FIRST Profession updates

Latest Updates and Notification

    • GST: June 10, 2018, is the last date for submitting monthly statements of GSTR-1 for May 2018.


    • IBC: Other major changes in the IBC Act:


    • CIRP withdrawals may only be approved by the creditor committee at 90% of the voting share.


    • Further, this withdrawal is permitted only prior to the publication of an EOI notice


    • The voting rate was reduced to 66 percent from 75 percent for all major decisions


    • In addition, in order to facilitate the institutional debtor to continue as a continuing entity during CIRP, the voting threshold for routine decisions has been reduced to 51%.


    • The applicant must submit a written certificate proving his eligibility for the bid. This places primary responsibility on the author of the decision to certify its eligibility.


    • The minimum one-year grace period for successful decision-maker to fulfill various legal obligations.


    • Inability to apply the waiver period for the application of the guarantee


    • The special decision of corporate managers for themselves leads to bankruptcy.[frontpage_news widget=”2154″ name=”GST”]


# IT: does not ask for the addition of u / s 68 as a way to replace an asset with another asset rather than a cash – ITO versus. Shikha Khandelwal (2018 (6) TMI 294 – ITAT Delhi).

# IT: Lack of u / w mediation 48 – The burden was on the entity to prove that the expenses had been incurred – The brokerage commission is paid by deducting the permissible checks – Pr. Vs. CIT Sarita Arora (2018 (6) TMI 297 – Calcutta HC).

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