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

CA Cult

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

  1. Guidelines under section 194Q of the Income-tax Act, 1961.
  2. Last Date of updation of UDINs at e-filing Portal.
  3. Guidelines under section 9B and sub-section (4) of section 45 of the Income-tax Act, 1961- Circular No. 14 of 2021.
  4. Newly inserted Rule 8AB under the Income-tax: Attribution of income taxable under sub-section (4) of section 45 to the capital assets remaining with the specified entity- NOTIFICATION.

Central Board of Indirect Taxes & Customs (CBIC):

GST

  1. Register complaint on misuse of PAN in GST Registration.
  2. Waive off the penalty under section 125- Notification No. 28/2021 – Central Tax.

Customs

  1. Seeks to further amend notification No. 29/2017-Customs (ADD), dated the 14th June, 2017 to extend the levy of Anti-Dumping duty on ‘Glazed/Unglazed Porcelain/Vitrified tiles’ originating in or exported from China PR, up to and inclusive of 31st December, 2021- Notification No. 34/2021-Customs (ADD).
  2. Extending anti-dumping duty on cold-rolled steel- NOTIFICATION No. 37/2021-Customs (ADD).
  3. Extending Anti Dumping duty on hot rolled steel- NOTIFICATION No. 36/2021-Customs (ADD).
  4. Extending Anti Dumping duty on tyre curing presses- NOTIFICATION No. 35/2021-Customs (ADD).
  5. Reduce custom duty on import of Crude Palm Oil and other- NOTIFICATION No. 34/2021-Customs, dated 29th June, 2021.
  6. Regulating Movement of Indian Sailing vessels (ISVs) (Dhows) Security Issue-reg.
  7. Sea Cargo Manifest and Transhipment (Fourth Amendment) Regulations, 2021- NOTIFICATION No. 56 /2021-CUSTOMS (N.T.).
  8. Seeks to amend notification No. 42/2016-Customs (ADD) dated 8th August, 2016 to extend the levy of Anti-Dumping duty on PVC Flex Film originating in or exported from China PR, up to and inclusive of 31st January, 2022- Notification No. 38/2021 -Customs (ADD).
  9. Seeks to amend notification No. 43/2016-Customs(ADD) dated 8th August, 2016, to extend levy of ADD imposed on ” Viscose Staple Fibre (VSF) excluding Bamboo Fibre, Dyed Fibre, Modal Fibre & Fire-retardant Fibre ” originating in or exported from China PR and Indonesia- Notification No. 39/2021-Customs(ADD), dt. 30.06.2021.
  10. Seeks to amend notification No. 34/2016 – Customs (ADD), dated 14th July 2016 to extend the levy of Anti-Dumping duty on ‘Plain Medium Density Fibre Board (MDF) having thickness of 6mm and above’ originating in or exported from Vietnam, up to and inclusive of 13th March, 2022 – Notification No. 40/2021-Customs (ADD).
  11. Requirement of COVID-19 testing in live animals before importing into India- Instruction No. 15/2021-Customs.
  12. Online filing of AEO T2 & T3 application – Circular 13/2021 customs dt 01.07.2021.
  13. Application of the provisions of Section 151B- Notification No. 58/2021-Customs (N.T.).

Corporate Law:

  1. Provisional List of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021.
  2. Circular: Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013-Extension of time.
  3. Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act 2008 – Extension of time- Circular.
  4. The list of forms for which additional fee waiver shall be made available/ extended in line with the General Circulars 11/2021 and 12/2021.
  5. MCA Important Updates dated 1st July 2021.

Directorate General of Foreign Trade (DGFT)

  1. Amendment of import policy conditions for items under Exim code 07019000 of Chapter 07 of ITC (HS), 2017, Schedule –I (Import Policy)- NOTIFICATION No. 9/2015-2020.
  2. Amendment in import policy of items under HS Code 1511 90 of Chapter 15 of ITC (HS), 2017, Schedule – I (Import Policy)- NOTIFICATION No. 10/2015-2020.
  3. Fixation of two new Standard Input Output Norms (SIONs) at SION A-3678 and A-3679 under ‘Chemical & Allied Product’ (Product Code ‘A’)- PUBLIC NOTICE No. 10/2015-20.
  4. Extension in period of modification of IEC till 31.07.2021 and waiver of fees for IEC updation during July, 2021- Notification No. 11/2015-2020.
  5. Enlistment under Appendix 2-E of M/s. Oriental Chamber of Commerce and Industry authorized to issue Certificate of Origin (Non-Preferential)- Public Notice No. 11/2015-2020.
  6. Amendment in Policy condition of Sl.No. 55 & 57, Chapter 10 Schedule-2, ITC(HS) Export Policy, 2018 –Notification No. 12/2015-20.

