Weekly Updates from CA Cult (3rd Week-November)

Weekly Updates from CA Cult (3rd Week-November 2022)

Important Updates from last week:

Income-tax

1. Amendments in notification No.61/2022 dated the 10th June, 2022 issued by CBDT.
2. Co-browsing feature is now available for the taxpayer.
3. Public Investment Fund notified under section 10(23FE) of the Income tax Act, 1961.

CBIC

1. Clarification on refund related issues-reg.
2. Guidelines for verifying the Transitional Credit in light of the order of the Hon’ble Supreme Court in the Union of India vs. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709- 32710/2018, order dated 22.07.2022 & 02.09.2022-reg.
3. Amendment in GSTR-9 – Notification No. 22/2022–Central Tax.
4. Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude- Notification No. 38/2022-Central Excise.
5. Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel- Notification No. 39/2022-Central Excise.
6. Exemption of goods from the duty of customs- Notification No. 57/2022-Customs.
7. Restricted entry of food items in under specific ports.
8. Requirement of Registration of foreign food manufacturing facilities.
9. Government withdraws export duty on Steel.

MCA

1. Amendment to the Notification on Quality Review Board.
2. BE(A)WARE booklet on measures the public should take to overcome fraudulent schemes.

Directorate General of Foreign Trade (DGFT)

1. Allocation of quantity 5841 MT (raw/refined) Sugar by EU for export from India under TRQ for the year 2022-23 & allocation of quantity 8606 MTRV raw cane sugar by USA for export from India under TRQ scheme for US fiscal year 2023 – Public Notice No. 36/2015-20.
2. Relief in Average Export Obligation in terms of Para 5.19 of Hand Book of Procedures of Foreign Trade Policy, 2015-20- Policy Circular No. 44/2015-20.
3. Export of Red Sanders wood by Forest Environment & Climate Change Department, Government of Odisha – Extension of time regarding- Notification No. 44/2015-20.

Reserve Bank of India (RBI)

1. Agency Commission for Direct Tax collection under TIN 2.0 regime.
2. Exim Bank’s GoI supported Line of Credit of USD 300 Mn to the SBM (Mauritius) Infrastructure Development Company Ltd. for Construction of Phase-IV of the Mauritius Metro Express Project in Mauritius.
3. Amendment in Nationalised Banks Management and Miscellaneous Provisions Scheme 1970 and 1980.
4. Formation of new districts in the State of Nagaland – Assignment of Lead Bank Responsibility.

Securities and Exchange Board of India (SEBI)

1. Registration and regulatory framework for Online Bond Platform Providers (OBPPs).
2. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2022.
3. Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2022.
4. Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2022.
5. Guidelines for AIFs for declaration of first close, calculation of tenure and change of sponsor/manager or change in control of sponsor/manager.
6. Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/Non-convertible Redeemable Preference shares (NCRPS).

Institute of Chartered Accountants of India (CA Fraternity)

1. ICAI is ecstatic to host A Carbon Neutral World Congress of Accountants for the first time in India.
2. Registration for Online Home-Based Practical Training Assessment.
3. The 21st World Congress of Accountants unveils in Mumbai.

OTHER UPDATES:

1. Amendment in the Export of Salt Rules.
2. Regarding the use of out-of-date Operating System (OS) and IT Equipments.
3. Implementation of the ESI Act in Several Areas.
4. University Grants Commission (Categorization of Universities (only) for Grant of Graded Autonomy) (First Amendment) Regulations, 2022.

Video of the Week: What is Common Income Tax Return (ITR) Form?: https://www.youtube.com/watch?v=YQpog_Mu9J8

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