Highlights from team CA Cult (June 2021- Third Week)

Weekly Key Highlights from team CA Cult (June 2021- Third Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Relaxation in electronic filing of Income Tax Forms 15CA/15CB.
2. Cost Inflation Index notified for the Financial Year 2021-2022.
3. Direct Tax collections for the Financial Year 2021-22.
4. Finance Ministry (FM) to hold meeting on 22nd June, 2021 with Infosys on issues in new Income Tax Portal.

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. Amended rates for supply of services under CGST Act- NOTIFICATION No. 04/2021-Central Tax (Rate).
2. New GST rates effective till 30th September 2021- NOTIFICATION No. 05/2021-Central Tax (Rate).
3. Corrigendum to the notification No. 05/2021-Central Tax (Rate), dated 14th June, 2021.
4. Module wise new functionalities deployed on the GST Portal for taxpayers.
5. Clarification regarding applicability of GST on supply of food in Anganwadis and Schools.
6. Clarification regarding applicability of GST on the activity of construction of road where considerations are received in deferred payment (annuity).
7. Clarification regarding GST on supply of various services by Central and State Board (such as National Board of Examination).
8. Clarification regarding rate of tax applicable on construction services provided to a Government Entity, in relation to construction such as of a Ropeway on turnkey basis.
9. GST on milling of wheat into flour or paddy into rice for distribution by State Governments under PDS.
10. GST on service supplied by State Govt. to their undertakings or PSUs by way of guaranteeing loans taken by them.
11. Clarification regarding GST rate on laterals/parts of Sprinklers or Drip Irrigation System.

Customs

1. Government rescinds the notification issued on 1st May 2021- NOTIFICATION No. 33/2021-Customs.
2. Tariff Value Notification No. 52 /2021-CUSTOMS (N.T.).

Corporate Law:

1. Companies (Meetings of Board and its Powers) Amendment Rules, 2021- NOTIFICATION.
2. MCA notifies Companies (Indian Accounting Standards) Amendment Rules, 2021.
3. Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 -NOTIFICATION,
4. The Insolvency and Bankruptcy Board of India invites comments from the public on the Regulations notified under the Insolvency and Bankruptcy Code, 2016.

Directorate General of Foreign Trade (DGFT)

1. Amendment in Appendix – 2T of Foreign Trade Policy, 2015-2020- DGFT Public Notice No. 06/2015-2020.
2. Amendment in Export Policy of Injection Remdesivir and Remdesivir API- Notification No. 08/2015-2020.
3. Amendment in Sl No. B VI of Appendix 4B ‘ List of Nominated Agencies’- Public Notice No. 07/2015-20.

Reserve Bank of India (RBI):

1. Extension of time to give feedback and Suggestions to the Group of Advisors to Regulations Review Authority 2.0.
2. Investment in Entities from FATF Non-compliant Jurisdictions.
3. RBI releases Consultative Document on Regulation of Microfinance.
4. Liberalised Remittance Scheme for Resident Individuals – Reporting.
5. The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction.
6. RBI grants “In-principle” approval to Centrum Financial Services Limited to set up a Small Finance Bank.

Securities and Exchange Board of India (SEBI):

1. Revised Framework for Regulatory Sandbox- Circular.
2. Relaxation from the requirement of minimum vesting period in case of death of employee(s) under SEBI (Share Based Employee Benefit) Regulations, 2014.
3. Settlement of Running Account of Client’s Funds lying with Trading Member (TM).
4. Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 -System driven disclosures for inclusion of listed debt Securities.
5. Framework for administration and supervision of Investment Advisers under the SEBI (Investment Advisers) Regulations, 2013.
6. Norms for investment and disclosure by Mutual Funds in Derivatives.
7. Securities Contracts (Regulation) (Amendment) Rules, 2021- Notification.

Institute of Chartered Accountants of India (CA Fraternity):

1. Important Announcement on Information System Audit – Assessment Test (ISA – AT), July 2021.

Other Updates:

1. Employees’ State Insurance (Central) Amendment Rules, 2021- NOTIFICATION.
2. India’s Foreign Trade: May 2021- Press Release.
3. Draft Rules relating to Employee’s Compensation under the Code on Social Security, 2020 notified.
4. Government Simplifies Registration Process for MSMEs.
5. GeM providing increasing market access to seller groups like MSEs, Women SHGs and Startups to reinforce the Make in India Initiative.
6. Smart Enforcement App for Trucks to reduce compliance Logistics costs.
7. Validity of enterprises registered prior to 30th June, 2020.
8. Ministry of Micro, Small and Medium Enterprises Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st December, 2021.
9. Emergency Credit Line Guarantee Scheme (ECLGS) Operational Guidelines.
10. Delhi High Court Permits Revision Of Tran- 1 Or Tran- 2.
11. SBI’s advisories and guidelines in respect of FCRA bank account.
12. Govt. specifies housing financial companies under SARFAESI Act 2002.
13. ESIC COVID-19 RELIEF SCHEME.
14. Finance Ministry refutes news media reports of alleged black money held by Indians in Switzerland.
15. Actuaries (Procedure for Inquiry of Professional and Other Misconduct) Amendment Rules, 2021.
16. Expert Group on fixation of Minimum Wages and National Floor Wages to give early report.

Blogs

1. The Analysis of the provisions of Second Hand Goods Dealer and Composition Scheme in GST.
2. Treatment of Reimbursement of expenses under GST (The case of Pure Agent).

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