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Hi Folks
Yesterday one of my good friends who is a highly qualified finance and governance professional with many degrees to his credit including fraud detection, proudly shared his pictures addressing at the ‘Vigilance Awareness Week’ of a well-known PSU. Today a half-page advertisement in the newspaper by the Tax Department stared at me “Erase Corruption – Build a New India”. This was urging us to take a pledge as part of the Vigilance Awareness Week. Not a fixed day but an entire week to promote integrity and eradicate corruption. While I do not want to belittle the efforts towards this, the question is – does a day or week or event or drive really serve the purpose ? At best it is a symbolic reminder of something that should be our second nature but has unfortunately vanished completely from our lives. No wonder there are frauds and scams galore across businesses, families, countries, companies, not-for-profit organisations, governments and even the so-called vigilance-sentinels !
As serendipity would have it, last week I was to deliver a talk in praise of someone as part of my project at our public speaking club. The person I chose was my late mother who has instilled a lot of good values in me. This is what I said, little knowing that it is a precursor to the Vigilance Awareness Week :

“Ethics and Integrity” are an integral part of my personal and professional life. Recently I read about N Chandrasekaran, Tata Sons Chairman saying how moral values taught to us in our early life shape our future. Very true. Our childhood was spent in a small rented house for 25 long years. The compound was large with a beautiful garden and several flowering plants. My mom had made it clear to us in no uncertain terms “you are not touching a single plant nor plucking a single rose without the owner’s permission. That which is not yours will never be yours. It is wrong even if you desire for it since it doesn’t belong to you.” She told us such stuff so many times over and over again, that integrity has become my second nature. So much so that when I had to coin a tagline for my firm, I said “Enable. Empower. Ethically”. A small seed sowed back then by my mother has grown such deep roots within me. Sometimes when I talk to my children, I realise the legacy lives in them.

Friends, if you have to bequeath something to your children, bequeath good values and strong sense of purpose in life. You will leave behind a better world for the future generations !”

As I leave you to delve into your childhood, I am sure you will find many such intangible assets that have been bequeathed to you. Delve deep. Dig them out. Shape your lives better.

At Samhita, we are at a very important juncture – like the batsman who is 1 short of his 2nd ton. Yes, this is the 199th issue carrying the fortnightly regulatory updates and other tidbits as we have been doing over the last 10 years. We are test match players building our stamina, steadily and steadfastly. Thank you for cheering us all through.

For any previous issues of Samhita and the readers feedback, please visit
https://sharadasc.com/resource-center/

Happy Reading

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The due dates for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL and e-Form MGT-7 has been extended upto 31.12.2018 and the additional fees applicable for the same has been relaxed consequent to requests received from various stakeholders.

Constitution of NFRA (National Financial Reporting Authority) was notified on 1st October, 2018. Now the rest of the sub sections of Sec.132 of the Act have been notified effective 24th October, 2018, giving teeth to the complete operation of NFRA.

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The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 and Securities and Exchange Board of India (Appointment of Administrator and Procedure for Refunding to the Investors) Regulations, 2018 have been notified with effect from 3rd October, 2018.
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The Companies (Registered Valuers and Valuation) Rules, 2017 notified under the Companies Act, 2013 provides a comprehensive framework for development and regulation of the profession of valuers. The Rules specify the requirements for eligibility to be a Registered Valuer (RV) and provides for transitional arrangements.

IBBI (Insolvency and Bankruptcy Board of India) monitors and administers Registered Valuers. With effect from 1st February, 2019 only RVs who have passed the valuation examination conducted by IBBI for all the 3 asset classes i.e., Land and Building, Plant and Machinery, and Securities or Financial Assets and complied with other eligibility conditions can be appointed as Valuers under the IBC (Insolvency and Bankruptcy Code), 2016.

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Vide Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2018, effective from 22nd October, 2018 certain regulations have been replaced / modified. It provides for what are the different methods by which the liquidators can sell the assets, appoint Registered Valuers and consider valuation under normal liquidation route and fast track method in case of corporate persons.

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Section 51 of CGST Act deals with Tax Deduction at Source by Government Authorities / Departments. TDS will not apply to the authorities under Ministry of Defence except those that are mentioned in Annexure A of the said notification which are largely “The Principal Controllers / Controllers of Defence Accounts.”

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Casual taxable persons making inter-state taxable supplies of handicraft goods and such other persons mentioned in the table to the below notification relating to articles being made predominantly by hand would be exempted from obtaining registration under the GST Act provided they are availing of the benefits and the aggregate value of such supplies computed on All India Basis does not exceed the threshold in the state or union territory (Rs. 20 Lakh and Rs. 10 Lakh for certain states)

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The CBIC has extended the time limit for furnishing the declaration in FORM GST ITC-04 of the CGST Rules, 2017, in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another, during the period from July, 2017 to September, 2018 till the 31st day of December, 2018.

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Where registration of a person under GST has been cancelled on or before 30th September, 2018 by a proper officer, such persons have been notified as the class of persons who have time to file GSTR-10 until 31st December, 2018.

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.
 


S. C. Sharada & Associates,
Company Secretaries. #405, 7th Cross, IV Block, Koramangala, Bangalore – 560 034
sharadasc.com Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]

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