Companies/Businesses need to monitor the current and potential effects that the novel coronavirus (COVID-19) will have on their financial reporting. Timely and meaningful disclosures about the potential effect on the financial position, performance and viability of the company, as well as measures taken to manage risks, are important to regain trust.
SPICe+ would offer 10 services by 3 Central Govt Ministries & Departments. (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance) and One State Govt.(Maharashtra), thereby saving as many procedures, time and cost for Starting a Business in India and would be applicable for all new company incorporations w.e.f 15th February 2020. for more details visit https://www.mca.gov.in/Ministry/pdf/IntitativesOfEODB.pdf
The CBIC has prescribed the procedure for the recovery of dues of the earlier laws under the GST regime. Section 142(6)(b) and Section 142(7)(a) of the CGST Act, 2017 governs such recovery in the GST regime.
The CBIC, earlier, provided a mechanism for exporters with an officer interface to resolve invoice mismatching for the shipping bills filed till 30.06.2018. The errors were due to mismatching in the information furnished in the tax invoices and the corresponding shipping bills
However, some exporters, due to lack of familiarity/awareness, committed the three mistakes due to which their IGST refunds are stuck and requested for extension of date. Therefore, to provide further relief to the exporters, the CBIC has extended the rectification facility to Shipping Bills filed up to 15.11.2018.
The relief has been provided in respect of only those shipping bills which were scrolled with a lesser amount than the eligible amount as the shipping bills which were scrolled due to the IGST paid amount erroneously declared as ‘NA’ are already being handled through officer interface.
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