Daily Newsletter - August 2, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

ITR Utilities

Exposure Drafts:

SEBI Draft

FASB Draft

Acts & Regulations:

SEBI Master Circular

Legal Updates:

Income Tax

GST

SEBI

Customs

Central Excise

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News Update:

Indian News:

No plans to eliminate milk and milk products from GST net, says Union Minister Pankaj Chaudhary

28% GST on online gaming stays, to be reviewed after 6 months of roll-out

Government kicks off contractual dispute settlement scheme

‘Ten biggest wilful defaulters owe ₹40,825 cr. to banks’

CBIC restricts IGST refund for export of pan masala, tobacco, mentha oil from Oct 1

Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department

Sebi floats consultation paper to improve safeguards within Account Aggregator framework

12% GST on hostel rent and PG accommodations not applicable across India yet

Improved detection, reporting bring down bank fraud cases: MoS Finance

  

International News:

Audit firms fight to block expansion of fraud detection role

FASB proposes income statement disclosure changes

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Useful Forms:

ITR Utilities:

ITR 1 to 4 eFiling Utilities updated as on August 1, 2023
&
Setup file for eFiling Utility for ITR 7 released on August 2, 2023

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Exposure Drafts:

SEBI Draft:

Consultation Paper on collating and defining use cases of Financial Information Users in the Account Aggregator Framework in Securities Markets
[Last date for Comments: August 31, 2023] 

  

FASB Draft:

Proposed ASU: Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
[Last date for Comments: October 30, 2023] 

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Acts & Regulations:

SEBI Master Circular:

Master Circular for Alternative Investment Funds (AIFs) [Issued on July 31, 2023]

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Legal Updates:

Income Tax:

TDS Exemption for IFSC Units for lease of ship [No.57]

The Income-tax (Fourteenth Amendment) Rules, 2023 - New Rule 6ABBB - Form of statement to be furnished regarding preliminary expenses incurred under section 35D [No.54]

  

GST:

9 GST (Central Tax) Notifications dated July 31, 2023

Seeks to notify all goods or services which may be exported on payment of integrated tax and on which the supplier of such goods or services may claim the refund of tax so paid [No.01/2023- Integrated Tax]

Clarifications regarding applicability of GST on certain services [Circular No.201/13/2023]

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 50th meeting held on 11th July, 2023 [Circular No.200/12/2023]

  

SEBI:

Audit of firm-level performance data of Portfolio Managers

Trading Preferences by Clients - Applicability for commodity derivatives

  

Customs:

Expansion of automatic LEO facility in ECCS [Circular No.19]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.56(NT)]

  

Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on export of Diesel [Notification No.25]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude [Notification No.24]

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