Highlights from team CA Cult (December 2021- First Week)

Weekly Key Highlights from team CA Cult (December 2021- First Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January, 2022.

Central Board of Indirect Taxes & Customs (CBIC)

1. Import of Sajji Khar/ Pappad Khar- Instruction No. 26/2021.
2. Guidelines for the sale of seized/confiscated gold- Instruction No.-27/2021-Customs.
3. Central Goods and Services Tax (Ninth Amendment) Rules, 2021- NOTIFICATION No. 37/2021–Central Tax.
4. Module wise new functionalities deployed on the GST Portal for taxpayers.

Corporate Law

1. Measures taken by MCA to ameliorate difficulties faced due to COVID-19 pandemic.
2. Limited Insolvency Examination w.e.f 1st March 2022.
3. Insolvency Professionals to act as interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2021.

Directorate General of Foreign Trade (DGFT)

1. Export Policy of Fertilisers – Updation in List of Manufactures/Units of NP/NPK Fertilizers –Notification No. 44/2015-20.
2. Amendment in Export Policy of Agar Oil and Agarwood Chips and Powder obtained from artificially propagated source and insertion of policy conditions –Notification No. 45/2015-20.
3. Electronic filing of Registration Cum Membership Certificate (RCMC)/ Registration Certificate (RC) through the common digital platform w.e.f. 06.12.2021- Trade Notice No. 27/2021-2022.
4. Fixation of two new Standard Input Output Norms (SIONs) at SION A-3680 and A-3681 under ‘Chemical & Allied Product’ (Product Code ‘A’)- Public Notice No. 40/2015-20.

Reserve Bank of India (RBI)

1. Supersession of the Board of Directors and Appointment of Administrator – M/s Reliance Capital Ltd.
2. Application for initiation of Corporate Insolvency Resolution Process (CIRP) against Reliance Capital Ltd. filed under the Insolvency and Bankruptcy Code, 2016.
3. Credit Information Companies (Amendment) Regulations, 2021.
4. State Finances: A Study of Budgets of 2021-22.

Securities and Exchange Board of India (SEBI)

1. Master Circular for Real Estate Investment Trusts (REITs).
2. Master Circular for Infrastructure Investment Trusts (InvITs).
3. Publishing of Investor Charter and disclosure of complaints by Debenture Trustees (DTs) on their Websites.
4. Publishing Investor Charter and disclosure of Investor Complaints by Stock Brokers on their websites.

Institute of Chartered Accountants of India (CA Fraternity)

1. Result of the Online Examination of the Certificate Course on Public Finance and Government Accounting held on 27th November 2021.
2. Result of the online Examination of the Certificate Course on Derivatives held on 27th Nov, 2021.
3. Non-current Liabilities with Covenants – Proposed amendments to IAS 1.
4. Supplier Finance Arrangements – Proposed amendments to IAS 7 and IFRS 7.
5. The last date for filing nominations for 15th ICAI Awards has been extended till 10th December, 2021.
6. A complete ban on canvassing 24 hours before commencement of polling and during polling day(s).
7. APPEAL TO OBSERVE COVID-19 PROTOCOL.
8. Manner of writing Arabic numerals in the ballot paper.
9. Important Instructions to candidates under Rule 42 of the Chartered Accountants (Election to the Council) Rules, 2006.
10. Change of Venue of Polling at Jorhat– ELECTION – 2021.
11. Change in Address of Certain Polling Booths.
12. Change of Venue of Polling Booths in Northern Region.
13. Change of Venue of Polling in Central Region.
14. Change of Venue of Polling at Kudal and Solapur.
15. Prohibition on Use of Mobile Telephone in Polling Booth.

Other Updates

1. Directorate of Revenue Intelligence (DRI) busts iPhone smuggling racket.
2. Gross GST Collection in FY 2021-22 shows increasing trend.
3. Annual Capacity of Cargo Transport of Export-Import in Ports.
4. Continuation of the Scheme for Investment Promotion (SIP).
5. Data on beneficiaries of Stand-Up India scheme.
6. CONSOLIDATION OF TRADING RELATIONSHIP WITH USA.

Video on “Reduction of Tax – Planning or Evasion ?” : https://www.youtube.com/watch?v=lRcU65krA-s

Compliance Calendar: https://cacult.com/calendar-2/

Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA