Saturday, March 23, 2019

US DOLLAR DOWN VS YEN Due to US TREASURY TURN FLASH WARNING

March 23, 2019 0
US DOLLAR DOWN VS YEN Due to US TREASURY TURN FLASH WARNING -  - www.corporateslaw.com

The US dollar fell against the Japanese yen on Friday, as did the pessimistic data from the US manufacturing industry. They were worried about the economy in general and government bond yields indicated a growing fear of a recession, but the US dollar rose against the euro because a much weaker than expected German production survey raises concerns The mighty European economy could slowing down.
  •  The spread between three-month Treasury bonds and 10-year bond yields was reduced for the first time since 2007 after data from the US PMI. Estimates will not reach. This inversion of the yield curve is generally seen as a leading indicator of the recession.


"We need to take seriously the fact that this is a sign of slowing growth or a potential recession in the next 12 to 18 months." That's what the Fed is taking a closer look at, "said Sean Simko, 

Head of Global Fixed Income Management at SEI Investments Co. in Oaks, PA.The US Dollar was down 0.66% compared to the yen at 110.07, up to 6 weeks for the Japanese currency, SEE ALSO: the pound stabilizes but struggles to recover after the Japanese currency. "Delay agreement on Brexit" The recovery (in yen ) is not in line with the Japanese economy, it is rather a safe Alfonso Esparza, chief foreign exchange analyst at Oanda in Toronto.The largest creditor country and the largest creditor country in the world benefit when investors companies repatriate funds in times of financial or geopolitical tensions US dollar, which has come under pressure Federal Reserve investors have abandoned all plans to raise interest rates this year and have found a thanks to a weaker euro. "In March, SMEs confirm that GDP growth in the first" We are in the three major advanced economies, with Germany, which continues to suffer from the slowdown in global production, "wrote Simon MacAdam, a world economist such as Capital Economics.

"This helps to reinforce the idea that we expect a more significant and broad-based growth slowdown than expected by the markets a few months ago," said Karl Schamotta.

"What we see is a kind of recognition that the Fed is responding to deeper risks in the global economy," said the British Prime Minister. could leave without agreement, found overnight when European leaders gave two weeks late to Prime Minister Theresa May, to decide the way to leave Britain. US dollar: Canadian dollar weakened by up to 11 days against US counterpart, available data corroborate slowdown in Canadian economy.

Monday, December 17, 2018

FEATURE OF NIDHI COMPANY

December 17, 2018 0
-:BENEFITS OF NIDHI COMPANY:-


-:BENEFITS OF NIDHI COMPANY:-



2. MANDATORY REQUIREMENTS
  • public Company with a minimum paid up capital of Rs. 5 Lacs
  • Shall not issue preference shares
  • Shall have last words “Nidhi Limited” as a part of its name.
  • Minimum 3 Directors which shall mandatorily be a member of Nidhi Company.
  • Minimum 7 shareholders.

3. MANDATORY REQUIREMENTS AFTER INCORPORATION OF NIDHI COMPANY :
  • Within a period of one year of incorporation, the Nidhi Company has to ensure the following compliances:
  • Minimum 200 members
  • Net owned funds (“NOF”) of at least Rs. 10 lakhs. (Net owned fund means the aggregate of paid-up equity share capital and free reserves as reduced by accumulated losses and intangible assets appearing in the last audited balance sheet)
  • The ratio of NOF to deposits of not more than 1:20.
  • Unencumbered term deposits of not less than 10% of the outstanding deposits


4. RESTRICTIONS FOR NIDHI COMPANY
  • issue preference shares or debt instruments. 
  • open any current account with its members. 
  • acquire any Company by way of purchase of securities or controlling the composition of Directors unless approval has been taken from the Regional Director. 
  • carry on any business other than the business of borrowing and lending its own name. 
  • accept deposits from and lend to anyone else, apart from its members. 
  • Hypothecation any of the assets lodged by its members as security take deposits from any body corporate.
  • into any partnership arrangement in its borrowing or lending activities.
  • advertisement for soliciting the deposit. 
  • pay any brokerage or incentive for mobilizing deposits from members or for granting loans. 
  • levy service charges for issue of its shares or issues less than 10 shares per deposit holder. 
  • grant loans to members exceeding the ceiling as mentioned in the Nidhi Rules, 2014. 
  • A charge rate of interest exceeding 7.5%. 
  • does not declare dividend exceeding 25%
5. DEPOSITS AND ITS ACCEPTANCE

Company shall accept deposits in the following manner:-

  • Shall not accept deposits exceeding twenty times of its NOF. 
  • Fixed Deposits shall be accepted for a period of minimum 6 months to maximum 60 months. 
  • Recurring Deposits shall be accepted for a period of minimum 12 months to maximum 60 months. 
  • Unnumbered Term Deposits: Every Nidhi Company shall invest and continue to keep investing, in unencumbered term deposits with a scheduled commercial bank, or post office deposits in its own name an amount which shall not be less than ten per cent. of the deposits outstanding at the close of business on the last working day of the second preceding month. Further, in case of any unforeseen emergency, the limit of 10% can be withdrawn only after prior approval of the Regional Director.

