About Article: This article contains various Compliance requirements for the Month of September, 2023 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.
If you think compliance is expensive, try non‐ compliance”
Compliance Requirement Under:
1. Foreign Exchange Management Act, 1999 (FEMA) and Important Notifications
2. Income Tax Act, 1961
3. Goods & Services Tax Act, 2017 (GST) and Important Updates / Circulars
4. Other Statutory Laws and Updates
5. SEBI (Listing Obligations & Disclosure Requirements) (LODR) Regulations, 2015
6. SEBI Takeover Regulations 2011
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
8. Companies Act, 2013 (MCA/ROC Compliance) and Notifications
9. Insolvency and Bankruptcy Board of India (IBBI) Updates
10. MSME Key Updates
11. Cabinet Decisions / New Acts
12. Legal Metrology
- Key Compliances under FEMA / RBI
| Applicable Laws/Acts | Due Dates | Compliance Particulars | Forms / (Filing mode) |
| FEMA ACT 1999 | 15th of every year (Revised return can be filed) | Annual return on Foreign Liabilities and Assets is required to be submitted by all the India resident companies which have received FDI and/ or made overseas investment in any of the previous year(s), including current year by July 15th every year. | FLAIR System Click Here |
| FEMA ACT 1999 | Not later than 30 days from the date of issue of Capital instrument | FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India. | Form FC-GPR |
| FEMA ACT 1999 | With in 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier. | Reporting of transfer of shares and other eligible securities between residents and non-residents and vice- versa is to be made in Form FC-TRS. The onus of reporting shall be on the resident transferor/ transferee. | Form FC-TRS. |
| FEMA ACT 1999 | Within 30 days from the date of receipt of the amount of consideration. | A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1 | Form FDI LLP-I |
| FEMA ACT 1999 | within 60 days from the date of receipt of funds in | A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa) | Form FDI LLP-II |
| FEMA ACT 1999 | within 30 days from the date of allotment of capital instruments | The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts | Downstream statement -Form DI & reporting at FIFP too |
| Types of Accounts | Capital Account and Current Account – The purpose of the capital account is to adjust the assets and liabilities of individuals outside India to persons residing in India. Thus any transaction that results in a change of the overseas assets and liabilities in India of an Indian residing outside India or transactions overseas of a person residing in India will be considered under the capital account. All other transactions fall under the category of the current account. | ||
| NRI Bank Accounts | There is option for the Non-Resident Indians to set up various bank accounts in India, like FCNR, NRE and NRO Accounts. | ||
- RBI Circulars / Notifications: August, 2023
| Sl. | Particulars of the Circulars | Link |
| 1 | RBI-Digital Payments Index for March 2023 | Click Here |
| 2 | Premature redemption under Sovereign Gold Bond (SGB) Scheme – Redemption Price for premature redemption due on August 05, 2023 (Series I of SGB 2016-17) | Click here |
| 3 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 4 | Sectoral Deployment of Bank Credit – June 2023 | Click here |
| 5 | Lending and Deposit Rates of Scheduled Commercial Banks – July 2023 | Click here |
| 6 | Withdrawal of ₹2000 Denomination Banknotes – Status | Click here |
| 7 | Survey of Foreign Liabilities and Assets of Mutual Fund Companies – 2022-23 | Click here |
| 8 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 9 | Reserve Bank of India to Launch the Pilot Project for Public Tech Platform for Frictionless Credit | Click Here |
| 10. | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 11. | Data on India’s Invisibles for Fourth Quarter (January – March) 2022-23 | Click here |
| 12 | 10 NBFCs surrender their Certificate of Registration to RBI | Click here |
| 13 | Result of Yield Based Auction of State Government Securities | Click here |
| 14 | Reserve Bank of India Act, 1934 – Section 42(1A) – Requirement for maintaining additional CRR | Click here |
| 15 | Enhancing transaction limits for Small Value Digital Payments in Offline Mode | Click Here |
| 16 | Reset of Floating Interest Rate on Equated Monthly Instalments (EMI) based Personal Loans | Click here |
| 17 | Review of Regulatory Framework for IDF-NBFCs | Click here |
| 18 | Minutes of the Monetary Policy Committee Meeting, August 8 to 10, 2023 | Click here |
| 19 | Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract | Click here |
| 20 | 30th Meeting of the FSDC Sub-Committee | Click here |
| 21 | Financial Action Task Force (FATF) High risk and other monitored jurisdictions – June 23, 2023 | Click here |
| 22 | Overseas Direct Investment for July 2023 | Click here |
- Important Updates, August – 2023:
1. RBI Monetary Policy Highlights: MPC keeps repo rate unchanged at 6.5%; inflation for FY24 pegged at 5.4%
RBI keeps repo rate unchanged at 6.5%. Besides the repo rate, RBI Governor has made a slew of announcements related to the central bank’s GDP projection, inflation outlook, liquitidy, macro economy, UPI payments, etc. Here are the key details.
RBI Monetary Policy Highlights
Following are the highlights of the bi-monthly monetary policy announced by the Reserve Bank Governor Shaktikanta Das on Thursday.
- Reserve Bank of India (RBI) has retained key policy repo rate retained at 6.5 per cent. This is the third meeting on the trot that the MPC decided to maintain the status quo on the repo rate.
- RBI has maintained that the focus would be on withdrawal of accommodative policy stance to ensure that inflation progressively aligns with target, while supporting growth
- It has retained GDP growth projection for FY24 at 6.5 per cent
- RBI has marginally revised inflation forecast to 5.4 per cent. According to the central bank, spike in vegetable prices, led by tomatoes, may exert sizeable upside pressures on near-term inflation trajectory
- RBI will take steps to ensure greater transparency in interest rate reset of EMI-based floating interest loans. The borrowers to get options of switching to fixed rate loans or foreclosure of loans
- The Reserve Bank is planning to artificial intelligence (AI) in UPI payments. Near Field Communication (NFC) technology will be deployed in offline payments via in UPI-Lite
- RBI proposes to enhance transactions limits for small value digital payments to ₹500 from ₹200 in UPI Lite
- To absorb surplus liquidity generated by various factors, including return of ₹2000 notes to the banking system, RBI has asked banks to maintain an incremental Cash Reserve Ratio (ICRR) of 10 per cent on the increase in their deposits between May 19 and July 28.
- RBI Governor Shaktikanta Das has announced that the cash reserve ratio (CRR) remains unchanged at 4.5 per cent
- According to RBI projections, current account deficit to remain eminently manageable during FY24
- Next meeting of the RBI rate setting panel (MPC) will be held October 4-6.
- (Source: Click Here)
2. RBI urges urban cooperative banks to strengthen governance
The Reserve Bank of India (RBI) on August 30 urged directors of urban cooperative banks (UCBs) to further strengthen their governance practices, especially the three supporting pillars of compliance, risk management and internal audit.
