MCA Updates

Relaxation of additional fee for Annual filing forms

MCA vide Circular dated 29.10.2021 has allowed companies to file Forms AOC-4 / AOC-4 (XBRL) / AOC-4 (CFS) and Form MGT-7/7A for the FY ended 31.03.2021 till 31.12.2021 without payment of any additional fee. This would mean that companies can file above listed forms on payment of just the normal fee till 31.12.2021 irrespective of the original due date.


Open Circular No. General Circular No.17/2021 dtd. 29.10.2021

Relaxation of additional fee for filing FORM-8 for LLPs

MCA vide Circular dated 26.10.2021 has allowed LLPs to file Form 8 (Statement of Account and Solvency) until 30.12.2021 without payment of any additional fee. Pursuant to the earlier due date applicability, from 01.11.2021 an additional fee of Rs. 100 per day would have been levied for any delayed filing of the Form beyond 30.10.2021.


Open Circular No. General Circular No.16/2021 dtd. 26.10.2021

Extended due date for filing form CRA-4

Pursuant to the Rules, every Cost auditor is required to submit to the Board a Cost Audit Report within 180 days from closure of the financial year and the company is required file the Cost Audit Report in Form CRA-4 within 30 days of receipt of the Report.

In view of the pandemic situation, MCA vide Circular dated 27.09.2021 had given Cost Auditors a blanket extension upto 31.10.2021 to submit the Cost Audit Report to the Board of Directors of the company. Consequently, companies shall have time uptill 30.11.2021 for filing form CRA-4. This period has been further extended vide Circular dated 29.10.2021 granting companies time till 30.11.2021 to submit Form CRA-4.

Companies that hold their AGM as per the extension granted, shall file Form CRA-4 within 30 days of receipt of the Report consequent to such extension.


Open Circular No. General Circular No.18/2021 dtd. 29.10.2021
SEBI Update

Online SCORES mechanism for obtaining login credentials

SEBI vide Circular dated 02.08.2019 automated the generation of login credentials for SCORES platform for redressing investor grievances for all new SEBI registered intermediaries (except brokers and depositories) thereby dispensing with the requirement of sending hard copies of emails to SEBI.

Vide Circular dated 14.10.2021, SEBI has introduced an online mechanism for obtaining SCORES credentials for all companies intending to list their securities on SEBI recognized stock exchanges. The SCORES credentials shall be sent to the e-mail id of the Compliance Officer/Dealing Officer as provided in the online form.


Open Circular No. SEBI/HO/OIAE/IGRD/CIR/P/2021/642 dtd. 14.10.2021

Revised Audit Report and Limited Review Report formats

SEBI vide notification dated 07.09.2021 notified the SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021, mandating entities having listed non- convertible securities to disclose financial results on a quarterly basis. Revised formats of the Limited Review/ Audit Reports (to be submitted to Stock Exchanges and placed on listed entity’s website) have been notified vide Circular dated 14.10.2021.


Open Circular No.: SEBI/HO/DDHS/CIR/2021/0000000638 dtd. 14.10.2021

Revised formats for financial statements

SEBI vide notification dated 07.09.2021 notified the SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021, mandating entities having listed non- convertible securities to disclose financial results on a quarterly basis. Revised formats of following financial statements were notified vide Circular dated 05.10.2021:

  1. Standalone financial results on a quarterly basis and Standalone and consolidated financial results on an annual basis
  2. Statement of assets and liabilities on half yearly basis
  3. Format for Statement of cash flows on half yearly basis
  4. Reasons for delay in disclosure of financial results

Open Circular No.: SEBI/HO/DDHS/CIR/2021/0000000637 dtd. 05.10.2021
GST Updates

Clarification on rates of GST charged

CBIC has clarified the applicability of various tax rates vide Circular dated 06.10.2021. Highlights of the same are as follows:

  • It is clarified that service provided by way of cooking and supply of food, by cloud kitchens / central kitchens are covered under “restaurant service” and attract 5% GST [without ITC].
  • Where ice cream parlours sell already manufactured ice- cream and do not cook/prepare ice-cream for consumption like a restaurant, it is supply of ice cream as goods and not as a service, even if the supply has certain ingredients of service. Accordingly, it is clarified that ice cream sold by a parlour or any similar outlet would attract GST at the rate of 18%.
  • Services provided by any institutions/ NGOs under the central scheme of “Scholarships for students with Disabilities” where total expenditure is borne by the Government is exempt from GST.
  • It is clarified that overloading charges at toll plazas would get the same treatment as given to toll charges in respect of GST.
  • Services where vehicles are rented or given on hire to State Transport Undertakings or Local Authorities are eligible for the exemption irrespective of whether such vehicles are run on routes, timings as decided by the State Transport Undertakings or Local Authorities and under effective control of State Transport Undertakings or Local Authorities which determines the rules of operation or plying of vehicles.

Open Circular No. 164/20/2021-GST dtd. 06.10.2021