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GST return filing date extended for Taxpayers in Kerala, Mahe and Kodagu

Extended Due Dates for Filing of GST Returns

The Central Board of Indirect Taxes & Customs (“CBIC”) has issued a Press Release dated August 21, 2018, which extends the due dates for filing of the following GST returns by registered taxpayers in the following areas as per appended table, due to severe floods in Kerala, Mahe (Puducherry) and Kodagu (Karnataka).

Sl.No. Return Class of taxpayers registered in Kerala, Mahe (Puducherry) and Kodagu (Karnataka) Extended due date
1 FORM GSTR-3B for the month of July 2018 All taxpayers 5th October 2018
2 FORM GSTR-3B for the month of August 2018 All taxpayers 10th October 2018
3 FORM GSTR-1 for the quarter July to September 2018 Taxpayers having turnover up to Rs. 1.5 crore 15th November  2018
4 FORM GSTR-1 for the month of July 2018 Taxpayers having a turnover above Rs. 1.5 crores 5th October 2018
5 FORM GSTR-1 for the month of August 2018 Taxpayers having a turnover above Rs. 1.5 crores 10th October 2018

A Guide to Non-Banking Financial Company (NBFC)

The Indian economy over the past few decades has gone through a period of rapid financialization and economic development. This has resulted in the growth of many different types of financial institutions in the country that act as agents of savings and deposits or suppliers of credit and finance. However, the activities that financial institutions engage in differ significantly from their non-financial counterparts.

By simple comparison, financial institutions largely deal with the handling of financial assets such as deposits, loans and securities among others, while non-financial firms deal with a variety of other real assets such as machinery, consumer goods, real estate and so on. It is, however, clearly evident that financial institutions will naturally rely on services than real assets for their operations. Hence if we were to simply define or classify financial institutions, they can be divided into the following classes –

  • Regulatory
  • Intermediaries
  • Non – intermediaries
  • Others

Both banking and non-banking institutions fall under the group of financial intermediaries. Simply put, the term intermediaries refer to the institution’s role as an intermediate between savers and investors. They lend and mobilize funds at the same time. However, to achieve the purpose of this article it is necessary to differentiate between banking and non-banking institutions under the umbrella of financial institutions.

Distinguishing between banking and non-banking institutions

Banking and non-banking institutions share certain similarities on some fronts. The distinction between the two arises mainly from the nature of the liabilities they hold and the structure of their assets.

A non-banking financial company (NBFC) is a normal business entity registered under the Companies Act, 1956 1 which functions for the purpose of providing financial services which are distinct and separate from standard banking services. In other words, NBFCs are those institutions that accept nonchequeable deposits so it can be used for purpose of lending or investing. NBFCs do not have a banking license and is not supervised by national or international banking regulatory agencies.

Relevant Legal Definitions

Clause – e of Section 45 – I of the RBI Act, 1934 2 lays down the definition of non-banking financial companies as –

“Non-banking institution” means company, corporation or Co-operative society. The definition is looking at every detail as it starts with the word “means”.

The definition is hence, very simple in its nature. It considers only three kinds of entities as NBFCs, as it can be interpreted from the definition. This hints at the fact that other forms of entities such as sole proprietorships, partnerships or Hindu businesses are beyond the scope of the given definition.

Role of Non-Banking Financial Companies

Below mentioned are some of the important roles a non-banking financial company plays in the economy.

  • Mobilization of Funds – NBFCs play a major role in the economy of converting sales into investments. If NBFCs are not present in the financial sector, doing this will become extremely improbable. Hence a major role played by these institutions is also stimulating economic development rather than just generate profits for themselves.
  • Employment Generation – Every country’s government will have the macroeconomic aim of increasing jobs in the country. NBFCs play a major role in this premise as they often work in coordination with the government and successfully disburse funds to private sectors who in turn generate a lot of employment opportunities in the country.
  • Long-Term Credit – Traditional banks are generally not keen to hand out long-term loans or other forms of credit to industries easily. This is due to banks holding a larger volume of shorter repayable deposits which can’t be used by the bank for long-term lending purposes. However, NBFCs play a major role by making long-term credit more readily available. This, in turn, helps finance large scale projects with heavy financial requirements, hence boosting economic development as well.
  • Developing the Financial Sector – NBFCs are crucial players of the financial sector in any country. They perform a wide array of financial functions, ranging from providing credit to large-scale project runner to even providing capital to smaller start-up firms. The economy hence relies on NBFCs to a large extent to provide liquidity in the market.
  • Raising the standards of living – NBFCs are a useful tool for the government to improve standards of living as they are often in possession of large grants from foreign players. These funds not only stimulate economic growth themselves, but it can also be used to further pass on the funds to industries and stimulate business, in turn improving the standards of living.

