Weekly Updates from CA Cult (Last Week – 2022)

Weekly Updates from CA Cult (Last Week – 2022)

Weekly Updates from CA Cult (Last Week – 2022)

Important Updates from last week:


  1. Clarification for the purposes of clause (c) of Section 269ST of the Income-tax Act, 1961 in respect of dealership/distributorship contract in case of Co-operative Societies.
  2. 1000242244 Ontario Inc. specified pension fund under section 10 of the Income-tax Act, 1961.
  3. Designated Special Courts in the State of Odisha.


  1. New Rules inserted in CGST Rules, 2017. These rules may be called the Central Goods and Services Tax (Fifth Amendment) Rules, 2022- NOTIFICATION No. 26/2022 – Central Tax.
  2. Notification under sub-rule (4B) of rule 8 of CGST Rules, 2017- NOTIFICATION No. 27/2022-Central Tax
  3. Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19–reg.
  4. Clarification on the entitlement of input tax credit where the place of supply is determined in terms of the proviso to sub-section (8) of section 12 of the Integrated Goods and Services Tax Act, 2017–reg.
  5. Clarification with regard to applicability of provisions of section 75(2) of Central Goods and Services Tax Act, 2017 and its effect on limitation -reg.
  6. Clarification on various issues pertaining to GST-reg.
  7. Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016-reg.
  8. Prescribing manner of filing an application for refund by unregistered persons-reg.
  9. Notifications on GST (Rates) effective from 1st January 2023.
  10. Seeks to amend notification Nos. 48/2021 and 49/2021 – Customs, both dated 13.10.2021, in order to extend the existing concessional import duties on specified edible oils and lentils up to and inclusive of the 31st March, 2024- Notification No. 65/2022-Customs.
  11. Sea Cargo Manifest and Transhipment (Second Amendment) Regulations, 2022 – NOTIFICATION No. 114/2022-Customs (N.T.).
  12. Seeks to levy ADD on Jute products- NOTIFICATION No. 33/2022-Customs (ADD).


  1. Provisional List of IPs prepared in accordance with ‘Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals and Bankruptcy Trustees (Recommendation) (Second) Guidelines, 2022’, for appointment as IRP, liquidator, RP and BT, during the period January 1, 2023, to June 30, 2023.

Directorate General of Foreign Trade (DGFT)

  1. Amendment in Appendix 2T (List of Export Promotion Councils/Commodity Boards/ Export Development Authorities) of Foreign Trade Policy 2015-2020- PUBLIC NOTICE No. 45 /2015-2020.
  2. Amendment in Export Policy of Red Sanders wood exclusively sourced from cultivation origin obtained from private land (including Pattaland) and Confiscated source- NOTIFICATION No. 50/ 2015-2020.
  3. Amendment in import policy condition of items under HS Code 1511 90 of Chapter 15 of ITC (HS), 2022, Schedule – I (Import Policy)- Notification No. 51/2015-20.
  4. Amendment in Import policy of Urad Beans of the SPP Vigna Mungo (L.) Hepper 0713 31 10) and Tur/Pigeon Peas (Cajanus Cajan) (ITC(HS) 0713 60 00) under ITC (HS) 2022, Schedule – I (Import Policy)- Notification No. 52/2015-20.
  5. Amendments under Para 2.107 and Appendix-2A of Handbook of Procedure 2015-20 for inclusion of TRQs under India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA)- Public Notice No. 46/2015-2020.
  6. Amendments in Annexure-IV under Appendix-2A (Imports of Items under TRQ under India UAE CEPA)- PUBLIC NOTICE No. 47/2015-2020.

Reserve Bank of India (RBI)

  1. Central Payments Fraud Information Registry – Migration of Reporting to DAKSH.
  2. Individual Housing loans – Revised limits under four-tiered regulatory framework.

Securities and Exchange Board of India (SEBI)

  1. Introduction of Investor Risk Reduction Access (IRRA) platform in case of disruption of trading services provided by the Trading Member (TM).

Institute of Chartered Accountants of India (ICAI)

  1. Brochure of Overseas Campus Placement Program Jan-Feb 2023.
  2. Exposure Drafts of Amendments to Ind AS 1 and Ind AS 116 for comments.
  3. Last date for Registration in Foundation Course for appearing in Foundation Examination to be held in May/June, 2023.

Videos of the Week:

  1. Timeline for filing the Income tax Return for the Assessment Year 2022-23: https://www.youtube.com/watch?v=6psse7gc-0s&list=TLPQMzExMjIwMjJ-RdypMUK4pQ&index=4
  2. How to e-verify your Income tax Return after 120 or 30 Days ?: https://www.youtube.com/watch?v=y9VSeJVMkAQ&list=TLPQMzExMjIwMjJ-RdypMUK4pQ&index=3

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