Hi Folks
This issue is sandwiched between two Dhamakas – Diwali that went by and the DeMo anniversary that is just ahead (8th Nov). Thanks to cracker ban, voluntary No-to-Crackers by many children, GST issues and the long weekend, Diwali was a tad low this time. Perhaps the next few generations will just read about crackers or watch some visuals as history or even mythology ! DeMo (Demonetisation) was a dhamaka no doubt last year but the verdict is not yet out. Am sure people will continue to take sides but eventually the desired impact will be felt.
Talking of Dhamaka, nothing can beat the ‘Dates Dhamaka’ that has become a part of life for us. The ‘Date with Filing’ never seems to be kept up. Today a date is never sacrosanct. It is like a mirage that keeps moving away and away as you get closer and closer ! For last several years, there is nothing called the ‘filing-season’ for CAs and CSs. Everyday is a day to file some compliance form or return or pay some tax. With GST it is even worse. While the dates are being deferred to help the assessees, the uncertainty, the confusion, the technical failure and the ‘hope’ that we will get more time is adding to the anxiety with no respite. So also with the Dates for filing audited financial statements on the MCA site. 8 months after close of FY, we are notified that XBRL taxonomy for certain type of companies is still not ready. Likely to be released only by February, 2018 !!
To change means to advance. To change means not to retract. To change means to respond. Change is welcome. Change is good but it is painful. Yet, most of us are with the Government when the changes are well intended. But is it not the GOI’s responsibility to plan better, use a more robust and reliable technology platform ? Is it not necessary to first provide reliable electricity and internet connectivity before imposing electronic filing ? And of course a more knowledgeable and responsive ‘Helpdesk Team’ !! This will really move the Ease of Doing Business ranking a few more notches up.
On a lighter side the concept of ‘peak filing season’ and working our work and holiday schedules around does not exist anymore. It is akin to the illusory peak-hour-traffic of Bangalore – it is ‘peak hour, peaker hour and peakest hour’ (pardon the grammar murder). No respite. No slowing down. Ah……….except when it is a long weekend when almost the entire population seems to travel out of the city, allowing the rest to savour the ‘dream-hours’ on road.
Well, from dhamaka to mirage to illusion to dream to reality – lets face it. Take time to understand the changes that we have highlighted in this 176th issue of Lexspeak. For our earlier issues do visit the Resource Centre at

Happy Reading


MCA has extended the last date for filing of annual forms.

  • Form AOC-4 and AOC-4 XBRL Non Ind-AS

    Form AOC-4, AOC-4 XBRL (Non Ind-AS) & Form AOC-4 CFS for the financial year ended 31st March, 2017 extended upto 28th November, 2017 without payment of additional fees.

  • Form AOC-4 XBRL based on Ind-AS Taxonomy

    Form AOC-4 XBRL based on Ind-AS taxonomy extended upto 31st March, 2018 without payment of additional fees due to non-availability of Ind-AS taxonomy, which is expected to be issued on February, 2018.

    Failure of the Government to provide the necessary taxonomy tools – Due date extended but is this good news or bad news? Companies will be left with only 1 month in March to complete the filings !

Section 247 of the Companies Act, 2013 w.r.t valuation by Registered Valuers has come into effect w.e.f 18th October, 2017 and corresponding Companies (Registered Valuers and Valuation) Rules, 2017 has also been notified. Central Government has delegated its powers and functions vested in it under Section 247 to the Insolvency and Bankruptcy Board of India (IBBI).

The above Rules prescribes the Eligibility for Registered Valuers, process of conducting valuation examination, registration formalities and conditions, manner of valuation and valuation standards, manner of cancellation or suspension of certificate, and Model Code of Conduct for such valuers etc.

Any Resolution Plan under the Insolvency and Bankruptcy Code (IBC) approved by the Adjudicating Authority i.e. NCLT is deemed to have received the approval of the shareholders of the Company i.e. the corporate debtor. The notification clarifies lucidly with appropriate examples.

The Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules have been amended. Highlights of which are as follows:
  • Where the period of 7 years provided for transfer of unclaimed and undivided shares falls during the period from 7th September, 2016 to 31st October, 2017, the due date for transfer of shares will be 31st October, 2017.
  • Such shares needs to be transferred to the IEPF Authority, and transmission of shares procedure to be followed.
  • Procedure for effecting the transfer of shares held in physical form to the IEPF Authority has been provided.
  • Nodal Officer to be appointed by the Company for the purpose of coordination with the IEPF Authority and the details of such officer shall be communicated within 15 days from the date of publication of these rules.

