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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. E-Verification Scheme, 2021 under the Income-tax.

Central Board of Indirect Taxes & Customs (CBIC)

1. Seeks to reduce BCD on Refined palm oil and its fractions from 17.5% to 12.5% till 31.03.2022- Notification No. 53/2021-Customs.
2. Seeks to levy anti-dumping duty on imports of ‘Silicone Sealant’ originating in or exported from China PR for a period of five years – Notification No. 74/2021-Customs (ADD).
3. Seeks to impose Anti-dumping Duty on Imports of Hydrofluorocarbon (HFC) component R-32 from China PR- Notification No. 75/2021 -Customs (ADD).
4. Seeks to levy anti-dumping duty on imports of ‘Hydrofluorocarbon Blends (All blends other than 407 and 410 are excluded)’ originating in or exported from China PR for a period of five years- Notification No. 76/2021-Customs (ADD).
5. Seeks to further amend notification No. 46/2011-Customs dated 01-06-2011 to give effect to 13th tranche of preferential tariff as per ASEAN India Trade in Goods Agreement (AITIGA)- Notification No. 54/2021 – Customs.
6. Commencement Notification dated 21st December 2021: Seeks to bring sub-rule (2) and sub-rule (3), clause (i) of sub-rule (6) and sub-rule (7) of rule 2 of the CGST (Eighth Amendment) Rules, 2021 into force w.e.f. 01.01.2022- Notification No. 38/2021 – Central Tax.
7. Applicability of the provisions of the Finance Act, 2021: Seeks to notify 01.01.2022 as the date on which provisions of section 108, 109 and 113 to 122 of the Finance Act, 2021 shall come into force- Notification No. 39/2021 – Central Tax.
8. Mandatory Aadhaar authentication for registered person.

Corporate Law (MCA)

1. AMENDMENT TO THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) (ONLINE DELIVERY OF EDUCATIONAL COURSE AND CONTINUING PROFESSIONAL EDUCATION BY INSOLVENCY PROFESSIONAL AGENCIES AND REGISTERED VALUERS ORGANISATIONS) GUIDELINES, 2020.
2. Invitation of comments from the public on proposed changes to the Corporate Insolvency Resolution and Liquidation Framework under Insolvency and Bankruptcy Code, 2016.

Directorate General of Foreign Trade (DGFT)

1. SCOMET Updates 2021 – Amendment in Appendix 3 (SCOMET items) to Schedule-2 of ITC (HS) Classification of Export and Import Items, 2018- Notification No. 47/2015-20.
2. Amendment in import policy of items under HS Code 1511 90 of Chapter 15 of ITC (HS), 2017, Schedule–I (Import Policy)- NOTIFICATION No. 46/2015-2020.
3. Corrigendum to Public Notice No. 43/2015-2020 dated 16.12.2021.

Reserve Bank of India (RBI)

1. Exim Bank Government of India supported Line of Credit (LoC) of USD 40 million to the Government of the Togolese Republic.
2. Reserve Bank of India imposes Monetary Penalty on two Payment System Operators.
3. Restriction on storage of actual card data [i.e. Card-on-File (CoF)].

Securities and Exchange Board of India (SEBI)

1. SEBI issues directions to stock exchanges in Commodity Derivatives segment.
2. Investment advisory services for Accredited Investors.
3. Portfolio Management Services for Accredited Investors.
4. Extension of the facility for conducting the annual meeting and other meetings of unitholders of REITs and InvITs through Video Conferencing (VC) or through Other Audio-Visual means (OAVM).
5. Restoration of relaxed timelines w.r.t. validity of the observation letter pertaining to Mutual Funds.
6. SEBI signs IOSCO’s Enhanced Multilateral MoU (EMMoU).

Institute of Chartered Accountants of India (CA Fraternity)

1. Election 2021 – From the Counting Venue.
2. Result Notification for the 25th Central Council – ICAI election.
3. Result of the ICAI 24th Regional Councils.
4. Important update on ICAI Convocation 2021-22.
5. Registration for Online Home-Based Practical Training Assessment.
6. Announcement – Launch of ‘Certificate Course on Indian Accounting Standards (Ind AS)’ (Online Batch 31).
7. Certificate Course on Public Finance & Government Accounting – 18th Online Batch commencing from 6th February, 2022.
8. Cabinet approves Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and The Polish Chamber of Statutory Auditors (PIBR).
9. IFRS Foundation document issued for comments: IFRS Taxonomy 2021-Proposed Update 3 Initial Application of IFRS 17 and IFRS 9-Comparative Information (Amendment to IFRS 17).

Other Updates

1. Revised Import Policy of Moong.
2. Import Policy of Tur/Pigeon Peas and Urad.
3. High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Act, 2021.
4. 88% growth in volume of digital transactions during last 3 years since 2018-19.
5. Steps taken by Government to improve the flow of credit to MSME sector.
6. Refrigerating Appliances (Quality Control) Amendment Order, 2021.
7. Finance Minister Smt. Nirmala Sitharaman concludes pre-Budget meetings for forthcoming Union Budget 2022-23.
8. Constitutes a Quality Review Board.
9. Amended regulation of the Khadi and Village Industries- These Regulations may be called the Khadi and Village Industries Commission Employees (Classification, Control and Appeal) (Amendment) Regulation, 2021.
10. Appointment of the part-time Member in Pension Fund Regulatory and Development Authority (PFRDA) – Notification.
11. Amendment to General Notification of sale of Government of India (GoI) Treasury Bills (TBs)/Cash Managements Bills (CMBs) by Auction – Notification No 102 (E) dated 27th March, 2018.
12. Implementation of the provisions of ESI Act 1948 in 21 districts of Assam.
13. Notification of Electronic Gold Receipt as securities under (SCRA) Securities Contracts (Regulation) Act, 1956.
14. Financial products with bullion as underlying and electronic gold receipt with underlying physical gold to be treated as securities under Securities Contracts (Regulation) Act 1956.

Blogs of the week:

1. Important points of the Restaurant Service under section 9(5) of the CGST Act, 2017: https://cacult.com/important-points-of-the-restaurant-service-under-section-95/
2. Check out the Important dates related to the various statutory compliance due in the last week of December 2021: https://cacult.com/important-dates-in-the-last-week-of-december-2021/
3. Provisions to be applicable from 1st January 2022: https://cacult.com/provisions-to-be-applicable-from-1st-january-2022/

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

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