Highlights from team CA Cult (July 2021- Fifth Week)

Weekly Key Highlights from team CA Cult (July 2021- Fifth Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Direct tax collection doubled for first quarter of current fiscal.
2. Income-tax (20th Amendment) Rules 2021- Notification.
3. Memorandum: Calling for region preference of candidates nominated to the post of Tax Assistant in CBDT through Combined Graduate Level Examination – 2018. (Reminder).

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers.
2. How to add bank account in GST registration details.
3. Sections 110 and 111 effective from 1st August 2021- NOTIFICATION No. 29/2021 – Central Tax.
4. Delhi Goods and Services Tax (Amendment) Bill 2021.

Customs

1. Reduce the basic customs duty from 10% to Nil on Lentils (Masur) [HS 0713 40 00] and to amend notification No. 11/2021-Cus dated 1.02.21 to reduce the Agriculture Infrastructure Development Cess on Lentils (Masur) [HS 0713 40 00] from 20% to 10%- Notification No. 38/2021-Customs.
2. Sea Cargo Manifest and Transhipment (Sixth Amendment) Regulations, 2021- NOTIFICATION No. 64/2021-Customs (N.T.) dated 30th July, 2021.
3. Amendment in AEO Programme: Auto-Renewal of AEO-T1 validity for continuous certification based on continuous compliance monitoring- regarding (Circular No. 18/2021 dated 31.07.2021).

Corporate Law:

1. Guidelines for Technical Standards for the Performance of Core Services and Other Services (Amendment), 2021 under the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
2. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 (as introduced in Lok Sabha).
3. Increasing Efficiency in Decision Making in Government- Memorandum.
4. Monetary Penalties to be imposed by an Insolvency Professional Agency (IPA).
5. The Insolvency and Bankruptcy Board of India organises the 2nd National Online Quiz on the Insolvency and Bankruptcy Code, 2016- Press Release.
6. Clarification on spending of CSR funds for COVID-19 vaccination.

Directorate General of Foreign Trade (DGFT)

1. Introduction of a new proforma (ANF) for filing applications for revalidation of SCOMET export authorisation- Public Notice No. 17/2015-20.
2. Amendments in the Appendix -3B, Table 2 of the Merchandise Exports from India Scheme (MEIS)- Public Notice 18/2015-2020.
3. Issuance of Export Authorisation for SCOMET Items from new online Restricted Exports IT Module w.e.f. 05.08.2021- Trade Notice No. 11/2021-2022.
4. Foreign Trade Policy 2015-20-Introduction of online Deemed Export Application Module- DGFT Trade Notice No. 12/2021-22.
5. Amendment in Appendix 2K of the Foreign Trade Policy- Public Notice No. 19/2015-20.

Reserve Bank of India (RBI):

1. Measures taken to facilitate digital banking.
2. Comprehensive measures taken to curb incidence of frauds in Banks.
3. Rs 24,356 crore of unclaimed deposit lying with Scheduled Commercial Banks (SCBs) as on 31.12.2020.
4. Access for Non-banks to Centralised Payment Systems.
5. Reserve Bank of India announces Digital Payments Index (RBI-DPI) for March 2021.
6. RBI cancels the licence of The Madgaum Urban Cooperative Bank Ltd., Margao, Goa.
7. Rating of Deposits of HFCs – Approved Credit Rating Agencies and Minimum Investment Grade Credit Rating.
8. Canara Bank Officer Employees‘ (Discipline and Appeal) Amendment Regulations, 2021- NOTIFICATION.

Securities and Exchange Board of India (SEBI):

1. RTA inter-operable Platform for enhancing investors’ experience in Mutual Fund transactions/ service requests.
2. Relaxation in timelines for compliance with regulatory requirements- SEBI Circular

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

1. Financial assistance towards MSMEs.

Institute of Chartered Accountants of India (CA Fraternity)

1. Announcement – Launch of ‘Refresher Course on Ind AS’.
2. Applicable date of certain deferred provisions of Volume-I of Revised Code of Ethics, 2019- Important Announcement.
3. ICAI International Sustainability Reporting Awards 2020-21.
4. List of participating organizations in 2nd round of campus August 2021.
5. Important Announcement: Registration for Online Home-Based Practical Training Assessment.
6. Notification for the members registered under ISA 2.0
7. Notification on Jammu Branch of NIRC of ICAI.
8. Exposure Draft of Disclosures of Accounting Policies – Amendments to Ind AS 1, Presentation of Financial Statements.

Other Updates:

1. Central Government reconstitutes an Advisory Board with immediate effect for a period upto 22.3.2022.
2. 54,439 appreciation certificates given to taxpayers on eve of completion of 4 years of GST for their substantial contribution in payment of GST and filing timely returns.
3. India’s forex reserves position comfortable for import cover of more than 18 months & provide cushion against unforeseen external shocks.
4. Commencement Notification Dated 28th July 2021 (ESI Act).
5. Provisions of Employees’ State Insurance Act, 1948 extend with effect from the 1st August 2021- Notification.
6. University Grants Commission (Establishment and Operation of Academic Banks Of Credits in High Education) Regulations, 2021.
7. Invitation for public comments on proposed International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021.
8. Affordable Rental Housing Complexes Scheme under Atmanirbhar Bharat Package.
9. Role of Farmer Producer Organisations (FPOs) in Doubling Farmers’ Income.
10. Monthly Review of Accounts of Union Government of India upto month of June 2021 for Financial Year 2021-22- Press Release.
11. PM to launch digital payment solution e-RUPI on 2nd August.

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