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Weekly Updates from CA Cult (1st Week – August 2023)

CA Cult

Weekly Updates from CA Cult (1st Week – August 2023)

Important Updates from last week:

Income-tax

  1. Standard Operating Procedure (SOP) for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155 of the Income-tax Act, 1961 – reg.
  2. New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year.
  3. Joint Electricity Regulatory Commission notified under clause (46) of section 10 of the Income-tax Act, 1961 – NOTIFICATION.
  4. Notification of zero coupon bond under clause (48) of section 2 of Income tax Act, 1961.
  5. A statement-cum-declaration in Form No.1.
  6. Income-tax (Fourteenth Amendment) Rules, 2023.

CBIC

  1. ₹1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth.
  2. Seeks to notify the provisions of section 123 of the Finance Act, 2021 (13 of 2021) – NOTIFICATION No. 27/2023–Central Tax.
  3. Seeks to notify the provisions of sections 137 to 162 of the Finance Act, 2023 (8 of 2023) – NOTIFICATION No.28/2023–Central Tax.
  4. Seeks to notify special procedure to be followed by a registered person pursuant to the directions of the Hon’ble Supreme Court in the case of Union of India v/s Filco Trade Centre Pvt. Ltd., SLP(C) No.32709-32710/2018 – NOTIFICATION No. 29/2023–CENTRAL TAX.
  5. Recommendations of the 51st GST Council Meeting.
  6. Seeks to notify special procedure to be followed by a registered person engaged in manufacturing of certain goods – NOTIFICATION NO. 30/2023–CENTRAL TAX.
  7. Seeks to amend Notification No. 27/2022 dated 26.12.2022 – NOTIFICATION No. 31/2023-Central Tax.
  8. Seeks to exempt the registered person whose aggregate turnover in the financial year 2022-23 is up to two crore rupees, from filing annual return for the said financial year – NOTIFICATION No.32/2023–Central Tax.
  9. Seeks to notify “Account Aggregator” as the systems with which information may be shared by the common portal under section 158A of the CGST Act, 2017 – NOTIFICATION No.33/2023– Central Tax.
  10. Seeks to waive the requirement of mandatory registration under section 24(ix) of CGST Act for person supplying goods through ECOs, subject to certain conditions – NOTIFICATION No.34/2023-Central Tax.
  11. Seeks to notify special procedure to be followed by the electronic commerce operators (ECO) in respect of supplies of goods through them by composition taxpayers – NOTIFICATION No. 36/2023- Central Tax.
  12. Supplies of goods by unregistered persons through the ECOs – NOTIFICATION No. 37/2023 – Central Tax.
  13. Central Goods and Services Tax (Second Amendment) Rules, 2023 – Notification No. 38/2023 – Central Tax.
  14. Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 50th meeting held on 11th July, 2023–reg.
  15. Clarifications regarding applicability of GST on certain services –reg.

MCA

  1. The Insolvency and Bankruptcy Board of India (IBBI) associates with ICAI for organising International Convention on Insolvency Resolution – ‘Resolve 2023’ scheduled on 04th – 05th August 2023 in Singapore.
  2. Amendment in the Competition Commission of India (CCI) Rules.
  3. Companies (Incorporation) Second Amendment Rules, 2023.

DGFT

  1. Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2023 – Public Notice No. 23 /2023.
  2. Amendment in Export Policy of Food Supplements containing botanicals- NOTIFICATION No. 22/2023.
  3. Implementation of the Track and Trace system for export of Pharmaceuticals and drug consignments along with maintaining the Parent-Child relationship in the levels of packaging and their movement in supply chain – Extension of date of implementation regarding – PUBLIC NOTICE No. 26/2023.
  4. Amendments in conditions of the Standard Input Output Norms (SION) at E-136 for export of Wheat Flour-regarding – PUBLIC NOTICE No. 25 /2023.
  5. Amendment in Para 4.73 (15) of Handbook of Procedures, 2023 – PUBLIC NOTICE No. 24 /2023.
  6. Amendments to Notification No. 23/2023 dated 03.08.2023 – NOTIFICATION No. 26/2023
  7. Amendment in Export Policy of Red Sanders wood exclusively sourced from cultivation origin obtained from private land (including Pattaland) and Confiscated source – NOTIFICATION No. 25/ 2023.
  8. Regularization of RoDTEP for 18 HS Codes under Heading 5208 w.e.f 01.01.2021- NOTIFICATION No. 24/2023.
  9. Amendment in Import Policy of Items under HSN 8471 of Chapter 84 of Schedule-I (Import Policy) of ITC (HS), 2022 – NOTIFICATION No. 23/2023.

RBI

  1. Status of the withdrawal of ₹2000 Denomination Banknotes.

SEBI

  1. Online Resolution of Disputes in the Indian Securities Market.
  2. Audit of firm-level performance data of Portfolio Managers.
  3. Offer for Sale framework for sale of units of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).

ICAI

  1. Schedule for the Orientation Programme.
  2. The results of the Chartered Accountants Foundation Examination held in June 2023 are likely to be declared on late evening (9.00 p.m.) of Monday, the 7th August, 2023/early morning on Tuesday, the 8th August, 2023.
  3. Notification for Online Assessment Test (AT) for Certificate Course on Fundamental and Technical Analysis of Stocks including equity Research (FATA) on for the following dates through Digital learning Hub Organized by Committee on Financial Markets and Investors’ Protection of ICAI.

Video of the Week:

  1. Filing of Income-tax Return (ITR) and Inoperative PAN : https://www.youtube.com/shorts/T0RgkKOuDOg
  2. “All The Best” for the results of “CA Foundation Examination, June 2023” : https://www.youtube.com/shorts/0y1V58bXerY

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