Weekly Updates from CA Cult (February 2022- First Week)

Weekly Updates from CA Cult (February 2022- First Week)

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. Clarification on FAQ 6 (reporting) and FAQ 3 (reporting) issued by U.S. IRS in respect of FATCA reportable accounts.
2. Guidance on uploading of Manually submitted Form 15CA and Form 15CB with Authorised Dealers between 7th June to 15th August 2021 in accordance with Press Release dt. 20th July 2021.
3. Pension Adalat is to be held on the 3rd Week of March, 2022.
4. Clarification regarding the Most-Favoured-Nation (MFN) clause in the Protocol to India’s DTAAs with certain countries- Circular No. 3/2022.

Central Board of Indirect Taxes & Customs (CBIC)

1. Rs 1,38,394 crore Gross GST revenue collected for the month of January 2022.
2. Module wise new functionalities deployed on the GST Portal for taxpayers.
3. Clarification regarding applicability of Social Welfare Surcharge on goods exempted from basic and other customs duties/cesses.
4. The Customs (Import of Goods at Concessional Rate of Duty) Amendment Rules, 2022- Notification No. 07/2022 – Customs (N. T.).
5. Amendment to the effective rate of Basic Customs Duty (BCD).
6. Seeks to further amend notification No. 11/2018- Customs dated 2nd February, 2018 so as to exempt certain goods from Social Welfare Surcharge (SWS) and to withdraw SWS exemption on certain textile items- Notification No. 03/2022-Customs.
7. Rescind additional duty on imports of transformer oil equivalent- Notification No.04/2022-Customs.
8. Rescind the various notifications which have become redundant- Notification No. 05/2022-Customs.
9. Notification to remove the entries from the First Schedule to the Customs Tariff Act and certain redundant entries- Notification No. 06/2022-Customs.
10. Amendment to prescribe effective rate on certain Textile items.
11. Seeks to amend Notification Nos. 104/2010-Customs, 38/96-Customs, 40/2017-Customs, 60/2011-Customs, 148/94-Customs to exempt AIDC/Health cess/RIC on goods imported under the said notifications- Notification No.08/2022-Customs.
12. Seeks to amend notification Nos. 146/94-Customs, 147/94-Customs, 39/96-Customs, 50/96-Customs, 30/2004-Customs, 81/2005-Customs, 5/2017-Customs, 16/2017-Customs, 32/2017-Customs to prescribe end-dates as per Section 25(4A) of the Customs Act, 1962- Notification No. 09/2022-Customs.
13. Seeks to amend notification No. 27/2011-Customs dated 01.03.2011 to omit redundant entries and reduce export duty raw hides and skins of buffalo- Notification No. 10/2022-Customs.
14. Seeks to implement a graded BCD structure for wearable devices and its parts, sub-parts and sub-assembly- Notification No. 11/2022-Customs.
15. Seeks to implement a graded BCD structure for hearable devices and its parts, sub-parts and sub-assembly- Notification No. 12/2022-Customs.
16. Seeks to implement a graded BCD structure for smart meters and its parts, sub-parts and sub-assembly- Notification No. 13/2022-Customs.
17. Seeks to amend notification No. 25/1999-Customs dated 28.02.1999 to omit redundant and obsolete entries- Notification No. 14/2022-Customs.
18. Seeks to amend various notifications giving exemption to electronic items and medical devices- Notification No. 15/2022-Customs.
19. Seeks to rescind the anti-dumping duty (ADD) imposed on imports of “Straight Length Bars and Rods of alloy-steel” originating in or exported from China PR vide Notification No. 54/2018-Cus (ADD) dated 18.10.2018- Notification No. 5/2022-Customs (ADD).
20. Seeks to rescind the anti-dumping duty (ADD) imposed on imports of “High Speed Steel of Non-Cobalt Grade” originating in or exported from Brazil, China PR and Germany vide Notification No. 38/2019-Cus (ADD) dated 25.09.2019- Notification No. 6/2022-Customs (ADD).
21. Seeks to rescind the anti-dumping duty (ADD) imposed on imports of “Flat rolled product of steel, plated or coated with alloy of Aluminum or Zinc” originating in or exported from China PR, Vietnam and Korea RP vide Notification No. 16/2020-Cus (ADD) dated 23.06.2020- Notification No. 7/2022-Customs (ADD).
22. Seeks to rescind the countervailing duty imposed on imports of “Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products” originating in or exported from China PR vide Notification No. 1/2017- Cus (CVD) dated 07.09.2017- Notification No. 1/2022-Customs (CVD).
23. Seeks to further amend Notification No. 11/2017- Central Excise, dated 30th June, 2017, to increase Basic Excise Duty on Unblended Petrol and Diesel, in order to promote Blending in the country- Notification No. 01/2022 -Central Excise.
24. Goods allow abatement as a percentage of the retail sale price.
25. Circular on the valuation of tobacco and tobacco products for the purposes of payment of Basic Excise Duty and National Calamity Contingent Duty (NCCD) -reg.
26. Notification of Authorised Officers under Section 25 read with Section 47 (5) of Food Safety Standards (FSS) Act, 2006 and Regulation 13 (1) of FSS (Import) Regulation, 2017- Instruction No. 2/2022-Customs.