“The quality of governance was the most important aspect in ensuring stability of individual banks and the directors of UCBs are urged to further strengthen governance practices,” RBI Governor Shaktikanta Das said at a conference of directors on the boards of Tier 3 and 4 UCBs in Mumbai Zone.
On the functioning of boards, the governor emphasised five aspects – adequate skills and expertise of directors, constitution of a professional board of management, diversity and tenure of board members, transparent and participatory nature of board discussions, and effective functioning of board-level committees, the central bank said in a release.
The conference was also attended by deputy governors M Rajeshwar Rao and Swaminathan J, along with executive directors representing the RBI’s Departments of Supervision, Regulation and Enforcement, and other senior officials, according to the press release.
The central bank has started engaging with the directors of its regulated entities. Two separate conferences were held with directors on boards of public sector banks and private sector banks in May 2023.
- (To Read more Click Here)
- Compliance requirement under Income Tax act, 1961
| Sl. | Compliance Particulars | Due Dates |
| 1 | Due date for deposit of Tax deducted/collected for the month of August, 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan | 07.09.2023 |
| 2. | Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of July, 2023 | 14.09.2023 |
| 3 | Due date for issue of TDS Certificate for tax deducted under section 194-IB in the month of July, 2023 | 14.09.2023 |
| 4 | Due date for issue of TDS Certificate for tax deducted under section 194M in the month of July, 2023 | 14.09.2023 |
| 5 | Due date for issue of TDS Certificate for tax deducted under section 194S in the month of July, 2023 Note: Applicable in case of specified person as mentioned under section 194S | 14.09.2023 |
| 6 | Due date for furnishing of Form 24G by an office of the Government where TDS/TCS for the month of August, 2023 has been paid without the production of a challan | 15.09.2023 |
| 7 | Second instalment of advance tax for the assessment year 2024-25 | 15.09.2023 |
| 8 | Due date for furnishing statement in Form no. 3BB by a stock exchange in respect of transactions in which client codes been modified after registering in the system for the month of August, 2023 | 15.09.2023 |
| 9 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IA in the month of August, 2023 | 30.09.2023 |
| 10 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194-IB in the month of August, 2023 | 30.09.2023 |
| 11 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194M in the month of August, 2023 | 30.09.2023 |
| 12 | Due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S in the month of August, 2023 Note: Applicable in case of specified person as mentioned under section 194S | 30.09.2023 |
| 13 | Due date for filing of audit report under section 44AB for the assessment year 2023-24 in the case of a corporate-assessee or non-corporate assessee (who is required to submit his/its return of income on October 31, 2023) | 30.09.2023 |
| 14 | Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply income of previous year in the next year or in future (if the assessee is required to submit return of income on November 30, 2023). | 30.09.2023 |
| 15 | Statement in Form no. 10 to be furnished to accumulate income for future application under section 10(21) or section 11(1) (if the assessee is required to submit return of income on November 30, 2023). | 30.09.2023 |
| 16 | Quarterly statement of TCS deposited for the quarter ending June 30, 2023 Note: The due date of furnishing TCS statement has been extended from June 30, 2023 to September 30, 2023 vide Circular no. 9/2023, dated 28-06-2023 | 30.09.2023 |
| 17 | Quarterly statement of TDS deposited for the quarter ending June 30, 2023 Note: The due date of furnishing TDS statement has been extended from June 30, 2023 to September 30, 2023 vide Circular no. 9/2023, dated 28-06-2023 | 30.09.2023 |
- Centre Announces 3-Month Extension For Implementing Revised TCS Rates
Increased TCS rates to apply from 1st October, 2023: The increase in TCS rates; which were to come into effect from 1st July, 2023 shall now come into effect from October 1, 2023. Source: Click Here
- Importatnt updates – August, 2023:
1. New income tax rules for these salaried taxpayers from today. Details here
New income tax rules for these salaried taxpayers: The income tax department has announced major relief to taxpayers, availing company-provided rent-free homes. It has lowered the tax for employees staying in such accommodations. The new rule comes into effect from today, September 1, 2023.
Income tax rules for company-provided rent-free homes
1)10 percent of salary in cities having a population exceeding 40 lakh as per the 2011 census.
2)7.5 percent of salary in cities having a population exceeding 15 lakh but not exceeding 40 lakh as per the 2011 census.
What is perquisite?
The value of rent-free provided to an employee by the employer is taxable as prerequisite.
What is RFA?
“Rent-free accommodation is a perquisite given to employees by the employer where an employee gets a place to live from their employer without paying much or anything at all. It’s a work-related benefit that’s part of the employee’s income and is taxed under ‘Salaries’,” said Abhishek Soni, CEO and Co-founder Tax2win
- (To know more: Click Here)
2. Income Tax on Pension: All you need to know about tax paid by senior citizens
Investing for the retirement phase is a crucial aspect of financial planning. Considering the rising inflation levels and limited social security options for senior citizens, many have emphasised planning their retirement early. No one wants to depend on others and enter into a retirement life without a steady income. Most people rely on their pension after retirement. It is a guaranteed income that individuals receive on a monthly basis. This not only helps them to cover their necessary expenses but also allows them to remain financially independent.
Though pension is the only source of income and the amount could be much lesser than your regular salary during employment years it attracts Income Tax. It’s important to consider the taxation part in your financial planning for retirement.
Income Tax on pension
No matter what the source of their pension is, just like our regular earnings, pension is also subject to taxation under the head of ‘Income from Salary’. As per the Income Tax Act 1961, pension is also considered as a source of income and thus becomes taxable as per the taxpayer’s respective tax slabs. If the pension is received from the government or from life insurance companies, then it is taxed under the head of ‘Income from Other Sources.
