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DVAT Registration without Surety / Security

Update: No Surety Scheme again launched from 1st July, 2013

The DVAT Department has again stopped taking surety for registrations starting from 01.07.2013. These changes have been bought vide Notification No. F.7(453)/Policy/VAT/2012/298-308 dated 18-06-2013. There is not time limit or last date specified till the time this scheme would be in place. This is a good time for anybody waiting to get registered under DVAT to get the registration without blocking his funds in surety amount.

End Update

The Delhi VAT Department vide Notification NoF.7(450)/Policy/VAT/2012/336-347 dated 23/07/2012 have waived of surety prescribed for Delhi VAT Registration for period of two months i.e. till 22/09/2012.

What Does This Mean?

Delhi VAT (DVAT) Registration required furnishing of surety amounting to minimum Rs. 50,000 and maximum Rs. 1,00,000 before filing of registration application. This surety was required to be provided in the form of dealer surety or bank guarantee or fixed deposits or cash deposit with DVAT department i.e. if a person applying for DVAT registration provided surety other than in the form of dealer surety, then his funds upto that amount was blocked with the DVAT Department. Now for 2 months DVAT Registration can be done without submitting any surety so dealers registering in this period will save funds which were earlier blocked with DVAT Department.

So everybody looking to register with DVAT for TIN number should hurry up and avail benefit of this opportunity. For DVAT Registration Contact Us

The text of the notification is reproduced below for your reference:

NOTIFICATION

I Rajendra Kumar, Commissioner, ” Value Added Tax, Delhi, in
exercise of powers conferred on me by sub section (1) of section 19 of Delhi
Value Added Tax Act, 2004 hereby direct that no security would be required
to be furnished by such dealers, who apply for registration with the
department during the period of next two months from the date of issue of this
notification.

Commissioner, Value Added Tax

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MCA Levies Fees on some additional forms

Ministry of Corporate Affairs vide its General Circular No. 14/2012 dated June 21,2012 has levied fees for filing forms on MCA portal, which were till now being filed for free of cost. The effective date of circular is July 22nd, 2012. The forms which are under the domain of this Circular are as follows:

A.     Form 1 of Investor Education Protection Fund Rule (Awareness and Protection of investors) Rules, 2001

Every company which is required by the Companies Act, 1956 to credit to Investor Education and Protection Fund any amount as per the relevant section of the Act, has to file a statement of amounts credited to the Fund in this form.

Earlier, the form was filed free of cost, but now it has to be filed with the concerned Registrar of Companies through MCA 21, as per the fees mentioned in Schedule X of the Companies Act, 1956.

B.     Form 23B

Every statutory auditor appointed by the company in the Annual General Meeting under section 224(1) of the Companies Act, 1956 in this form has to intimate whether he has accepted the appointment or not to the concerned Registrar of Companies, , within 30 days of the intimation received from the company by the auditor.

Earlier, the form was filed free of cost, but now it has to be filed through MCA 21, as per the fees mentioned in Schedule X of the Companies Act, 1956

C.     Form 24A

This form is filed by the company under different sections of the Act for many purposes mentioned here under.

Rectification of name of a company under Section 22 of the Companies Act, 1956
Application for issue of license under Section 25 of the Companies Act, 1956
Appointment of auditor by Central Government, when no auditor is appointed or reappointed at AGM under Section 224(3) of the Companies Act, 1956
Removal of auditor of the Company under Section 224(7) of the Companies Act, 1956
Approval for entering into contract of sale, purchase, supply of goods, materials and services and for underwriting of shares or debentures with related parties under Section 297 of the Companies Act,1956

Earlier, fees was paid for purposes mentioned at (a), (b) and (e) as per Companies (Fee on Application) Rules, 1999 and not in cases mentioned at points (c) and (d), but now fees also has to be paid as per the Rules on these purposes also.

D.     Form 36

This form is filed by receiver or manager for filing the abstract of receipts and payments, pursuant to section 424 read with 421 and also pursuant to section 600 of the Companies Act, 1956.

Earlier, the form was filed free of cost, but now, the form has to be filed with fees prescribed in Schedule X of the Companies Act, 1956.

