Compliance Chambers

Importance of GST GST is the biggest improvement after independence. This will pave the way for a nation - a tax - a goal of a market. GST will benefit all the parties, such as the industry, government and consumers. This will reduce the cost of goods and services, the economy will be strengthened and the product and services can be made competitive in the global form and the 'Make in India' program will be mainly strengthened. Under the GST system, the rate of tax on exports will be zero, which will be different from the current system, as there is no refund of some taxes at present because the nature of the indirect taxes is split between the centre and the states. GST will make India a common market, in which tax rates and procedures will be the same and financial problems will end. GST will be mostly driven by technology and will have very few human connections. The process of doing business in India from GST is likely to be easy. The tax rate approved by the GST Cou

Ministry of Corporate Affairs while exercising the powers conferred by section 139 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), has amended the existing Companies (Audit and Auditors) Rules, 2014 and has introduced Companies (Audit and Auditors) Second Amendment Rules, 2017 vide notification bearing no. GSR 621(E) issued on 22nd June 2017. Amendment in brief All Private Companies having a paid share capital of less than Rupees Fifty Crore shall be eligible to appoint  an individual as auditor for more than one term of five consecutive years and an audit firm as auditor for more than two terms of five consecutive years. Comparative analysis of the Amendment The Companies (Audit and Auditors) Rules, 2014 Old Provision: Rule 5 For the purposes of sub-section (2) of  section 139 , the class of companies shall mean the following classes of companies excluding one person companies and small companies:- (a) All unlisted

In view of the objective of facilitating the easy implementation of GST and filing of tax details during the GST by industry and trade representatives, the government has given relaxation in many rules. In the first two months of implementation of GST, the details of the goods coming and going will be given in an easy explanation (Form GST-3B). It can be deposited by the 20th of next month. However, the regular GSTR-1 has to be filed for the July and August months in accordance with the following timelines: Month GSTR-3B GSTR  -1 GSTR  -2 (  taken automatically from GSTR-  1 ) July  , 2017 20th of   August September  1 - 5  6 - 10   September August  , 2017 September  20  16 - 20   September 21 - 25   September * Facility to deposit the details of supply going out of July 2017 will be available from July 15, 2017. No delay fee or penalties will be imposed during this interim period. The purpose of t

Ministry of Social Justice and Empowerment, Government of India, Department of Empowerment of Persons with Disabilities ( Divyangjan ) have notified the much awaited the Rights of Persons with Disabilities Rules, 2017. With the advent of these rules, the Act i.e. The Rights of Persons with Disabilities Act, 2016 which came into force on 27th December 2016 has come into effect with complete powers to regulate Government as well as Private Establishments. Sequence of Events: a.     The Rights of Persons with Disabilities Act, 2016 came into force on 27 th December 2016 . b.     The draft of the Rights of Persons with Disabilities Rules, 2017 was published on 21 st April, 2017 as required by sub-sections (1) and (2) of section 100 of the Rights of Persons with Disabilities Act, 2016 in the Gazette of India. c.     After receipt and reconciliation of the comments, objections and suggestions received from all the stakeholders, the Central Government, in exercise of powers