The revenue department today deferred implementation of a reporting norm for tax auditors wherein they were required to furnish details of Goods and Service Tax (GST) and general anti-tax avoidance rules (GAAR) till March 31, 2019.

MCA wide notification dated 31st July, 2018 amended the Companies (Accounts) rules, 2014

Amongst other things, it has been made mandatory for the Board to include a statement in its report with respect to status of compliance with the provisions relating to the constitutions of Internal Complaints Committee under the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013.

For this purpose, below are provisions regarding constitutions of Internal Complaints Committee:

i. One presiding officer, who shall be a woman, employed at a senior level by the employer

ii. Two members from amongst the employees, who are committed to the cause of women, or who has experience in social work or have legal knowledge

iii. One member from any NGO, operating in the area of cause of women.

Employer has to make sure not less than fifty percent of total members of the Committee are women.

Term of office of presiding officers and members of the Committee cannot be more than three years.

http://www.mca.gov.in/…/companisAccountsRules_31072018.pdf

MCA.GOV.IN

www.mca.gov.in

Companies (Significant Beneficial Ownership) Rules, 2018:

Every Individual holding 10% or more beneficial interest in the share capital of the company shall file a declaration in Form No. BEN-1 to the company within 90 days from commencement such rules and within 30 days in case of any change in his significant beneficial ownership. Therefore the due date of filing form BEN-1 is on or before 12th Sep 2018.

Thereafter, the company shall file a return in Form No. BEN-2 with the ROC, within 30 days from the date of receipt of BEN-1. Therefore the due date of filing form BEN-2 is on or before 11th Oct 2018.

Meaning of Significant Beneficial Owner

‘Significant Beneficial Ownership’ in case of member of the Company is not an individual or natural person:

(i) where the member is a company, the significant beneficial owner is the natural person, who holds not less than 10%. share capital of the company or who exercises significant influence or control in the company through other means;

(ii) where the member is a partnership firm, the significant beneficial owner is the natural person, who holds not less than 10% of capital or has entitlement of not less than ten per cent. of profits of the partnership;

(iii) where no natural person is identified under (i) or (ii), the significant beneficial owner is the relevant natural person who holds the position of senior managing official;

(iv) where the member is a trust (through trustee), the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with not less than 10% interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership.

2. The GST Council decided to reduce the biggest niggle for businesses by allowing Quarterly Filing of returns by those with Annual Turnover of up to Rs 5 crore, a move that will benefit nearly 90% taxpayers.

3. GST Council approved the proposal to open the GST migration window for taxpayers, who received provisional IDs but could not complete the migration process. The taxpayers who filed Part A of FORM GST REG-26, but not Part B of the said FORM are requested to approach the jurisdictional Central Tax/State Tax Nodal Officers with the necessary details on or before 31st August, 2018.

4. After Big Rate Cuts by GST Council, Only 35 Goods Left in 28% Tax Bracket. There were around 226 Goods in the 28% category when GST was implemented on July 1, 2017.

1. Quarterly Returns approved for taxpayers with turnover less than Rs 5cr (tax payments to continue on monthly basis)

2. Sanitary Napkins exempted from GST going forward

3. No decision on 1% sugar cess

4. GST on bamboo flooring reduced to 12%

5. GST on hotels would now be on actual tariff & not declares tariff

6. Ethanol for Oil Marketing Companies now at 5% vs 18% earlier

7. 5% GST ceiling on footwear raised from Rs 500 to Rs 1000

8. GST on paints & varnishes, wall putty cut from 28% to 18%

9. GST on all leather items cut from 28% to 18%

10. GST on consumer electronics – TV (up to 27″), Washing Machine, Refrigerator, mixer, juicer, grinder cut from 28% to 18%

11. GST on special purpose vehicles, work truck, trailer cut from 28% to 18%

https://www.hindustantimes.com/…/story…

HINDUSTANTIMES.COM

GST slashed on more than 50 items, top rate slab pruned

Sanitary napkins that were taxed at 12% earlier, has been put under t