Weekly Updates from CA Cult (June-July 2022)

Weekly Updates from CA Cult (June-July 2022)

Important Updates from last week:

Income-tax

1. New Authorized Banks for E-payment of the Tax
2. Arm’s length range for cases with less than 6 comparables.
3. Order under section 119 of the Income-tax Act, 1961 (the Act) in relation to tax deduction at source under section 194S of the Act for transactions other than those taking place on or through an Exchange.
4. Amendment of rule 31A and insertion of Form No. 26QF to the Income-tax Rules, 1962.
5. Exclusion of digital assets from definition of virtual digital asset.
6. Non fungible token as virtual digital asset.

CBIC

1. Recommendations of the 47th GST Council Meeting.
2. Sea Cargo Manifest and Transhipment (First Amendment) Regulations, 2022.
3. Seeks to increase BCD rate on Gold Notification No. 33/2022-Customs.
4. Seeks to exempt imports of Petroleum Crude and ATF from whole of the additional duty of Customs leviable thereon under sub-section (1) of section 3 of the said Customs Tariff Act, as is equivalent to the Special Additional Excise Duty- Notification No. 32/2022-Customs.
5. Seeks to exempt Gold imports from Social Welfare Surcharge- Notification No. 34/2022-Customs.
6. Seeks to increase the rate applicable under BCD exemption on Gold imported under replenishment scheme- Notification No. 35/2022-Customs.
7. Seeks to increase BCD rate on Gold imported under TRQ of India-UAE CEPA- Notification No. 36/2022-Customs.
8. Seeks to continue the exemption from Integrated Tax and Compensation Cess on goods imported under AA/EPCG/EOU Schemes- NOTIFICATIONNo. 37/2022-Customs.
9. Simplified regulatory framework for e-commerce exports of jewellery through Courier mode.
10. Seeks to amend notification on Special Additional Excise Duty- Notification No. 03/2022-Central Excise.
11. Seeks to prescribe rates of Special Additional Excise Duty for exports of petrol and diesel- Notification No. 04/2022-Central Excise.
12. Seeks to amend the eighth schedule to Finance Act 2022 to prescribe Special Additional Excise Duty ON Crude Petroleum and ATF circular and notification- Notification No. 05/2022-Central Excise.
13. Specified person exempt from the Special Additional Excise Duty.
14. Exempt the crude petroleum from Special Additional Excise Duty.
15. Seeks to exempt certain applicable duties on petrol, diesel and ATF cleared for exports- Notification No.8/2022-Central Excise.
16. Seeks to exempt Aviation Turbine Fuel, from the whole of the Special Additional Excise Duty- Notification No.09/2022-Central Excise.
17. Seeks to prescribe rates of the Road and Infrastructure Cess for exports of petrol and diesel- Notification No. 10/2022-Central Excise.
18. Seeks to amend notification No. 04/2019-Central Excise ( Road and Infrastructure Cess)- Notification No. 11/2022-Central Excise.
19. ₹1,44,616 crore gross GST Revenue collection for June 2022; increase of 56% year-on-year.

Corporate Law (MCA)

1. Relaxation of Additional fee on filing of form no.11 (AR) upto 15.7.2022- General Circular No. 07/2022.
2. National CSR Awards-22 inviting nominations from eligible companies.
3. Discussion paper on changes in the corporate insolvency resolution process to reduce delays and improve the resolution value 27th June, 2022.
4. Provisional List of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) Guidelines, 2022’, for appointment as IRP, liquidator, RP and BT, during the period July 1, 2022, to December 31, 2022.

Directorate General of Foreign Trade (DGFT)

1. Clarification regarding the CHIMS- Policy Circular No. 40/2015-20.
2. Migration of e-BRC Portal/Website to new IT platform – Trade Notice no. 13/2022-23.
3. Extension in deadlines for submission of applications under MEIS for exports made in the 4 months period, Sept 2020 to Dec 2020- Notification no. 15/2015-20.
4. Amendments to Foreign Trade Policy 2015-2020 – Exemption of Integrated Goods and Service Tax (IGST) and Compensation Cess under Advance Authorisation, EPCG and EOU scheme -NOTIFICATION No. 16/2015-20.

Reserve Bank of India (RBI)

1. Provisioning Requirement for Investment in Security Receipts (SRs).
2. Reserve Bank released data relating to India’s International Investment Position (IIP) for end-March 2022.
3. Note Sorting Machines – Authentication and Fitness Sorting Parameters.

Securities and Exchange Board of India (SEBI)

1. Adjustment in derivative contracts for dividend announcements.
2. Disclosure of holding of specified securities and Holding of specified securities in dematerialized form.
3. Modification in Cyber Security and Cyber resilience framework for Stock Brokers / Depository Participants.
4. Implementation of Circular on ‘Execution of ‘Demat Debit and Pledge Instruction’ (DDPI) for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities’ -Extension.

Institute of Chartered Accountants of India (CA Fraternity)

1. Launching Online Refresher Course – ‘Deep Dive into Share Based Payments Standard – Ind AS 102’ Organized by the Accounting Standards Board of ICAI.
2. Notification for Online Assessment Test (AT) for Certificate Course on Forensic Accounting and Fraud Detection (FAFD) on Saturday the 30th July 2022.
3. PM extends best wishes to all Chartered Accountants on CA Day.
4. Gandhidham City is added to the list of cities for ISA Test.
5. Brochure of 56th Campus Placement Programme August – September 2022 for newly qualified Chartered Accountants New.
6. Important Announcement for candidates on Campus Placement Program August – September 2022.
7. Chartered Accountants from India and across 48 countries celebrated 74th Chartered Accountants’ Day celebrations.

OTHER UPDATES:

1. CERT-In extends timelines for enforcement of Cyber Security Directions till 25 September, 2022 for MSMEs and for the validation aspects of subscribers/customers details.
2. Small Industries Development Bank of India (Defined Contributory New Pension) [Amendment] Regulations, 2022.
3. Extension of the validity of FCRA registration certificates.

Video of the Week:

1. Important Point regarding GST Turnover in Form 26AS: https://www.youtube.com/watch?v=XaPWmO2RzLc
2. Important point on Interest on Income-tax Refund: https://www.youtube.com/watch?v=jx2m2SKeyL4

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