Weekly Updates from CA Cult (May 2022- Third Week)

Weekly Updates from CA Cult (May 2022- Third Week)

Important Updates from last week:

Income-tax

1. Circular regarding use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961 – Circular No. 10 of 2022.

CBIC

1. How to proceed in case of Incomplete GSTR-2B in some cases?
2. Extension of due date of FORM GST PMT-06 for the month of April, 2022 – Notification No. 06/2022–Central Tax.
3. DGGI Gurugram arrests one person for fraudulently availing ITC of more than 160 crore through a network of 10 fake firms.
4. ADD on the Polyurethane Leather Notification No. 14/2022-Customs (ADD).
5. Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between the Republic of India and Japan) Amendment Rules, 2022 -NOTIFICATION No. 44/2022 – Customs (N.T.).

Corporate Law (MCA)

1. Companies (Incorporation) Second Amendment Rules, 2022.

Directorate General of Foreign Trade (DGFT)

1. Implementation of Notification No. 06/2015-20 dated 13.05.2022 – Prohibition on export of wheat- Trade Notice No. 07/2022-23.
2. Implementation of Notification No. 06/2015-20 dated 13.05.2022 – Prohibition on export of wheat- Trade Notice No. 08/2022-23.
3. Amendment of Last date of Application as mentioned under Public Notice 06/2015-20 dated 01.05.2022- Public Notice no. 08/2015-20.
4. Amendment in import policy condition of Fresh Ginger under Chapter 09 of the ITC (HS) 2022, Schedule -I (Import Policy)- Notification No. 07/2015-20.
5. Amendment in Export Policy of Bamboo Charcoal- Notification No. 08/2015-20.
6. Enlistment of an Agency and amendment in details of an authorized agency under Appendix 2E of FTP, 2015-2020 – authorized to issue Certificate of Origin (Non-preferential) – Public Notice No. 09/2015-20.

Reserve Bank of India (RBI)

1. Kisan Credit Card (KCC) Scheme – Eligibility criteria for farmers engaged in fisheries/ aquaculture.
2. Clarification on the New Definition of Micro, Small and Medium Enterprises (MSMEs).
3. Interoperable Card-less Cash Withdrawal (ICCW) at ATMs.

Securities and Exchange Board of India (SEBI)

1. Master Circular for the Commodity Derivatives Market.
2. Simplification of procedure and standardization of formats of documents for transmission of securities pursuant to amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. The Securities and Exchange Board of India, having considered the application for grant of renewal.
4. Streamlining the Process of Rights Issue.
5. SEBI withdraws Permanent Recognition granted to Indian Commodity Exchange Ltd- Press Release.
6. Revised format of security cover certificate, monitoring and revision in timelines.
7. Modification in Cyber Security and Cyber Resilience framework of Stock Exchanges, Clearing Corporations and Depositories.

Insurance Regulatory and Development Authority of India (IRDAI)

1. Reconstitution of the Reinsurance Advisory Committee.

Institute of Chartered Accountants of India (CA Fraternity)

1. Important Announcement on Information System Audit – Assessment Test (ISA – AT), July 2022.
2. Invitation for Expression of Interest for Empanelment as Resource Person/ Subject Matter Expert in Green Finance.
3. Mock Test Papers Series – II for June, 2022 CA Foundation Examination.
4. One Day Train the Trainer Programme for prospective trainers for “The Audit Quality Maturity Model v 1.0.”.
5. Postponement of Chartered Accountants Examinations scheduled to be held on 19th & 20th May, 2022 at Silchar (Assam) Examination center only.
6. Decision taken by ICAI Central Council after deliberations on the matter related to recent arrest of Chartered Accountants & other instances of ill- treatment of CAs by investigating authorities in Council Meeting held on 20th May 2022.
7. Postponement of Chartered Accountants Examinations scheduled to be held on 21st May, 2022 [Saturday] at Silchar (Assam) Examination center only.
8. Bye-election to the Council from Western India Regional Constituency to fill the casual vacancy on the Council.

OTHER UPDATES:

1. Government announces some relaxation in wheat export notification; Allows wheat consignment already registered with Customs prior to the order.
2. GeM, CSC and India Posts sign MoU for engagement of last-mile Government buyers, sellers and service providers in public procurement.
3. Micro, Small and Medium Enterprises Development (Furnishing of Information) (Amendment) Rules, 2022.
4. EPFO adds 15.32 Lakh Net Subscribers in March, 2022.

Videos of the Week:

1. Update on export of Wheat and Schedule maintenance of income-tax e-filing portal: https://www.youtube.com/shorts/-8UP8OFV6Cc
2. How to proceed in case of Incomplete GSTR-2B in some cases?: https://www.youtube.com/shorts/XnsEfJiOsds
3. Extension of filing GSTR-3B for the month of April 2022: https://www.youtube.com/shorts/Fz6TA2D5beo
4. Important Update on the Bye-election to the Council to fill the casual vacancy: https://www.youtube.com/watch?v=yqu-yWM1GB0

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