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

CA Cult

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

  1. Taxpayers’ Lounge of Income Tax Department set up at IITF, 2021.
  2. Income Tax Department conducts searches in Delhi and Haryana.

Central Board of Indirect Taxes & Customs (CBIC)

  1. Inauguration of Customs clearance work on all 7 days of a week including public holidays at Garhi Harsaru.
  2. CBIC Chairman inaugurates Customs & GST pavilion at 40th India International Trade Fair.
  3. Audit Para No. 501 to 5018 of Chapter V of Audit report no. 01 of 2021 of SCNs and Adjudication process in CBIC- Instruction.
  4. Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020.
  5. Clarification on certain refund-related issues under GST.
  6. Amendment in CGST rate schedule notified under section 9- Notification No. 14/2021-Central Tax (Rate).
  7. GST Notification No. 15/2021- Central Tax (Rate).
  8. Amendment in exemptions on supply of services under CGST Act- Notification No. 16/2021 – Central Tax (Rate).
  9. Amendment in the notification regarding e-commerce operator- Notification No. 17/2021- Central Tax (Rate).

Corporate Law

  1. The Working Group on Tracking Outcomes of IBC.
  2. Clarification regarding requirement of seeking No Objection Certificate or No Dues Certificate from the Income Tax Department during Voluntary Liquidation Process under the Insolvency and Bankruptcy Code, 2016 (Code).
  3. IBBI organises a series of awareness programmes for officers Income Tax Department.
  4. Applications from CAs for engagement as Professionals in NFRA.

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 31st Jan 2022.
  2. Standard Operating Procedures (SOP) for random checking of imported consignments of metal scrap with respect to radioactive contamination- Public Notice No. 37/2015-20.
  3. De-Activation of IECs not updated at DGFT.

Reserve Bank of India (RBI)

  1. The Reserve Bank announces the activation of the RBI Retail Direct Scheme.
  2. Appointment of Internal Ombudsman by Non-Banking Financial Companies (NBFCs).
  3. Regulations Review Authority (RRA 2.0) – Interim Recommendations- Press Release: 2021-2022/1202.
  4. Payments Infrastructure Development Fund (PIDF) – Status Update.
  5. Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Redundant Circulars.
  6. FAQs on Master Directions on Priority Sector Lending Guidelines.

Securities and Exchange Board of India (SEBI)

  1. Schemes of Arrangement by Listed Entities.
  2. Status of pending complaints on SCORES.
  3. SEBI issued a circular on Framework for Regulatory Sandbox.
  4. Investor Charter for Investors in Securities Market.
  5. Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021.
  6. Addendum to SEBI Circular dated November 16, 2021 relating to Schemes of Arrangement by Listed Entities.

Institute of Chartered Accountants of India (CA Fraternity)

  1. Appointment of authorized representatives at Polling Booths.
  2. Results of the Assessment for the Certificate Course on CSR held on 29.10.2021, has been declared.
  3. Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 9th & 10th Oct, 2021.
  4. Nominations for 15th ICAI Awards are open.
  5. Further extension of the last date for submitting MEF 2021-22.

Other Updates

  1. CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms.
  2. Fundamental (Amendment) Rules, 2021- Notification.
  3. Nationwide AHDF KCC campaign launched for providing Kisan Credit Card facility to all eligible Animal Husbandry, Dairy and Fishery Farmers.
  4. Extension of Atal Beemit Vyakti Kalyan Yojana with an enhanced rate of relief and relaxed eligibility conditions as notified.
  5. Extension of the medical benefit to the families of insured persons from 1st November 2021.
  6. Employees‘ State Insurance Corporation invites suggestions within a period of thirty (30) days.
  7. The resolution passed by employees’ state insurance corporation at its meeting held on 10th Sept 2021.
  8. Extension of medical benefit in the districts of Maharashtra.
  9. Report of the Committee of Experts on Insurance.
  10. Notification under section 5A Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 Act.
  11. Shri Narayan Rane, Union Minister for MSME launched Special Credit Linked Capital Subsidy Scheme (SCLCSS) for Services Sector.

Video on “Crypto may be allowed as an asset and not as a currency”- https://www.youtube.com/watch?v=j9GyWKrXgas

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