  • The Director shall not hold office for a term up to ten consecutive years.

  • Shall be eligible for re-appointment only after the expiry of two years from the date of expiry of ten years period.

6. STATUTORY COMPLIANCE:-

The Nidhi Company shall have to adhere to all the provisions and sections as applicable to a Public Company except the provisions that have been specifically exempted for Nidhi Company. Further, instead of Form AOC-4 and MGT-7 that we file for normal Companies, the following forms shall have to file for Nidhi Companies:

    NDH-1:

  • Within 90 days of closure of first financial year after its incorporation certified by a company secretary in practice or a chartered accountant in practice or a cost accountant in practice certifying that the Nidhi Company has duly complied with its post incorporation compliances. 


    NDH-3:

  • Half yearly return shall have to be filed within 30 days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice or cost accountant in practice. 

  • Auditors Certificate that the Company has requisitely complied with all the provisions of the Act. 

Further, the Income Tax provisions w.r.t. a Nidhi Company and a normal Company are the same.

Friday, November 16, 2018

Create Charge on Company Assets under Companies Act 2013

November 16, 2018 0

Create Charge on Company Assets under Companies Act 2013

Definition Companies Act 2013:- Section 2(16) “Charge” means an interest or lien Created on the property or assets of the company or any on its undertaking or both as security include a mortgage.

-: Registration of charge:-

Companies Act, 2013:- Section 77 levied duty primarily on the company creatinga charge and to register charge with ROC. Company Creating a Charge,

"Register the particular charge signed by the company and the charge holder with it to Registrar"

Section -78 of the companies act, 2013 give benefit to charging holder to the registration of the charge along with the instrument where the company fails to register u/s 77, on such application, within 14 Days after giving notice to the company,
  • unless the company itself register the charge,
  • or company give sufficient reason why such charge should not be registered, allow such registration on payment of such fees as may be prescribed.
In such case, charge holders have the right to incurred expense from the company.

-: Form to be filling for Charge registration:-


A company shall give intimation to Registrar in e-form CHG-4, of the payment or satisfaction in full of any charge registered under this Chapter within a period of 30 days from the date of such payment or satisfaction.


If fails to Register charge within 300 days:-

If the particulars creation/modification/satisfaction of charge is not filed within the period of 300 days, as mentioned above, only the Central Govt. has the power to condone such delay. An application for condonation of delay u/s 87 shall be filed with the Central Government in Form No.CHG-8 along with the prescribed fee. The order passed by the Central Government u/s 87 shall be required to be filed with the Registrar in e-Form No. INC-28 along with the fee as per the conditions stipulated in the said order.

-: The issue of certificates by ROC IN:-

Register of Charges must be maintained in CHG-7

Register of charge and instrument of charges shall be open for inspection

-: Punishment for the contravention:-

– punishable with fine which shall not be less than one lakh rupees but which may extend to ten lakh rupees.

Tuesday, November 13, 2018

GENERATE/MODIFY/DELETE E-WAY BILL BY SMS

November 13, 2018 0
-:GENERATE/MODIFY/DELETE E-WAY BILL BY SMS:-


GENERATE/MODIFY/DELETE E-WAY BILL BY SMS


TWO METHOD OF MANAGING E-WAY BILLS:-

  1. WEB PORTAL
  2. VIA SMS
The person who wants Generate Bulk E-way Bill then Go threw WEB PORTAL FACILITY.

The person who want to Generate Single E-way Bill and users don't have facilities to generate E-way BILL

  • SMS threw generate E-way Bill:-

How to register SMS Facilities under E-way Bill? 

  • login on Portal and 
  • Click on "registration" left-hand side of the portal dashboard 


https://www.corporateslaw.com/2018/11/generatemodifydelete-e-way-threw-sms.html
  • Click on "Send OTP" and enter the OTP which is send on registered mobile number




  • A maximum "Two Mobile Number" can Be Registered against "ONE GSTIN"
  • Multiple user ID against one mobile number, the following screen appears:
GENERATE/MODIFY/DELETE E-WAY THREW SMS

-: HOW TO USE THE SMS FACILITIES FOR GENERATING AND CANCELLING E-way BILL:-

There are a set of SMS codes defined which can be used to work on the e-way bills generation/ cancellation.



Download SMS Codes Here

While using this facility, suppliers or transporter has to ensure that correct information is keyed in, to avoid any errors.

