PleaderPro Law Firm

21/08/2017

SS-1 and SS-2, as approved by the Central Government u/s 118(10) of the Companies Act, 2013 on 10th April, 2015 were published in the Gazette of India Extraordinary Part III -Section 4 on 23rd April, 2015 vide ICSI Notification No. (1) SS of 2015, making them effective from 1st July, 2015. It has been decided to withdraw such notification w.e.f. 30th September, 2017 without affecting the enforceability of SS-1 and SS-2 during the period before such withdrawal.

Now, on the basis of feedback of the industry, professionals and all other stakeholders, the Secretarial Standards have been revised by the ICSI and required approval of the Central Government u/s 118(10) of CA, 2013 has been obtained vide Ministry of Corporate Affairs letter No. 1/3/2014-CL.I dated 14th June, 2017.

The revised version of SS-l and SS-2 shall be applicable to all the companies (except the exempted class of companies) w.e.f. 1st October, 2017 and will supersede the text of earlier SS-l and SS-2.

16/07/2017

Important Information relating to Invoicing under GST:

Now we all know that GST has been implemented in India (including J&K), we must take care of below mentioned important things which issuing or receiving any Invoices:

1. Under GST, there are only two types of invoices one can issue. These are

(i) Tax Invoice - To be issued by all Registered Dealers excluding

(ii) Bill of Supply - To be issued by Composite Dealers and Dealers who are makes sale of Exempted Goods only.

2. There is no concept of issuing Retail Invoice or Sales Invoices. Registered Dealers has to issue Tax Invoices only for all of their supplies of Taxable Goods or Services.

3. Registered Dealers are required to show IGST, CGST or SGST rates and amounts separately in their invoice.

4. Dealers issuing Bill of Supply cannot issue invoice showing IGST, CGST or SGST amounts separately in their invoice. They have to issue Bill inclusive of Taxes.

5. Invoice numbers may consist of length up to 16 Digits which may include Special Charaters like Hash, Slash, Dash, Hiphen etc. apart from Numeric Digits.

6. If invoice type is B2B (Business to Business), then Buyer’s complete Name, Address and GSTIN is required to be mentioned over the invoice.

7. Buyer’s registered address and Place of Delivery may be different and such different addresses should be mentioned separately in the invoice.

8. In case of Unregistered Buyers, Seller need to mention complete name of Buyer with his address and PIN Code including State Name and State Code if issuing invoice over Rs 50,000/-. For below Rs 50,000/- it is not mandatory to mention Buyer’s State Name and Code.

9. It is mandatory to mention whether tax is payable under “Reverse Charge Mechanism” or not.

10. Invoice should be signed manually or digitally by Seller or his authorized representative.

11. HSN Code related requirements are mentioned as under :

Upto turnover of Rs 1.5 Crores -Nil
1.5 Crores to 5 Crores - 2 digits HSN
Above Rs 5 Crores - 4 digits HSN
(Notification no 12/2017 – 28 June 2017)


12. In case of Exports below mentioned Endorsement is necessarily to be mentioned over Invoice

“SUPPLY MEANT FOR EXPORT ON PAYMENT OF INTEGRATED TAX” or “SUPPLY MEANT FOR EXPORT UNDER BOND or LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX”.

13. In case of Retail sellers of goods below Rs 200 per buyer, a consolidated invoice may be raised for the whole day collection at day end.

14. For all advances received Advance Voucher need to be issued.

15. Bills to be prepared in triplicate, in case of Supply of Goods. Original will be for Buyer, Duplicate for Transporter and Triplicate for seller’s record. In case of supply of Services, Bills to be prepared in Duplicates.