CbCR has been introduced under Section 286 of the Income Tax Act, 1961.This requires the Indian Parent entity of an international multinational group or any other designated group entity in India (referred to as alternate reporting entity) to file a CbCR for FY 2016-17 before the due date of filing of Return of Income i.e. 30th November 2017. The threshold for filing the CbCR has been maintained at EUR750 million. Date of submission has now been extended to 31st March 2018 since the Rules are still under consideration.

W.e.f 1st April, 2016, a company incorporated outside India would be treated as a tax resident in India if its Place of Effective Management’ (PoEM) is in India. PoEM has been defined as a place where key Management and commercial decisions in substance are taken. It is relevant to find out if the decisions are made by the Holding Company or by any person resident outside India, and the Board of Directors in India is standing aside and not exercising its powers. It has been clarified that if such powers relating to certain functions like payroll, supply chain, IT infrastructure, HR, accounting etc. are being exercised by the a Regional headquarter as per the global group policy, it will not amount to the Board standing aside. This means that PoEM provisions are not triggered in such cases.

A slew of notifications extending the filing due dates and changes to the GST Rules continue.
Name of Return Purpose of filing the Form Extended Due date for filing
ITC-04 Goods dispatched to a job worker for July – September, 2017 30th November, 2017
ITC-01 Newly registered persons who are eligible to take credit of input tax credit to file this form for July – September, 2017 30th November, 2017
TRAN-1 Form filed to claim transitional input tax credit 30th November, 2017
REG-26 Persons to whom provisional registration has been allotted upon migration, needs to submit this return within 3 months from date of provisional registration 31st December, 2017
CMP-03 Intimation of stock details for those opting for composition 30th November, 2017
REG-29 Cancellation of Registration by a person not required to register under the GST Laws 31st December, 2017
GSTR-2 Return for filing details of Inward Supply 30th November, 2017
GSTR-3 Summary of details of Sales and Purchases along with liabilities 11th December, 2017
  • Late fee payable for delayed filing GSTR -3B for August and September 2017 has been waived.
  • In accordance with Rule 45(3) of the CGST Rules, the details of goods dispatched to a job worker and received from a job worker was to be filed in Form GST ITC-04 before 25th of the month succeeding the quarter. This has now been amended to “or within such further period as may be extended by the Commissioner by a notification in this behalf”.
  • A new proviso has been inserted under Rule 96 of the CGST Rules which deals with refund of tax paid on goods exported out of India. The details of export are required to be filed in GSTR-1 and electronically transmitted by the common portal to the customs portal. However, in accordance with the Circular, where the date for furnishing the details of outward supplies in FORM GSTR-1 for a tax period has been extended, the supplier shall furnish the information relating to exports as specified in Table 6A of FORM GSTR-1 after the return in FORM GSTR-3B has been furnished and the same shall be transmitted electronically by the common portal to the system designated by the Customs. Further the information in Table 6A furnished under the first proviso shall be auto-drafted in FORM GSTR-1 for the said tax period. Similar amendment has been made for exports under bond or LUT.
Certain supplies have been notified as deemed exports as follows :

  • Supply of goods by a registered person against Advance Authorization.
  • Supply of capital goods by a registered person against Export Promotion Capital Goods Authorization.
  • Supply of goods by a registered person to Export Oriented Unit.
  • Supply of gold by a bank or Public Sector Undertaking against Advance Authorization.
Deemed exports are eligible for refund of tax paid which can be claimed either by the recipient or supplier of goods. Following documentary proof for refund claim to be provided:

  • In Case of supplies to Advance Authorization or Export Promotion Capital Goods Authorization holder, jurisidictional tax officer to acknoweldgde that they have received the deemed export goods from the supplier;
  • In case of supplies made to EOU, a copy of tax invoice signed by the EOU.
  • Undertaking by the Customer (i.e. recipient of deemed export supplies) that input tax credit is neither taken by him, nor the refund claimed by him.

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 Phone : +91 80 25534374 , +91 80 25536618 Email: [email protected]

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