For example, EWBG/EWBT for Eway Bill Generate Request for suppliers and transporters respectively; EWBV for Eway Bill vehicle update Request; EWBC for Eway Bill Cancel Request are the codes.

-:Overview:-

Type the message( code_input info) and send the SMS to the mobile number of the State from which user(taxpayer or transporter) is registered.Eg: 97319 79899 in Karnataka

Type the relevant code for the desired action eg: Generation or cancellation and /or type the input against each code giving single space and wait for validation to take place. Verify and proceed.

Let’s see how to use this SMS facility for different actions as follows:

  • For Suppliers- Generate E-way bills

The format of SMS request is as follows:

EWBG TranType RecGSTIN DelPinCode InvNo InvDate TotalValue HSNCode ApprDist Vehicle

Send this SMS to the registered mobile number of the State from which you are operating. Eg: 97319 79899 in Karnataka

Illustration:-

Mr. A of Bangalore, Karnataka delivering goods worth Rs. 1,00,000 bearing HSN code-7215, against an invoice he created- No. 1005 dated 27/01/2018 to a unit of Mr. B at Kolar, Karnataka through vehicle number KA 12 AB 2456 covering a distance of 73 km.

The draft SMS to be typed in by Mr. A will be:

EWBG OSUP 29AABPX0892K1ZK 560021 1005 27/01/2018 100000.00 7215 73 KA12AB2456

This SMS needs to be sent to “ 9731979899 ” mobile number( officially registered for Karnataka users)

A message as follows is received as reply instantly if no errors:

E-way bill generated successfully. E-Way Bill No:181000000287 and date is 27/01/2018

  • For Transporters- Generate e-way bills

The format of SMS request is as follows:

"EWBT TranType SuppGSTIN RecGSTIN DelPinCode InvNo InvDate TotalValue HSNCode ApprDist Vehicle"
Send this SMS to the registered mobile number of the State from which you are operating. Eg: 97319 79899 in Karnataka

Illustration:-

Sans Transports of Bangalore, Karnataka a GTA delivering goods worth Rs. 1,50,000 bearing HSN code-7215, on behalf of Mr. A of Bangalore, Karnataka, against the invoice – No. 456 dated 20/01/2018 to a unit of Mr. B at Kolar, Karnataka through vehicle number KA 02 AB 7542 covering a distance of 73 km.

The draft SMS to be typed in by the operator at Sans Transports will be :

“ EWBT OSUP 29AABPX0892K1ZK 29AAEPM1443K1ZP 560021 456 20/01/2018 150000.00 7215 73 KA02AB7542 ”

This SMS needs to be sent to “ 9731979899 ” mobile number( officially registered for Karnataka users)

A message as follows is received as reply instantly if no errors:

“ E-way bill generated successfully. E-way Bill No:171000006745 and date is 20/01/2018 ”

  • Updation of Vehicle Number

The format of SMS request is as follows:

EWBV EWB_NO Vehicle ReasCode

Send this SMS to the registered mobile number of the State from which you are operating. Eg: 97319 79899 in Karnataka

Illustration:-

Sans Transports of Bangalore, Karnataka a GTA delivering goods worth Rs. 1,50,000 bearing HSN code-7215, on behalf of Mr. A of Bangalore, Karnataka, against the invoice – No. 456 dated 20/01/2018 to a unit of Mr. B at Kolar, Karnataka through vehicle number KA 02 AB 7542 covering a distance of 73 km has generated the eway bill no. 171000006745 dated 20/01/2018

Suppose the vehicle breaks down during the journey on 20/01/2018 afternoon and Sans Transports arranges alternate vehicle bearing registration number KA 43 AB 2267 for the delivery of the consignment to the destination.

The draft SMS to be typed in by the operator at Sans Transporters will be :

“EWBV 171000006745 KA43AB2267 BRK”

This SMS needs to be sent to “ 9731979899 ” mobile number( officially registered for Karnataka users)

A message as follows is received as reply instantly if no errors:

“Vehicle details updated successfully and date is 20/01/2018”

Note: The eway bill cannot be updated with the vehicle details, If in case the validity of the eway bill expires eg. one day in case distance covered is less than 100 km.

  • Cancel E-way bill:-

The format of SMS request is as follows:

EWBC EWB_NO

Send this SMS to the registered mobile number of the State from which you are operating. Eg: 97319 79899 in Karnataka

Illustration:

M.r A of Bangalore, Karnataka wants to cancel the e-way bill generated by him bearing number 160056750192.

The draft SMS to be typed in by Mr. A will be :

“ EWBC 160056750192 ”

This SMS needs to be sent to “ 9731979899 ” mobile number( officially registered for Karnataka users)

A message as follows is received as reply instantly if no errors:

“ e-way bill is canceled successfully ”

Errors are sent to the user as reply messages automatically.

