In this edition, we have tried to bring to your notice the latest amendments that followed in the month of May 2023 issued by MCA, RBI, SEBI, DIPP and others. Ministry of Corporate Affairs (MCA) The Ministry of Corporate Affairs has, vide its Notification No. dated 17th April, 2023, amended or transferred the responsibility of striking off companies from Registrar of Companies to Registrar, Centre for Processing Accelerated Corporate Exit (a.k.a. Registrar, Centre for PACE) with effect from 1st May,
Month: May 2023
Corporate Finance Alert – April 2023
Brookfield Renewable To Invest $1 Bn In Avaada Group Brookfield Renewable is investing $1 billion (about Rs 8,200 crore) in Avaada Ventures Pvt. Ltd to help finance the renewable energy company’s green hydrogen and green ammonia businesses. The renewable energy arm of Canada’s Brookfield Asset Management Inc. will make the investment via the Brookfield Global Transition Fund. Thailand’s Global Power Synergy Public Company Ltd will separately invest $68 million in Avaada Energy Pvt. Ltd to help it cut debt and
Cost Records and Cost Audit Applicability
The concept of reporting with regard to the maintenance of cost records by directors and financial auditors separately was brought in specifically to ensure that there are no misreportings with regard to applicability. Recently many show cause notices were also issued to companies who had not prepared the cost records or had not filed the cost audit report though apparently as per the data gathered by MCA through various sources Cost Audit seemed to be applicable on those companies. Section
Indirect Tax Alert – April 2023
GST Calendar –Compliances for the month of April 2023. Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) May 10, 2023 GSTR-8 (Tax Collected at Source ‘TCS’) May 10, 2023 GSTR-1 May 11, 2023 IFF- Invoice furnishing facility (Availing QRMP) May 13, 2023 GSTR-6 Input Service Distributor May 13, 2023 GSTR-2B (Auto Generated Statement) May 14, 2023 GSTR-3B May 20, 2023 GSTR-5 (Non-Resident Taxable Person) May 20, 2023 GSTR-5A (OIDAR Service Provider) May 20, 2023 PMT-06 (who have
Direct Tax Alert – April 2023
1. Personal income tax to GDP ratio rises to 2.94 in FY 2021-22 The Finance Minister, Smt. Nirmala Sitharaman chaired a periodic review meeting with the Central Board of Direct Taxes (CBDT). During the review meeting, the FM was apprised about the impact of various initiatives. Introducing new data sources in SFT has led to an 1118% increase in reported information. Further, FM was also apprised of the fact that the Personal Income Tax to GDP ratio has been steadily
STANDARD ON QUALITY CONTROL (SQC-1)
Introduction: The purpose of this Standard on Quality Control (SQC) is to establish standards and provide guidance regarding a firm’s responsibilities for its system of quality control for audits and reviews of historical financial information, and for other assurance and related services engagements. This SQC is to be read in conjunction with the requirements of the Chartered Accountants Act, 1949, the Code of Ethics and other relevant pronouncements of the Institute1 (hereinafter referred to as “the Code”). The firm should