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Key Highlights from team CaCult (June 2021- First Week)

CA Cult

Weekly Key Highlights from team CaCult (June 2021- First Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT):

  1. Specified Nodal officers in connection with sharing of information through National Intelligence Grid under section 138 of the Income-tax Act, 1961- Notification.

Central Board of Indirect Taxes & Customs (CBIC):

  1. Waiver of interest and late fee for normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers.
  2. Extension in dates of various GST Compliances for GST Taxpayers- GST NEWS AND UPDATES.
  3. Various notifications under GST Central Tax dated 1st June 2021.
  4. Commencement Notification Dated 1st June 2021.
  5. Notification No. 02/2021 – Integrated Tax dated 1st June 2021.
  6. GST Notification No. 03/2021 – Central Tax (Rate).
  7. Various notifications under Union territory Tax (Rate) dated 02nd June 2021.
  8. Notification No. 02/2021 – Central Tax (Rate) dated 02nd June 2021.
  9. Extension of the due date of filing Application for Revocation of Cancellation of Registration- GST News and Updates.
  10. Amendment under CGST Rate Schedule notified under section 9 (1)- NOTIFICATION No. 01/2021 – Central Tax (Rate).
  11. Circular: Extension of validity of AEO Certification III [Circular No. 11/2021-Customs dated 24.05.2021.
  12. Impose anti-dumping duty on Methyl Acetoacetate originating in or exported from China PR for a further period of five years- Notification No. 31/2021-Customs (ADD).
  13. Exempt customs duty and health cess on import of oxygen, oxygen related equipment and COVID-19 vaccines, up to 31st August 2021- NOTIFICATION No. 31/2021-Customs.
  14. Goods exempt from the whole of the integrated tax leviable- NOTIFICATION No. 32/2021-Customs.
  15. Sea Cargo Manifest and Transhipment (Third Amendment) Regulations 2021- NOTIFICATION No. 50/2021-Customs (N.T.).
  16. Amend Ad hoc Exemption Order No. 4/2021-Customs dated the 3rd May, 2021, to extend the exemption from IGST on imports of specified COVID-19 relief material donated from abroad, up to 31st August, 2021– Ad hoc Exemption Order No. 5/2021-Customs.

Corporate Law:

  1. The list of forms for which additional fee waiver is made available as per Circular no. 06/2021 and 07/2021, dated 29th May 2021.
  2. Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2021.
  3. List of forms providing a waiver of an additional fee as per Circular no. 06/2021 and 07/2021, dated 03rd June 2021.

Directorate General of Foreign Trade (DGFT):

  1. Export of Red Sanders Wood by Directorate of Revenue Intelligence – Extension of Time- Notification No. 06/2015-20.
  2. Amendment in Export Policy of Amphotericin – B Injections- Notification No. 07/2015-20.

Reserve Bank of India (RBI):

  1. Customer Due Diligence for transactions in Virtual Currencies (VC).
  2. Statement on Developmental and Regulatory Policies.
  3. RBI Governor’s Statement dated 04th June 2021.
  4. Resolution of the Monetary Policy Committee June 2-4, 2021.
  5. Resolution Framework – 2.0: Resolution of Covid-19 related stress of Individuals and Small Businesses – Revision in the threshold for aggregate exposure.
  6. Resolution Framework – 2.0: Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs) – Revision in the threshold for aggregate exposure.
  7. Payment of margins for transactions in Government Securities by Foreign Portfolio Investors.
  8. RBI notifies on 04th June 2021 about “Extended Time for submitting returns under section 31 of the Banking Regulation Act, 1949 (AACS)”.
  9. Master Direction – Reserve Bank of India (Certificate of Deposit) Directions, 2021.
  10. RBI announces rate of interest (ROI) on Government of India Floating Rate Bonds, 2031.
  11. Master Directions on Relief/Savings Bonds.

Securities and Exchange Board of India (SEBI):

  1. Streamlining the process of IPOs with UPI in ASBA and redressal of investors grievances.
  2. Format of compliance report on Corporate Governance by Listed Entities- SEBI CIRCULAR.
  3. Relaxation in compliance with requirements pertaining to AIFs and VCFs- SEBI CIRCULAR.
  4. ‘Off-market’ transfer of securities by FPI- SEBI CIRCULAR.
  5. Enhancement of Overseas Investment limits for Mutual Funds.
  6. Circular on Centralized Database for Corporate Bonds/ Debentures.

Institute of Chartered Accountants of India (CA Fraternity):

  1. Announcement – Launch of ‘Certificate Course on Ind AS’ (Online Batches 23 & 24).
  2. RBI’s new norms for appointment of Auditors to enhance audit quality-ICAI.
  3. Registration for Online Home-Based Practical Training Assessment– ANNOUNCEMENT.
  4. Results of the Assessment for the Certificate Course on CSR held on 27.05.2021.
  5. Exposure Draft of the Amendments in the IND AS Taxonomy.
  6. Government constitute Expert Group on Fixation of Minimum Wages and National Floor Wages.
  7. Result of the online Examination of the Certificate Course on Derivatives held on 22nd May, 2021- ANNOUNCEMENT.
  8. Exposure Draft of Definition of Accounting Estimates – Amendments to Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors.
  9. Exposure Draft for Amendments to the Guidance Note on Accounting for Derivative Contracts w.r.t. IBOR Phase 2 Replacement Issues.

Other Updates:

  1. Insurance benefits under the EDLI scheme enhanced.
  2. Emergency Credit Line Guarantee Scheme (ECLGS) expanded.
  3. IREDA Registers Record Profit in Covid Year.
  4. EPFO allows its members to avail second COVID-19 advance.
  5. Aadhaar Authentication in eForms is on voluntary basis- Notification.
  6. Government issues Operational guidelines for Production Linked Incentive Scheme of Pharmaceuticals.
  7. Delhi Excise (Amendment) Rules 2021- NOTIFICATION.
  8. Labour Ministry announces major social security relief to dependents of workers passing away due to COVID-19.
  9. Scheme Guidelines issued for Production Linked Incentive Scheme for White Goods (Air Conditioners and LED Lights) manufacturers in India.

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