GST, Income Tax, ROC, Trademark and Ministry of Corporate Affairs, Export

S. No. Section & Rules Particular of Compliance 1. Receipt of MBP-1 184(1) Form MBP- 1 Every Director of the Company in First Meeting of the Board of Director in each Financial Year shall disclose his interest in other entities. Every Director is required to submit with the Company a fresh MBP-1, whenever there is change in his interest from the earlier given MBP-1. 2. Receipt of DIR- 8 164(2) 143(3)(g) Form DIR - 8 Every Director of the Company in each Financial Year will file with the Company disclosure of non- disqualification. 3. Annual Form 92 E- form: MGT-7 Annual Return: Every Company will file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1 st April to 31 st March. Annual Return of Every Private Company (Except Small Company) should be signed by Company Secre...

Other than extension of dates for GST returns, some important amendments to CGST Rules 2017 have been covered as follows: 1. Registration : In an attempt to centralize data of an entity on records with government Authentication of Aadhar Number is mandatory while obtaining GST Registration filing from 1st April 2020. In cases, if the applicant does not have PAN Number in such cases, the application can be accepted only on physical verification at the principal place of business in the presence of the applicant within 60 days from the date of filing of the application. However, Aadhar authentication for the obtaining GST registration from 1st April 2020 does not apply to a person who is not a citizen of India and to any other class of persons not mentioned below: 1. Individual 2. Authorized Signatory of all types 3. Managing and Authorized Partner 4. Karta of a Hindu Undivided Family 2.   Physical Verification in Certain cases : In order to correc...

Introduction GST was introduced to remove cascading effect of taxes however, with the advent of new tax regime new frauds were emerging such as taking input tax credit against fake invoices or invoices without receipt of goods or services. According to sources, GST officials recently bust fake invoicing racket worth rupees 7896 crore in Delhi, where companies procured and generated invoices without actual supply of goods and avail as well as passed on input tax credit. Keeping in mind the amount of loss to the Government treasury, Government introduced new rules Rule 86A. For simplicity, I have apprehended all measures taken by government along with relevant circular for reference regarding blocking of input tax credit: Notification No / Description Circular / Section 49/2019 CT Dated 09- Insertion of new rule 36(4) To restrict ITC after matching (Maximum up to 120% Oct-2019 of eligible a...