Weekly Updates from CA Cult (3rd Week of October 2023)

Weekly Updates from CA Cult (3rd Week of October 2023)

Important Updates from last week:

Income-tax

1. Stichting Pensioenfonds ABP notified under section 10(23FE).
2. Notification under sub section 6 of section 195 of the Income tax Act 1961.
3. Income Tax Department conducts search and seizure operation in Tamil Nadu and Puducherry region in the cases of two groups.
4. New rule 16D inserted under income-tax Rules.

CBIC

1. Advisory: Person supplying of Online Money Gaming services or OIDAR or Both– Form GST REG-10 and Form GSTR-5A.
2. In fight against fake ITC, DGGI detects more than 6,000 fake ITC cases involving more than Rs. 57,000 crore GST evasion with the arrest of 500 persons between April 2020 to September 2023.
3. Implementation of Section 16(4) of IGST Act related to restriction on export of certain goods on payment of IGST and coverage under refund mechanism- Circular No. 24 /2023-Customs.
4. Mandatory additional qualifiers in import/export declarations in respect of certain products – Circular No. 23/2023-Customs.
5. Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022, to reduce the Special Additional Excise Duty on export of Diesel – Notification No. 35/2023 – Central Excise.
6. Seeks to amend notification no. 50/2017-Customs in order to implement recommendations made by the GST Council during its 52nd Meeting with respect to GST rates on goods – Notification No. 60/2023-Customs.
7. Revised All Industry Rates of Duty Drawback – Notification No.77/2023-CUSTOMS (N.T.).

MCA

1. Sensitization of Companies to abide the provisions of Section 90 of the Companies Act, 2013 read with Rules thereunder relating to Significant Beneficial Ownership.

DGFT

1. Amendments in Para 4.10 (i) of the Handbook of Procedures, 2023 – PUBLIC NOTICE No. 34/2023.

RBI

1. Prompt Corrective Action (PCA) Framework for the Non-Banking Financial Companies (NBFCs) – Extension to Government NBFCs.
2. Reverse Repo transactions – Reporting in Form ‘A’ Return.
3. Amendment to the Master Direction (MD) on KYC.
4. Master Direction – Reserve Bank of India (RBI) (Non-Banking Financial Company– Scale Based Regulation) Directions, 2023.
5. Foreign Exchange Management (Debt Instruments) (Second Amendment) Regulations, 2023.

SEBI

1. Master Circular for Stock Exchanges and Clearing Corporations.
2. Ease of doing business and development of corporate bond markets –revision in the framework for fund raising by issuance of debt securities by large corporates (LCs).
3. Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Qualified RTAs (QRTAs).

ICAI

1. Important Dates for Convocation November – 2023.
2. ICAI receives the prestigious UN Award for its Contribution to Sustainability Reporting.

PMLA

1. Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2023.

OTHER UPDATES:

1. Cabinet approves release of an additional instalment of Dearness Allowance and Dearness Relief due from 01.07.2023

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