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Professional Updates – 21-08-2020

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1. Central Board of Direct Taxes (CBDT) top brass assured tax department officials that the faceless assessment regime would not lead to any large-scale movement of personnel and would be implemented without draining the existing resources at the department’s disposal.

2. Equalisation Levy (EL) was to come into effect from April 1, 2020, giving foreign companies operating in the digital space less than 10 days’ notice. The scope and reach of the revised EL came as a bolt from the blue for all stakeholders, as the broadest digital tax currently levied or proposed across the globe.
3. MCA has not given any extension of AGM. As per the circular the companies can avail options. 1. Companies can use relaxations in General Circular No. 20/2020, dated 05.05.2020 regarding holding of AGM through video conferencing (VC) or other audio visual means (OAVM). 2. File applications in form No. GNL-1 for seeking extension of time in holding of AGM.
4. Every LLP is required to prepare books of accounts file financials in Form-8 pursuant to Section 34(2) of the LLP Act, 2008 within 30 days of the end six months of the closure of the financial year.  In case of non-filing of the form before the due date, additional fees of Rs. 100 per day is levied till the date of filing. Due date to file LLP Form-8 for FY 19-20 : 30th October, 2020.
5. Madras High Court effectively restrained the Central Government from appointing technical members to the Goods and Services Tax Appellate Tribunals (GSTAT) until further orders (RBA v. Union of India).  
6. Goods and Services Tax (GST) Council meeting is likely to be held on August 27 and another meeting will be scheduled on September 19. As decided earlier by the council itself earlier, the August 27 GST Council meet, which will be the 41st Council, will be to discuss a single point agenda that is to iron out measures to meet the compensation requirements to continue to pay off states.

7. Sebi has proposed to increase the minimum free float for companies relisting after undergoing the corporate insolvency resolution process (CIRP). The capital markets regulator has also called for greater disclosures to ensure better price discovery and transparency. The move is triggered by the extreme movement in the Ruchi Soya Industries’ stock. The company’s shares had surged more than 450 times after it got relisted following the acquisition by Pantanjali Ayurved under the CIRP. 

8. Commerce and industry ministry and the Department for Promotion of Industry and Internal Trade (DPIIT) is expected to ask top online retailers such as Flipkart, Amazon and Snapdeal to focus on listing and promoting geographical indication (GI) products to provide visibility to locally produced items

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