Monthly Archives: December 2018

GSTR extension

GST press release dated 7th December, 2018

FORM GSTR-9 and FORM GSTR-9A have been notified vide notification No. 39/2018-Central Tax, dated 04.09.2018 while FORM GSTR-9C has been notified vide notification no. 49/2018-Central Tax, dated 13.09.2018 as part of the CGST Rules. 2.

The competent authority has decided to extend the due date for filing FORM GSTR-9, FORM GSTR-9A and FORM GSTR-9C till 31st March, 2019. The requisite FORMs shall be made available on the GST common portal shortly. Relevant order is being issued.

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Interest equalisation scheme

Gist of RBI notification dated 29th November, 2018 

Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit

Please refer to the operational instructions for the captioned scheme contained in RBI circular on Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit issued vide DBR.Dir.BC.No.62/04.02.001/2015-16 dated December 4, 2015 and DCBR.CO.SCB.Cir.No.1/13.05.000/2015-16 dated February 11, 2016.

2. In this regard, it has been decided by the Government of India to increase w.e.f. November 02, 2018 Interest Equalisation rate from 3% to 5% in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit.

3. In terms of para 2(c) of the Annex to the aforesaid RBI circulars, the Scheme is available to all exports under 416 tariff lines [at ITC (HS) code of 4 digits] and exports made by MSMEs across all ITC(HS) codes. It is therefore, advised that the benefit of the scheme be provided to all eligible MSME Exporters.

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High Security Registration Plates – new vehicles

Ministry of Road Transport & Highways press release dated 6th December, 2018 

All new vehicles will be sold pre-fitted with High Security Registration Plates – HSRP from the 1st of April next year. The Ministry of Road Transport & Highways has notified amendments in Central Motor Vehicles Rules, 1989 to this effect. The notification mandates that the High Security Registration Plate including the third registration mark shall be supplied by the vehicle manufacturers along with the vehicles manufactured on or after the 1st day of April, 2019 to their dealers and dealers shall place a mark of registration on such plates and affix them on the vehicle. The vehicle dealers can also provide the HSRP plates for old vehicles.

This step is likely to improve the coverage of HSRP on vehicles, while ensuring its quality by the vehicle manufacturers. The HSRP helps in keeping track of the vehicle, and makes it easier to trace a lost or stolen vehicle.

The notification to amend the Central Motor Vehicles Rules, 1989 to this effect was issued after due consideration of objections and suggestions received from the public in this regard. Ministry of Road Transport and Highways had in April this year invited objections and suggestions from those likely to be affected from the amendment.

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Agriculture Export Policy 2018

The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the Agriculture Export Policy, 2018.  The Cabinet has also approved the proposal for establishment of Monitoring Framework at Centre with Commerce as the nodal Department with representation from various line Ministries/Departments and Agencies and representatives of concerned State Governments, to oversee the implementation of Agriculture Export Policy.

          The Government has come out with a policy to double farmers’ income by 2022. Exports of agricultural products would play a pivotal role in achieving this goal. In order to provide an impetus to agricultural exports, the Government has come out with a comprehensive “Agriculture Export Policy” aimed at doubling the agricultural exports and integrating Indian farmers and agricultural products with the global value chains. The Agriculture Export Policy has the following vision:         

          “Harness export potential of Indian agriculture, through suitable policy   instruments, to make India global power in agriculture and raise farmers’     income.”


Objectives of the Agriculture Export Policy are as under:

  • To double agricultural exports from present ~US$ 30+ Billion to ~US$ 60+ Billion by 2022 and reach US$ 100 Billion in the next few years thereafter, with a stable trade policy regime.
  • To diversify our export basket, destinations and boost high value and value added agricultural exports including focus on perishables.
  • To promote novel, indigenous, organic, ethnic, traditional and non-traditional Agri products exports.
  • To provide an institutional mechanism for pursuing market access, tackling barriers and deal with sanitary and phyto-sanitary issues.
  • To strive to double India’s share in world agri exports by integrating with global value chain at the earliest.
  • Enable farmers to get benefit of export opportunities in overseas market.

Elements of Agriculture Export Policy:

          The recommendations in the Agriculture Export Policy have been organised in two categories – Strategic and Operational – as detailed below:


Policy measures

Infrastructure and logistics support

Holistic approach to boost exports

Greater involvement of State Governments in agri exports

Focus on Clusters

Promoting value-added exports

Marketing and promotion of “Brand India


Attract private investments into production and processing

Establishment of strong quality regimen

Research & Development


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ECB Policy – Review of Hedging Decision

Gist of RBI notification dated 26th November, 2018 follows:

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to paragraphs 2.4.2 and 2.5 of Master Direction No.5 dated January 1, 2016 on “External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers”, as amended from time to time and A. P. (DIR Series) Circular No. 11 dated November 06, 2018, in terms of which certain eligible borrowers raising foreign currency denominated ECBs under Track I, having an average maturity between 3 and 5 years, are mandatorily required to hedge their ECB exposure fully.

2. On a further review of the extant provisions, it has been decided, in consultation with the Government of India, to reduce the mandatory hedge coverage from 100 per cent to 70 per cent for ECBs raised under Track I of the ECB framework by eligible borrowers given at paragraph 2.4.2 (vi) of the aforesaid Master Direction for a maturity period between 3 and 5 years. Further, it is also clarified that ECBs falling within the aforesaid scope but raised prior to the date of this circular will be required to mandatorily roll-over their existing hedge(s) only to the extent of 70 per cent of outstanding ECB exposure.

3. All other provisions of the ECB policy remain unchanged. AD Category – I banks should bring the contents of this circular to the notice of their constituents and customers.

4. The aforesaid Master Direction No. 5 dated January 01, 2016 is being updated to reflect the changes.

5. The directions contained in this circular have been issued under section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

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Cost Audit Records

Under Rule 6(6) of the Companies (Cost Records and Audit) Rules, 2014 every company which is covered under these Rules, is required to furnish to the Central Govt., a copy of the Cost Audit Report, within 30 days of the receipt of the cost audit report by the company, in XBRL format in form CRA4. The cost auditor is required to furnish his report to the company within a period of 180 days from the closure of the financial year to which it pertains and the Board of Directors of the company is required to examine the same. This is provided in Rule 6(5) ibid.

Now vide an amendment to the aforesaid Rules,  where a company has got an extension of time to hold AGM, then the company may file the cost audit report in form CRA4 within the extended time for filing the financial statements.

A proviso has been added to Rule 6(6) as follows:

“Provided that the companies which have got extension of time for holding AGM under section 96(1) of the companies act, 2013 may file form CRA4 within the extended period of filing financial statements under section 137 of the companies act, 2013.”

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