S B S G & Co. Chartered Accountants

*LLP Settlement Scheme, 2020*

*LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar*

_Scheme shall come into force on the 16th March, 2020 and shall remain in force up to 13th June, 2020_

_Applicable for LLP Form 3, 4, 8 and 11._

www.mca.gov.in

MCA Update
28 Feb| 2020

*NEWS & IMPORTANT UPDATES*

Companies (Appointment and qualification of Directors) Amendment Rules, 2020.

Link:
http://www.mca.gov.in/Ministry/pdf/rule_28022020.pdf

www.mca.gov.in

*Important key Note:*

_In Rule 6: the words ,,three months,, the words "five months" shall be substituted;_

_In Rule 4 shall be substituted:_

_"Provided that an individual shal not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the databank, in o.," o, more of the following, namely:- (a) listed public company; or (b) unlisted public company having a paid-up share capital of rupees ten crore or more; or (c) body corporate listed on a recognized stock exchange:,,. (ii) in the second proviso, for the word ,,companies,,, the words "companies or bodies corporate" shall be substituted._

www.mca.gov.in

35th GST Council Meeting Updates (held on June 21, 2019)

1. Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee – decision is expected in next council meeting. Current rate on EV is 12% and proposal is to reduce it to 5%

2. Anti-profiteering mechanism which was to end on 30.06.2019 has been extended for another 2 years till 2021.

3. If Profiteered amount is not deposited as per the order of the authority within 30 days then supplier will have to pay Penalty of 10% on it.

4. Annual Return (GSTR 9 / 9A) and Audit (GSTR 9C) has been extended from 30.06.2019 to 31.08.2019

5. Registration process simplified by using Aadhar back bone

6. Generation of invoices on Government portal given in-principle approval, once implemented, this invoice will be treated as E-way bill as well.

7. E-ticketing for multi-plexes approved

8. Major discussion took place on how to control Fake / bogus billing - details awaited.

Update #

General Circular on ADT-1 filed through GNL-2.

MCA Weblink:

www.mca.gov.in

Update #

Company Incorporation 5th Amendment.

www.mca.gov.in