Highlights from Team CA Cult (August 2021- Second Week)

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. E-mail ids for registering grievances under Faceless Scheme.
2. CBDT inserted New Rules and Forms in Income-tax via Income tax Amendment (22nd Amendment), Rules, 2021 dated 09th August 2021.
3. Recruitment of meritorious sportspersons to the posts of Income Tax Inspector, Tax Assistant and Multi-Tasking Staff.
4. Income-tax new rule 10RB Relief in tax payable under sub-section (1) of section 115JB due to operation of subsection (2D) of section 115JB.
5. Constitution of Interim Boards for Settlement under the section 245AA of the Income-tax act, 1961- NOTIFICATION.

Central Board of Indirect Taxes & Customs (CBIC):

• Central Board of Indirect Taxes and Customs (CBIC) Directorates Stenographer Grade-I (Group ‘B’, Non Gazetted, Ministerial Post) Recruitment Rules, 2021.
• Due to the maintenance, ECCS application shall not be functional.
• Online training on “Anti-Profiteering in GST” on 24th August, 2021 from 10:30 AM to 01:05 PM -reg.

GST

1. 2 held by CGST Officials for input tax credit fraud of more than Rs 10 crore.
2. Delhi Goods and Services Tax (Amendment) Act 2021- Notification.

Customs

1. Anti dumping duty on imports of Phthalic Anhydride (PAN).
2. Import of Split Cassia label as Cinnamon- Instruction No. 16/2021-Customs
3. Strict implementation of the Import Policy i.r.t. Transmission apparatus incorporating reception apparatus (ITC HS Code – 8525 60 00), by the Customs Authorities-reg.
4. Remove levy of ADD on Viscose Staple Fibre (VSF).
5. Government Notifies Continuation of Scheme for Rebate of State and Central Taxes and levies (RoSCTL) on Export of Apparel/Garments and Made-ups.
6. The Tribunals Reforms Act 2021 of Parliament received the assent of the President on the 13th August, 2021. An Act further to amend the Cinematograph Act, 1952, the Customs Act, 1962, the Airports Authority of India Act, 1994, the Trade Marks Act, 1999 and the Protection of Plant Varieties and Farmers’ Rights Act, 2001 and certain other Acts.

Corporate Law:

1. Schedule III of Companies Act amended by MCA on disclosure norms in financial statements.
2. Publication: Handbook on Do’s and Don’ts for IPs under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI.
3. Limited Liability Partnership (Amendment) Act, 2021 received the assent of the President on the 13th August, 2021.

Directorate General of Foreign Trade (DGFT)

1. Procedure and Criteria for submission and approval of applications for export of Diagnostic Kits and their components/laboratory reagents- Trade Notice No. 15/2021-22.
2. Amendment in import policy of Integrated Circuits (1Cs) and incorporation of policy condition for HS Codes 85423100, 85423900, 85423200, 85429000, and 85423300, of Chapter 85 of lTC (HS), 2017, Schedule – I (Import Policy)- Notification No. 15/2015-20.
3. Extension in period of modification of IEC till 31.08.2021 and waiver of fees for IEC updation done during August, 2021– Notification 16/2015-20
4. Amendment in Para 2.07 of Foreign Trade Policy, 2015-2020- Notification No. 17/2015-20

Reserve Bank of India (RBI):

1. Enhancement of collateral free loans to Self Help Groups (SHGs) under DAY-NRLM from ₹10 lakh to ₹20 Lakh.
2. Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) – Extension of Relaxation for a further period of three months.
3. THE FACTORING REGULATION (AMENDMENT) ACT 2021.
4. Rationalisation of Overseas Investment Regulations under FEMA, 1999 – Draft rules/regulations for Comments.
5. Foreign Exchange Management (FEMA) (Non debt Instruments) (Amendment) Rules 2021.
6. Monitoring of Availability of Cash in ATMs.
7. RBI Working Paper No. 4/2021: Does Offshore NDF Market Influence Onshore Forex Market? Evidence from India.
8. Exim Bank’s Government of India supported Line of Credit (LoC) of USD 100 million to the Government of the Republic of Mauritius.
9. Deposit Insurance and Credit Guarantee Corporation (Amendment) Act, 2021 received the assent of the President on the 13th August, 2021.
10. On Tap Targeted Long-Term Repo Operations – Extension of Deadline.

Securities and Exchange Board of India (SEBI):

1. Calendar Spread margin benefit in commodity futures contracts.
2. Securities and Exchange Board of India (Issue and Listing of Non Convertible Securities) Regulations, 2021.
3. Operational Circular for issue and listing of Non-convertible Securities, Securitised DebtInstruments, Security Receipts, Municipal Debt Securities and Commercial Paper.
4. Guidelines on issuance of non-convertible debt instruments along with warrants (‘NCDs with Warrants’) in terms of Chapter VI – Qualified Institutions Placement of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.
5. Circular on Disclosure of shareholding pattern of promoter(s) and promoter group entities.
6. Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System driven disclosures – Ease of doing business.
7. Tendering of shares in open offers, buybacks and delisting offers by marking lien in the demat account of the shareholders.
8. ‘Security and Covenant Monitoring’ using Distributed Ledger Technology.

Ministry of Micro, Small and Medium Enterprises (MSMEs):

1. Public Procurement Policy for Micro and Small Enterprises (MSEs) Order 2012- Amendment Notification.

Institute of Chartered Accountants of India (CA Fraternity)

1. Live Webcast series ”Synchronizing studies with Practical training – Excelling in examination ”.
2. Subsidiaries without Public Accountability: Disclosures.
3. Important Announcement for December 2021 CA Examinations (Exams Schedule).
4. Important Announcement on Second Round of Campus Placement Programme (16th– 20th August, 2021).
5. Option for Polling Booth in Ghaziabad City- Election 2021.
6. For Attention of the Prospective Candidates and Members at large Election 2021 – Draft List of Voters as on 1.4.2021 – Inviting Views/Suggestions on Polling Booths proposed to be set up.
7. Exposure Draft of Revised AS 105 Non-current Assets Held for Sale and Discontinued Operations for Public Comments.
8. Launch of mobile Application “ICAI BOS” for students using iPhone.
9. Chartered Accountants (Amendment) Regulations 2021 dated July 8, 2021.
10. Important Announcement regarding CA Articleship– Amendments in Regulations 51, 54 and 58 of Chartered Accountants Regulations, 1988.
11. Extending the date for completion of ICITSS (ITT and OC) for provisionally registered students through Direct Entry Route for appearing in May, 2022 Intermediate Examination.

Other Updates:

1. It is imperative to bridge the gap of accessibility to justice between the highly privileged and the most vulnerable: Chief Justice of India.
2. Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme.
3. Government e-Marketplace (GeM) organizes 5th edition of National Public Procurement Conclave.
4. Model Tenancy Act aims to promote rental housing by balancing and protecting the interests of both the tenants and landlords.
5. Office hours arising out of Security Arrangements for Independence Day – 2021.
6. Opening of SBI Accounts by NGOS.
7. Functions allocated to the Ministry of Cooperation as per the Government of India (allocation of Business) Rules, 1961.
8. Extension of Atal Beemit Vyakti Kalyan Yojana with the relaxed eligibility conditions and enhanced rate of relief notified in the Gazette of India- ESIC Notification.
9. Medical benefit as laid down in the said Regulation 95-A and the Tamil Nadu Employees’ State Insurance (Medical Benefit) Rules, 1955 extended to the families of insured persons.
10. Employees’ State Insurance Corporation notifies ESIC Covid-19 Relief Scheme under Section 19 of the Act.

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