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GST Taxability of services provided by Industrial Training Institutes (ITI)

Central Board of Indirect Taxes and Customs (CBIC) has issued a circular (no. 55/29/2018-GST dated the 10th August, 2018) regarding 'Taxability of services provided by Industrial Training Institutes (ITI)', which reads as follows:-

Representations have been received requesting to clarify the following: 

 (a) Whether GST is payable on vocational training provided by private ITls in designated trades and in other than designated trades.

 (b) Whether GST is payable on the service, provided by a private Industrial Training Institute for conduct of examination against consideration in the form of entrance fee and also on the services relating to admission to or conduct of examination.

Form GSTR-1 filing due dates: Months from July 2018 to March 2019

A. Due dates for quarterly furnishing of FORM GSTR-1 for those taxpayers with aggregate turnover of upto Rs.1.5 crores for the period from July, 2018 to March, 2019

Central Board of Indirect Taxes and Customs Notification No. 33/2018 – Central Tax dated the 10th August, 2018, reads as follows:-

In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notifies the registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year, as the class of registered persons who shall follow the special procedure as mentioned below for furnishing the details of outward supply of goods or services or both.

Form GSTR-3B filing due dates: Months from July 2018 to March 2019

Central Board of Indirect Taxes and Customs (CBIC) Notification No. 34/2018 – Central Tax dated the 10th August 2018, reads as follows:-

In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act) read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017 (hereafter in this notification referred to as the said rules), the Commissioner, on the recommendations of the Council, hereby specifies that the return in FORM GSTR-3B of the said rules for each of the months from July, 2018 to March, 2019 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month.

Special Court for North Eastern Region under Sec 280A(1), I.T. Act 1961

Central Board of Direct Taxes (CBDT) (Investigation Division-V) Notification dated, the 8th August, 2018, reads as follows:-

S.O. 3942(E).—In exercise of the powers conferred by sub-section (1) of section 280A of the Income-tax Act, 1961 (43 of 1961), the Central Government, in consultation with the Chief Justice of the Gauhati High Court hereby designate the Court of Munsiff No. 3 -cum-Judicial Magistrate, 1st Class, Kamrup (M), Guwahati as the Special Court for the North Eastern Region for the purposes of the said sub-section.

[SEBI] Transfer of securities in Demat form / holding shares in physical form

Aug 10, 2018: SEBI has informed/clarified the followings regarding the Amendment to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandating transfer of securities in dematerialized form with a depository.

SEBI amended Regulation 40 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 wherein it was intimated that transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository with effect from December 5, 2018.

Pursuant to the amendment, several initiatives were taken by SEBI to spread awareness about the proposed change.  Listed companies, Depositories and Exchanges have been advised to take special efforts to reach out to the investors holding physical securities. However, SEBI keeps receiving several calls and/or emails concerning the applicability of the amendment.

In view of the above, the following is hereby clarified:

SEBI seeks Public comments on Fair Market Conduct report by 24 Aug 2018

Aug 09, 2018: constituted a Committee on Fair Market Conduct in August, 2017 under the Chairmanship of Shri T.K. Viswanathan, Ex-Secretary General, Lok Sabha and Ex- Law Secretary. The Committee was mandated to review the existing legal framework to deal with market abuse to ensure fair market conduct in the securities market.

The Committee was also mandated to review the surveillance, investigation and enforcement mechanisms being undertaken by SEBI to make them more effective in protecting market integrity and the interest of investors from market abuse.

Monitoring of Qualified Registrars to an Issue & Share Transfer Agents

SEBI Circular No. SEBI/HO/MIRSD/DoP/CIR/P/2018/ 119 dated 10th August, 2018, regarding "Enhanced monitoring of Qualified Registrars to an Issue and Share Transfer Agents", reads as follows:-

1. SEBI constituted a Committee under the Chairmanship of Shri R. Gandhi, Former Deputy Governor, Reserve Bank of India to review the regulations and relevant circulars pertaining to Market Infrastructure Institutions (MIls). The Committee also looked into the desirability of extending the extant framework of MIIs to certain market intermediaries including the Registrars to an Issue and Share Transfer Agents (RTAs) servicing more than 2 crore folios (hereinafter referred to as “Qualified RTAs” or “QRTAs”).


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