CAalley Newsletter for the week ending April 5, 2023
Latest additions to CAalley:
News Update:
From the ICAI:
Exposure Draft:
Acts & Regulations:
RBI Master Circulars/Directions
Legal Updates:
News Update:
No GST on business vertical sold as 'going concern'
Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR
SC rules on service tax on corporate guarantees, gives pvt firm relief
China-based Huawei gets partial relief from ITAT
Web-based returns to deter attempts to float shell cos
CCI to get more enforcement powers on Big Tech following amendment to Competition law
Health insurance penetration still low
Windfall taxes virtually scrapped, for now
Regulator pulls up companies, auditors for flouting Ind As norms
Banks must have diverse boards: RBI
Centre cuts all windfall tax on domestically produced crude oil from today
Competition law gets more teeth, mergers to win swifter nod
Bankruptcy resolutions yielding lower realisations, taking longer: Report
I-T dept seized assets worth over Rs 4,800 cr in last 4 fiscals: Govt
Finance Ministry to constitute 16th Finance Commission this year
Govt may consider 0.3% fee to maintain UPI payment system: Reports
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
Govt hikes interest rates on most small saving schemes for June quarter
Compliance period extended from 2 to 3 yrs for 'large corporates': Sebi
Ahead of GST Appellate Tribunal’s launch, an SOP for investigations
'India ready for rupee trade with countries facing currency crises'
Foreign Trade Policy 2023 unveiled, govt breaks tradition of target year
Sebi directs top 100 listed firms to give clarification on market rumours from Oct 1
Sebi sets up Rs 33k-cr corpus for debt MFs hit by market turmoil
IRDAI's new rules to affect PSU insurers, legalises actions of pvt players
Imported drugs for rare diseases to be exempt from customs duty
SEBI greenlights backstop fund for corporate debt market
SEBI strengthens online dispute resolution mechanism in securities market
SEBI pushes norms to ensure better disclosures, boost transparency
Non-resident taxpayers without PAN can file Form 10F manually till September 30
Big Four Auditors and Consultants Need Liability—And a Divorce
EY fined, banned from some audits in Germany over Wirecard scandal
PCAOB Rulemaking Could Lead to More Timely Issuance of Audit Inspection Reports
US bank deregulation 'may have gone too far': Treasury Secretary
FASB maps ‘one-stop shop’ expense disclosure proposal
From the ICAI:
ICAI Advisory on Audit Trial Compliance by Clients
Exposure Draft:
Proposed Auditing Standard – Responsibilities of the Auditor in Conducting an Audit
[Last date for Comments: May 30, 2023]
Acts & Regulations:
Foreign Trade Policy 2023 - Key Highlights
RBI Master Circulars/Directions:
RBI Master Circulars/Directions for 2023-24
Master Direction on Penal Provisions in reporting of transactions/ balances at Currency Chests
Master Direction on Counterfeit Notes, 2023 - Detection, Reporting and Monitoring
Master Direction – Facility for Exchange of Notes and Coins
Master Circular – Lead Bank Scheme
Master Circular - Asset Reconstruction Companies
Master Circular - Disbursement of Government Pension by Agency Banks
Master Circular - Bank Finance to Non-Banking Financial Companies (NBFCs)
Master Circular – Housing Finance
Master Circular on Conduct of Government Business by Agency Banks - Payment of Agency Commission
Master Circular - Guarantees and Co-acceptances
Master Circular on SHG-Bank Linkage Programme
Master Circular - Guarantees, Co-Acceptances & Letters of Credit - UCBs
Master Circular - Credit facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs)
Master Circular on Credit Facilities to Minority Communities
Legal Updates:
Amendment to section 10(26AAA) of the Income-tax Act, 1961 by the Finance Act, 2023 [Press Release]
Seeks to provide commencement date for Section 163 of the Finance act, 2023 [No.1-Compensation Cess
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]
Amnesty to GSTR-4 non-filers [No.2-Central Tax]
The Companies (Indian Accounting Standards) Amendment Rules, 2023
Advertisement code for Investment Advisers (IA) and Research Analysts (RA)
Operational Circular for Debenture Trustees
Clarifications on Insider Trading - Comprehensive FAQs on SEBI (PIT) Regulations, 2015
Foreign Trade Policy, 2023 notified [No.1]
Handbook of Procedures, 2023 notified [Public Notice No.1]
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
Amendment to Notification 40/2015 - Customs dated 21.07.2015 [No.29]
Seeks to amend Notifications of G&J and EOU schemes-reg, 2023 [No.28]
Regarding implementation of EPCG Scheme under Foreign Trade Policy, 2023 [No.26]
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]
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)]
Phased Implementation of Electronic Cash Ledger (ECL) in Customs w.e.f 01.04.2023 [Circular No.9]
Amendment of Notification 19 of 2022 Customs NT dated 30.03.2022 [No.19(NT)]
Notification to exempt deposits into ECL till 30th April 2023 [No.18(NT)]
Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994 [No.17(NT)]
Amendment to Notification No. 61/94-Customs (N.T.) dated 21.11.1994 [No.16(NT)]