Compliance Chambers

Ministry of Consumer Affairs, Government of India, after receiving the requisitions, request and representations from several Corporate and trade associations, manufacturers, traders and industries, has further permitted the manufacturers, packers or importers of pre-packaged commodities to declare the change retail sale price (MRP) on the unsold stock manufactured, packed or imported prior to 1st July, 2017 after inclusion of the increased amount of tax due to GST if any, in addition to the existing retail sale price (MRP), up to 31st December, 2017. Declaration of the changed retail sale price (MRP), shall be made by way of stamping or putting sticker or online printing, as the case may be. It is important to note that the quantum of increase in the price due to the increase in tax (GST) shall be calculated after giving adjustment effect and utilisation of the Input tax credit (availability / increase) in the final price whose label / stamping  / printing will be done to de

Under the chairmanship of Prime Minister Shri Narendra Modi, the Union Cabinet has given its approval to present the Payment of Gratuity (Amendment) Bill, 2017 in Parliament. This amendment will increase the maximum ceiling of the Gratuity to be paid to the employees of the private sector and the employees of public sector / autonomous organizations under the Central Government, which are not covered under the CCS (Pension) Rules, as per the Central Government employees. Background: Payment of Gratuity Act, 1972 is applicable on establishments employing ten or more people. The main objective of this Act is to implement - Social retirement of workers after retirement, whether retired as a result of retirement rule or failure of vital body part resulting the physical disability. So Payment of Gratuity Act 1972 plays an important in social protection of the population earning wages in factories and shops and commercial establishment.      Under the Act, the maximum c

In exercise of the powers conferred by section 14 of the Customs Act, 1962  ( 52 of 1962 ) , and in supersession of the notification of the Central Board of Excise and Customs No . 81 / 2017 - CUSTOMS  ( N . T .) , dated    17 th August, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and  Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column  ( 2 )  of each of  Schedule I and Schedule II  annexed hereto, into Indian currency or  vice versa,  shall, with effect from 8 th   September,   2017, be the rate mentioned against it in the corresponding entry in column  ( 3 )  thereof, for the purpose of the said section, relating to imported and export goods .                                                                   SCHEDULE - I             Sl . No . Foreign Currency Rate of exchange of one unit of foreign currency equivalent to

Central Government has issued the “Solar Photovoltaics, Systems, Devices and Components Goods (Requirements for Compulsory Registration) Order, 2017 on September 5, 2017, and the same shall come into force on the expiry of one year from the date of its publication in the Official Gazette. Salient points of the order are mentioned as under: Any manufacturer, who manufactures, stores for sale, sells or distributes Goods, shall make an application to the Bureau for obtaining registration for use of the Standard Mark in respect of the Indian Standard mentioned in column (3) of the Schedule. The grant of registration by the Bureau shall be as per the provisions of the Act and Rules and Regulations made there under. No person shall by himself or through any person on his behalf manufacture or store for sale, import, sell or distribute Goods which do not conform to the Specified Standard and do not bear the Standard Mark as notified by the Bureau for such Goods from time

The government has taken strong action against companies violating the Companies Act. 2,09,032 companies have been removed from the register of companies under section 248 (5) of the government order. The existing directors and their authorized signatories of such companies have now become former Directors or former authorized signatory. So these people can no longer operate the bank accounts of these companies. Now legal action is needed to restart the company. These companies will be shown 'active' in place of 'closed' whenever they are restarted. In this context, action has been taken to curb the operation of bank accounts of such companies. Financial Services Department of the Ministry of Finance has advised all banks through the Indian Banks' Association to take immediate steps to ban the bank accounts of 2,09,032 companies that have been closed. The list of such companies has been published on the official website. Banks have also been advised by the Fi