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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA and 15CB.
2. 161st Income Tax Day: A journey towards Nation Building.
3. Income Tax Department conducts searches PAN-India in a prominent group having diversified businesses.

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. Clarification regarding applicability of IGST on repair cost, insurance and freight, on goods re-imported after being exported for repairs, on the recommendations of the GST Council made in its 43rd meeting.
2. Clarification regarding extension of limitation under GST Law in terms of Hon’ble Supreme Court’s Order dated 27.04.2021.
3. How to proceed in case of negative liability in GSTR-4 ? Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4.

Customs

1. Clarification on levy of IGST on the recommendation of the GST Council- Notification No. 36/2021-Customs.
2. Clarification amendment to notification No 46/2017 Customs- Notification No. 37/2021-Customs.
3. Sea Cargo Manifest and Transhipment (Fifth Amendment) Regulations, 2021- Notification No. 61/2021-Customs (N.T.).
4. Customs Brokers Licensing (Amendment) Regulations, 2021- Notification No. 62/2021-Customs (N.T.).
5. CBIC reduces compliance burden by abolishing renewals of licenses/registrations- Press Release.

Corporate Law:

1. Filing of Form CIRP 8 under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016- CIRCULAR No.: IBBI/CIRP/42/2021.
2. Impact of amendment regulation notified on 14th July 2021.
3. Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Third Amendment) Regulations, 2021.
4. Provisions of section 4 of the Companies (Amendment) Act, 2020- Commencement notification.
5. New Rule 33A- Allotment of a new name to the existing company. These rules may be called the Companies (Incorporation) Fifth Amendment Rules, 2021.
6. Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Second Amendment) Regulations, 2021.

Directorate General of Foreign Trade (DGFT)

1. Extension of Date for Mandatory electronic filing of Non-Preferential Certificate of Origin (CoO) through the Common Digital Platform to 01st Oct 2021- Trade Notice No. 10/2021-2022.
2. Enlistment as designated port in Para 2.54(d) (iv) of Handbook of Procedure, 2015-20- Public Notice No. 15/2015-20.
3. Amendments in Handbook of Procedures 2015-20- Public Notice No. 16/2015-20.

Reserve Bank of India (RBI):

1. Loans and Advances – Regulatory Restrictions.

Securities and Exchange Board of India (SEBI):

1. Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to Covid-19.
2. Continuous disclosures in compliances by REITs -Amendments.
3. Continuous disclosures in compliances by InvITs -Amendments.
4. Nomination for Eligible Trading and Demat Accounts.
5. Extension of time for holding the Annual General Meeting (AGM) by top 100 listed entities by market capitalization.
6. Timelines related to processing of scheme related applications filed by AMCs.

Insurance Regulatory and Development Authority of India (IRDAI):

1. Life Insurance Corporation of India Development Officers (Revision of Certain Terms and Conditions) (Amendment) Rules, 2021- NOTIFICATION.
2. Life Insurance Corporation of India (Recruitment of Apprentice Development Officers) (Amendment) Regulations, 2021.
3. Life Insurance Corporation of India (Agents) (Amendment) Regulations, 2021.
4. Life Insurance Corporation General Regulations 2021- Notification.

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

1. Expansion and Increase in Capacity of MSMEs.
2. Loans to MSMEs Industries under Credit Guarantee Scheme (CGS).
3. Disbursal of Loans to Msmes Under ECLGS.
4. E-commerce portal of MSME to enable all businesses to enhance global reach.
5. Government includes Retail and Wholesale Trade as MSMEs.
6. Programme and Policy initiatives to provide relief to MSMEs due to Covid-19 pandemic.

Institute of Chartered Accountants of India (CA Fraternity)

1. Important Announcement relevant for May 2022 examination.
2. Important Announcement of Second Round Campus August 2021.
3. Important Announcement for Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test – Computer Based Mode (CBT).
4. Further extensions regarding the validity of Peer Review Certificate in the wake of COVID -19 spurt across the country– ANNOUNCEMENT.
5. Result of the Online Examination of the Certificate Course on Ind AS held on 27th June 2021.
6. Invitation to join the Carbon Footprint Challenge – Sustainability Reporting Standards Board, ICAI.
7. Option for Polling Booths in Ahmedabad, Bengaluru, Chennai, Delhi/New Delhi, Kolkata, Mumbai, Pune and Thane Cities – (Last updated as on 23rd July 2021).
8. Important Announcement for November 2021 Examinations.
9. Important Announcement for Foundation Exams July 2021.

Other Updates:

1. Check out the list of bills likely to be taken up during monsoon session 2021.
2. Several steps taken by Ministry of Corporate Affairs during COVID-19 Pandemic.
3. Bad Bank launched for stressed assets as a measure to clean up bank books.
4. Tax exemption to ameliorate stress due to COVID-19.
5. India emerges as 5th largest forex reserves holder in the world with $608.99 billion as on June 25, 2021.
6. Financial assistance for developing COVID-19 vaccine.
7. Various Government relief measures for several sectors to fight COVID-19 pandemic.
8. Contract Labour Regulation and Abolition: Notification.
9. Notification under Benami Property Transaction Act 1988.
10. Steps taken for revival of infrastructure sector on back of COVID-19 pandemic.
11. Mandatory e-filing of a pleading after a specific amount. Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing (Amendment) Rules, 2021-NOTIFICATION.
12. Department of Pension & Pensioners’ Welfare has issued orders for increasing the Dearness Relief to pensioners.

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