Highlights from team CA Cult (August 2021- Fourth Week)

Weekly Key Highlights from team CA Cult (August 2021- Fourth Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department.
2. CBDT invites comments on the draft notification on Framing of rules for the amendments made by the Taxation Laws (Amendment) Act, 2021.

Central Board of Indirect Taxes & Customs (CBIC):

1. Implementation of Rule-59(6) restriction in the filing of GSTR-1 on GST Portal.
2. Advisory on HSN and GSTR-1 Filing.
3. Contact Number for New GST Registration queries.
4. Seeks to rescind notification No. 14/2016-Cus(ADD) dated 21st April 2016 to remove levy of ADD on Barium Carbonate originating in or imported from China PR- Notification No.45 /2021-Customs (ADD).
5. Seeks to extend the Anti-Dumping Duty (ADD) on imports of “Axle for Trailers” originating in or exported from People’s Republic of China, imposed vide Notification No. 54/2016- Customs (ADD), dated 29th November, 2016, till 28th January, 2022- Notification No. 46/2021-Customs (ADD).
6. ADD imposed on Natural Mica based Pearl Industrial Pigments excluding cosmetic grade shall be levied for a period of five years- Notification No. 47/2021-Customs (ADD).
7. Seeks to amend Notification number 56/2018-Customs(ADD) dated 4th December, 2018, to extend the levy on “uncoated copier paper” from Indonesia & Singapore upto 28th February, 2022- Notification No. 48/2021-Customs (ADD).
8. NOTICE FOR CUSTOMS BROKERS EXAMINATION 2022.

Corporate Law:

1. Request for Proposal for Appointment of Internal Auditor to IBBI.
2. Webinar on Career Opportunities under IBC 2016.
3. Highlights of the amendments passed in the Limited Liability Partnership Act, 2008 through the Limited Liability Partnership (Amendment) Act 2021.
4. Government cautions stakeholders as 348 companies fail to meet requisite criteria for declaration as Nidhi company under Companies Act 2013 and Nidhi Rules 2014.
5. Amendment in Companies (Appointment and Qualification of Directors) Rules, 2014- A Chartered Accountant (CA) in practice for atleast 10 years is not required to clear online proficiency test to become Independent Director.
6. Frequently Asked Questions (FAQs) on Corporate Social Responsibility (CSR) – General Circular No. 14 /2021.

Directorate General of Foreign Trade (DGFT)

1. Relaxation in applicability of provision in Para 6 (b) of General Notes Regarding Import Policy Schedule – I (Imports) of the ITC(HS) 2017, Schedule – I (Import Policy)- Notification No. 20/2015-20.

Reserve Bank of India (RBI):

1. Formation of new district in the State of Punjab – Assignment of Lead Bank Responsibility.
2. Tokenisation – Card Transactions : Extending the Scope of Permitted Devices.
3. Notification as ‘Financial Institution’ under Section 2(1)(m)(iv) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).
4. Master Direction – Classification, Valuation and Operation of Investment Portfolio of Commercial Banks (Directions), 2021.
5. Payments Infrastructure Development Fund – Inclusion of PM SVANidhi Scheme beneficiaries.
6. Enhancements to Indo-Nepal Remittance Facility Scheme.
7. Round Table Discussion of RBI Deputy Governors with MD & CEOs of Small Finance Banks over Video Conference.
8. Review of incentive and other measures to enhance distribution of coins.
9. Master Directions on Prepaid Payment Instruments (PPIs).
10. Reserve Bank of India imposes Monetary Penalty on five Payment System Operators.
11. Commencement Notification of DICGC (Amendment) Act 2021.
12. List of Forms under the Foreign Exchange Management Act.

Securities and Exchange Board of India (SEBI):

1. Modalities for implementation of the framework for Accredited Investors.

Institute of Chartered Accountants of India (CA Fraternity)

1. Important Announcement on Cut-off date for conversion from Earlier Scheme to Revised Scheme to appear in December 2021 Examinations at all levels – 30th September, 2021.
2. Chartered Accountants (Election to the Council) Amendment Rules 2021.
3. Live Webcast on “Learning Strategy for Excelling in Examination”.
4. Cabinet approves Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR).
5. Notification on Jurisdiction of Jhansi Branch of CIRC of ICAI.
6. Important Announcement – Launch of ‘Certificate Course in Indian Accounting Standards (Ind AS)’ (Online Batches 27 to 32).
7. Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 7th & 8th August, 2021.
8. Results of the Assessment for the Certificate Course on CSR held on 17.08.2021, has been declared.

Other Updates:

1. CA CS ICWA qualifications to be equivalent to Post-graduation.
2. Commencement Notification dated 27th day of August 2021.
3. No outages in Aadhaar – PAN/EPFO linking facility.
4. Central Authority nominates Chairman of the Supreme Court Legal Services Committee with immediate effect- NOTIFICATION.
5. Bank Employees Family Pension to be increased to 30% of last pay drawn.
6. Finance Minister unveils 4th edition of Public Sector Bank Reforms Agenda – EASE 4.0 in Mumbai.
7. Inviting applications to set up International Trade Financing Services (ITFS) Platform at GIFT IFSC.
8. Government relaxes the rules for the import of crushed and de-oiled GM soya cake (Non-living organism only), benefiting farmers, poultry farmers and fishermen.
9. Government to offer Special Incentives to support 75 Start-ups in areas of Telemedicine, Artificial Intelligence and Digital Health to coincide with ‘Azadi ka Amrit Mahotsav’.
10. India Trade Promotion Organisation offers 50% Discount on Rentals to ‘STARTUPs’ in the 21st edition of IISE.
11. Finance Minister Smt. Nirmala Sitharaman says Government committed to policy certainty, Industry should come forward and take more risks.

CA Cult- Compliance Calendar

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