Month: April 2018

How to appoint new director when all the other directors are disqualified?

Hello Readers, Trust all of you doing good in your life; Today I would like to share important information and the process for addition of names of the newly appointed directors in the MCA database in the companies where all the Directors stand vacated due to disqualification under section 164(2) (a) r/w 167(1) of the Companies Act, 2013. The competent approval authority has prescribed the following requirements which are to be submitted to the office of Registrar of Companies as stated in the list:- The company should submit the covering letter specifying the case of the company clearly about...

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Total Revenue of Rs. 7.19 lakh crore collected under GST

During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, Rs. 3.66 lakh crore of IGST (including Rs. 1.73 lakh crore on imports) and Rs. 62,021 crore of cess (including Rs. 5702 crore on imports). For this eight months, the average monthly collection has been Rs. 89,885 crore. While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the next month, IGST and...

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In the interest of students and public at large, the University Grants Commission (UGC) has released the list of 24 fake Universities. UGC has said that these 24 self-styled, unrecognized institutions functioning in contravention of the UGC Act have been declared as fake and are not entitled to confer any degrees. State-wise List of fake Universities Bihar Maithili University / Vishwavidyalaya, Darbhanga, Bihar. Delhi Commercial University Ltd., Daryaganj, Delhi. United Nations University, Delhi. Vocational University, Delhi. ADR-Centric Juridical University, ADR House, 8J, Gopala Tower, 25 Rajendra Place, New Delhi – 110 008. Indian Institute of Science and Engineering, New...

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RBI cancels Certificate of Registration of 2 NBFCs

The Reserve Bank of India (RBI) has cancelled the certificate of registration of the following two non-banking financial companies (NBFCs) in the exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Sr. No. Name of the Company Registered Office Address CoR No. Issued On Cancellation Order Date 1 M/s The Metropolitan Finance Private Limited (presently known as The Metropolitan Finance Limited) H. No. 22 B/B, Extn. 2, Gandhi Nagar, Jammu- 180 012 B-1100068 January 01, 2002 December 19, 2017 2. M/s Singhland Investments Limited (previously known as M/s Baba...

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Quarterly Return by Composition Dealers in FORM GSTR-4

Doubts are being raised about the manner of filing the quarterly return by composition dealers in FORM GSTR-4. In particular, there is a doubt with respect to the instruction at Sl. No. 10 appended to the said FORM which reads as below:  For the tax periods July, 2017 to September, 2017 and October, 2017 to December, 2017, serial 4A of Table 4 shall not be furnished. In this regard, it is hereby clarified that since auto-population of the details of the inward supplies including supplies on which tax is to be paid on reverse charge is not taking place, taxpayers...

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