NICAI-UPDATES:-

NICAI Updates:

1. No Eway bill w.e.f. 21st June 2019, if GST returns of last 2 months are pending. A new rule 138E was inserted by the Govt vide its notification no 74/2018 dated 13.12.2018, which has salient features as follows:-
2. If the GST returns for the last 2 months have not been furnished by the regular dealer or If the GST returns for last 2 quarters have not been furnished by the composition dealer Then He Will Not Be Allowed To Generate Eway Bill On The Gst-Eway Bill Portal.
3. In such cases only commissioner would be able to allow such generation in select cases that too with an order. So should file all your returns upto April 2019 by 20th June 2019.In case if returns are not filed, then the Eway bill will not be generated.
4. In case if you think that if you won’t be able to file then the other person will generate on your behalf then that also won’t be possible.So, each and every registered taxpayer who generates eway bill is requested to file all their pending returns till april 2019, in order to avoid any last minute hassles.
5. Finance Ministry unveiled a roadmap for the implementation of the new GST return mechanism. The new mechanism will be used on a trial basis from July to September. For the large taxpayers with aggregate annual turnover more than 5 crore, Form GST ANX will replace GSTR 1 from October.
6. Independent directors will have to clear a corporate literacy test on a range of topics before their appointment on the company boards, MCA want to propagate corporate literacy to make them aware of their duties, roles and responsibilities. 
7. Supreme Court agreed to hear a plea by the SEBI against an order by the NCLT, which had held that the laws of IBC would reign over the markets regulator’s laws. The top court, while agreeing to hear the case, asked that the present status quo be maintained in the case.

SOURCE:-CA RAJ CHAWLA