Having developed an understanding of the definition and role of non-banking financial companies in the economy, it can be said without doubt that they play a pivotal role in providing stability, liquidity and vibrancy to the same. Though their mandate differs from that of a traditional bank, NBFCs reprise their importance by being a more stable, flexible and consistent source of funds. Hence, the financial sector has and continues to rely on NBFCs even in the current global economic platform.

References

  • Companies Act, 1956 – Act No. 1 of 1956
  • Reserve Bank of India Act, 1934 – Act No. 2 of 1934
  • The given clause is the original phrase from the act.

Rules for Independent Directors under Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018

The Companies (Appointment and Qualification of Directors) Rules 1 came into effect in 2014 when they were officially published in The Gazette of India.  For the purpose of providing consistent context, the rules lay down specific definitions of basic and essential terms like an act, annexure, digital signatures, Director Identification Numbers, electronic records and registries, fees, forms and e-forms, regional directors and sections. Most of these definitions have been based on past Acts such as the Companies Act, 2 the Informational Technology Act 3 or other Ministry of Corporate Affairs codified rules.

Before attempting to understand the 2018 Second Amendment rules specifically, it is necessary to understand the provision of the 2014 Rules with respect to independent directors itself. As per the original Rules, the following are the codifications regarding independent directors –

1. Number of Independent Directors – As per Rule 4 of the Companies (Appointment and Qualification of Directors), Rules Public companies having a paid-up capital of ten crores or more, or having a turnover of 100 crores or more, or having outstanding debt exceeding fifty crore rupees are required to have at least two of its directors as independent directors. Further rules regarding the qualification of the independent directors have also been elucidated.

2. Qualifications of the Independent Director – As per Rule 5 of the same document, independent directors are expected to hold appropriate qualifications and experience in the field of business directing or other relevant fields such as management, marketing, finance or law. These skills lend to his or her technical capabilities and make them more suitable for holding the position of a director.

3. Databank of Persons offering to be Independent Directors – As per Rule 6 of the document, bodies or associations that have government authorization are to maintain a databank of individuals who have offered to take up the role of independent directors and shall also place the said databank on the Ministry of Corporate Affairs website or any other relevant Central Government approved website. The databank shall contain a variety of information notably the Director Identification Number (DIN) of the individual, personal details, income tax PAN, permanent address and history of any legal cases.

Having developed an understanding of the provisions regarding independent directors in the 2014 Rules, it is now necessary to understand the 2018 Second Amendment Rules. The provisions of the amendment are as follows – 4

Rule 5 of the 2014 Rules shall be numbered as sub-rule (1) and after it, a new sub-rule shall be inserted which states that:

 no family members or relatives of an independent director

1. will be indebted to the company or its subsidiaries, stakeholders, promoters or directors; or

2. would have given any guarantee or promised security in connection with the indebtedness of any third person to the firm or its subsidiaries, management or stakeholders of such holding company, for an amount of fifty lakh rupees at any time during the two immediately preceding financial years or the current financial year. 5

Furthermore, with respect to Rule 16 in the Principal Rules 6, the word “shall” will be replaced with the word “may”.


1. Companies (Appointment and Qualification of Directors) Rules, 2014.

2. The Companies Act,2013 – Act No.18 of 2013

3.  Information Technology Act, 2000 – Act 20 of 2000

4. The numbering of the provisions in this article is not to be confused with the clause numbers of the official Amendment Rules.

5. As per the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2018 – 7th May, The Gazette of India – mca.gov.in

6. The Principal Rules refer to the Companies (Appointment and Qualification of Directors) Rules published in the Gazette of India Extraordinary, Part II, Section 3, Sub-section (i) vide notification number G.S.R. 259(E), dated the 31st March 2014

MCA to revise SPICe MoA & SPICe AoA

The Ministry of Corporate Affairs (MCA) had brought forward a motion in 2017 to introduce the SPICe 1 Form INC-32, which is a Simplified Proforma for the purpose of incorporating companies electronically in pursuant to the Companies (Incorporation) Fourth Amendment Rules, 2016.

A company can be incorporated with a single application for reservation of name by using the SPICe Form. Furthermore, application for the allotment of a DIN 2 is also possible using the Form. The INC-32 is similar to the INC-29, whose purpose is also to fast-track the incorporation of companies in India. However, the Integrated Form INC-29 has been replaced with the SPICe Form and the INC-29 has been put out of practice by the MCA.