- (To know more: Click Here)
- Important Notifications – For the month of August – 2023:
| Sl. | Particulars of the Notification(s) | File No. / Circular No. | Link(s) |
| 1. | Standard Operating Procedure (SOP) for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155 of the Income-tax Act, 1961 – reg. | Circular No. 14 of 2023 | Click Here |
| 2. | Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income-tax Act, 1961 for returns of income claiming deduction u/s 80P of the Act for various assessment years from AY 2018-19 to AY 2022-23 | Circular No. 13 of 2023 | Click Here |
| 3. | The Income-tax (Fourteenth Amendment) Rules, 2023. | Notification No. 54/2023 | Click Here |
| 4. | The Income-tax (Fifteenth Amendment) Rules, 2023 | Notification No. 58/2023 | Click Here |
| 5. | ‘Chandigarh Building and Other Construction Workers Welfare Board, Chandigarh’(PAN AALC0595J | Notification No. 59/2023 | Click Here |
| 6 | The Income-tax (Ninteenth Amendment) Rules, 2023. | Notification No. 70/2023 | Click Here |
| 7 | The Income tax (Eighteenth Amendment), Rules, 2023 | Notification No. 65/2023 | Click Here |
| 8 | The Income-tax (Seventeenth Amendment) Rules, 2023 | Notification No. 64/2023 | Click Here |
- Compliance Requirement under GST, 2017
A. Filing of GSTR –3B / GSTR 3B QRMP
a) Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
| Tax period | Due Date | Particulars |
| Aug, 2023 | 20th September, 2023 | Due Date for filling GSTR – 3B return for the month of Aug, 2023 for the taxpayer with Aggregate turnover exceeding INR 5 crores during previous year. |
b). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
| Tax period | Due Date | Particulars | |
| Aug, 2023 | 22nd September, 2023 | Due Date for filling GSTR – 3B return for the month of Aug., 2023 for the taxpayer with Aggregate turnover upto INR 5 crores during previous year and who has opted for Quarterly filing of GSTR-3B | |
| Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep | |||
c). Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
| Tax period | Due Date | Particulars | |
| Aug, 2023 | 24th September, 2023 | Annual Turnover Up to INR 5 Cr in Previous FY But Opted Quarterly Filing | |
| Group B States: Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi | |||
B. Filing Form GSTR-1:
| Tax period | Due Date | Remarks |
| Monthly return (Aug, 2023) | 11.09.2023 | 1. GST Filing of returns by registered person with aggregate turnover exceeding INR 5 Crores during preceding year. 2. Registered person, with aggregate turnover of less then INR 5 Crores during preceeding year, opted for monthly filing of return under QRMP. |
C. Non Resident Tax Payers, ISD, TDS & TCS Taxpayers
| Form No. | Compliance Particulars | Timeline | Due Date |
| GSTR-5 & 5A | Non-resident ODIAR services provider file Monthly GST Return | 20th of succeeding month | 20.09.2023 |
| GSTR -6 | Every Input Service Distributor (ISD) | 13th of succeeding month | 13.09.2023 |
| GSTR -7 | Return for Tax Deducted at source to be filed by Tax Deductor | 10th of succeeding month | 10.09.2023 |
| GSTR -8 | E-Commerce operator registered under GST liable to TCS | 10th of succeeding month | 10.09.2023 |
D. GSTR – 1 QRMP monthly / Quarterly return
| Form No. | Compliance Particulars | Timeline | Due Date |
| Details of outward supply-IFF & Summary of outward supplies by taxpayers who have opted for the QRMP scheme. | GST QRMP monthly return due date for the month of April, 2022 (IFF). Applicable for taxpayers with Annual aggregate turnover up to Rs. 1.50 Crore. Summary of outward supplies by taxpayers who have opted for the QRMP scheme. | 13th of succeeding month – Monthly Quarterly Return | 13.09.2023 |
E. GST Refund:
| Form No. | Compliance Particulars | Due Date |
| RFD -10 | Refund of Tax to Certain Persons | 18 Months after the end of quarter for which refund is to be claimed |
F. Monthly Payment of GST – PMT-06:
| Compliance Particular | Due Date |
| Due Date of payment of GST for a taxpayer with Aggregate turnover up to INR 5 crores during the previous year and who has opted for Quarterly filing of return under QRMP. | 25.09.2023 |
G. GSTR 11: Statement of inward supply of goods or services or both received by UIN holders
GSTR-11 is the return to be filed by the persons who have been issued a Unique Identity Number and claims a refund of the taxes paid on their inward supplies.
Due date: Must be filed by the 28th of the month following the month in which inward supply is received by the UIN holders.
- GST UPDATES – August, 2023:
| Sl. | Notification Particulars | Notification No. | Link (s) |
| 1. | Advisory: e-Invoice Exemption Declaration Functionality Now Available | GSTN 596 | Click Here |
| 2. | Advisory on E-Invoice – Services Offered by the Four New IRPs | GSTN 597 | Click Here |
| 3. | Seeks to notify the provisions of section 123 of the Finance Act, 2021 (13 of 2021). | 27/2023-Central Tax | Click Here |
| 4 | Seeks to notify the provisions of sections 137 to 162 of the Finance Act, 2023 (8 of 2023). | 28/2023-Central Tax | Click Here |
| 5 | Seeks to notify special procedure to be followed by a registered person pursuant to the directions of the Hon’ble Supreme Court in the case of Union of India v/s Filco Trade Centre Pvt. Ltd., SLP(C) No.32709-32710/2018. | 29/2023-Central Tax | Click Here |
| 6 | Seeks to notify special procedure to be followed by a registered person engaged in manufacturing of certain goods. | 30/2023-Central Tax | Click Here |
| 7 | Seeks to amend Notification No. 27/2022 dated 26.12.2022. | 31/2023-Central Tax | Click Here |
| 8 | Seeks to exempt the registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees, from filing annual return for the said financial year. | 32/2023-Central Tax | Click Here |
| 9 | Seeks to notify “Account Aggregator” as the systems with which information may be shared by the common portal under section 158A of the CGST Act, 2017. | 33/2023-Central Tax | Click Here |
| 10 | Seeks to waive the requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions. | 34/2023-Central Tax | Click Here |
| 11 | Seeks to appoint common adjudicating authority in respect of show cause notices in favour of against M/s BSH Household Appliances Manufacturing Pvt Ltd. | 35/2023-Central Tax | Click Here |
| 12 | Seeks to notify special procedure to be followed by the electronic commerce operators in respect of supplies of goods through them by composition taxpayers. | 36/2023-Central Tax | Click Here |
| 13 | Seeks to notify special procedure to be followed by the electronic commerce operators in respect of supplies of goods through them by unregistered persons. | 37/2023-Central Tax | Click Here |
| 14 | Seeks to make amendments (Second Amendment, 2023) to the CGST Rules, 2017. | 38/2023-Central Tax | Click Here |
| 15 | clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 50th meeting held on 11th July, 2023 | 200/12/2023-GST | Click Here |
| 16 | Clarifications regarding applicability of GST on certain services | 201/13/2023-GST | Click Here |
| 17 | Advisory on E-Invoice – Services Offered by the Four New IRPs | GSTN 597 | Click Here |
| 18 | Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022 – Reg. | Circular No. 20/2023 | Click Here |
| 19 | Expansion of automatic LEO facility in ECCS- Reg. | 27/2023-Central Tax | Click Here |
| 20 | Advisory for applicants where GST Registration application marked for Biometric-based Aadhaar Authentication | GSTN 600 | Click Here |
| 21 | ADVISORY: MERA BILL MERA ADHIKAAR SCHEME | GSTN 599 | Click Here |
| 22 | Seeks to extend the due date for furnishing FORM GSTR-1 for April, May, June and July, 2023 for registered persons whose principal place of business is in the State of Manipur | 41/2023 | Click Here |
| 23 | Seeks to extend the due date for furnishing FORM GSTR-3B for April, May, June and July , 2023 for registered persons whose principal place of business is in the State of Manipur | 42/2023 | Click Here |
| 24 | Seeks to extend the due date for furnishing FORM GSTR-3B for quarter ending June, 2023 for registered persons whose principal place of business is in the State of Manipur | 43/2023 | Click Here |
| 25 | Seeks to extend the due date for furnishing FORM GSTR-7 for April, May, June and July , 2023 for registered persons whose principal place of business is in the State of Manipur | 44/2023 | Click Here |
- Monthly Key UPDATE(s) – August, 2023:
1. Online Gaming: Implications of GST amendment and retrospective application
There has been a lot of discussion surrounding the recent changes to the CGST Act, which will only come into effect once all State GST laws have also been amended. One area of particular concern is the potential retrospective application of these changes to online gaming in India.