Corporate Law (MCA)

1. The Ministry of Corporate Affairs (MCA) is launching a new way of e-filing for LLP on MCA21 portal.
2. Discussion Paper on Amendment in IBBI (Voluntary Liquidation Process) Regulations, 2017.
3. Rescind the notification vide SO. 780(E) dated the 22nd February 2018.
4. Central Government appoints the ex-officio member in IBBI.
5. Appointment of DG and CEO of the Indian Institute of Corporate Affairs.

Directorate General of Foreign Trade (DGFT)

1. Amendment in Export Policy of Syringes- Notification No. 52/2015-20.
2. Extension of Last Date for the Submitting applications for Scrip based FTP Schemes- NOTIFICATION No. 53/2015-2020.

Reserve Bank of India (RBI)

1. RBI Cautions against unauthorised forex trading platforms.
2. Survey on International Trade in Banking Services, 2020-21.

Securities and Exchange Board of India (SEBI)

1. Change in control of the asset management company involving scheme of arrangement under Companies Act, 2013.
2. Schemes of Arrangement by Listed Entities.
3. Guidelines on Accounting with respect to the Indian Accounting Standards (IND AS).

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

1. FRN will be the compulsory field for UDIN Generation from 12.00 am of 1st February 2022.
2. The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 30th April, 2022.

General Updates

1. Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU).
2. ICAI celebrates the 72nd Annual Function.

Union Budget 2022-23

1. HIGHLIGHTS OF THE UNION BUDGET 2022-23.
2. SUMMARY OF THE UNION BUDGET 2022-23.
3. ICAI invites suggestions on tax proposals of Union Budget 2022-23.
4. Direct Tax Highlights- Union Budget 2022.

OTHER UPDATES

1. The National Bank for Financing Infrastructure and Development General Rules, 2022.
2. Life Insurance Corporation of India (Staff) Amendment Rules, 2022.
3. Government approves continuation of Scheme of Assistance to the National Sports Federations with an outlay of Rs. 1575 crore.
4. Government takes several initiatives to enhance collaboration between small business and e-commerce platforms.
5. KEY HIGHLIGHTS OF THE ECONOMIC SURVEY 2021-22.
6. SUMMARY OF THE ECONOMIC SURVEY 2021-22.

Blogs of the week:

1. Union Budget 2022 amendments proposed in the Income Tax: https://cacult.com/union-budget-2022-amendments-proposed-in-the-income-tax/
2. General highlights from the Union Budget 2022 presented by the Hon’ble Finance Minister Nirmala Sitharaman: https://cacult.com/general-highlights-from-the-union-budget-2022/
3. TDS under section 194R on the benefit or perquisite: https://cacult.com/tds-under-section-194r-on-the-benefit-or-perquisite/

Video of the week:

1. Firm Registration Number (FRN) will be a compulsory field for UDIN Generation: https://www.youtube.com/watch?v=3Dctcf7bVz8

Check out our YouTube Channel: https://www.youtube.com/channel/UCUZuSQHyKyarNzKtA5rAiFA