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PROVISIONS OF SECTION 31 OFCOMPANIES ACT, 2013 MEANING SHELF PROSPECTUS MEANS A PROSPECTUS ISSUED BY THE COMPANIES AS PRESCRIBED BY SEBI (PFC's etc) FOR SUBSCRIPTION IN ONE OR MORE ISSUES OVER A CERTAIN PERIOD (ONE YEAR FROM THE DATE OF 1ST ISSUE) WITHOUT THE ISSUE OF A FURTHER PROSPECTUS AT EVERY STAGE OF OFFER OF SECURITIES.     VALIDITY SHELF PROSPECTUS WILL BE VALID FOR A PERIOD OF ONE YEAR, FROM THE DATE OF FIRST ISSUE OF SECURITIES. INFORMATION MEMORANDUM A COMPANY FILLING A SHELF PROSPECTUS SHALL BE REQUIRED TO FILE AN INFORMATION MEMORANDUM ALONG WITH THE SHELF PROSPECTUS. UPDATE OF INFORFAMTION MEMORANDUM. AN UPDATE OF INFORMATION MEMORANDUM SHALL BE FILLED , EVERY TIME AN OFFER OF SECURITIES IS MADE. SUCH MEMORANDUM TOGETHER WITH THE SHELF PROSPECTUS SHALL CONSTITUTE THE PROSPECTUS.

MEANING RED HERRING PROSPECTUS MEANS A PROSPECTUS WHICH DOES NOT INCLUDE COMPLETE PARTICULARS OF THE QUANTUM OR PRICE OF THE SECURITIES INCLUDED THEREIN. PROVISIONS OF SECTION 32, OF THE COMPANIES ACT , 2013 WHO CAN ISSUE RHP- A COMPANY PROPOSING TO MAKE AN OFFER OF SECURITIES MAY ISSUE A RED HERRING PROSPECTUS PRIOR TO THE ISSUE OF A PROSPECTUS. FILLING WITH ROC-  A COMPANY PROPOSING TO ISSUE A RED HERRING PROSPECTUS SHALL FILE IT WITH THE REGISTRAR ATLEAST THREE DAYS PRIOR TO THE OPENING OF SUBSCRIPTION LIST AND THE OFFER. OBLIGATIONS-  A RED HERRING PROSPECTUS SHALL CARRY THE SAME OBLIGATIONS AS ARE APPLICABLE TO A PROSPECTUS . ANY VARIATION BETWEEN RED HERRING PROSPECTUS AND A PROSPECTUS  SHALL BE HIGHLIGHTED AS VARIATIONS IN THE PROSPECTUS FILLING WITH ROC AND SEBI UPON CLOSING OF OFFER-  UPON CLOSING OF THE OFFER OF SECURITIES, THE PROSPECTUS STATING THEREIN THE TOTAL CAPITAL RAISED, WHETHER BY WAY OF DEBT OR SHARE CAPITAL , AND THE CLOSING PRICE OF THE SECURIT

SALAMON V. SALAMON AND CO. LTD                                                                                                                                                - Based on companies corporate personality. LEE V. LEE'S  AIRFARMING LTD.                                                                                                                                                          -  Members are different from the company. NEW HORIZONS LTD V. UNION OF INDIA                                                                                                                                            -  in the case of a joint venture co.the experience of shareholder of a company can be regarded as experience of a company. UNION BANK OF INDIA V. KHADER INTERNATIONAL CONSTRUCTION AND OTHER                                                    - company is a person and can be poper R.C COOPER V. UNION OF INDIA.                                                             

Composition Levy Scheme in GST  1. Composition Levy Scheme under GST law.   Composition levy scheme is a very simple, hassle free compliance scheme for small taxpayers. It is a voluntary and optional scheme. Benefits of composition scheme   • Easy compliance as no elaborate accounts and records to be maintained   • Simple Quarterly Return  • Quarterly payment of tax    Under this scheme, a registered taxable person, whose aggregate turnover does not exceed Rs. One crores (Rs. 75 lakh for special category States except J & K and Uttrakhand) in the financial year 2016-17 may opt for this scheme. A taxpayer registered under composition levy scheme has to pay an amount equal to certain fixed percentage of his annual turnover as tax to the government. This tax has to be paid on quarterly basis. Such taxpayer does not have to maintain elaborate accounts and records and instead of two monthly statements and a return (which a normal taxpayer has to file under GST), he h

1. What is Reverse Charge? Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed. 2. When is Reverse Charge Applicable? A. Supply from an Unregistered dealer to a Registered dealer If a vendor who is not registered under GST, supplies goods to a person who is  registered under GST , then Reverse Charge would apply. This means that the GST will have to be paid directly by the receiver to the Government instead of the supplier. The registered dealer who has to pay GST under reverse charge has to do self-invoicing for the purchases made. For Inter-state purchases the buyer has to pay IGST. For Intra-state purchased CGST and SGST has to be paid under RCM by the purchaser. B. Services through an e-commerce operator If an e-commerce operator supplies services then reverse charge will be applicable to the e-commerce operator. He will be liable to