For the first time, the words “Online Gaming” and “Online Money Gaming” have been introduced in the GST paradigm. The definition of “supplier” under GST law has also been extensively amended.
The amendment in the definition of ‘supplier’ has mammoth ramifications since GST is a tax on ‘supply’ of goods and services, and now the fundamental definition of supply itself stands amended.
The principle issue of concern, in the implication of these amendments, remains the fact that although the amendments have brought paramount, crucial and substantial changes into the paradigm of GST law, they are said to be ‘merely clarificatory’ in nature, thus paving the way for its retrospective application, since an amendment which is clarificatory or explanatory in nature (contrary to a substantive amendment), could only be retrospective in operation.
- (To read more: Click Here)
2. GST Amnesty Scheme: Only few days left to avail benefits; check extended deadline date
Taxpayers who have obtained assessment orders under Section 62 of the CGST Act are given relief under the amnesty scheme. The GST Amnesty Scheme for GSTR 4, GSTR-9 and GSTR-10 for non-filers has been extended by the Central Board of Indirect Taxes and Customs (CBIC). According to the announcement, the form submission deadline of 30 June 2023 has been changed to 31 August 2023.
Amnesty program’s goal is to offer relief to taxpayers who haven’t submitted GSTR-4, GSTR-9, or GSTR-10, among other GST returns.
According to the information published in Times of India newspaper, “Registered person whose registration was canceled on or before 31.12.2022 on account of non filing of returns who-
- Failed to apply for revocation within specified time period or
- Whose appeal against order of cancellation of registration or the order rejecting application for revocation of cancellation of registration has been rejected on the ground of failure to adhere to the prescribed time limit.
GST Amnesty Scheme
Late fee for filing of FORM GSTR-4 returns for the quarters from July 2017 to March 2019 or for the F.Y.s from 2019-20 to 2021-22 has been reduced to Nil for Nil returns Rs. 500/- (Rs. 250/- CGST + Rs. 250/- SGST) for other than Nil returns if returns are filed on or before 30.06.2023.
Maximum late fee is restricted to Rs. 20,000/- (Rs. 10,000/CGST + Rs. 10,000/- SGST) for filing of Annual Return in FORM GSTR-9 for any F.Y. from 2017-18 to 2021-22 if filed on or before 30.06.2023. Late fee for filing of Final Return in FORM GSTR-10 has been reduced to Rs. 1,000/- ( Rs. 500/-CGST + Rs. 500/-SGST) if filed on or before 30.06.2023.
Registered persons whose registration was cancelled on or before 31.12.2022 due to non-filing of returns, may file application for revocation of cancellation of registration after filing of all returns pending upto the effective date of cancellation of registration along with payment of due tax, interest, penalty and late fee thereon on or before 30.06.2023.
Best Judgement Assessment orders issued on or before 28.02.2023 for non-furnishing of valid FORM GSTR-3B returns will be deemed to be withdrawn if such returns are filed on or before 30.06.2023 along with payment of due tax, interest and late fee thereon.
- (To read more: Click Here)
- Compliance under Other Statutory LAws
| Applicable Laws/Acts | Timeline / Due Dates | Compliance Particulars | Forms / (Filing mode) |
| EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952) | 15.09.2023 | PF Payment | ECR |
| ESIC (Employees’ State Insurance Act, 1948) | 15.09.2023 | ESIC Payment | ESI Challan |
| Contract Labour (Regulation & Abolition) Act, 1970 | Within 15 Days of commencement/ completion of contract work | Return/Notice by the Principal employer | Form VI-B |
| Contract Labour (Regulation & Abolition) Act, 1970 | Within 15 Days of commencement/ completion of contract work | Notice of commencement/ completion of contract work by the Contractor | Form VI-A |
| Payment of Gratuity Rule | Within 30 Days of applicability of the Act & any change | Notice of applicability of the Act & any change | Form A or B |
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- Updates TRACKER under Labour LAws – August, 2023:
| Sl. | Particulars | Link |
| 1 | Jayaprada sentenced to 6 months for not paying ESI amount | Click here |
| 2 | Employees Provident Fund: All you need to know about login, EPF balance, interest rate and other details | Click here |
| 3 | EPF – Interest Rate 2022-23, Login, Check PF Balance, Login And More | Click here |
| 4 | Is EPF e-nomination mandatory to partially withdraw money from EPFO accounts? | Click here |
| 5 | Waive professional tax for tea estate workers, says PT chief | Click here |
| 6 | Will effectively enforce labour laws in sugar belt: State to HC | Click here |
| 7 | Jayaprada gets six-months imprisonment over ESI dues | Click here |
| 8 | Min: Works on ESI hosps to begin soon | Click here |
| 9 | Taxation: PPF vs EPF vs VPF | Click here |
| 10 | EPF Account Activate: Now you can activate pf account sitting at home, follow these steps | Click here |
| 11 | EPFO: With PF interest rates stuck since April 2020; can you still make a lot of money through it? | Click here |
| 12 | What to do if your employer does not deposit EPF contributions in your account | Click here |
| 13 | When will EPF interest for FY 2022-23 be credited, how to check EPF account balance | Click here |
| 14 | Data | The contours of India’s ‘formal jobs’ crisis | Click here |
| 15 | EPFO interest rate credit news: Govt approves 8.15% rate for Provident Fund (PF) deposits for 2022-23 | Click here |
5. SEBI – Securities Exchange Board of INDIA
- Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015
A. Half Yearly Compliances:
| Sl. No. | Regulation No. | Compliance Period (Due Date) | Due Date |
| 1. | Regulation 23(9) Related party transactions. | a) Provided further that the listed entity shall make such disclosures every six months within 15 days from the date of publication of its standalone and consolidated financial results: b) Disclosure of Related Party Transactions as per Regulation 23(9) needs to be filed on the same day on which financial results are published to stock exchange. | a) within 15 days from the date of publication b) disclosures every six months on the date of publication of its standalone and consolidated financial results (w.e.f. 01.04.2023) |
B. Regular / Annual Compliances:
| REG NO | REGULATION NO | PARTICULARS | TIMELINE |
| 47 Advertisements in Newspapers. | 47 (3) Advertisements in Newspapers | Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved. | 48 HOURS |
| 46 Website | 46(2)(s) | The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that FY.] | 21 days prior 1 days prior to the date of AGM |
| Annual Disclosure requirements for large entities | Circular No. SEBI/HO/DDHS/CIR/P/2018/144 | Annual Disclosure to be made by an entity identified as a Large Corporates (To be submitted to the Stock Exchange(s) within 45 days of the end of the FY) (Applicable for FY 2020 and 2021) | Within 45 days of the end of the FY |
C. Other Quarterly compliance which included half year compliance except FR (Financial Results)
| Reg No | Regulation No | Particulars | Timeline |
| Intimation | Reg 29 read with Reg 33 | intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors. | at least 5 working days in advance, excluding the date of the intimation and date of the meeting |
| Intimations and Disclosure of events or information to Stock Exchanges. | 87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III | The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information: | 24 HOURS |
| Valuation, Rating and NAV disclosure. | 87C(1) (iii) | An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within 15 days of the end of quarter. | 15 Days |
| – Certificate from Practicing Company Secretary. . | Regulation 40 (9) (Regulation 40 (10)- certificate mentioned at sub-regulation (9), shall be filed with the stock exchange(s) simultaneously.) | The listed entity shall ensure that the share transfer agent and/or the in-house share transfer facility, as the case may be, produces a certificate from a practicing company secretary within 30 days from the end of the financial year, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, subdivision, consolidation, renewal, exchange or endorsement of calls/ allotment monies. | Within 30 days from the end of the financial year. |