Having understood what the SPICe Form is in itself, it is necessary to understand the purpose of the Form. In simple terms, the Form deals with the application for reservation of name, incorporation of new companies, application for allotment of DIN, PAN or TAN. The Form is further supported by a vast range of documents which includes details of the subscribers, directors, Memorandum and Articles of Association. When the Form has been processed and deemed to be complete, the company would be legally registered and the CIN would be allocated.

Accordingly, the DINs also get issued to the relevant directors. A maximum of three directors is allowed to apply for their DINs using the SPICe Form itself at the time of incorporation. The remaining directors would have to go through the standard application process as codified by the MCA, and published as Rules in the Gazette of India. The Company would also be eligible for the allotment of a PAN and TAN.

It is evident by now that the SPICe Form can ensure the speedy incorporation of a company by integrating multiple steps into a single process. Given below are the types of companies that can be incorporated in India:

  1. Public Limited Company
  2. Private Limited Company
  3. Producer Company
  4. Section 8 Company
  5. One Person Company

The revisions as addressed in the title of this article is in light of the Central Government attempting further the ease of doing business in India. Some of the notable changes are as follows – 3

1. Zero Fees for Incorporation – To promote the ease of doing business, especially for younger businesses and startups, the MCA has announced that no fees will be required for incorporation for SPICe Forms, e-MoAs and e-AoAs. This saves young start-ups multiple thousand rupees, encouraging them to register their companies.

2. Introduction of Reserve Unique Name – The name reservation process has been simplified by the MCA by introducing the Reserve Unique Name Form (RUN). Prior to this, the company name had to be reserved in advance through an INC-1 form or directly through the incorporation application (SPICe Form). These have now been replaced by the RUN form.

3. Director Identification Number (DIN) – The initial procedure for the application of DIN was via the e-Form DIR 3 or at the time of incorporation through the SPICe Form itself. However, as per the new rules, the SPICe Form shall become the primary application portal, along with their proof of identity and address. Existing companies can still use the DIR-3 Form for the purpose of adding directors.

There have also been efforts to simplify the PAN and TAN allocation process for companies. Steps have also been taken to improve Corporate Governance in the country by amending the Companies (Amendment) Act of 2017 4 and the Insolvency and Bankruptcy Code. 5 There also been efforts to improve the status of commercial arbitration in the country on similar lines. These efforts have increased India’s position in the Global Ease of Doing Business List by 30 spots. 6

Hence, ever since the Start-up initiatives launched by the government, there have definitely been some concrete steps taken to not only make business easy for startups but also bring about mobility and vibrancy to the sector as a whole. The new amendments to the Company Rules in pursuant to the Companies Act, not only simplify the legal procedures businesses have to go through but also make the system free of any loopholes and limitations.


1. Simple Form for Incorporating Company – Ministry of Corporate Affairs

2.Director Identification Number (DIN) – Section 266A and 266B of Companies Act, 1956

3. Government announces company incorporation with zero fees: Yourstory Media – yourstory.com

4. The Companies (Amendment) Act, 2017 – Act No. 1 of 2018

5. Insolvency and Bankruptcy Code, 2016 – Act No. 31 of 2016

6. Economy Profile – India – doingbusiness.org

Companies (Registration Offices and Fees) Rules, 2014

The Companies (Registration Offices and Fees) Rules 1 came into effect on April 1, 2014, when they were officially published in the Gazette of India. The act reaffirms multiple essential legal definitions of terms including Act, Annexure, Certifying Authority, Digital Signature, Digital Signature Certificate, electronic records and registries, forms and e-forms, regional directors, registrar’s facilitation and straight through process. Most definitions or re-affirmations are precedented by the provisions of the Companies Act 2, the Information Technology Act 3 and other Central Government Rules and Forms.

The Registration Office and Fees Rules specifically deals with the powers and duties of registrars and their established offices, the authentication and maintenance of procedural documents and legalities regarding registration fee payments. Some of the major provisions of the Rules are as follows – 4

1. Business Activity – This rule sets out all the conditions under which an organization is deemed to be involved in business activity. In order to be carrying out business activity, a company, both Indian and foreign, need to undertake B2B or B2C commercial transactions, or be involved in the deposit related activity, or undertake financial settlements, or offer online services, or undertake data communication-related services.

2. Registration Offices – As per this rule, the Central Government will establish an appropriate number of registration offices and determine their jurisdictions in all regions across the country. Their working hours and guidelines for public interaction shall also be determined by the Central Government.

