Supreme Court Rules that Stamp Duty Not Necessary for Enforcement of Foreign Arbitral Awards
The Supreme Court, on 13th September, 2018, in the case of M/S Shriram EPC Limited v. Rioglass Solar SA, has held that payment of stamp duty under the Indian Stamps Act, 1889 for enforcement of foreign arbitration awards is not necessary in India
MCA Notifies the Commencement of Sections 66 to 70 of the Companies (Amendment) Act, 2017 along with Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2018
The MCA, on September 12, 2018, notified the commencement of sections 66 to 70 of the Companies (Amendment) Act, 2017 from September 12, 2018 along with the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2018. These rules shall come into force on the date of their publication in the Official Gazette.
These sections regulate the manner in which directors are appointed and remunerated and how Central Government can regulate the maximum remuneration payable to a director.
The Central Board of Indirect Taxes and Customs Notifies October 1 as the Date for Implementing the TDS and TCS Provisions under the GST Law
The Central Board of Indirect Taxes and Customs on 13th September, 2018 notified that 1st October, 2018 will be the date when the Tax Deducted at Source and Tax Collected at Source will be implemented. Ecommerce companies will now have to collect up to 1 per cent while making any payment to suppliers under GST. States too can levy up to 1 per cent TCS under State GST.