| Indian Depository Receipt holding pattern & Shareholding details. | 69(1) | The listed entity shall file with the stock exchange the Indian Depository Receipt holding pattern on a quarterly basis within fifteen days of end of the quarter in the format specified by the Board. | 15 days from end of each quarter |
D. Event based Compliances
| Reg No | Regulation No | Particulars | Timeline |
| 30 Disclosure of events or information. | 30(6) AND Part A of Schedule III | The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information | 24 HOURS |
| 30 Disclosure of events or information. | 30(6) AND sub-para 4 of Para A of Part A of Schedule III | The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following: a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched; b) any cancellation of dividend with reasons thereof; c) the decision on buyback of securities; d) the decision with respect to fund raising proposed to be undertaken e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched; f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to; g) short particulars of any other alterations of capital, including calls; h) financial results; i) decision on voluntary delisting by the listed entity from stock exchange(s). | 30 MINUTES |
| 31A: Conditions for re-classification of any person as promoter / public | 31A(8) | The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event: (a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification; (b) minutes of the board meeting considering such request which would include the views of the board on the request; (c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges; (d) decision of the stock exchanges on such application as communicated to the listed entity; | 24 HOURS |
| 34 Annual Report. | 34(1)(b) | In the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.] | 48 HOURS |
| 44 Meetings of shareholders and voting | 44(3) | The listed entity shall submit to the stock exchange, within two working days of the conclusion of its General Meeting, details regarding the voting results in the format specified by the Board. | 2 working days |
| 47 Advertisements in Newspapers. | 47 (3) Advertisements in Newspapers | The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below 47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report; (d) notices given to shareholders by advertisement | Simultaneously |
| – | SCHEDULE III PART PART A 7(A) | resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor | 24 HOURS |
| – | SCHEDULE III PART PART A 7(B) | In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities: i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges. ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided. iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.] | 7 days from the date of resignation |
| 7 Share Transfer Agent. | Reg 7(4) & (5) Share Transfer Agent. | The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement. | 7 DAYS |
| 29 | Reg 29(1) | The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price: Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers: | at least 2 working days in advance, excluding the date of the intimation and date of the meeting |
| 31 Holding of specified securities and shareholding pattern. | Reg 31 (1)(a) | The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time – one day prior to listing of its securities on the stock exchange(s); | 1 day prior to listing of its securities on the stock exchange(s |
| 31 | Reg 31 (1 (c) | within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital: | within 10 days of any capital restructuring |
| 31A Conditions for re-classification of any person as promoter / public | Reg 31A | an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting | 30 days from the date of approval by shareholders in general meeting |
| 37 Draft Scheme of Arrangement & Scheme of Arrangement. | 37(1) | Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time. | Before filling the same with any court or tribunal |
| 39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities. | 39(2) | The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement. | 30 Days |
| 39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities | 39(3) | The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information. | 2 days of its getting information. |
| 40 Transfer or transmission or transposition of securities. | 40 (3) | On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer | 15 days |
| 40 Transfer or transmission or transposition of securities. | 40 (3) | the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents: | 7 Days |
| 40 Transfer or transmission or transposition of securities. | 40 (3) | the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents: | 21 Days |
| – | SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1)) | In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities: (a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred | 15 Days |
| 42 Record Date or Date of closure of transfer books. | 42(2) | The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date: | 7 working days advance intimation excluding the date of the intimation and date of the meeting |
| 42 Record Date or Date of closure of transfer books. | 42(2) | in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).] | 3 working days advance intimation excluding the date of the intimation and date of the meeting |
| 42 Record Date or Date of closure of transfer books. | 42(3) | The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose. | 5 working days advance intimation excluding the date of the intimation and date of the meeting |
| 46 Website | 46 (3)(b) | The listed entity shall update any change in the content of its website within two working days from the date of such change in content. | 2 working days |
| 50 Intimation to stock exchange(s). | 50(1) | The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable. | 11 working days |
| 50 Intimation to stock exchange(s). | 50(3) | The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non-convertible debt securities or any other matter affecting the rights or interests of holders of non- convertible debt securities or non – convertible redeemable preference shares is proposed to be considered. | 2 working days advance intimation excluding the date of the intimation and date of the meeting |
| 52 Financial Results. | 52 (4) & (5) | The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents | 7 working days |
| 52 Financial Results. | 52 (4) & (8) | The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India. | two calendar days of the conclusion of the meeting |
| 57 Other submissions to stock exchange(s). | 57(1) | The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities | within 2 days |
| 60 Record Date | 60(2) | The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date. | 7 working days advance intimation excluding the date of the intimation and date of the meeting |
| 78 Record Date. | 78(2) | The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date | notice in advance of at least 4 working days |
| 82 Intimation and filings with stock exchange(s). | 82(2) | The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered. | 2 working days in advance, excluding the date of the intimation and date of the meeting, |
| 82 Intimation and filings with stock exchange(s). | 82(3) | The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time: Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods. | within 7 days |
| 87 Record Date. | 87(2) | The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date | 7 working days advance intimation excluding the date of the intimation and date of the meeting |
| 87E Record Date. | 87E(2) | The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date. | 7 working days advance intimation excluding the date of the intimation and date of the meeting. |
6. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic”.