3. Powers and Duties of Registrars – The Registrars across the offices in the country shall exercise power and discharge duty as per the provisions of the rules or other specific responsibilities delegated to them by the Central Government. In a time of absence of the officially appointed registrars, only other government-appointed personnel can discharge the duties of the registrar. In the event of the Central Government altering the constitution of current existing registries, new officials in the government established offices are to be appointed by the Central Government keeping in mind any local situations or factors.

The Registrars shall also be issued with special seals bearing the words Registrar of Companies, _______ (Place and State).

4. Manner and Conditions of Filing – Every application, declaration, financial statements, memorandum or any other document, communication or intimation that needs to be filed or delivered under the Act, shall be done in electronic formats such as PDF or other specified formats from any relevant prior government rules.

5. Authentication of Documents – Documents are to be authenticated using authorized signatures using the medium of digital signatures. The rules also lay out further provisions regarding circumstances where the directors or secretaries of the company might change, the availability of a Central Government run electronic registries, responsibilities regarding complete submission of documents etc.

6. Maintaining Documents Electronically – Similar to the rule regarding authentication of the documents, this rule elaborates more on the government-run electronic registries, duties of the registrar with regard to maintaining documents and communications between the registrar and company officials and need to maintain a consistent medium of contact such as e-mail IDs to acknowledge the receipts of notices and other communications. There also exists a separate rule regarding the procedure for receipt of any application or form or document electronically

7. Vacation or Removal of Directors – As per this rule, the Registrar is required to verify all relevant documents in the event of vacation or removal of directors. If the Registrar on investigation finds out that the company has violated any provisions of the Act or rules, he or she shall refer the matter to the Regional Director concerned who shall give a ninety-day window of clarification from the outgoing director.

8. Fees and Mode of Payment – This rule requires that those documents are submitted or recorded to be registered under the Act shall be admitted and accepted only on the payment of the required fee or any additional fees as applicable. The applicable fees shall be paid for via the medium of a credit card, internet banking or remittance to authorized banks approved by the Central Government.

9. Inspection of Documents – Any person may inspect documents maintained by the Registrar, being documents filed or registered by him in pursuance of the Rules or the Companies Act, 1956, or make a record of any facts that are required to be recorded in pursuance to the Rules, on payment of an inspection fee.

The Rules further contain sample templates of the multiple forms and documents that companies might require at the time of registration. These include Form No. GNL 1, 2 and 3 all of which are pursuant to the provisions of either the Companies Act or the Companies (Registration Offices and Fees) Rules itself. 5


1. Companies (Registration Offices and Fees) Rules, 2014

2. The Companies Act,2013 – Act No.18 of 2013

3.  Information Technology Act, 2000 – Act 20 of 2000

4. The numbering of the given rules are not to be confused with the Rule Numbers of the original Companies (Registration Offices and Fees) Rules, 2014

5. See mca.gov.in – NCA Rules – Chapter 24 for a full list of Rules, Form Templates and Annexures

All about Form AOC-4 – XBRL

In simplest of terms Form AOC4 – XBRL is a medium of filing XBRL documents with regard to financial statements and other official documents with a government authorized registrar. The term XBRL itself stands for “extensible business reporting language”. With various looming issues surrounding filing procedures by large companies, there were many steps taken by the Ministry of Corporate Affairs to harmonize the whole procedure. These efforts took shape in what came to be the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules of 2015.

As per Rule 3 of the said notification, there exists a list of a class of companies who are required to file their financial statements and other legal documentation under section 137 of the said Act, via the medium of Form AOC4 – XBRL. Below mentioned are the classes of companies that are mentioned in the Rule.

  • All companies publicly listed in Indian Stock Exchanges and their subsidiaries
  • All companies that have a paid-up capital of 5 crores or more
  • All companies that have a turnover of a hundred crores or more
  • All companies that were covered by default under the Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules, 2011

Hence as implied, all companies coming under the Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules,1 shall be required to file their financial statements and other legal documents in e-form via the Form AOC-4 XBRL. The rest of the companies, however, may continue filing their statements via forms AOC-4 and AOC-4 CFS as already practised.

Form AOC-4 CFS, on the other hand, is also an e-form that is used to prepare consolidated financial statements pursuant to the Companies Act. 2 As per Rule 12(1) of the Company (Accounts) Rules 2014, companies that have one or more subsidies both within and outside India, are required to file AOC-4 and AOC-4 CFS with regard to their financial statements and consolidated financial statements respectively.

