Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022 |MCA Notification dated05-05-2022
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Clarification of holding of Annual General Meeting (AGM) through Video Conference (VC) or Other Audio Visual Means (OAVM) (General Circular No 2/2022 dated 05 May 2022)
Allow Companies whose AGMs are due in the Year 2022, to conduct their AGM on or before 31st Dec 2022 in accordance with the requirements laid down in para 3, 4 of General Circular no 20/2020 dated 05 May 2022. Circular shall not be construed as conferring any extension of time for holding AGM.
Refer General Circular No 2/2022 dated 05 May 2022
Offline utilities for 3CA -3CD and 3CB-3CD & Form 10 IE for AY 2022-23 (Option 115BAC(5)) released
Amendment in Securities Transfer Form no. SH-4 (MCA Notification dated 04 May 2022)
In the Companies (Share Capital and Debentures) Rules, 2014, in the Annexure, in Form No.SH-4, before the Enclosures, the following declaration shall be inserted, namely.-
Declaration:
Transferee is not required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares;
or
Transferee is required to obtain the Government approval under the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior to transfer of shares and the same has been obtained and is enclosed herewith.
Multiple Ways to establish Veracity of Aadhaar : UIDAI (Press release 04 May 2022)
The issue of how to verify the genuineness of an Aadhaar card is often faced by organizations, when they are presented to them as a proof of identities.
Unique Identification Authority of India (UIDAI) has stated that the veracity of ‘Aadhaar’ can be easily established both in an online and offline mode as mentioned below:
- Online Mode- Age Band, Gender, State and last 3 digits of Mobile of an Aadhaar Holder can be verified by visiting https://myaadhaar.uidai.gov.in/verifyAadhaar by feeding the Aadhaar number.
- Offline Mode- Every Aadhaar card /Aadhaar letter/e Aadhaar has a Secure QR code printed on it, which contains demographic details( Name, Gender, Date of birth and address) as well as photograph of the Aadhaar number holder. Even if the Aadhaar card is tampered with by photo shopping another person’s photograph, the Information in the QR code is secure and tamper-proof as it is digitally signed by UIDAI. The QR code can be read by “Aadhaar QR scanner” App available on Play Store and App Store.
UIDAI recommends verifying ‘Aadhaar’ as an additional check for residents, for instance, at the time of hiring an employee, domestic worker, driver or renting out to a tenant. The general public can also verify another person’s Aadhaar as a part of the background check at any point of time.
27 GUJRAT ROC ADJUDICATION ORDERS FOR VIOLATION OF SECTIONS (List given) updated on 02 May 2022
GST Revenue collection for April 2022 highest ever at Rs 1.68 lakh crore
GST Revenue collection for April 2022 highest ever at Rs 1.68 lakh crore
Gross GST collection in April 2022 is all time high, Rs 25,000 crore more than the next highest collection of Rs. 1,42,095 crore, just last month
Press Release dated May 01, 2022
The gross GST revenue collected in the month of April, 2022 is Rs 1,67,540 crore of which CGST is Rs 33,159 crore, SGST is Rs 41,793 crore, IGST is Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess is Rs 10,649 crore (including Rs 857 crore collected on import of goods).
The gross GST collection in April 2022 is all time high, Rs 25,000 crore more than the next highest collection of Rs. 1,42,095 crore, just last month.
The government has settled Rs33,423 crore to CGST and Rs 26962 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2022 after regular settlement is Rs66,582 crore for CGST and Rs68,755 crore for the SGST.
The revenues for the month of April 2022 are 20% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 30% higher and the revenues from domestic transaction (including import of services) are 17% higher than the revenues from these sources during the same month last year.
For the first time gross GST collection has crossed Rs1.5 lakh crore mark. Total number of e-way bills generated in the month of March 2022 was 7.7 crore, which is 13% higher than 6.8 crore e-way bills generated in the month of February 2022, which reflects recovery of business activity at faster pace.
Month of April 2022 saw the highest ever tax collection in a single day on 20th April 2022 and highest collection during an hour, during 4 PM to 5PM on that day. On 20th April 2022, Rs 57,847 crore was paid through 9.58 lakh transactions and during 4-5 PM, almost Rs 8,000 crore was paid through 88,000 transactions. The highest single day payment last year (on the same date) was Rs 48,000 crore through 7.22 lakh transactions and highest one hour collection (2-3PM on the same date last year) was Rs 6,400 crore through 65,000 transactions.
During April 2022, 1.06 crore GST returns in GSTR-3B were filed, of which 97 lakh pertained to the month of March 2022, as compared to total 92 lakh returns filed during April 2021. Similarly, during April 2022, 1.05 crore statements of invoices issued in GSTR-1 were filed. Till end of the month, the filing percentage for GSTR-3B in April 2022 was 84.7% as compared to 78.3% in April 2021 and the filing percentage for GSTR-1 in April 2022 was 83.11% as compared to 73.9% in April 2021.
This shows clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and smoother and strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence.