Reserve Bank of India (RBI):

  1. Guidelines for Managing Risk in Outsourcing of Financial Services by Co-operative Banks.
  2. RBI Announces Rate of Interest on Floating Rate Savings Bond, 2020 (Taxable) – FRSB 2020 (T) for the Period July 2021 – December 2021.
  3. Interest Equalization Scheme on Pre and Post Shipment Rupee Export Credit – Extension.
  4. Review of Instructions on Interest on overdue domestic deposits.

Securities and Exchange Board of India (SEBI):

  1. SEBI circular on Cross Margin in Commodity Index Futures and its underlying constituent futures or its variants.
  2. Relaxation in timelines for compliance with regulatory requirements by SEBI.
  3. Master Circular for Commodity Derivatives Market.

Institute of Chartered Accountants of India (CA Fraternity):

  1. Important Dates of OptOut Window For July 2021 Examinations.
  2. Brief note on behalf of ICAI on the issues raised in the Writ.
  3. Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 12th & 13th June, 2021.
  4. List of participating organization in Career Ascent.
  5. ICAI Board of Studies (Academic) is announcing mobile application “ICAI BOS” on the occasion of CA Day 1st July 2021 for students of Foundation, Intermediate and Final course.
  6. Important Announcement – CA Examinations – July 2021.
  7. Financial & Tax Literacy Drive, Sustainability & Capacity Building is the focus of ICAI 73rd Chartered Accountants’ Day celebrations.
  8. Further extension of the last date for Waiving-off Condonation Fees due to late filing of various application forms related to Students and Articled Assistants, amidst COVID-19 Pandemic.
  9. Invitation for Expression of Interest (EOI) for Empanelment of Faculty for Civil Services Training.
  10. Explanatory Memorandum on Applicability of Audit Quality Maturity Model – Version 1.0 (AQMM v1.0).

Other Updates:

  1. PM Shri Narendra Modi ji wishes on the eve of CA Day 2021.
  2. Presentation of stimulus package of Rs 6,28,993 crore announced by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman to support Indian economy in fight against COVID-19 pandemic.
  3. PM’s tweets on measures announced by FM.
  4. Justice Department launches “Enforcing Contracts Portal”.
  5. Creation of Ratings system for MSMEs and Dashboard for effective monitoring of schemes.
  6. Commencement Notification for Part III of Finance Act 2021.
  7. Tribunal, Appellate Tribunal and other Authorities (Qualifications, Experience and other Conditions of Service of Members) (Amendment) Rules, 2021.
  8. Personal Protective Equipment-Footwear (Quality Control) Amendment Order, 2021.
  9. Footwear made from Leather and other materials (Quality Control) Amendment Order, 2021.
  10. Life Insurance Corporation (Amendment) Rules, 2021- NOTIFICATION.
  11. Finance Minister Smt. Nirmala Sitharaman appreciates CBIC efforts in fighting COVID-19 pandemic; says enhanced revenue collection in recent months should now be the “New Normal”.
  12. Gas Cylinders (Fourth Amendment) Rules 2021- NOTIFICATION.
  13. Small account shall remain operational till 31st December 2021- NOTIFICATION.
  14. Amendments to the Scheme Credit Guarantee Fund for Micro Units (CGFMU)- NOTIFICATION.
  15. Majority of the members OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting(including India) adopted yesterday a high-level statement containing an outline of a consensus solution to address the tax challenges arising from the digitalisation of the economy.
  16. Government announces inclusion of Retail and Wholesale trades as MSMEs.
  17. Office Memorandum regarding addition of Retail and Wholesale Trade.
  18. Employees’ Service (Second Amendment) Regulations, 2021.
  19. Commerce Ministry’s Logistics Division unveils plans for ‘Freight Smart Cities’.

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