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Highlights from team CA Cult (October 2021- Second Week)

CA Cult

Weekly Key Highlights from team CA Cult (October 2021- Second Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

  1. Processing of returns claims under section 143(1) of Income-tax.
  2. Key transformations in filing Form 15CA and Form 15CB.

Central Board of Indirect Taxes & Customs (CBIC)

  1. Corrigendum to Circular No. 160/16/2021-GST dated 20th September 2021 issued vide F. No. CBIC-20001/8/2021-GST.
  2. Resumption of Blocking of E-Way Bill (EWB) generation facility.
  3. Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 45th meeting held on 17th September, 2021 at Lucknow.
  4. Clarifications regarding applicable GST rates & exemptions on certain services.
  5. Submission of Intimation of Arrest Report & Incident Report- Instruction No. 21/2021-Customs.
  6. Seeks to extend anti dumping duty on ‘ceramic tableware and glassware’ originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subject goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018- Notification No. 59/2021-Customs (ADD).

Corporate Law

  1. Constitution of search-cum-selection committee.
  2. Application for initiation of the corporate insolvency resolution process against Srei Infrastructure Finance Limited and Srei Equipment Finance Limited filed under the Insolvency and Bankruptcy Code, 2016.

Directorate General of Foreign Trade (DGFT)

  1. Allocation of the quantity of 5841 MT (raw/refined) Sugar to EU under TRQ scheme for the year 2021-22- Public Notice No. 27/2015-20.
  2. Amendment in Export Policy of Syringes and incorporation of Policy Condition- Notification No. 34/2015-20.
  3. Procedure and Criteria for submission and approval of applications for export of Syringes (with or without Needles)- Trade Notice No. 20/2021-22.
  4. Relaxation in Export Policy of Red Sanders Wood – Notification No. 35/2015-20.
  5. Inclusion of Ports of Import in continuation to Notification No. 20/2015-20 dated 24.08.2021, Notification No. 23/2015-20 dated 03.09.2021 and Notification No. 32/2015-2020 dated 25.09.2021- Notification No. 36/2015-20.

Reserve Bank of India (RBI)

  1. Enhancement in family pension of employees of banks – Treatment of additional liability.
  2. Basel III Capital Regulations – Perpetual Debt Instruments (PDI) in Additional Tier 1 Capital – Eligible Limit for Instruments Denominated in Foreign Currency/Rupee Denominated Bonds Overseas.
  3. Value Free Transfer (VFT) of Government Securities – Guidelines.
  4. Revised Subsidiary General Ledger (SGL) Account Guidelines and Constituents’ Subsidiary General Ledger (CSGL) Account Guidelines.
  5. Foreign Exchange Management (Non-debt Instruments) (Third Amendment) Rules, 2021.
  6. Inclusion of “Paytm Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934.
  7. Priority Sector Lending- Banks’ lending to NBFCs for on-lending – Extension of facility.
  8. Governor’s Statement: October 08, 2021- Press Release.

Securities and Exchange Board of India (SEBI)

  1. Circular on Mutual Funds by SEBI.
  2. Discontinuation of usage of pool accounts for transactions in units of Mutual Funds on the Stock Exchange Platforms.
  3. Disclosure of Complaints against the Stock Exchange(s) and the Clearing Corporation(s).
  4. Revised Formats for filing Financial information for issuers of non-convertible securities.
  5. Minimum percentage of trades carried out by mutual funds through RFQ platform.

Institute of Chartered Accountants of India (CA Fraternity)

  1. Request for Information: Post-implementation Review of IFRS 9-Classification and Measurement.
  2. Two days polling at Meerut- Elections 2021.
  3. Certificate Course on Public Finance & Government Accounting- 17th Online Batch commencing from 28th November, 2021.
  4. Lists of Valid Nominations for election to the Twenty-Fifth Council and Twenty Fourth Regional Councils.
  5. IMPORTANT DATES FOR RE-OPENING OF ONLINE FILLING UP OF EXAMINATION APPLICATION FORMS FOR CHARTERED ACCOUNTANTS EXAMINATIONS, DECEMBER, 2021.
  6. 72nd Annual Report and Accounts of the Institute for the year 2020-21.
  7. Important Dates for correction window and exam forms re-open.
  8. Notification for Online Assessment Test (AT) for Certificate Course on (FATA) Fundamental Analysis and Technical Analysis with Equity Research in year 2021.
  9. Notification for Online Assessment Test (AT) for Certificate Course on Financial Market and Securities Laws in year 2021.
  10. Notification for Eligibility Test (ET) for Post Qualification Course on Information Systems Audit (ISA) on Saturday the 20th November, 2021 from 10:00 AM to 12:30 PM.

Other Updates

  1. Credit Guarantee Scheme for Subordinate Debt (CGSSD) extended upto 31.03.2022.
  2. PM CARES for Children Scheme, 2021.
  3. Interest at 7.1% under the Special Deposit Scheme.

Compliance Calendar: https://cacult.com/calendar-2/

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