Check out the latest additions to CAalley ...

Updates were in the following categories:

Indian News

International News

IBBI Draft

IRDA Draft

GST Rules

ICAI Guidance Note

Legal Updates

  • Income Tax
  • GST
  • SEBI
  • RBI
  • Customs
  • DGFT


Indian News:

Aadhaar card must for opening bank account, tatkal passport, says UIDAI

“Vanishing companies” can only be listed companies; so far 161 “vanishing companies” have been traced

RBI bars banks from issuing LoUs in Nirav scam fallout

9,000 cases under consideration of NCLT, including 2,500 insolvency cases

LTCG tax: No decision to withdraw yet despite demand, says government

SC indefinitely extends March 31 deadline for mandatory Aadhaar linking

Sebi to relax start-up net worth norms, allow listing on SME platform

IBBI signs a MOU with the RBI

Why auditors in India must keep up with technology

E-filing flaws, e-wallet delay continue to hold up exporters' GST refunds

ICAI issues advisory on joint auditors' work allocation in bank audits

Special audit for PSBs with focus on trade finance

To tackle evasion, officials propose checks in GST return filing system

Government benefits more than consumers, says survey on GST

Citizens 'upset' over GST, allege improper disbursal of benefits

SEBI may open depository services to corporates, private entities

Government fails to combat cyber attacks

Provisions for TDS suspended till June 30

CBEC camps from March 15 to fast-track GST refunds to exporters

'Major' data gaps unearthed between self-declared liability in GSTR-1, 3B

Passport details mandatory for loans above Rs 50 crore

No e-way bill for consignments below Rs 50k

E-way bill roll-out on April 1; no decision on GST return simplification

E-Way Bill from April 1, GSTR-3B extended for 3 more months

e-wallet scheme for exporters to be implemented by Oct

Insolvency resolution: Promoters of stressed MSMEs to get relief

Companies must have policy to protect data against insider trading: KPMG Report

Plug loopholes in alternative investment funds regulations: RBI to Sebi

Aadhaar linking: Over 16.65 cr PAN cards, 87.79 cr bank accounts linked to biometric identifier, says government

IBBI brings out draft norms to govern regulation making

Government eases norms for e-way bill generation

GSTR-3B may be extended till June, simplified return forms on cards

Resolution plan: Government may amend IBC norms to reduce voting share

GST Council to weigh proposal to further delay rollout of e-way bill

Banks need to overcome problems fast to lend large credit: Rangarajan

GST filing: Simpler module may be finalised on March 10, says official

GST Council to discuss implementation of e-way bill on March 10

No CAs in Centre's new regulatory body for accounting professionals

RBI plan to tweak limits in currency derivatives hits Sebi hurdle


International News:

Problems found in 40 percent of audits worldwide

Global audit inspection findings show modest improvement

Hedging gets a boost from simplified accounting guidance

Companies hurry to adopt new hedge accounting standard

ASB issues auditing interpretation on dual reporting


IBBI Draft:

Draft IBBI (Mechanism for Issuing Regulations) Regulations, 2018
[Last date for comments: March 31, 2018]


IRDA Draft:

Premium Rates for Motor Third Party Insurance Covers for the Financial Year 2018-19
[Last date for comments: March 22, 2018]


GST Rules:

CGST Rules, 2017 as amended upto 07/03/2018


ICAI Guidance Note:

Guidance Note on Audit of Banks (2018 edition) [Published on March 11, 2018]


Legal Updates

Income Tax:

Irregularities in Appellate Orders - instructions



Processing of refund application for UIN entities [Circular No.36]

Recommendations made during the 26th meeting of the GST Council held in New Delhi on 10th March, 2018

Rescinding notification No. 06/2018 - CT dated 23.01.2018 [No.13/2018-Central Tax]

The Second Amendment (2018) to CGST Rules [No.12/2018-Central Tax]



Clarifications in respect of investment by certain Category II FPIs

Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs)



Discontinuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoCs) for Trade Credits

Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) Directions



Seeks to impose definitive anti-dumping duty on the imports of " Sulphonated Naphthalene Formaldehyde" originating in or exported from China PR [No.7(ADD)]

Seeks to impose anti-dumping duty on imports of 'O-Acid' originating in or exported from China PR [No.6(ADD)]



Amendment in Chapter 2 of the Handbook of Procedure (2015-20) [Public Notice No.65]

Amendment in Para 2.17 of the Foreign Trade Policy 2015-20 on "Prohibition on direct or indirect import and export from/to DPRK (Democratic People`s Republic of Korea) in terms of UNSC resolutions concerning DPRK [No.52]