However, as per the provisions of Rule 3, certain types or classes of companies are exempt from having to undergo the XBRL filing procedure. These include firms or companies in banking, insurance, non-banking financial firms, power sector companies or housing finance-related firms.

In terms of the steps to fill out the Form, the Ministry of Corporate Affairs has made available sample PDFs of the form and instruction manuals to fill out the document correctly through their website. 3 Some of the important fields that are required to be filled out in the form include the following – 4

_______________

1.Companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules of 2015 – mca.gov.in

2. The Companies Act,2013 – Act No.18 of 2013

3. Instruction Kit for AOC-4-XBRL – mca.gov.in

4. The numbering in this article does not reflect the original numbering scheme of the instruction kit. It has been abridged for the reader’s convenience.

  1. Corporate Identity Number (CIN)
  2. Financial Year to which the financial statements relate
  3. Nature of the financial statements
  4. Nature of revision
  5. Whether the company holds Annual General Meetings
  6. If Schedule 3 of the Companies Act, 2013 is applicable
  7. Type of Industry
  8. Whether consolidated statements are required or not
  9. Comments of the Comptroller Auditor General of India in the case of government companies
  10. Whether Secretarial Audit is applicable
  11. Details of Specific Bank Notes (SBN)

In terms of recent developments around Form AOC-4 – XBRL, the Ministry of Corporate Affairs has extended the last date of filing of the same pursuant to the Companies Act, 2013 without the requirement of additional fees. The last date for filing in most cases used to be 31st May and was going to be the same in 2018. However, in the early weeks of May, according to official notifications from the government, the last date for filing the AOC-4-XBRL form has been extended, after the consideration of requests received from the stakeholders of multiple companies. 5

There have also been notifications that the extension of date shall be applicable for all companies that are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 for the financial year 2016-2017, without the requirement of any further additional fees till 31st May of 2018.

_______________

5. Ministry of Corporate Affairs extends AOC-4 filing due date up to 31st May 2018 – knnindia.co.in

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Data Protection Officers under the General Data Protection Regulation

The appointment of a Data Protection Officer is going to become law under the GDPR for organisations over a certain size (250 employees). Some of the key players in the GDPR are:

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GST Council working on simplifying the process of filing GST returns

The Ministry of Finance, headed by Arun Jaitley, has decided to simplify the process of filing Goods and Services Tax (GST) returns and an announcement in this regard is likely to come soon. This will further ease the problems being faced by traders.

“In the 25th GST Council meeting held in January this year, the Ministry of Finance had given indication of possible changes in the procedure for filing GST returns. Further an expert panel was set up to work on the process of making GST return work simpler.

The panel has charted out a simpler version of GSTR and the ministry is likely to announce the new form of GST return process soon,” a source who was part of the GST Council meeting said.

The changes were expected to be announced in the GST Council meeting held in January, but the Ministry of Finance did not make any conclusive announcement then, only saying that there were several alternative presentations on how to ease the process of filing GST returns and the GST Council will try to incorporate these presentations to ease the process of filing GST returns.

There are four kinds of GST return forms—GSTR-1, GSTR-2, GSTR-3 and GSTR-3B. While GSTR-1 contains details of all outward supplies, GSTR-2 contains all details of inward supplies or purchases, GSTR-3 contains all furnished details of all inward and outward supplies and GSTR-3B is a self-declaration form filed by a dealer.

In the 23rd GST Council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue. According to experts, the current GST return filing process is cumbersome work for traders and there is an urgent need to change the whole process.

If the changes that the Ministry of Finance is planning to effect come about, a businessman or dealer will only have to file the GST-3B form and will be required to upload supply invoices.
Addressing the problems faced by traders in filing GST returns in its 23rd meeting, the GST Council had made sweeping changes.

The Council had tried to ease the burden of complying with GST rules for traders and businesses by relaxing deadlines for filing returns and fines for late filing.

The bulk of capital of thousands of exporters is stuck with the GSTN as the refunds claimed by them have not been given.

Credits

 

 

 

Difference between Authorised and Issued Shares

Authorised Shares

At the time of Incorporation, you will specify the number of authorized shares.

This is the maximum number of shares that the company can issue to stockholders at a given time. However, the number of authorized shares can change at any time. You will need to submit a request for change with the registrar of companies (ROC).

So, while the company currently is authorized to issue 1 lakh shares, that number could increase to 10 lakhs next week.

Issued Shares

Issued Shares, also known as “issued and outstanding” shares.

This is the number of shares that the company, pursuant to the board of directors approval, has granted to the several stockholders. Issued Shares determine the percentage of a company's shares that are held by a given stockholder.