Weekly Updates from CA Cult (2nd Week of May 2023)

Weekly Updates from CA Cult (2nd Week of May 2023)

Weekly Updates from CA Cult (2nd Week of May 2023)

Important Updates from last week:


  1. Pune Metropolitan Region Development Authority notified under section 10.
  2. Food Safety and Standards Authority of India notified under section 10.
  3. Excel Utility of ITR-2 for AY 2023-24 is available for filing.


  1. Advisory: Deferment of Implementation of Time Limit on Reporting Old e-Invoices.
  2. Seeks to amend notification No. 11/2017- Central Tax (Rate) dated 28.06.2017 so as to to extend last date for exercise of option by GTA to pay GST under forward charge- NOTIFICATION No. 05/2023- Central Tax (Rate).
  3. Seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 5 Cr from 01st August 2023 – NOTIFICATION No. 10/2023 –Central Tax.
  4. CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers.
  5. Seeks to allow imports of Crude Soya-bean Oil and Crude Sunflower Oil at zero Basic Customs Duty and zero Agriculture Infrastructure and Development Cess for TRQ license holders for FY 2022-23 up to the 30th June, 2023- Notification No. 37/2023-Customs.


  1. Companies (Removal of Names of Companies from the Register of Companies) Second Amendment Rules, 2023.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in import policy condition of Apples under ITC (HS) 08081000 of Chapter-08 of ITC (HS), 2022, Schedule-I (Import Policy) – NOTIFICATION No. 5 /2023.


  1. Master Circular on the Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs.
  2. Amendment to the Master Direction (MD) on KYC – Instructions on Wire Transfer.
  3. Formalisation of Informal Micro Enterprises on Udyam Assist Platform.
  4. Levy of charges on forex prepaid cards/store value cards/travel cards, etc.
  5. Reserve Bank launches ‘100 Days 100 Pays’ Campaign for Return of Unclaimed Deposits.
  6. Master Circular on Basel III Capital Regulations.
  7. RBI notification on LIBOR Transition.

Securities and Exchange Board of India (SEBI)

  1. Registration with the FINNET 2.0 system of Financial Intelligence Unit –India (FIU-India).
  2. Direct Market Access (DMA) to SEBI registered Foreign Portfolio Investors (FPIs) for participating in Exchange Traded Commodity Derivatives (ETCDs).
  3. Investment in units of Mutual Funds in the name of minor through guardian.

Institute of Chartered Accountants of India (ICAI)

  1. Short Term Research Studies – Call for Research Proposal by Research Committee (open around the year).
  2. Deferment of the second phase of Peer Review Mandate.
  3. Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7).
  4. Important Announcement on ICAI Convocation 2023.
  5. The Advanced IT (Old Syllabus) Test conducted by Examination Department for students who have undergone Advanced IT (Old Syllabus) course will not be conducted after September 2023.


  1. Revision of monetary limit for adjudication under FEMA,1999.
  2. Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (First Amendment) Regulations, 2021.
  3. Activities notified under the PMLA.

Videos of the Week:

  1. Important Updates under the New Tax Regime: https://www.youtube.com/watch?v=wKnfcTfC2YE
  2. How to claim Tax Credit for income earned outside India?: https://www.youtube.com/watch?v=vV6lh5sviHs

Subscribe to our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA

CA Cult