Daily Newsletter - January 24, 2025

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

ICAI Draft

SEBI Draft

Legal Updates:

Income Tax

GST

Central Excise

DGFT

 

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News Update:

Indian News:

CBIC notifies rules for entities to get temporary GST identification number

EPS for gig workers: Govt plans to launch social security scheme for gig workers

SC refuses to entertain PIL seeking scrapping of TDS system under IT law

GST late fee waiver: Last opportunity to avoid GST notice due to non-filing of GSTR-9C

Govt preps Rs 82,000 cr relief for non-telcos: Decoding the AGR dispute

RBI asks banks to uses tool that identifies phone numbers to curb fraud

RBI directs banks to assess impact of new LCR norms on liquidity, lending

Relief for WhatsApp as Indian tribunal suspends CCI's 5-yr data-sharing ban

Sebi proposes small ticket SIP with minimum investment of Rs 250 per month

Relief for EPF members: No documents required in new simplified process by EPFO to update these profile related details

RBI MPC member bats for two inflation rates for better policy making

CBDT notifies amendments in I-T rules for non-resident cruise ships

Mumbai: Andheri woman held in 325cr GST fraud case

 

International News:

Bank of Japan hikes policy rates by 25 basis points to highest in 17 years

PCAOB Investor Panel Calls for Better Critical Audit Matters; Will Seek Nominations for Best Disclosures

FASB proposes series of changes to accounting standards

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Exposure Drafts:

ICAI Draft:

Exposure Draft of Guidance Note on Audit of Banks (2025 Edition)
[Last date for Comments: February 5, 2025] 
  

 

SEBI Draft:

Consultation paper on promoting financial inclusion through Sachetisation of Investment in Mutual Fund schemes
[Last date for Comments: February 6, 2025] 

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Legal Updates:

Income Tax:

​ Guidance for application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements [Circular No.1]

 

GST:

Waiver of late fee for GSTR-9 and GSTR-9C in specified cases [CGST Notification No.8]

The Central Goods and Services Tax (Amendment) Rules, 2025 - Insertion of Rule 16A & substitution of Form GST REG-12 [CGST Notification No.7]

Advisory on Business Continuity for e-Invoice and e-Waybill Systems

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A

 

Central Excise:

Re-assignment of central excise and service tax appeals filled on or after 01.07.2017 [Notification No.1(NT)]

 

DGFT:

Amendment in import Policy Condition of Glufosinate Technical covered under HS Code 38089390 of Chapter 38 of Schedule –I (Import Policy) of ITC (HS) 2022 [Notification No.54]

EPCG Scheme - Relief in Average EO in terms of the para 5.17(a) of Hand Book of Procedures (HBP) of FTP, 2023 [Circular No.11]

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