Weekly Updates from CA Cult (July 2022- First Week)

Weekly Updates from CA Cult (July 2022- First Week)

Important Updates from last week:

Income-tax

1. Income Tax Department conducts searches in Chhattisgarh.
2. Uttar Pradesh Electricity Regulatory Commission notified under clause (46) of section 10 of the Income-tax Act.
3. New Rule 21AL inserted in the Income Tax Rule.

CBIC

1. Notifying clause (c) of section 110 and section 111 of the Finance Act, 2022- NOTIFICATION No. 09/2022–Central Tax.
2. Seeks to exempt taxpayers having AATO upto Rs. 2 crores from the requirement of furnishing annual return for FY 2021-22- NOTIFICATION No. 10/2022 –Central Tax.
3. Extension of the due date of furnishing FORM GST CMP-08 for the quarter ending June, 2022 till 31.07.2022- NOTIFICATION No. 11/2022–Central Tax.
4. Extension of the waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22- NOTIFICATIONNo. 12/2022 –Central Tax.
5. Extension of the dates of specified compliances in exercise of powers under section 168A of CGST Act- NOTIFICATIONNo. 13/2022-Central Tax.
6. Central Goods and Services Tax (Amendment) Rules, 2022.
7. Mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in FORM GSTR-3B and statement in FORM GSTR-1.
8. Clarification on various issues relating to applicability of demand and penalty provisions under the Central Goods and Services Tax Act, 2017 in respect of transactions involving fake invoices–Reg.
9. Clarification on the various issues pertaining to GST- Circular No. 172/04/2022-GST.
10. Clarification on issue of claiming refund under inverted duty structure where the supplier is supplying goods under some concessional notification – Circular No. 173/05/2022-GST.
11. Prescribing manner of re-credit in electronic credit ledger using FORM GST PMT-03A – Circular No. 174/06/2022-GST.
12. Manner of filing refund of unutilized ITC on account of export of electricity- Circular No. 175/07/2022-GST.
13. Removal of a negative balance in cash ledgers of some composition taxpayers.
14. Withdrawal of Circular No. 106/25/2019-GST dated 29.06.2019 – Reg.
15. Seeks to give the exemption to blended petrol- NOTIFICATION No. 12/2022-Central Excise.
16. Seeks to extend the exemption from BCD and AIDC upon import of Raw Cotton- NOTIFICATION No. 38/2022-Customs.

Corporate Law (MCA)

1. Insolvency and Bankruptcy Board of India (Insolvency Professional Agencies) (Amendment) Regulations, 2022.
2. Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2022.
3. Insolvency and Bankruptcy Board of India (Employees’ Service) (Amendment) Regulations, 2022.

Directorate General of Foreign Trade (DGFT)

1. Amendment of import policy conditions for item under Exim code 07019000 of Chapter 07 of ITC (HS), 2022, Schedule –I (Import Policy)- Notification No. 17/2015-2020.
2. Implementation of Paper Import Monitoring System (PIMS) – Clarification w.r.t. applicability of PIMS at the time of import at SEZ/FTWZ/EOU and further import into DTA – Policy Circular No. 41/2015-20.
3. Amendment in Export Policy of Wheat Flour (atta)- Notification No. 18/2015-2020.
4. Amendment in the registration time period of Steel Import Monitoring System (SIMS)- Notification no. 19/2015-20.
5. Syncing of ITC (HS), 2022- Schedule-1 (Import Policy) with the Finance Act, 2022 (No.6 of 2022) dated 30.03.2022- Notification no. 20/2015-20.

Reserve Bank of India (RBI)

1. Requirement for obtaining prior approval in case of takeover / acquisition of control of non-bank PSOs and sale / transfer of payment system activity of non-bank PSO.
2. Section 42 of the Reserve Bank of India Act, 1934 and Section 18 and 24 of the Banking Regulation Act, 1949 – FCNR (B)/NRE Term deposits – Exemption from the maintenance of CRR and SLR.
3. Master Direction on Interest Rate on Deposits – Foreign Currency (Non-resident) Accounts (Banks) Scheme [FCNR(B)] and Non-Resident (External) Rupee (NRE) Deposit.
4. Inclusion of “Unity Small Finance Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934.
5. Overseas foreign currency borrowings of Authorised Dealer Category-I banks.
6. Investment by Foreign Portfolio Investors (FPI) in Debt – Relaxations.
7. ‘Fully Accessible Route’ for Investment by Non-residents in Government Securities – Additional specified securities.

Securities and Exchange Board of India (SEBI)

1. The Investor Grievance Redressal Mechanism and Amendment to SEBI Circular no. SEBI/HO/DMS/CIR/P/2017/15 dated February 23, 2017.
2. Modification in Cyber Security and Cyber resilience framework of Qualified Registrars to an Issue and Share Transfer Agents (“QRTAs”)

Institute of Chartered Accountants of India (CA Fraternity)

1. RESCHEDULED DATE FOR CHARTERED ACCOUNTANTS FOUNDATION EXAMINATION AT SILCHAR (ASSAM) EXAMINATION CENTRE.
2. Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961’ for Public Comments.
3. FAQs for organizations participating in Campus Placement Program August-September 2022.
4. Release of Compendium of Ind AS (as on April 01, 2022) and related guidance material.
5. Release of Educational Material on Ind AS 34, Interim Financial Reporting.
6. The Emerging role of Auditors and CFOs in addressing Risk Management: A New Perspective.
7. List of nominations received for bye-election to the 25th Council from Western India Regional Constituency.
8. Notification on the Panel for Scrutiny of Nominations.

OTHER UPDATES:

1. Notification under section 2CA of the Insurance Act.
2. Notification regarding designating CERSAI as the authority.
3. Special Economic Zones (Second Amendment) Rules, 2022.
4. Pension Fund Regulatory and Development Authority (Form of Annual Statement of Accounts and Records) Amendment Rules, 2022.

Video of the Week:

1. Important Point on transaction of sale and purchase of securities in AIS/TIS: https://www.youtube.com/watch?v=JFQn4PCbIUE
2. Important point on verification of Income tax return: https://www.youtube.com/watch?v=ir5ckljKpEk

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