| Sl. No. | Regulation No. | Compliance Particular | Compliance Period (Due Date) |
| 1 | Regulation 30(1) | Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified. | Omitted through introduction of SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2021 Applicable w.e.f. 01.04.2022 |
| 2 | Regulation 30(2) | The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may | |
| 3. | Regulation 31(1) read with Regulation 28(3) of Takeover Regulations AUGUST 7, 2019 CIRCULAR https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.html | The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company. | within 2 (two) working days (Provision Insertion: “Provided that the aforesaid disclosure requirement shall not be applicable where such encumbrance is undertaken in a depository”) |
| 4. | Regulation 31(4) | Disclosure of encumbered shares | Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified. |
7. SEBI (Prohibition of Insider Trading) Regulations, 2015
| Sl. No. | Regulation No. | Compliance Particular | Compliance Period (Due Date) |
| 1 | Regulation 7(2) “Continual Disclosures” | Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified; | Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information |
- SEBI Circulars Tracker: August, 2023
| Sl. | Particulars | Link |
| 1. | Validity period of approval granted by SEBI to Alternative Investment Funds (AIFs) and Venture Capital Funds (VCFs) for overseas investment | Click Here |
| 2. | Corrigendum cum Amendment to Circular dated July 31, 2023 on Online Resolution of Disputes in the Indian Securities Market | Click Here |
| 3. | Master Circular for Commodity Derivatives Segment | Click Here |
| 4. | Adjudication Order in respect of Late Gulab Devi in the matter of dealings in Illiquid Stock Options at BSE | Click Here |
| 5. | Offer for Sale framework for sale of units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) | Click Here |
| 6. | Buyback – Control Print Limited | Click Here |
| 7. | Audit of firm-level performance data of Portfolio Managers | Click Here |
| 8. | Trading Preferences by Clients – Applicability for commodity derivatives | Click Here |
| 9. | Consultation Paper on collating and defining use cases of Financial Information Users in the Account Aggregator Framework in Securities Markets | Click Here |
| 10. | Master Circular for Alternative Investment Funds (AIFs) | Click Here |
| 11. | Online Resolution of Disputes in the Indian Securities Market | Click Here |
| 12. | Informal Guidance request received from Gujarat Gas Limited on applicability of regulation 44(5) read with regulation 3(2) of the SEBI (LODR) Regulations, 2015 | Click Here |
| 13. | Notice to Equity Shareholders of the Company pursuant to the order of the Hon’ble National Company Law Tribunal, Kolkata | Click Here |
| 14. | Notice to Equity Shareholders of the Company pursuant to the order of the Hon’ble National Company Law Tribunal, Kolkata | Click Here |
| 15. | SEBI at an early stage of considering simplification of the process of on-boarding of clients by adoption of risk based approach | Click Here |
| 16 | Consultation Paper on Review of Voluntary Delisting norms under SEBI (Delisting of Equity Shares) Regulations, 2021 | Click Here |
| 17 | Simplification of KYC process and rationalisation of Risk Management Framework at KRAs | Click Here |
| 18 | Timeline for the Exit Option Window Period for Change in Control of AMC | Click Here |
| 19 | Online Resolution of Disputes in the Indian Securities Market | Click Here |
| 20 | Adjudication order in the matter of Trading activities of certain entities in the scrip of AKG Exim Ltd. | Click Here |
| 21 | Securities and Exchange Board of India (Settlement Proceedings) (Second Amendment) Regulations, 2023 | Click Here |
| 22 | Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023 | Click Here |
| 23 | Consultation paper on review of framework for borrowings by Large Corporates | Click Here |
| 24 | Procedure for seeking prior approval for change in control with respect to Merchant Bankers and Bankers to an Issue | Click Here |
| 25 | Clarification on Data in SEBI Annual Report: DTR cases | Click Here |
| 26 | Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 (as amended on August 09, 2023) | Click Here |
| 27 | Reduction of timeline for listing of shares in Public Issue from existing T+6 days to T+3 days | Click Here |
| 28 | Facility to remedy erroneous transfers in demat accounts | Click Here |
| 29 | Industry Standards Forum to facilitate ease of implementation of regulations: Industry Associations take next steps | Click Here |
| 30 | Transactions in Corporate Bonds through Request for Quote (RFQ) platform by FPIs | Click Here |
| 31 | Annual Report 2022-23 | Click Here |
| 32 | Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023 | Click Here |
| 33 | Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023 | Click Here |
| 34 | Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 | Click Here |
| 35 | SEBI Bulletin – August 2023 [MSExcel] [Annexure Current statistics] | Click Here |
| 36 | Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023 | Click Here |
| 37 | Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2023 | Click Here |
| 38 | Modification in Cyber Security and Cyber Resilience framework of Stock Exchanges, Clearing Corporations and Depositories | Click Here |
| 39 | Mandating additional disclosures by Foreign Portfolio Investors (FPIs) that fulfil certain objective criteria | Click Here |
| 40 | SEBI initiates third tranche of distribution of disgorged / recovered amount to investors in the matter of IPO irregularities | Click Here |
| 41 | Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2023 | Click Here |
| 42 | Consultation Paper on permitting increased participation of Non – Resident Indians (NRIs) and Overseas Citizens of India (OCIs) into SEBI registered Foreign Portfolio Investors (FPIs) based out of International Financial Services Centres (IFSCs) in India and regulated by the International Financial Services Centres Authority (IFSCA) | Click Here |
| 43 | Consultation Paper on mechanism for fee collection by SEBI registered Investment Advisers and Research Analysts | Click Here |
| 44 | Consultation Paper on Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers) | Click Here |
| 45 | Guidelines for MIIs regarding Cyber security and Cyber resilience | Click Here |
| 46 | Consultation Paper on Flexibility in the framework on Social Stock Exchange (SSE) | Click Here |
8. Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;
| Applicable Laws/Acts | Due Dates | Compliance Particulars | Forms / Filing mode |
| Companies Act, 2013 | Within 15 days of appointment of an auditor. | The Ministry in its General Circular No. 12/2018 dated 13th December, 2018 clarified that filing of Form NFRA-1 is applicable only for Bodies Corporate and ruled out filing by Companies as defined under sub-section (20) of Section 2 the Act. | E – Form NFRA -1 |
| Companies Act, 2013 | Within 30 days of the board meeting | Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed. | MGT-14 (Filing of resolution with MCA) |
