Highlights from team CA Cult (August 2021- First Week)

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Extension of timelines for electronic filing of various Forms under the Income-tax Act, 1961.
2. National Council of Science Museums notifies under clause (46) of section 10 of the Income-tax Act, 1961- NOTIFICATION.
3. Real Estate Regulatory Authority notified under clause 46 of section 10 of the Income-tax Act, 1961- NOTIFICATION.
4. Bill was introduced in Lok Sabha on 5th August, 2021- The Taxation Laws (Amendment) Act, 2021. A Bill further to amend the Income-tax Act, 1961 and the Finance Act, 2012.

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. Update Bank details within 45 days of the first login.
2. Advisory for Taxpayers regarding Blocking of E-Way Bill (EWB) generation facility resume after 15th August, 2021.
3. Advisory on AATO Functionality on GST Portal.
4. Methodology to compute Annual Aggregate Turnover under GST.

Customs

1. Seeks to amend notification No. 48/2017-Customs (ADD), dated the 9th October, 2017 to extend the levy of Anti-Dumping duty on ‘ Wire Rod of Alloy or Non-Alloy Steel ‘ originating in or exported from China PR up to and inclusive of 31st January, 2022 – Notification No. 42/2021-Customs (ADD).
2. CBIC launches Compliance Information Portal (CIP).
3. Various measures taken by Government for promotion of exports.

Corporate Law:

1. Companies (Specification of definitions details) Third Amendment Rules, 2021.
2. Notification under section 393A of the Companies Act 2013.
3. MCA notifies on Registration of Foreign Companies.
4. Ministry of Corporate Affairs, Official Language Cadre of Subordinate Offices (Group ‘A’ and Group ‘B’ posts) Recruitment Rules 2021.
5. Handbook on Claims under The Insolvency and Bankruptcy Code, 2016.
6. Insolvency and Bankruptcy Board of India (IBBI) signs a Memorandum of Understanding with National Stock Exchange (NSE) of India for research collaboration.

Directorate General of Foreign Trade (DGFT)

1. Uploading of e-BRC by 15.09.2021 for shipping bills with LEO upto 31.03.2020 on which RoSCTL scrip has been claimed from DGFT RAs- Trade Notice No. 13/2021-22.
2. Online Procedure for transfer of Advance Authorisation/EPCG Authorisation in case of amalgamation/de-merger/acquisition etc. -reg.
3. Amendment in Paras 4.82, 4.83, 4.84 of Hand Book of Procedure (HBP) 2015-20- Public Notice No. 20/2015-20.
4. No Ban on Import of Toys.

Reserve Bank of India (RBI):

1. RBI notification on Maintenance of State Government Accounts – Recovery of Interest on Excess put through/ Double claim (State Government Transactions).
2. Framework for Outsourcing of Payment and Settlement-related Activities by Payment System Operators.
3. RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Banknotes and Coins.
4. RESERVE BANK OF INDIA SERVICES BOARD. Interview Schedule for Non-CSG Posts-PY 2020.
5. Guidelines for Implementation of the circular on Opening of Current Accounts by Banks.
6. Exim Bank’s Government of India supported Line of Credit (LoC) of USD 30.00 million to the Government of the Republic of Sierra Leone.
7. Prudential Norms for Off-Balance Sheet Exposures of Banks – Restructuring of derivative contracts.
8. Resolution Framework for COVID-19-related Stress – Financial Parameters – Revised timelines for compliance.
9. Export Credit in Foreign Currency – Benchmark Rate.
10. Statement on Developmental and Regulatory Policies- Press Release

Securities and Exchange Board of India (SEBI):

1. Permitting non-scheduled Payments Banks to register as Bankers to an Issue- SEBI Circular.
2. Modification in Operational Guidelines for FPIs and DDPs pursuant to amendment in SEBI (Foreign Portfolio Investors) Regulations, 2019.
3. Circular on Maintenance of Current Accounts in multiple banks by Mutual Funds.
4. Requirement of minimum number and holding of unit holders for unlisted Infrastructure Investment Trusts (InvITs).
5. Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2021.

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

1. Arbitration under MSME Act- Press Release.
2. Emergency Credit Line Guarantee Scheme.
3. Check out the schemes available for MSMEs.
4. Government-issued a press release on Assistance to MSMEs.

Institute of Chartered Accountants of India (CA Fraternity)

1. What are CPE Hours? And its Requirements.
2. Result of the online Examination of the Certificate Course on Derivatives held on 24th July 2021.
3. Important Announcement of Online Examination of the ‘Certificate Course on Ind AS’ to be held on 3rd October 2021.
4. Exposure Draft on Initial Application of IFRS 17 and IFRS 9 – Comparative Information Proposed amendment to IFRS 17.
5. Check your level for Business English course and Register for Online Business English Language Course in collaboration with British Council for ICAI Members and Students”.
6. Consent for registration for Exclusive Blended Online Weekend Batch of Spanish language (level A1.1) for ICAI Members and Students w.e.f. 21st August 2021.
7. 10 Weeks Online Management Development Programme: Leadership Beyond Boundaries (Batch 3) Steered By Eminent CAs/National/International Faculties from 04 September to 10 November 2021 at Centre of Excellence, Hyderabad.
8. Extension of time period for admission in Foundation Course for appearing in Foundation Examination to be held in December, 2021.
9. Relaxation for provisionally registered students through Direct Entry Route for appearing in May, 2022 Intermediate Examination.

Other Updates:

1. Parliament passes landmark ‘Inland Vessels Bill, 2021’ to repeal and replace the existing Inland Vessels Act, 1917.
2. Tea (Marketing) Control (Amendment) Order 2021.
3. Schemes for Senior Citizens- Press Release.
4. CGST authorities bust input tax credit fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21.
5. GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 (upto June 2021).
6. Supreme Court Judges (Second Amendment) Rules 2021- NOTIFICATION.
7. Know all about e-RUPI, the new digital payment instrument.
8. Tea (Distribution and Export) Control (Amendment) Order, 2021- NOTIFICATION.
9. RECONSTITUTION OF INSURANCE ADVISORY COMMITTEE.

Compliance Calendar: https://cacult.com/calendar-2/

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