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CAalley Newsletter dated March 27, 2023

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Latest additions to CAalley:

News Update:

Indian News

Budget News

International News

Exposure Draft:

FASB Exposure Draft

Legal Updates:




News Update:

Indian News:

Tobacco in gunny bags to attract 28% GST, 71% compensation cess: AAR

India asks state-run banks to monitor top loan accounts strictly: Reports

SEBI makes KYC mandatory for maintaining e-wallets in mutual funds from May 1

Sebi relief for investors holding physical shares

STT hike could push FPIs to relocate operations to India to save tax

Can't declare a borrower 'fraud' without hearing him first: SC tells RBI

Mutual fund nomination deadline to end on March 31

Export benefits under RoDTEP extended to 18 textile items including sari

Revised guidelines to digitise fund flow architecture in MPLADS

FM tells PSBs to diversify deposit, asset base amid global financial stress


Budget News:

Lok Sabha approves Finance Bill as amended by Rajya Sabha: Report

Govt hikes duty on X-ray machine imports from 10% to 15% starting April 1

Govt caps maximum GST cess rate on pan masala; links rate to sale price

Withholding tax on royalty and technical fee doubled to 20%

RBI asked to monitor card spend under LRS

No relief to start-ups from angel tax provisions in Finance Bill amendments


International News:

Why tighter regulations won't prevent the next financial crisis

FASB Proposes Accounting Rules for Measuring, Presenting and Disclosing Crypto Assets

Consider Developing a Standard Definition of EBITDA for U.S. GAAP, FASB Advisers Say

Accountant shortages likely to yield more audit failures

Exposure Draft:

FASB Exposure Draft:

Proposed Accounting Standards Update
Intangibles — Goodwill and Other — Crypto Assets
Accounting for and Disclosure of Crypto Assets

[Last date for Comments: June 6, 2023]

Legal Updates:


Clarification regarding GST rate and classification of ‘Rab’ based on the recommendation of the GST Council in its 49th meeting held on 18th February 2023 [Circular No.191]



Inclusion of 18 HS Codes under Heading 5208 in Appendix 4R for RoDTEP [No.63]


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