| Companies Act, 2013 | One Time compliances | Registration of Entities for undertaking CSR activities – Trust/ Society/ Section 8 Company need to file before Acceptance of Donation as CSR w.e.f. 01st April 2021. | E-Form CSR-1 |
| Companies Act, 2013 | Annual Compliance (file on or after 01.04.2023) | Last date for filing DIR-3 KYC for Financial year 2022-23 is 30th September, 2023. For Every DIN / DPIN Holders. Penalty after due date is Rs. 5000/-(one time) | DIR – 3 KYC / DIR 3 Web- KYC |
| Companies Act, 2013 | Within 60 (sixty) days from the conclusion of each half year. | Reconciliation of Share Capital Audit Report (Half-yearly) Pursuant to sub-rule Rule 9A (8) of Companies (Prospectus and Allotment of Securities) Rules, 2014 | E-Form PAS – 6 (please file with penalty after due date) |
| Companies Act, 2013 | 30th June, 2022 Extended till 31.07.2023 | Every company must file DPT 3 for outstanding loans annually. The Companies (Acceptance of Deposits) Amendment Rules, 2019. | E-Form DPT – 3 |
| Companies Act, 2013 | within a period of 60 days after the holding of AGM | IEPF Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2019 Statement of unclaimed and unpaid amounts. This e-form shall be filed within a period of 60 days after the holding of AGM or the date on which it should have been held as per the provisions of section 96 of the Act, whichever is earlier. | IEPF -2 |
- Important Updates – August, 2023
| Sl. | Particulars of the Circulars | Link |
| 1 | Condonation of delay in filing of Form-3, Form-4 and Form-11 – FAQs | Click Here |
| 2 | Condonation of delay in filing of Form-3, Form-4 and be Form-11 under section 67 of Limited Liability Partnership Act, 2008 read with section 460 of the Companies Act, 2013 | 807 KB | Click Here |
| 3 | Mint Explainer: Has MCA21, the revamped corporate reporting platform, taken off? | Click Here |
| 4 | MCA to intensify crackdown on shell firms | Click Here |
| 5 | 1,086 requests of ICSI and 184 requests of ICAI for Merger/Deactivation of User ids have been executed in system. Professionals are requested to contact the respective Institutes for Merger/Deactivation/Degradation of their MCA User ids. | Click Here |
| 6 | MCA allows 1,270 requests from CA, CS bodies to merge user IDs | Click Here |
| 7 | Corporate affairs ministry to withdraw 7,338 prosecutions | Click Here |
| 8 | More than 2.5 Lakh LLP forms have been filed on V3 portal between April-Jul 2023 as compared to 1.9 Lakh for the same period in 2022. | Click Here |
| 9 | Companies (Incorporation) second amendment, 2023 | Click Here |
| 10 | In our continuous endeavour to serve you better, the Ministry of Corporate Affairs is launching Refund form on V3 portal effective on 04th August 2023. Refund form on V2 portal will continue for availing refund for forms filed in V2. | Click Here |
| 11 | Stakeholders are informed that Beta Version of View Public Documents [VPD] service in V3 shall be launched on 16th August 2023 for V3 documents (only for Testing purposes between 7:00 pm to 10:00 pm daily). Existing V2 VPD Service shall remain available for the stakeholders. | Click Here |
| 12 | Approval for incorporation of 82,628 companies and LLPs has been given during April- July 2023 compared to 73,875 during April- July 2022. | Click Here |
9. IBBI Updates {Insolvency and Bankruptcy Board of India} {IBC}
- Important Notifications and Circulars Tracker (August, 2023)
| Sl. | Particulars | Link |
| 1 | Approval of Resolution Plan – Rathi Graphic Technologies Limited [IA No.31-2021 in C.P. (IB)-325-ALD-2019] | Click here |
| 2 | Approval of Resolution Plan – Safeco Hygiene Films Pvt. Ltd. [IA No. 683 of 2023 in C.P.(IB) No. 96 (AHM) 2021] | Click here |
| 3 | Approval of Resolution Plan – Abloom Infotech Pvt. Ltd. [I.A. 1514 & 2824-ND-2023 in C.P. No. IB-2115-ND-2019] | Click here |
| 4 | In the matter of Mr. Sutanu Sinha, IP | Click here |
| 5 | Approval of Resolution Plan – Sampark Land Developers Private Limited [IA (IB) No. 984-KB-2022 in CP (IB) No. 887-KB-2020] | Click here |
| 6 | Approval of Resolution Plan – Suryodaya Realtors Private Limited [IA (IB) No. 1018-KB-2022 in CP (IB) No. 889-KB-2020] | Click here |
| 7 | Approval of Resolution Plan – Forge India Private Limited [IA No.1455 of 2022 in CP(IB) No.588-Chd-HP-2019] | Click here |
| 8 | Approval of Resolution Plan – Steelco Gujarat Limited [IA No.-763-(AHM)-2022 in CP (IB)-342-(AHM)-2020] | Click here |
| 9 | Approval of Resolution Plan – Sewa Steels Private Limited [IA(IBC) No. 215-JPR-2023 in CP No. (IB)- 02-9-JPR-2022] | Click here |
| 10 | Approval of Resolution Plan – Kings Electronic Private Limited [I.A. No. 1897 of 2022 in C.P. No. 2267 of 2019] | Click here |
| 11 | Approval of Resolution Plan – Shree Vaishnav Casting Private Limited [IA 3960 of 2019 in CP (IB) 2298-MB-C-I-2018] | Click here |
| 12 | Approval of Resolution Plan – Bhandari Deepak Industries Private Limited [IA No. 480-2021 in CP (IB) No. 269-Chd-HP-2019] | Click here |
| 13 | Approval of Resolution Plan – Broadband Pacenet (India) Private Limited [I.A No. 675 of 2023 in CP (IB) No: 4001 of 2019] | Click here |
| 14 | Approval of Resolution Plan – Trans Globe Textiles Ltd. [IA-1413-2022 in (IB)-46(ND)-2021] | Click here |
| 15 | In the matter of Ms. Poonam Basak, IP | Click here |
| 16 | Approval of Resolution Plan – Innovative Tyres & Tubes Limited [IA No. 260 of 2023 in CP(IB) 261 of 2021] | Click here |
| 17 | Approval of Resolution Plan – Global Cold Chain Solutions India Private Limited [IA No.164 of 2023 in CP(IB) 345 of 2020 | Click here |
| 18 | Approval of Resolution Plan – Medirad Tech India Limited [IA No. 5617-ND-2022 in Company Petition No. (IB)-1243(ND)-2018] | Click here |
| 19 | Approval of Resolution Plan – JMT Auto Limited [IA. No. 1067-ND-2023 in Company Petition No. (IB)-1088(ND)-2020] | Click here |
| 20 | Approval of Resolution Plan – U B S Publishers Distributors Private Limited [IA. No. 2920-ND-2023 in Company Petition No. (IB)-1095(ND)-2020] | Click here |
| 21 | Corporate Insolvency Resolution Processes Ending With Order of Liquidation as on 30th June 2023 | Click here |
| 22 | Approval of Resolution Plan – Net 4 India Limited [CA-2395-2019 in IB-409-PB-2017] | Click here |
| 23 | Key Findings of IIM Ahmedabad Research Study on Effectiveness of the Resolution Process: Firm Outcomes in the Post-IBC Period | Click here |
| 24 | Approval of Resolution Plan – Swati Health and Education Services Private Limited [IA. No. 6324-ND-2022 & IA. No. 2551-ND-2023 in Company Petition No. (IB)- 1035(PB)-2020] | Click here |
| 25 | Approval of Resolution Plan – Dharti Dredging and Infrastructure Limited [I.A. NO. 385-2023 in CP (IB) NO. 329-7-HDB-2020] | Click here |
| 26 | Approval of Resolution Plan – Subi Chemicals Pvt. Ltd. [IA No. 669-NCLT-AHM-2023 in CP(IB) No. 338- NCLT-AHM-2020] | Click here |
| 27 | Approval of Resolution Plan – Jaycon Infrastructure Limited [IA No. 659-2023 in CP (IB) No.218-Chd-Chd-2018] | Click here |
| 28 | Approval of Resolution Plan – Bhumya Tea Company Private Limited [I.A. (IB) No. 345-KB-2023 in CP (IB) No. 1380-KB-2020] | Click here |
10. MSME (Ministry of Micro, Small and Medium Enterprises)
MSME stands for Micro, Small and Medium Enterprises. In a developing country like India, MSME industries are the backbone of the economy.
