST returns.

Month      Return              Timeline
July ’17    Form GSTR-1   Upto 10 Sept ’17
July ’17    Form GSTR-2   11 to 25 Sept ’17
July ’17    Form GSTR-3   Upto 30 Sept ’17
Aug ’17    Form GSTR-1    Upto 5 Oct ’17
Aug ’17    Form GSTR-2    6 to 10 Oct ’17
Aug ’17    Form GSTR-3    Upto 15 Oct ’17

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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