CAalley.com - weekly newsletter 1 march

CAalley Newsletter for the week ending March 1, 2023

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Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

Reference Section:

Articles

Exposure Draft:

SEBI Draft

From the ICAI:

ICAI Publication

International Content:

Financial Reporting Council

Legal Updates:

News Update:

Indian News:

RBI showcauses ARCs after audit following Income Tax raids

Irdai asks insurers to design covers for mental illness, HIV

Aadhaar authentication to become more secure with new system; know details

Startups collective eye legal action to challenge Google

No input tax credit for liquor sales: GST-AAR

E-filing of CESTAT appeals begins on trial basis

Auditors of large firms to keep records in Entity DigiLocker

Sebi mulls uniform expense ratio for mutual funds to curb mis-selling

Indian banks well placed to transit to Expected Credit Loss regime: S&P

Indian banks unprepared for RBI's ESG push, survey shows: Report

Cars on highways to be offered insurance cover using Fastag soon: Report

ITAT: Pay reimbursement not income for Google US

Eligible EPFO members can now apply for higher pension till May 3, 2023

Sebi plans central database on FPIs’ beneficial owners

Money laundering: SEBI holds intermediaries liable for client actions

Non-existent 'firms' that pulled off Rs 20 crore fraud busted in Uttarakhand

Sebi to control unsolicited fin market advise from social media influencers

5% GST payable on all pre-packaged and labelled jaggery: Karnataka AAR

NSE unit launches first Municipal Bond Index

Indian banks to issue bonds to maintain capital levels: CARE Ratings

NSE gets SEBI’s final nod for social stock exchange

‘Authorities can’t doubt tax residency certificate’: ITAT

NFRA interacts with Life Insurance Industry on AS 117 for accounting for insurance contracts

Sebi plans to allow perpetual funds

MCA notifies procedure for physical submission of compliance forms

NPS rule change: Uploading these documents will be mandatory for withdrawal from April 1, 2023

Excise ‘scam’: Delhi court allows ED to question Hyderabad-based CA in money laundering case

Urgent need to increase level of self-governance: SEBI official

Sebi proposes to allow pension funds to participate as anchor investors in public issues

Budget News:

To impose (or not to impose) anti-dumping duty: Budget’s retrospective amendment may impact domestic industry

International News:

ESG Reporting Now Common at Large Companies, But Report Quality Varies

PCAOB Enforcement Activity Up Sharply in 2022

Opportunity knocks for firms as ESG reporting, assurance levels rise

IMF flags debt restructuring hurdles, says banning crypto should be an option

Businesses must take action to weather geopolitical storms

China urges state firms to drop Big Four auditors, Bloomberg reports

ICAEW issues practical tips on UK CFDR

Reference Section:

Articles:

Cost and Management Accounting and Quantitative Techniques - A Student's Guide
[Submitted by J.Ramachandran]

L&T merges Mindtree into L&T Infotech
[Submitted by M & A Critique]

Exposure Draft:

SEBI Draft:

Consultation Paper on Holding of Sponsor in REITs and InvITs
Last date for Comments: March 8, 2023]

From the ICAI:

ICAI Publication:

Meetings of Committee of Creditors
A Handbook for the Guidance of Insolvency Professionals
[Released in February 2023]

International Content:

Financial Reporting Council:

Thematic Review: IFRS 9 Banking Audit Methodology and its Application
[Published in February 2023]

Legal Updates:

Income Tax:

IBBI notified for the purposes of section 10(46) of the Income-tax Act, 1961 [No.9]

Service Tax:

Leviability of Service Tax on the declared service “Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act" under clause (e) of section 66E of the Finance Act, 1994 [Circular No.214]

GST:

Compensation Cess (Rate) Notification:

Seeks to amend notification no. 1/2017- Compensation Cess (Rate), dated 28.06.2017 [No.1]

Central Tax (Rate) Notifications:

Seeks to amend notification no. 2/2017-Central Tax (Rate), dated 28.06.2017 [No.4]

Seeks to amend notification no. 1/2017-Central Tax (Rate), dated 28.06.2017 [No.3]

Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.2]

Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.1]

Integrated Tax (Rate) Notifications:

Seeks to amend notification no. 2/2017-Integrated Tax (Rate), dated 28.06.2017 [No.4]

Seeks to amend notification no. 1/2017-Integrated Tax (Rate), dated 28.06.2017 [No.3]

Seeks to amend notification No. 10/2017- Integrated Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.2]

Seeks to amend notification No. 9/2017- Integrated Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.1]

Union Territory Tax (Rate) Notifications:

Seeks to amend notification no. 2/2017-Union Territory Tax (Rate), dated 28.06.2017 [No.4]

Seeks to amend notification no. 1/2017-Union Territory Tax (Rate), dated 28.06.2017 [No.3]

Seeks to amend notification No. 13/2017- Union Territory Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.2]

Seeks to amend notification No. 12/2017- Union Territory Tax (Rate) so as to notify change in GST with regards to services as recommended by GST Council in its 49th meeting held on 18.02.2023 [No.1]

IRDAI:

Modification of the terminology “sub-standard lives” mentioned in IRDAI (Health Insurance ) Regulations, 2016

Product for Persons with Disabilities (PWD), Persons afflicted with HIV/AIDS, and those with Mental Illness

Customs:

Authorization of Booking Post Offices and their corresponding Foreign Post Offices in terms of the Postal Export (Electronic Declaration and Processing) Regulations, 2022 [Circular No.6]

Seeks to amend notification no. 104/94-Customs, dated 16.03.1994 [No.14]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.11(NT)]

Completion of Data Entry in DIGIT [Instruction No. 7]

Seeks to exempt BCD on ships/ vessels for breaking up [No.13]

DGFT:

Discontinuation of Tariff Rate Quota for Import of Crude Sunflower Seed Oil w.e.f. 01.04.2023 [Public Notice No.60]

Amendments in Para 4.42 of the Handbook of Procedures 2015-2020 [Public Notice No.59]

One time relaxation for furnishing additional fee to cover excess imports affected under the Export Promotion Capital Goods Scheme to promote Ease of Doing Business [No.58]

Important Updates