E.     Form 61

This form is filed by the company, making an application to concerned Registrar of Companies for the following purposes:

Extension of period of Annual General Meeting under section 166(1) of the Companies Act,1956
Extending of financial year beyond 18 months under section 210(4) of the Companies Act,1956
Filing of Scheme of Amalgamation and reconstruction of companies under section 394 of the Companies Act,1956
Declaring a Company as defunct company under section 560 of the Companies Act,1956
Compounding of offences under section 621A of the Companies Act,1956

Earlier, companies could file this form for any of the aforementioned purposes, without any fees, but now fees has to be paid as per Companies (Fee on Application) Rules, 1999

F.     Form 62

This form, if being filed for filing Form 154, Form 157 and Form 158 of the Companies (Court) Rules, 1959, will now attract fees as per Schedule X of the Companies Act, 1956

G.     Form 65

The company is required to file this form, making an application to the Central Government for the following purposes

Application pursuant to rule 2 of the Companies (application for extension of time or exemption under subsection (8) of section 58A) Rules, 1979

Now the form may be filed as per Companies (Fee on Application) Rules, 1999
Others- To submit any application or document with Central Government, where no other form has been prescribed

The form, now may be filed as per Companies (Fee on Application) Rules, 1999

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Liberalisation of External Commercial Borrowings Norms by RBI

The Reserve Bank of India (RBI) has libralised External Commercial Borrowings (ECB) norms on various issues, the details of which are given below:

Repayment of Rupee loans

In furtherance to the circulars dated 23rd September, 2011 and 20th April 2012 regarding liberalization of ECB norms for infrastructure sector and power sector, with respect to repayment of rupee loan, RBI has further liberalized the norms for both the sector. In this regard, RBI has allowed Indian companies (Power and Infrastructure Sector) to raise ECB for repayment of rupee loan(s) availed from domestic banking system and/ or for fresh rupee capital expenditure, under approval route, subject to the following conditions:

Such companies should have been a consistent foreign exchange earner during the past three financial years,
Such companies are not in default list/ caution list of the Reserve Bank of India,
The ECB shall be utilized only for repayment of rupee loan availed of for “capital expenditure” incurred earlier and are still outstanding in the books of domestic banking system and/ or fresh rupee capital expenditure

Limits

The overall ceiling of above mentioned ECBs shall be USD 10 (ten) billion subject 50% of average annual export earnings realized during past 3 financial years

Requirements

The Companies seeking to avail ECB, may submit Form ECB through their Authorized Dealer Bank along with the following:

Certificate from the statutory auditor regarding utilization of rupee loan(s) w.r.t ‘capital expenditure’ incurred earlier,
Certificate from the statutory auditor that the Company is a consistent net foreign exchange earner during the past three financial years,
The outstanding rupee loan(s) shall be certified by the domestic lending bank(s) and the designated authorized dealer bank.

The Company shall draw down the entire facility within a month after obtaining Loan registration Number from the Reserve Bank.

Rationalization of Form 83

The Indian companies proposing to avail ECB are required to obtain Loan Request Number by submitting the revised Form 83 to Reserve Bank of India. The Reserve Bank of India has rationalized the Form 83 vide circular no —– dated and has come out with the new format. Major changes are:

The Instruction have been given at the end the revised format i.e. Annex I.
Annex II – showing the method to calculate Average Maturity period is added.
Form has to be addressed to The Director, Balance of Payments Statistics Division, Department of Statistics and Information Management (DSIM), Reserve Bank of India, C-8-9 Bandra-Kurla Complex, Mumbai- 400 051.
Separate Parts have been categorized for the details of Lenders, Borrowers, Loan, Charges, ECB already availed.

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Integration of LLP System in MCA-21 System by June 2012

Ministry of Corporate Affairs (MCA) is going to integrate the LLP system into the currently working MCA-21 system by June 2012. All the old forms requiring resubmission in the LLP system will expire after the deadline of 21-05-2012. If anybody has any pending LLP forms for resubmission then please take prompt action or the form will expired and fresh fee would required to be deposited.

