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The Institute of Chartered Accountants of India (ICAI) issues Valuation Standards as a benchmark for Valuation Practices applicable for Chartered Accountants. These Indian Valuation Standards will be applicable for all valuation engagements on mandatory basis under the Companies Act 2013. In respect of Valuation engagements under other Statutes like Income Tax, SEBI, FEMA etc, it will be on recommendatory basis for the members of the Institute. These Valuation Standards are effective for the valuation reports issued on or after 1st July, 2018 and shall be valid till such time Central Government issues its own valuation standards in terms of Rule 18 of the Registered Valuer Rules. |
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RBI has introduced Single Master Form (SMF) to be filed online with an objective of integrating the extant reporting structures of various types of foreign investment in India. Prior to the implementation of the SMF, RBI would provide an interface to the Indian entities, to input the data on total foreign investment in a specified format. The interface will be available on RBI website from 28th June, 2018 to 12th July, 2018. Indian entities not complying with this pre-requisite will not be able to receive foreign investment including indirect foreign investment and will be non-compliant with Foreign Exchange Management Act, 1999 and regulations made thereunder. |
A detailed Entity master and SMF Form needs to be filled up – For such detailed information for each entity for all the past investments, it is shocking that less than 15 days are provided for updation! |
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The reporting format of ECB 2 Return is revised wherein the details of the hedges for External Commercial Borrowings are captured through a simplified format. Revised monthly reporting format of ECB 2 Return would be applicable from the end of June 2018. |
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Insolvency and Bankruptcy Board of India (IBBI) has prescribed the conditions for enrolment as Valuer Member by Registered Valuers Organisation (RVO). Basically, RVO shall admit only individuals who possess the educational qualifications, experience and other eligibility requirements. The applications for registration as registered valuer shall be submitted online w.e.f 1st July, 2018. |
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In order to expedite the process of recommending Insolvency Professionals (IP) by IBBI to the Adjudicating Authority (AA) to act as Interim Resolution Professionals (IRPs) or Liquidators as part of Corporate Insolvency Resolution Process (CIRP), the IBBI has issued fresh guidelines effective from 1st July, 2018 |
Following are the highlights of aforesaid guidelines: |
➢AA to make a reference to the IBBI for recommendation of IP who may act as an IRP, in case an operational creditor has made an application and has not proposed an IRP. The IBBI, must recommend a eligible IP within 10 days of receiving the reference from the AA. |
➢The IBBI will prepare a Panel of IPs for appointment as IRP or Liquidator and share the said Panel with AA. The panel will be renewed every 6 months. |
➢The eligible IPs will be included in the panel in order of the volume of ongoing processes they have and the scores allotted by IBBI as per procedure detailed in the regulation. |
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The President gave assent on 6th June, 2018 to promulgate the IBC (Amendment) Ordinance, 2018, key highlights of which are as below: |
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IBBI mandates that fees payable to an IP and expenses incurred by him during the CIRP are reasonable and on arms’ length basis. IPs are required to maintain all records relating to the same. IP to get approval of the Committee of Creditors (CoC) for the fee or other expenses, wherever approval is required; and all CIRP-related fees and other expenses should be paid through banking channel. |
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The last date for filing of return in FORM GSTR-6 by Input Service Distributors for the months from July, 2017 to June 2018 is extended till 31st July, 2018 |
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The following clarifications were issued on GST refund related issues: |
➢ Refund to ISD: In case of a claim for refund of balance in the electronic cash ledger filed by an ISD or a composition taxpayer; and the claim for refund of balance in the electronic cash and/or credit ledger by a non-resident taxable person, the filing of the details in FORM GSTR-1 and the return in FORM GSTR-3B is not mandatory. Instead, the return in FORM GSTR-4 filed by a composition taxpayer, the details in FORM GSTR-6 filed by an ISD and the return in FORM GSTR-5 filed by a non-resident taxable person shall be sufficient for claiming the said refund. |
➢ Refund of GST on supplies made to SEZ developer or SEZ unit : In this regard, it is clarified that for the tax periods commencing from 01.07.2017 to 31.03.2018, such registered persons shall be allowed to file the refund application in FORM GST RFD-01A on the common portal subject to the condition that the amount of refund of integrated tax/cess claimed shall not be more than the aggregate amount of integrated tax/cess mentioned in the Table under FORM GSTR-3B filed for the corresponding tax period. |
➢ LUT in case of zero rated supply of exempted or non GST Goods: In case of zero rated supply of exempted or non-GST goods, the requirement for furnishing a bond or LUT cannot be insisted upon. It is thus, clarified that in respect of refund claims on account of export of non-GST and exempted goods without payment of integrated tax; LUT/bond is not required. Such registered persons exporting non-GST goods shall comply with the requirements prescribed under the existing law (i.e. Central Excise Act, 1944 or the VAT law of the respective State) or under the Customs Act, 1962, if any. |
➢ Restriction on claiming refund the CGST Rules: The restriction under CGST Rules is only applicable to those exporters who are directly receiving goods from those suppliers who are availing the benefit under certain specified notifications. |
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Note: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice. |
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