For example: “This e-way Bill is not generated by your GSTIN” and so on. Then make the necessary correction in the SMS and resend.

Note the following:-

1. Cancellation is allowed only for a generator of the E-Way Bill
2. Cancellation is allowed with 24 hours of generation of E-Way Bill
3. The verified e-waybill cannot be canceled

Friday, November 2, 2018

PENALTY FOR NON-GENERATE E-WAY BILL

November 02, 2018 0
-:PENALTY FOR NON-GENERATE E-WAY BILL:-

www.corporateslaw.com

E-way bill is an electronically produced archive obligatory, to be conveyed for development of merchandise crosswise over India. It is essential for the development of merchandise worth more than Rs. 50,000 with a few exemptions.

A novel E-way Bill number (EBN) would be created for each such dispatch to be transported. The legitimacy of this EBN relies upon the separation of transportation of merchandise.


To implement this standard, approved officers might be told to capture any vehicle at certain check posts for the confirmation of essential reports. Also, a physical confirmation of the vehicle might be completed on getting particular sources of info with respect to tax avoidance.

This article covers:- 

1. Consequences of not conveying E-way bill

-: Outcomes of not conveying Eway bill:- 

The outcomes of not producing and conveying the EWay bill can result in both fiscal and non-money related misfortunes to the citizen. goods being moved in the contradiction of Law are obligated for:-
www.corporateslaw.com
  • Goods are Transported without E-way Bill 

Moving products without the front of a receipt and E-way bill comprises an offense and pulls in a Penalty is:-
  1.  ₹10,000 or the duty tried to be evaded (whichever is more). 
  2. The absolute minimum punishment that is exacted for not consenting the guidelines is Rs. 10,000. 
  • Detention and Seizure:- 
If the Goods are transported without GST and Goods are Detention and Seizure:-
  1.  If the proprietor wishes to pay the punishment, he should pay 100% of the duty payable. 
  2. If not, the punishment will be equivalent to half of the estimation of products.

Aside from the legitimate results made reference to above, it is likewise vital to take note of that the vehicle, and also the merchandise of the citizen, can be kept. This would imply that the citizen's store network would get influenced because of the long deferrals at the check posts.



Tuesday, October 30, 2018

GST E-WAY BILL FORM-01

October 30, 2018 1
-:Aerial Aspect of Generate E-way Bill:-


https://www.corporateslaw.com/2018/10/gst-e-way-bill-form-01.html


  • GST E-WAY Bill is a document which is generated by the person for the movement of goods where value exceed ₹50,000 whether or not a supply.
  • Value of consignment says that the price mention in the invoice/Challan and shall include the Taxes in the of CGST/SGST/IGST/ as well. it excludes the Exempted goods which are included in the taxable goods
  • It includes detailed about the sender, receiver, transporter if having.
  1. Mandatory E-way Bill:-
A. JOB WORK:- Goods sent by the principal from one state to another state for job work

B. HandiCraft Goods:- Goods E-WAY Bill Should also be generated in case of dealer exempt under GST registration

     2. Exceptions:-

  • The way of transport is a non-motor vehicle
  • Goods transport by customs
  • Transport of goods which include under CGST Act.
  • whether goods being transported are treated as "no supply"

HOW TO GENERATE E-WAY BILL? 

A client needs to register on the basic entry of e-Way Bills before he can begin utilizing the administrations.
E-Way Bills can be produced in various ways. GSTN has given after modes to creating e-Way Bills:

1. Online: Anyone can log in to the e-Way Bill entrance as the client or sub-client by and large and Click on 'Generate new' alternative under the principle tab 'e-way Bill' showing up on the left-hand side of the dashboard

2. Via SMS: An extremely advantageous in a hurried choice for producing e-Way Bills have been presented under GST. Utilize this mode now and again of crisis

3. Use Bulk-age generation: device to create numerous e-Way Bills by a solitary transfer of JSON record. This office might be utilized by expansive corporates having a lot of relegations to be conveyed.

-: Explained GST E-way Bill Form-01:-

  • E-way Bill generated in GST E-way Bill portal
  • The form having 1 Digit E-way Bill number, date of a generation with the name of the generator it having to contain which is mention Below:-
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PART A must be topped off at the season of Generation of the e-Way Bill out of the blue by:

• the Supplier or

• the Recipient where the provider is unregistered or

• the E-commerce business administrator, whenever provided on an online business stage

• the transporter, if no e-Way Bill was created for that Invoice/challan by provider/beneficiary all things considered

Part B with vehicle or movement points of interest must be topped off if the provider himself is transporting merchandise on either possess or contracted a transport.

Yet, where the provider utilizes the administrations of a transporter then Information identified with section A can be sent to the transporter and the transporter produces e-Way Bill topping off Part B alongside it, yet simply subsequent to being approved by that provider.


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Friday, October 26, 2018