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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

1. Government notifies a Board under clause (46) of section 10.
2. Central Government approves M/s Patanjali Research Foundation Trust under section 35 of the Income-tax Act, 1961.
3. Webinar on the Income Tax Portal functionalities.
4. Government notifies ‘Himachal Pradesh Computerization of Police Society’, a body under clause (46) of section 10.
5. Central Government notifies Haryana Labour Welfare Board under clause (46) of section 10 of the Income-tax Act, 1961.

Central Board of Indirect Taxes & Customs (CBIC):

GST

1. Addendum to Advisory No.1/2018, dated 26.10.2018.

Customs

1. Seeks to exempt basic customs duty on imports of specified API/ excipients for Amphotericin B and raw materials for manufacturing COVID test kits, till specified period- Notification No. 35/2021.
2. Import clearance time for edible oil comes down significantly to approx. 3-4 days ; there is no clogging of consignments at the ports.
3. CBIC proactively put in place a COVID Response Plan (CRP) for speedy clearances of COVID-19 vaccines at all major airports.
4. Implementation of RMS for processing of Duty Drawback claims- Circular No. 15/2021.

Corporate Law:

1. Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2021.
2. Important Update on eform MGT-7A and revised eform MGT-7.
3. New eform MGT-7A and revised eform MGT-7 is now available: MCA Important Updates.

Directorate General of Foreign Trade (DGFT)

1. Amendment of Policy conditions of Chapter-48 of ITC (HS), 2017, Schedule-I (Import Policy)- Notification No. 13/2015-20.
2. Amendment in format of ANF-2H and ANF-2I of HBP, 2015-2020 – reducing regulatory compliance burden-Public Notice No. 13/2015-20.
3. Revision in Para 2.96 (b) of HBP, 2015-2020 and format of ANF-2C – reducing regulatory compliance burden- Public Notice No. 12/2015-20.
4. Supply of essential commodities to the Republic of Maldives during Year 2021-22 to 2023-24- Notification No. 14/2015-20.
5. Extension of time limit for filing claims under Transport and Marketing Assistance (TMA) Scheme for specified agricultural products- Public Notice No. 14/2015-20.
6. New Foreign Trade Policy (2021-26) – inviting suggestions regarding- Trade Notice No. 09/2021-22

Reserve Bank of India (RBI):

1. Retail Direct Scheme: Allowing Retail Investors to Open Gilt Accounts with RBI.
2. Issue and Regulation of share capital and securities – Primary (Urban) Cooperative Banks – Draft circular for comments.
3. Reserve Bank of India takes supervisory action on Mastercard Asia / Pacific Pte. Ltd.
4. RBI notification on Cassette – Swaps in ATMs.
5. Interview Schedule for Officers in Grade B- DR (General), DEPR/DSIM-2021.

Securities and Exchange Board of India (SEBI):

1. Block Mechanism in demat account of clients undertaking sale transactions.
2. Introduction of Expected Loss (EL) based Rating Scale and Standardisation of Rating Scales Used by Credit Rating Agencies.

Institute of Chartered Accountants of India (CA Fraternity)

1. Discounted Schemes for Members of ICAI.
2. CA Firms Can Now Tie Up with CS, Actuaries – ICAI News.
3. Relaxations from Regulatory Compliances due to Outbreak of COVID-19 pandemic-Part II by CL&CGC ICAI.
4. Creation of Election Cell and Temporary shifting of Library: ELECTION – 2021.
5. Announcement on ICAI Election 2021: Option for Polling Booths in Ahmedabad, Bengaluru, Chennai, Delhi/New Delhi, Kolkata, Mumbai, Pune and Thane Cities.
6. Certificate Course on Public Finance & Government Accounting- 15th Online Batch commencing from 8th August, 2021.
7. IFRS Practice Statement – Management Commentary.
8. Results of the Assessment for the Certificate Course on CSR held on 03.07.2021, has been declared.

Other Updates:

1. Shri Rao Inderjit Singh takes charge as Union Minister of State in Ministry of Corporate Affairs (MCA).
2. Framework for Setting up and operating International Trade Finance Services platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’).
3. Finance Minister Smt Nirmala Sitharaman and Finance Minister of Bhutan Mr Lyonpo Namgay Tshering jointly launch BHIM–UPI in Bhutan.
4. CGST Zones and Directorate General of GST Intelligence booked about 8000 cases involving fake ITC of over Rs. 35000 crore in FY 2020-21.
5. Finance Ministry clarification regarding holding of competitive exam of PSBs in local languages by IBPS.
6. Income Tax Department conducts surveys in Bengaluru.
7. Cabinet approves increase in Dearness Allowance and Dearness Relief.
8. Central Government notifies Change in the location of Debts Recovery Appellate Tribunal (DRAT), Chennai.
9. Constitution of an Expert Committee on Longevity Finance.
10. Pension Fund Regulatory and Development Authority (Pension Fund) (Sixth Amendment) Regulations, 2021.
11. Government of India’s release of ₹75,000 crores to States and UTs under the back-to-back loan facility in-lieu of GST compensation not to change the GoI’s borrowing programme in the first half of 2021-22.
12. Narcotic Drugs and Psychotropic Substances (Second Amendment) Rules, 2021- Notification.
13. Finance Minister Smt. Nirmala Sitharaman addresses US India Business Council (USIBC) Roundtable on ‘Maximizing India’s Sustainable and Inclusive Growth as a Global Destination for U.S. Investment’.
14. Jammu and Kashmir (J&K) Reorganisation (Removal of Difficulties) Order 2021.

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