CAalley Newsletter dated April 3, 2023

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Latest additions to CAalley:

News Update:

Indian News

Acts & Regulations:

RBI Master Circulars

Legal Updates:

Income Tax

GST

MCA

SEBI

DGFT

IRDAI

Customs

Central Excise

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News Update:

Indian News:

Govt may consider 0.3% fee to maintain UPI payment system: Reports

Centre has no hesitation in amending company laws frequently to make them more robust, says Union Finance Minister

CAG to go paperless, announces digital audits from April 1

India and Malaysia can now use Indian rupee to settle trade, says MEA

PAN, Aadhaar become mandatory for making investments in PPF, NSC, other small savings schemes

Finance ministry to launch three-month campaign to boost micro-insurance

Sebi imposes Rs 1.55-crore fine on 23 entities for flouting regulatory norms

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Acts & Regulations:

RBI Master Circulars:

RBI Master Circulars for 2023-24

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Legal Updates:

Income Tax:

Procedure, format and standards for filling an application in Form No. 15C or Form No. 150 for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES [No.1]

GST:

Seeks to provide commencement date for Section 163 of the Finance act, 2023 [No.1-Compensation Cess

Seeks to further amend notification No. 1/2017-Compensation Cess (Rate), dated 28th June, 2017 [No.2-Compensation Cess(Rate)]

Extension of limitation under Section 168A of CGST Act [No.9-Central Tax]

Amnesty to GSTR-10 non-filers [No.8-Central Tax]

Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers [No.7-Central Tax]

Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62 [No.6-Central Tax]

Seeks to amend Notification No. 27/2022 dated 26.12.2022 [No.5-Central Tax]

Amendment in CGST Rules [No.4-Central Tax]

Extension of time limit for application for revocation of cancellation of registration [No.3-Central Tax]

Amnesty to GSTR-4 non-filers [No.2-Central Tax]

MCA:

The Companies (Indian Accounting Standards) Amendment Rules, 2023

SEBI:

Operational Circular for Debenture Trustees

DGFT:

Amendment in Export Policy of items under HS Codes 27101241, 27101242, 27101243, 27101244, 27101249, 27101941, 27101944 and 27101949 of Chapter 27 of Schedule 2 of the ITC (HS) Export Policy [No.2]

Foreign Trade Policy, 2023

Foreign Trade Policy, 2023 notified [No.1]

Amendment in Import Policy Condition under Chapter 29 of ITC (HS) 2022, Schedule – I (Import Policy) [No.64]

Amnesty scheme for one time settlement of default in export obligation by Advance and EPCG authorization holders [Public Notice No.2]

Handbook of Procedures, 2023

Handbook of Procedures, 2023 notified [Public Notice No.1]

IRDAI:

Guidance note - Board policy of the insurer on the commission structure

Guidelines on Operational Issues pertaining to the Regulatory Sandbox

Payment of Distribution Fees to Motor Insurance Service Provider

Use and File Procedure for Products

IRDAI (Expenses of Management of Insurers transacting life insurance business) Regulations, 2023

IRDAI(Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023

Customs:

Seeks to amend Notifications of G&J and EOU schemes-reg, 2023 [No.28]

Regarding Exemption for import of fabrics under Special Advance Authorization Scheme under para 4.04A of Foreign Trade Policy, 2023 for manufacture and export of garments [No.27]

Regarding implementation of EPCG Scheme under Foreign Trade Policy, 2023 [No.26]

Regarding implementation of Duty Free Import Authorisation Scheme under Foreign Trade Policy, 2023 [No.25]

Regarding implementation of Advance Authorisation Scheme for export of prohibited goods under Foreign Trade Policy, 2023 [No.24]

Regarding implementation of Advance Authorisation Scheme for annual requirement under Foreign Trade Policy, 2023, 2023 [No.23]

Regarding implementation of Advance Authorisation Scheme for deemed export under Foreign Trade Policy, 2023, 2023 [No.22]

Regarding implementation of Advance Authorisation Scheme under Foreign Trade Policy, 2023 [No.21]

Seeks to give effect to the 2nd tranche of India UAE CEPA [No.20]

Seeks to give effect to the 3rd tranche of India Mauritius CECPA [No.19]

Regarding the manner of issue of duty credit for goods exported under the RoSCTL Scheme under Foreign Trade Policy, 2023 [No.25(NT)]

Regarding the manner of issue of duty credit for goods exported under the RoDTEP Scheme under Foreign Trade Policy, 2023 [No.24(NT)]

Courier Imports and Exports (Electronic Declaration and Processing) Amendment, Regulations, 2023 [No.23(NT)]

Courier Imports and Exports (Clearance) Amendment, Regulations, 2023 [No.22(NT)]

Seeks to provide commencement date for various provisions of Finance act, 2023 [No.21(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.20(NT)]

Acceptance of Electronic Certificate of Origin (e-COO) issued under India-Japan CEPA [Instruction No.13]

Central Excise:

Seeks to amend No. 11/2017-Central Excise, dated the 30.06.2017 to extend the date of applicability of additional duty of excise on unblended diesel [No.15]

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