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

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

Important Updates from last week:

Central Board of Direct Taxes (CBDT)

1. REMINDER: Important Announcement on One-time relaxation for verification of all income tax-returns e-filed for the Assessment Year 2020-21 which are pending for verification and processing of such returns https://cacult.com/important-announcement-on-verification-of-income-tax-returns/

Central Board of Indirect Taxes & Customs (CBIC)

1. The Shipping Bill (Post export conversion in relation to instrument based scheme) Regulations, 2022- NOTIFICATION No. 11/2022-Customs (N.T.).
2. Seeks to further amend notification No. 01/2017-Customs (ADD) to extend the levy of ADD on jute products originating in or exported from Nepal and Bangladesh- NOTIFICATION No. 10/2022-Customs (ADD).
3. NOTIFICATION No. 09/2022-Customs (ADD) dated 24th February, 2022.
4. Upcoming enhancements & improvements in the GSTR-1.
5. 2 held by Faridabad CGST Commissionerate for issuing fake invoices of over Rs 200 crore and availing involving fraudulent ITC of Rs 31.85 crore.
6. Delhi South CGST unearths fake invoicing racket of Rs 611 crore involving tax evasion of 38.5 crore.
7. Implementing e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 20 Cr from 01st April 2022- NOTIFICATION No. 01/2022 – Central Tax.

Corporate Law (MCA)

1. Composition of the National Company Law Tribunal (NCLT).
2. Important update for all the stakeholders on SRN.
3. FAQs on MCA V3 – a new way of e-filing for LLP- 5th March Go Live.

Directorate General of Foreign Trade (DGFT)

1. Mandatory filing/issuance of Registration Cum Membership Certificate (RCMC)/ Registration Certificate (RC) through the DGFT common digital platform from 01.04.2022- Trade Notice No. 35/2021-2022.
2. Amendment in import policy of items under ITC(HS) 8524 and 8525 of Chapter 85 of ITC(HS) 2022, Schedule – I (Import Policy)- Notification No. 55/2015-20.
3. Amendment in Export Policy of Remdesivir Injection and API, Amphotericin-B Injections, Enoxaparin (Formulation and API) and Intra-Venous Immunoglobulin (IVIG) (Formulation and API) – Notification No. 56/2015-20.
4. DGFT Helpdesk for Russia-Ukraine related International Trade Issues- Trade Notice No. 36/2021-2022.

Reserve Bank of India (RBI)

1. RBI Announces USD/INR 2-year Sell Buy Swap Auction.
2. RBI cautions the public against Prepaid Payment Instruments (non-closed) issued by unauthorised entities.
3. Inclusion in the Second Schedule to the (RBI) Reserve Bank of India Act, 1934- Sikkim State Co-operative Bank Ltd.
4. Payment and Settlement Systems Regulations, 2008 (As amended upto February 2022).
5. Implementation of ‘Core Financial Services Solution’ by Non-Banking Financial Companies (NBFCs).
6. Reporting and Accounting of Central Government transactions of March 2022.

Securities and Exchange Board of India (SEBI)

1. Securities and Exchange Board of India (Depositories and Participations) (Amendment) Regulations, 2022.
2. Securities and Exchange Board of India (Stock Brokers)(Amendment) Regulations, 2022.
3. Segregation and Monitoring of Collateral at Client Level –Extension of timeline.
4. Nomination for Eligible Trading and Demat Accounts –Extension of timelines and relaxations for existing account holders.
5. Approach to securities market data access and terms of usage of data provided by data sources in the Indian securities market.
6. Extension to SEBI Circular on “Relaxation in adherence to prescribed timelines issued by SEBI due to Covid 19” dated April 13, 2020.
7. Swing pricing framework for the mutual fund schemes – Extension of timeline.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Proposed amendments to IRDAI (Health Insurance) Regulations, 2016.

Institute of Chartered Accountants of India (CA Fraternity)

Updates for Members/Students

1. LIST OF PARTICIPATING ORGANIZATIONS FOR CAMPUS PLACEMENT PROGRAM FEBRUARY – MARCH 2022.
2. Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test – Computer Based Mode (CBT).
3. The results of the Chartered Accountants Intermediate Examination (Old Course & New Course) held in December 2021 are likely to be declared on Saturday, the 26th February 2022(evening)/Sunday, the 27th February 2022.
4. Results of the Chartered Accountants Intermediate Examination (Old Course & New Course) held in December 2021 declared.
5. ICAI Press Release on the results of CA Intermediate Examination (Old Course & New Course) held in December 2021.
6. Certificate Course on Public Finance & Government Accounting – 19th Online Batch commencing from 3rd April, 2022.
7. Registration Open – 9th Online Batch of Certificate Course on Business Responsibility and Sustainability Reporting (BRSR) commencing from March 7, 2022
8. Important Announcement on Convocation 2021-22 – Pune.

General Updates

1. Announcement – Declaration Form – Peer Review Mandate – Phase I

OTHER UPDATES

1. EPFO Payroll data: 14.60 lakh net subscribers added during the month of December, 2021.
2. Employees’ State Insurance (Central) Amendment Rules, 2022- NOTIFICATION.
3. Finance Minister Smt. Nirmala Sitharaman interacts with the leaders of financial & capital markets.
4. Auction for Sale (re-issue) of (i) ‘GoI Floating Rate Bond 2028’, (ii) ‘6.54% GS 2032’, and (iii) ‘6.95% GS 2061’.
5. PM CARES for Children Scheme Extended up to 28th February, 2022.
6. Issue of (i) Non-interest bearing (Non-transferable) Special Gol Security, 2032; (ii) Non-interest bearing (Non-transferable) Special Gol Security 2033; (iii) Non-interest bearing (Non-transferable) Special Gol Security 2034; (iv) Non-interest bearing (Nontransferable) Special Gol Security 2035; (v) Non-interest bearing (Non-transferable) Special Gol Security 2036; and (vi) Non-interest bearing (Non- transferable) Special GoI Security 2037.
7. The Central Civil Accounts Service (Accountant Group ‘C’ post) Recruitment Rules, 2021- NOTIFICATION.
8. Sovereign Gold Bond Scheme 2021-22– Issue price Series-X.
9. Revised Calendar for the Auction of Government of India Treasury Bills (For the remaining part of Q4 of 2021-22)

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