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Relaxation of Additional Fees & Extension of Due Date during the period MCA Portal was not working

As most people are aware the MCA Portal which is used to file documents with Registrar of Companies (ROC) was not working due to technical issue arising from change in service provider since 17th January, 2013. The MCA has decided to waive of additional fees and extend due date for documents which could not be filed due to technical issues with the MCA portal. However, the decision to waive fees will be taken on case to case basis by the ROC / RD.

In our opinion, waiving of Additional Fee / Extension of Due Date should have been done on automatic basis by declaring the period in which MCA portal was not working as “Zero Period”. The decision by MCA to give relief on case to case basis will only increase the compliance requirements by the companies as well as additional work load with the ROC / RD as the companies which could not file forms in time will file separate application for relief (as opposed to automatic abatement) and the ROC/ RD would have to provide relief on case to case basis, which will increase the workload and increase the queue with the ROC Department.

We are providing below the text of the circular for your reference.

Circular No.. L./2013

No.17/187/2011-CL.V

Government of India

Ministry of Corporate Affairs

5th Floor, ‘A’ wing, Shastri Bhawan

Dr. R.P. Road, New Delhi-110 001

Dated the:  8th   February, 2013

To,

All Regional Directors,

All Registrars of Companies,

All Official Liquidators,

All Stakeholders.

Sub:-Relaxation of additional fees and extension of last date in filing of various forms with the Ministry of Corporate Affairs-reg.

Sir,

I am directed to inform you that the Ministry of Corporate Affairs has decided to extend the last date of filing and to relax the additional fees applicable on forms as per the provisions of Companies Act read with rules made there-under, which have been ought to be filed post transition of MCA 21  w.e.f.   17.01.2013, but could not be filed due to technical issues in MCA-21 system.

2. It is hereby clarified that the following relaxation shall be considered by the Regional Director/ Registrar of Companies on case to case basis while allowing for relaxation of fees or extension of last date with regard to forms to be filed by the stakeholders wherein :

(i)     Last date of filing for Forms where the due date is falling on or after  17th January,  2013  is without charging additional fee.

(ii)   All the documents which have been expired on or after 17th January due to non-submission/re-submission PUCL may be restored back.

(iii) All the cases related to filing of court orders/ competent authority where the due date/date of filing was falling on or after 17th January is extended without payment of additional fees.

(iv)  Name availability expired due to non-submission of incorporation documents will be made available for filing of the same.

(v) In case of charge documents the due date will be extended by Regional Director on case to case basis where the due date of filing was falling on or after 17/01/2013 and could not be filed.                   S

(vi)  The due date in above cases is hereby extended till 28/02/2013.

3.  The Regional Director/ Registrar of Companies will examine the request on case to case basis upon receipt of request from the stakeholders for allowing the relaxation without levying the additional fee.

4.  The process of extending date will be as under:-

a. Company/ professional will make request by e-mail/post with RD/ROC alongwith the supporting documents if, any;

b. RD/ROC will raise ticket on service desk immediately after examining the application;

c. The team of operator will resolve the ticket as per the request of RD/ROC. A system generated mail will be sent to RD/ROC and user will be informed accordingly;

d. User should file the documents within the time given in the email.

5.  The Regional Director/ Registrar of Companies is authorized to allow such extension of time for filing form/alongwith necessary document. The RD/ROC will raise ticket in the service desk for allowing such extension of time for filing forms.

6.  The stakeholders who are able to file the documents on or after 17/01/2013 till the date of this circular are not eligible for any fees relaxation or extension of last dates. Further they are not entitled for any refund.

Yours faithfully,

(Sanjay Kumar Gupta)

Deputy Director

Copy to:-

1. All Concerned

2. PS to CAM, PS to MOS.

3. PPS to Secretary, Special Secretary, PS to Joint Secretaries.

Company Profile

AVA Professional Consultants was established by a team of dedicated and trained professionals to be the single stop shop in the field of Private / Public Limited Company Formation, Business Setup in India and Limited Liability Partnership (LLP) Services.

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D-985, New Friends Colony, New Delhi - 110025

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