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03/06/2017

03 July 2017

*GST UPDATES*
1) Cotton Febric & Yarn 5%
2) Textiles 5%
3) Readymade Garment 12 %
4) Manmade fiber 18%
5) Sinthetic 12%
5) All Biscute 18%
6) Footwear below Rs 500 5%
7) Footwear above Rs 500 18%
8) Gold to be taxed at 3 per cent and biscuits at 18% under GST
9) GST On Beedis fix 28% (Without cess)
10) Agri Machinery 5%
11) Silk & Jute 0%
12) Cotton & Cotton Yarn 5%
13) Fabric 5%
14) Below Rs 1000 cost of Apparel 12%.
15) Rough Diamond 0.25%

*GST rollout on 1st July, 2017*
*Next meeting Fixed On 11 June,2017*

19/05/2017

GST UPDATE:

GST UPDATE 😊

GST Council fixes rates for services.
GST Council announces 4 rates for services - 5%, 12%, 18% and 28%;
1. Transpostation-
Transportation Service-5%, Air Travel- Eco-5%, Buses 12%, App based Cab-5%
2. Hotels & Restaurant
Tariff's Below 1000 - No GST
1000-2500 - 12 %
2500-5000 - 18 %
Above 5000 - 28 %
3.Healthcare & Education shall continue to be exempt;
4.Gambling and Cinema services to fall under 28% slab, as entertainment tax merged with service tax under GST; ​
5. Works contract taxable at 12% with full Input Tax Credit;
6. Telecom--18%
7. Insurance- 18%

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17/05/2017

*Arbitrator has no power to lift Corporate Veil: Delhi High Court*

____________________

On 16 May, 2017, The Delhi High Court held that *an arbitral tribunal does not have the power to lift the corporate veil* (in Sudhir Gopi vs IGNOU), and the Court has also observed that mere failure of a corporate entity to meet its contractual obligations is no ground for piercing the corporate veil.

In the instant case, a sum of $664,070, along with pre award and future interest at the rate of 12% per annum, was awarded by the arbitral tribunal in favour of IGNOU against Sudhir Gopi and UEIT jointly and severally.

This award was assailed before the high court contending that UEIT is a limited liability company and although Sudhir Gopi is the principal shareholder as well as the chairman and managing director of UEIT, he is not personally liable for the contractual liability of UEIT.

With regard to the question of jurisdiction, Justice Vibhu Bhakru agreed with the contention that the *arbitral tribunal, being a creature of limited jurisdiction, has no power to extend the scope of the arbitral proceedings to include persons who have not consented to arbitrate and an arbitrator would not have the power to pierce the corporate veil* so as to bind other parties who have not agreed to arbitrate.

“*An arbitral tribunal has no jurisdiction to lift the corporate veil*; its jurisdiction is confined by the arbitration agreement - which includes the parties to arbitration - and it would not be permissible for the arbitral tribunal to expand or extend the same to other persons,” the court said.

Setting aside the tribunal order, the court observed that only in cases where it is established that an individual(s) and/or other entities have used a corporate form for a wrongful purpose, to perpetuate a fraud, circumvent a statute or some other misdeeds, the courts can decide to ignore the corporate personality and hold the directors, shareholders and/or officers (alter egos) responsible for the obligations of the corporate entity.

“There is no quarrel with the proposition that a court could, in given cases, lift the corporate veil. This decision is not an authority for the proposition that such power could be exercised by an arbitral tribunal,” the court said referring to Purple Medical Solutions Pvt Ltd case.

10/05/2017

************Recognition of CS as Goods and Service Tax Practitioner************

Hi Everyone,

Pursuant to the Section 48 of the approved Central Goods and Service Tax Act (CGST), read with Rule 24 of the Revised Return Rules as available on www.cbec.gov.in , Any person who has passed Final Examination of the Institute of Company Secretaries of India (ICSI) is Eligible for enrolment as *Goods and Services Tax Practitioner* by making an application in *Form GST PCT-1* to the Authorised Officer.

http://www.cbec.gov.in/

Regards,
Admin

06/05/2017

*ET in 2 mins:*

Sensex: 29859 down 267 pts; Nifty: 9285 down 75 pts; USD: ₹64.37; EUR: ₹70.69; GBP: ₹83.46; Gold: ₹28072; Silver: ₹38018; Brent Crude: $49.47; 10Y GOI: 6.94%.
Above Data as on 6th May 11.15 am.

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09/02/2017

Is Right issue of share against loan to director (who is also existing member) is possible under companies act, 2013 ? If yes how ?

23/12/2016