| MSME – Merged Criteria: Investment and Annual Turnover Revised Classification applicable w.e.f 1st July 2020 |
| Classification | Micro Enterprise | Small Enterprise | Medium Enterprise |
| Manufacturing Enterprises and Enterprises rendering Services | Investment in Plant and Machinery or Equipment: Not more than Rs.1 crore and Annual Turnover ; not more than Rs. 5 crore | Investment in Plant and Machinery or Equipment: Not more than Rs.10 crore and Annual Turnover ; not more than Rs. 50 crore. | Investment in Plant and Machinery or Equipment: Not more than Rs.50 crore and Annual Turnover ; not more than Rs. 250 crore |
- Key Updates – for the month of August – 2023
| Sl. | Particulars | Link |
| 1 | Green Technology in MSMEs | Click here |
| 2 | Udyam Registration Portal | Click here |
| 3 | SUPPORT FOR MICRO ENTERPRISES | Click here |
| 4 | POTENTIAL TECHNOLOGICAL ADVANCEMENTS BY MSMEs | Click here |
| 5 | MSME CARD | Click here |
| 6 | Schemes to Support MSMEs | Click here |
| 7 | Global Market Intelligence Network | Click here |
| 8 | Hassle Free Loan to Small Businesses | Click here |
| 9 | Micro loans, fall in delinquencies drove MSME lending in FY23: Report | Click here |
| 10 | Light Microfinance, IppoPay to offer digital loans to MSMEs | Click here |
| 11 | Zanifu’s game-changing MSME finance model receives substantial investment from Beyond Capital Ventures | Click here |
| 12 | India’s DPI: Magic Wand for MSMEs, Financially Inclusive, Strength in UPI Transactions | Details | Click here |
| 13 | Beyond state schemes, India’s MSMEs need strategic govt push to flourish | Click here |
| 14 | Central Bank of India ties up with SFISPL to offer agriculture and MSME loans, widens portfolio | Click here |
| 15 | Challenges in Raising Debt for MSMEs | Click here |
| 16 | SIDBI, DIC & KASSIA Organises Outreach Programme on Financial Literacy and Emerging Opportunities for MSMEs | Click here |
11. Cabinet Decisions / New Acts
| Sl. | Particulars | Link |
| 1 | ‘Speak Up! Portal’ to report any drug abuse or Doping activities in sports also launched | Click here |
| 2 | Government introduces a new category of Ayush visa for foreign nationals seeking treatment under Indian systems of medicine | Click here |
| 3 | Government launches a one-time settlement Scheme Vivad se Vishwas – II (Contractual Disputes) to effectively settle pending contractual disputes, as announced in the Union Budget 2023-24 | Click here |
| 4 | Recommendations of 51st GST Council Meeting | Click here |
| 5 | Parliament Passes Mines and Minerals (Development & Regulation) Amendment Bill, 2023 | Click here |
| 6 | Parliament passes the Offshore Areas Mineral (Development and Regulation) Amendment Bill, 2023 | Click here |
| 7 | PM affirms Forest (Conservation) Amendment Bill, 2023’s resonance with the aspirations of New India | Click here |
| 8 | Rajya Sabha passes Inter-Services Organisation (Command, Control & Discipline) Bill – 2023 | Click here |
| 9 | Salient Features of the Digital Personal Data Protection Bill, 2023 | Click here |
| 10 | Launch of Indian Web Browser Development Challenge (IWBDC) | Click here |
| 11 | Parliament passes the Anusandhan National Research Foundation (NRF) Bill, 2023 with the Rajya Sabha adopting the Bill by a voice vote | Click here |
| 12 | Cabinet approves “PM-eBus Sewa” for augmenting city bus operations; priority to cities having no organized bus service | Click here |
| 13 | The progress of Aadhaar-based Payment System (ABPS) has been reviewed and the mixed route of wage payment (NACH and ABPS route) has been extended till 31st December 2023 or till further order | Click here |
| 14 | Cabinet approves “PM-eBus Sewa” for augmenting city bus operations; priority to cities having no organized bus service | Click here |
| 15 | Cabinet is bedrock of governance: Himanta Biswa Sarma | Click here |
| 16 | India: Cabinet approves funding for railways, e-buses, Digital India. Key points | Click here |
12. Legal Metrology
- The Legal Metrology (Packaged Commodities) Amendment (Amendment) Rules, 2023
The Ministry of Consumer Affairs, Food and Public Distribution has released the Legal Metrology (Packaged Commodities) Amendment (Amendment) Rules, 2023 to amend the Legal Metrology (Packaged Commodities) Rules, 2011.
Central Government has extended the Due Date for the implementation date of Unit Sale Price declaration till 30.09.2023 (earlier due date was 01.09.2023).
A packaged commodity of less than one kg quantity should have ‘unit sale price’ per gram along with the total MRP of the product (subject to Legal Metrology provisions related to exemption). Earlier applicable due date was 01.10.2022 then 01.12.2022 then 01.01.2023, then 01.02.2023 then -1.04.2023 and then 01.06.2023 then 01.07.2023, and then 01.09.2023. But now it is effective from 01st day of October, 2023.
- Source / Reference: Click Here
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This Calendar / Compliance Tracker is updated till 31st August, 2023 with all Laws / Regulations and their respective amendments.
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Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information. Many sources have been considered including newspapers (ET, BS & HT etc.).