| Hi Folks |
| It is festive time. As we celebrate Navarathri or Dasara, signifying the victory of good over evil, celebrations also have moved over from socialising, dancing, poojas, eating and making merry together as a community to splurging on materialistic things on the Big Billion Day Sales. No more just ‘buy 1 get 2 free’ offers. It is ‘happiness Sale’ or ‘khushiyon ka button dabao i.e. press the button of happiness’ kind of celebrations as some brand jingle blares on the radio or life-size ad cut outs zoom into you from hoardings. Can happiness really be bought ? |
| As I get a little philosophical, the joy that I derive looking at the colourful rangoli (floral design) drawn by one of my long-time employees as part of the office pooja celebrations is immeasurable and invaluable. I must give it to her that whether it is work or rangoli, she puts in the same kind of meticulousness and diligence into it to produce a ‘work of joy’. No wonder the Samhita team voted for her solo rangoli to occupy the place of pride on the banner, as a tribute to her and to our festive celebrations.
As my thoughts move from materialistic happiness to happiness as a state of mind, I cannot but empathise with those that are afflicted with mental illness who are denied this happiness, this state of a balanced mind which can exercise discretion, which can function normally. While this piece is not about the various kinds of mental illnesses, it is definitely a tribute to those that are battling mental health conditions in ignominy and shadows, fearing the bias and stigma. Well, things are achanging. Acceptance and treatments are improving. It is heartening to note that recently, the IRDA (Insurance Regulatory Development Authority) has directed all insurance companies to include mental illness under insurance policies, at par with physical illness as provided under the Mental Healthcare Act, 2017 which is effective from 29th May, 2018. Now people with mental health conditions can be covered under mediclaim. Carrie Fisher has said “……they should issue medals along with the steady stream of medication to them”. Here’s wishing joy and good health to all these unsung heroes and their families that are fighting an every day battle !
Whether you are hopping from one garbha dance group to another or moving from one house to another admiring the golu / bombe (dolls) displayed or finding solace in group chanting (yes, all this seems to be on the rise !) or unfortunately laden with deadline-bound office work like some of us, do find time to read the regulatory updates of this 198th issue of Samhita. Keeps you updated as always – whether with joyous news or not, I cannot tell☺
For any previous issues of Samhita and the readers feedback, please visit
https://sharadasc.com/resource-center/
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Happy Reading
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The due dates for filing of e-forms AOC-4, AOC (CFS), AOC-4 XBRL and e-Form MGT-7 of Companies having their registered office in the State of Kerala has been extended upto 31.12.2018 and the additional fees applicable for the same has been relaxed consequent to heavy rain and floods in the state.
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The Government has constituted National Financial Reporting Authority (NFRA) w.e.f 1st October, 2018 with its head office at New Delhi. It has wide powers from recommending Accounting and Auditing Standards, monitoring compliance and enforcing the same to overseeing the quality of Audit professionals, penalising them and wherever required investigate companies and their auditors in case of misconduct of the Chartered Accountants.
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Schedule III of the Companies Act, 2013 deals with financial statements of companies. In Division I and II of the schedule, several changes in nomenclature have been made to provide for greater disclosure and alignment with Ind AS. It also calls for financial information at a sub-category level under trade payables, receivables, assets etc.
A new division III has been inserted in the schedule which provides for financial statements to be prepared by NBFCs in accordance with Ind AS. These changes will take effect from the date of notification in the Official Gazette.
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CGST (Eleventh Amendment) Rules, 2018 have been notified making amendments to CGST Rules, 2017 relating to refund on exports. It is clarified that if exporters have availed IGST on export of goods or services they should not have received supplies on which the supplier has availed the benefit under GST against various notifications. In effect, the position has been restored w.e.f 23rd October, 2017.
CGST (Twelfth Amendment) Rules, 2018 seeks to allow exporters who have received capital goods under the EPCG scheme to claim refund of the IGST paid on exports.
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