NEW PROVISIONS FOR STRIKING OFF COMPANIES UNDER COMPANIES ACT, 2013

Ministry of Corporate Affairs, Government of India vide a notification dated 26 December 2016, has notified Companies (Removal of Names of Companies from Register of Companies) Rules, 2016 for getting the Companies that failed to commence their businesses within one year of their incorporation; or Companies that have not carried any business for a period of two years for striking off their names from the Register of Companies

These Rules shall come into force from 26 December 2016.

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INCOME UNDER PMGKY SCHEME

Ministry of Finance, Government of India vide a notification dated 16 December 2016, has announced Pradhan Mantri Garib Kalyan Deposit Scheme providing opportunity for declaration of undisclosed income in the form of cash or deposits. The scheme shall be in force from 17 December 2016 up to 31 March 2017.

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DEMONETIZATION OF CURRENCY

Vide a notification, Ministry of Finance, Government of India, declared that the existing series of 500 rupees and 1000 rupees currency shall cease to be legal tender and from 9 November 2016.

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GST Rate Structure

A 4-tier rate structure of 5, 12, 18 and 28 per cent was decided by GST Council on 3 November 2016.
The lowest rate of 5 % for the common use items, two standard rates of 12 and 18 % which would fall on the bulk of the goods and services,

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