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Monday, 30 January 2017
A bold step has been taken by The Ministry of Corporate Affairs on the occasion of Gandhi Jayanti 2016 by launching a new ‘Integrated company incorporation form', named SPICe (i.e. Simplified Proforma for Incorporating Company electronically); the sole, simplified, versatile and digital form (which includes SPICe INC-32, SPICe INC-33 and SPICe INC-34) for company formation in India (includes both Private Limited Companies and One Person Companies), with the sole objective of promoting greater ease of doing business and providing much easier & speedy way of incorporation related services within stipulated time frames. With the launch of the above mentioned forms, Existing Form nos. INC 29 and Form INC 7 have been phased out.
Although Form INC-32 is quite similar to Form INC-29, the main difference is that apart from registration of company, this form provides the provision for applying for Company name & DIN of the directors also. Memorandum and Articles will now be filed as linked e-forms via SPICe INC-33 & SPICe INC-34 respectively (except for Section 8 Companies) and standard format of such e-Memorandum of Association and e-Articles of Association is available on MCA portal itself. And when such new Company gets registered, the CIN as well as DIN of proposed Directors will be allotted. This whole process shall take just 3 to 5 days unlike the previous registration procedure wherein it used to take at least 10 to 15 days to incorporate a new company.
Another recent amendment in such SPICe form being that one can now also apply for PAN & TAN (of such new company being formed) within such form itself; thereby meaning that PAN will be allotted to such new company immediately and be mentioned in the ‘Certificate of Incorporation’ itself.
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Some recent updates that you would not like to miss –
1. Revised Invoice with GSTIN will have to be issued within 30 days for invoices issued between effective date of registration & grant of registration certificate.
2. In case of default in filing of GST Returns, notice will be issued to defaulter to file returns in 15 days.
3. LAST DATE to file TDS Returns in Forms 24Q, 26Q, & 27Q by ALL DEDUCTORS, for Dec Quarter of 2016-17 is 31.01.2017.
4. Applying for Company PAN and first TAN (allotted by Income Tax Department) will be compulsory for all fresh incorporation applications filed in SPICe form w.e.f. 30th January 2017. New version of SPICe form for all fresh incorporation applications will be available w.e.f 01 Feb 2017.
Have a great day ahead!
Saturday, 28 January 2017
1. Under GST Composition, Supplier is required to issue Bill of Supply. Suppliers dealing in non-taxable goods will also have to issue Bill of Supply instead of Tax Invoice.
2. Under GST, Supplies to or by SEZ Developer/Unit to be deemed as Interstate Supplies. Supplies to SEZ to be Zero Rated with facility of Refund for tax paid.
3. Violation of SEBI Act is now treated as a criminal offence.
4. The reference to valuation principles will not be made in case the price charged for the supply of goods and/or services has not been influenced by relation between supplier and recipient.
5. In a major relief to foreign investors, the government today clarified that income arising from transfer of unlisted shares by certain categories of alternative investment funds will not be liable for taxation.
6. No service tax under reverse charge when service recipient reduces transportation charges from invoice value
7. Investment can be made out of advance received under sale agreement for Income Tax section 54EC relief for saving tax on capital gain arising from such transfer of long term capital asset.
Wednesday, 25 January 2017
1. As per Model GST Law, if the total value of supply under a contract exceeds INR 10 lakhs then the tax is required to be deducted at source. However it is important to note that the value has to be considered excluding tax thereon.
2. Returns under GST are required to be filed only by the registered persons who are taxable as per the provisions of the Act. So any registered person will not be required to file any return till the time such person reach to the level of turnover aggregating to Rs 20 lakhs or 10 lakhs though it is mandatory to register such person under GST on achieving the turnover of INR 18 lakhs / 9 lakhs.
3. MCA has deferred the date for roll-out of new version of e-Form SPICe (INC-32) with functionality of applying for Company PAN and TAN is being revised and will be communicated shortly. Stakeholders may therefore continue to file existing version of Form SPICe W.e.f. 21st Jan 2017.
4. Employees’ Provident Fund Organization (EPFO) has made it mandatory for all pensioners and members to submit Aadhaar number by January 31, 2017 to avail the central govt contribution towards EPS.
5. In Revised GST Model law, ‘services’ include transactions in money but do not include money & securities.
6. New fiscal policy framework, rationalisation of tax, rural capex, efficiency in social sector spending and digitisation incentives are key expectations of Union Budget 2017.