Corporate Updates 22.06.2017

GST

CBEC has issued a Press Note providing Relaxation in return filing procedure for first two months of GST implementation. Therefore, it has been decided that, for the first two months of GST implementation, the tax would be payable based on a simple return (Form GSTR-3B) containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR-1 would have to be filed for the months of July and August, 2017 according to the timelines provided in this circular .Further, No late fees and penalty would be levied for the interim period.

  

SEBI

SEBI has issued a Circular regarding Continuous disclosures and compliance's by issuers under SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015. Thereby, an issuer of debt securities under SEBI ILDM Regulations shall prepare and submit un-audited financial results on a half yearly basis to the stock exchange and debenture trustee, as soon as the same is available but not later than three months from the end of the half year and annual audited financial results with the stock exchange and debenture trustee, as soon as the same is available but not later than six months from the end of the financial year. The audited financial results shall be accompanied by the annual report of the issuer. An issuer shall enter into a simplified listing agreement, with all the Stock Exchanges where it proposes to list debts securities. The  issuer  shall  disclose  to  stock  exchange(s)  of  all  events  or  information  having bearing  on  the  performance/operation  of  the  listed  entity,  material  or  price  sensitive information or any action that shall affect payment of interest or redemption of debt securities not later than twenty four hours from the occurrence of event or information. Every credit rating, obtained by an issuer shall be reviewed at least once a year, by the registered credit rating agency.