The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of April 2022 as compared to April 2021.
DRI seizes 8 kg Cocaine worth Rs 80 crore from inbound passengers at Hyderabad International Airport (Press release 02 May 2022)
Acting on specific intelligence, the officers of Directorate of Revenue Intelligence (DRI) unraveled two cases of Cocaine seizures at the Hyderabad International Airport in a late-night operation on 1st May 2022.
Two air passengers i.e., a male Tanzanian national, travelling from Cape Town to Hyderabad via Dubai on a Business Visa and a lady passenger from Angola, with itinerary Angola – Mozambique – Lusaka – Dubai – Hyderabad on a Tourist Visa were apprehended by DRI on suspicion of them carrying narcotic substances on 1st May 2022.
A total of 8 kg of Cocaine, each passenger carrying 4 kg, were seized from the passengers from the packets concealed in the false bottom of their trolley bags. The estimated value of the seized Cocaine in the illicit market is Rs. 80 crore.
The instances of smuggling drugs through Air have increased with easing restrictions on air travel and increased passenger traffic. While Indian Customs have facilitated the clearances smoothly, the alert officers have busted the drug smuggling syndicates and nabbed carriers on multiple occasions across the country. Ingenious ways of transporting the contraband have been noticed by way of laminating drugs finely into their baggage which are almost invisible to the naked eye or by concealment in shampoos and food items or at times the passenger becomes body carrier by ingesting drugs in laminated capsules.
Multiple cases involving seizure of Cocaine concealed in the form of pills ingested by air passengers have been booked by the DRI in the last four months. In two such cases booked in Mumbai during March and April 2022, a total of 2.42 kg of Cocaine was found concealed in pills ingested by two passengers.
In April 2022, 1.15 kg of Cocaine concealed in pills ingested by a passenger was seized at Hyderabad, and in another case one kg of Cocaine was seized at Bengaluru in August 2021. Apart from Mumbai and Hyderabad, seizures of Cocaine have also been affected at other airports also.
Sustained efforts of DRI has led to seizure of more than 350 kg of Cocaine, estimated to be worth Rs. 3,500 crore in illicit market, across the country after January, 2021. This includes a big haul of about 303 kg of Cocaine, seized from a containerised cargo at Tuticorin Port.
Advisory to composition taxpayers (GST Portal updates 30 April 2022)
Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a financial year.
Reason of Negative Liability in GSTR-4: The liability of the complete year is required to be declared in GSTR-4 under applicable tax rates. Taxpayers should fill up table 6 of GSTR-4 mandatorily. In case, there is no liability, the said table may be filled up with ‘0’ value. If no liability is declared in table 6, it is presumed that no liability is required to be paid, even though, taxpayer may have paid the liability through Form GST CMP-08. In such cases, liability paid through GST CMP-08 becomes excess tax paid and moves to Negative Liability Statement for utilization of same for subsequent tax period’s liability.
What the taxpayer did wrongly: Liability paid through Form GST CMP-08 is auto-populated in table 5 of the GSTR-4 for convenience of the taxpayers. Taxpayers who do not fill up table 6 of GSTR-4 i.e. no liability is declared, even though, taxpayer may have paid the liability through Form GST CMP-08; since the ‘Tax payable’ in GSTR-4 is computed after reducing the liability declared in GST CMP-08 which is auto-populated in table 5. Thus, if nothing is declared in table 6, then the negative liability entry appears in GSTR-4.
Debit of the negative liability – In the past, lot of tickets were received on the Helpdesk for reducing the negative liability from the Negative Liability Statement and the same was being done. For convenience of the taxpayers, the amount available in negative liability statement have been debited for all taxpayers. It has been noticed that some taxpayers had utilised the amount available in negative liability statement for paying the liability to file statement in Form GST CMP-08 or GSTR-4 of subsequent financial year. In such cases, the amount utilised out of negative liability statement has been debited in the cash ledger. Though, such liability should have been paid by depositing the amount through challan but in some cases the amount had not been deposited by the taxpayers. The taxpayer who have deposited the amount in cash ledger, the debited amount has been adjusted whereas in case the amount of liability has not been deposited through challan, the balance in cash ledger becomes negative. In such cases, the taxpayers are advised to deposit the past liability through challan of equal amount urgently.
The details of the debit so made have been communicated to all such taxpayers through emails available on the portal. In case, the liability had been paid through adding in the next years’ liability, the same can be claimed as refund through application in Form GST RFD-01.
Thanking you,
Team GSTN
Annual Aggregate Turnover (AATO) computation for FY 2021-22 (GST Portal updates 02 May 2022)
02/05/2022
The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:
- The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).
- The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.
- The taxpayers have also been provided with the facility of turnover updation in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.
- This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs.
- The taxpayer can amend the turnover twice within the month of May, 2022. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who can amend the values furnished by the taxpayer wherever required.
Note: For more details, the taxpayers may check out the ‘Advisory’ section of the aforementioned functionality on their respective dashboards.
Thanking you,
Team GSTN
Business So Simple 