Hi Folks |
June is significant for World Environment Day, Water Day, Music Day and so on. But this time it is GST all the way. Nothing can be more transformational than this single biggest Nation-wide Tax Roll-out that is set to impact the chaiwallah (Tea Vendor) on the road to the billionaire business tycoon in private jets. Ironically it required a Chaiwallah to take kadak (strong) decisions and actions to usher in GST and change the flavours of business ! No prizes for guessing who this Kadak Chaiwallah is ☺ |
At the stroke of midnight today, Excise, Sales tax, VAT, Octroi and several other indirect taxes will die a legislative death to resurrect in a new avatar as GST. When the whole world sleeps (this is a misnomer in today’s world when technology doesn’t allow us to sleep at all !) India will awaken to a new reform as the Government rolls out the red carpet in a celebratory style for the new STAR – GST !! This issue of LexSpeak carries highlights of the multiple notifications, rules, regulations etc. that enable GST to become a reality from 1st July, 2017. There are other regulatory updates also that we carry which perhaps pale in the shadow of the giant. |
GST or no GST. Look at the Night Queen, the lovely white Brahma Kamalas that adorn our banner this time. They bloom and open to the fullest at midnight, bouncing softly in the gentle breeze, lighting up the darkness around, oblivious of whether there are people around to appreciate or not. They perform on select nights quietly with no expectation. For a change they have the GST bloom for company this time ! |
Should you wish to refer to any of our older issues of LexSpeak, do visit our Resource Centre at www.lexvalorem.com.
Warm regards

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The much awaited, heralded (but also feared and wished away by certain sections of Trade and Industry) and trumpeted, as the biggest ever Tax reform in the Indian history is to be rolled out on 30th June, 2017 to take effect from 1st July, 2017. As a line up to the same, CBEC has issued several Notifications, Rules, Regulations, Circulars, Forms and FAQs starting from 19th June onwards. |
Carrying each of them is not practical. We have summarised briefly the essence of most important ones in as simple terms as possible. Please click on read more. |
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W.e.f 14th June, 2017, provisions relating to Fast track corporate solvency, its applicability and application process have been notified under the Insolvency and Bankruptcy Code (IBC), 2016. |
Application can be made for the following corporate debtors: |
- small company as defined under Companies Act, 2013;
- a Startup (other than the partnership firm) as defined by the Government;
- an unlisted company with total assets, as reported in the financial statement of the immediately preceding financial year, not exceeding Rs. 1 crore.
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The relevant regulations provide the process from initiation of insolvency resolution of eligible corporate debtors till the approval of resolution plan by Adjudicating Authority. Process shall be completed within 90 days. |


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Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017 have been notified which is applicable to the service providers. Board shall have the power to conduct inspection against service providers and their records, to ensure that records are being maintained as per the regulations and if the service provider fulfils all the obligations as required under the regulations. |
Further, the regulations also empower the Board to conduct investigation of the affairs of the service provider. Procedure for conducting the investigation have been notified. |
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