Weekly Updates from CA Cult (2nd Week of May 2023)
Weekly Updates from CA Cult (2nd Week of May 2023)
Important Updates from last week:
- Pune Metropolitan Region Development Authority notified under section 10.
- Food Safety and Standards Authority of India notified under section 10.
- Excel Utility of ITR-2 for AY 2023-24 is available for filing.
- Advisory: Deferment of Implementation of Time Limit on Reporting Old e-Invoices.
- Seeks to amend notification No. 11/2017- Central Tax (Rate) dated 28.06.2017 so as to to extend last date for exercise of option by GTA to pay GST under forward charge- NOTIFICATION No. 05/2023- Central Tax (Rate).
- Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 5 Cr from 01st August 2023 – NOTIFICATION No. 10/2023 –Central Tax.
- CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers.
- Seeks to allow imports of Crude Soya-bean Oil and Crude Sunflower Oil at zero Basic Customs Duty and zero Agriculture Infrastructure and Development Cess for TRQ license holders for FY 2022-23 up to the 30th June, 2023- Notification No. 37/2023-Customs.
- Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023.
Directorate General of Foreign Trade (DGFT)
- Amendment in import policy condition of Apples under ITC (HS) 08081000 of Chapter-08 of ITC (HS), 2022, Schedule-I (Import Policy) – NOTIFICATION No. 5 /2023.
- Master Circular on the Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs.
- Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer.
- Formalisation of Informal Micro Enterprises on Udyam Assist Platform.
- Levy of charges on forex prepaid cards/store value cards/travel cards, etc.
- Reserve Bank launches ‘100 Days 100 Pays’ Campaign for Return of Unclaimed Deposits.
- Master Circular on Basel III Capital Regulations.
- RBI notification on LIBOR Transition.
Securities and Exchange Board of India (SEBI)
- Registration with the FINNET 2.0 system of Financial Intelligence Unit –India (FIU-India).
- Direct Market Access (DMA) to SEBI registered Foreign Portfolio Investors (FPIs) for participating in Exchange Traded Commodity Derivatives (ETCDs).
- Investment in units of Mutual Funds in the name of minor through guardian.
Institute of Chartered Accountants of India (ICAI)
- Short Term Research Studies – Call for Research Proposal by Research Committee (open around the year).
- Deferment of the second phase of Peer Review Mandate.
- Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7).
- Important Announcement on ICAI Convocation 2023.
- The Advanced IT (Old Syllabus) Test conducted by Examination Department for students who have undergone Advanced IT (Old Syllabus) course will not be conducted after September 2023.
OTHER UPDATES:
- Revision of monetary limit for adjudication under FEMA,1999.
- Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021.
- Activities notified under the PMLA.
Videos of the Week:
- Important Updates under the New Tax Regime: https://www.youtube.com/watch?v=wKnfcTfC2YE
- How to claim Tax Credit for income earned outside India?: https://www.youtube.com/watch?v=vV6lh5sviHs
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