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CAalley Newsletter dated March 22, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

ICAI Exposure Draft

Legal Updates:



Central Excise



News Update:

Indian News:

HSN Code Reporting in e-Invoice on IRPs Portal” in GST

RBI to start new data centre, governor stresses on tech, cybersecurity role

RBI report on sticky inflation raises possibility of rate hike

FinMin agencies attach immovable properties worth Rs 1.11 trn in 6 years

Tax demands on black money parked abroad cross ₹15,000 crore

RBI directs all banks to keep branches open till Mar 31 for annual closing

Advisory for the taxpayer wishing to register as “One Person Company” in GST

Indian banks can endure global banking turmoil fallout: S&P Global Ratings

GST ITC restriction on CSR spend: Why businesses are worried about potential challenges

DPIIT to set up task force for formulating logistics cost framework


International News:

US: IRS issues NFT tax guidance

Canadian accountants take note as SEC reminds accounting firms of the rules involving other auditors

Exposure Draft:

ICAI Exposure Draft:

Guidance Note on Transfer of Capital Reserve
[Last date for Comments: April 20, 2023]

Legal Updates:


Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2022-23)



Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2023


Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on Diesel [No.14]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude [No.13]



Amendments in Export Policy of Bio-fuels under Chapter 27 of Schedule 2 (Export Policy) ITC (HS) classification of Export and Import [No.62]

Amendment in import policy condition of Urea [Exim Code 31021000] in the ITC (HS) 2022, Schedule – I (Import Policy) [No.61]

Procedure for Registration Certificate for import of marble and Fresh (green) Areca Nut from Bhutan without Minimum Import Price condition [Public Notice No.61]


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