Daily Newsletter - July 18, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

From the ICAI:

ICAI Publications

Legal Updates:

Income Tax

GST

IRDAI

DGFT

Customs

Central Excise

---

  

News Update:

Indian News:

New accounting standard for insurance soon

Govt Eases Norms For Exporters To Avail Benefits Under Advance Authorisation Scheme

FSB calls for disclosures, regulatory framework for crypto assets

RBI to issue SOP for banks to expedite rupee trade

GST directorate seeks tax on corporate guarantees

Govt can support exporters by addressing existing gaps, ambiguity in GST regulations

₹1.08-lakh crore AUM of debt mutual funds under stress

India, OECD to combat financial crimes: FM

PSBs stepping up recovery of bad loans to meet FinMin's 40% target: Report

Government forms new panel to review all official data

File ITR soon as govt not contemplating deadline extension: Revenue secy

India-UAE agree to pursue local currency trade and promote domestic payment networks

MCA to withdraw 7,338 pending prosecutions in second round of a special drive to cut litigations

SEZs out of gold import restrictions, govt clarifies

Online gaming companies seek more clarity on GST

FM says no income tax up to Rs 7.27 lakh per annum under new tax regime

  

International News:

Accounting firms accused of missing climate risks in company audits

15% global minimum tax to come into effect next year: OECD

Deloitte Just Admitted to Misusing Government Information à la PwC Tax Scandal

PCAOB Criticizes PwC for Not Fixing Quality Control Deficiency

---

From the ICAI:

ICAI Publications:

ICAI Publications - Direct Taxation

ICAI Publications - International Taxation

  

---

Legal Updates:

Income Tax:

The Income-tax (Twelvth Amendment) Rules, 2023 - Amendment to provisions regarding calculation of income from offshore derivative instruments [Notification No.50]

Amendment to defination of "Investment Fund" [Notification No.49]

  

GST:

9 GST Notifications dated July 17, 2023 extending various due dates

Clarification regarding taxability of services provided by an office of an organisation in one State to the office of that organisation in another State, both being distinct persons [Circular No.199]

Clarification on issue pertaining to e-invoice [Circular No.198]

Clarification on refund-related issues [Circular No.197]

Clarification on taxability of share capital held in subsidiary company by the parent company [Circular No.196]

Clarification on availability of ITC in respect of warranty replacement of parts and repair services during warranty period [Circular No.195]

Clarification on TCS liability under Sec 52 of the CGST Act, 2017 in case of multiple E-commerce Operators in one transaction [Circular No.194]

Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for the period 01.04.2019 to 31.12.2021 [Circular No.193]

Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof [Circular No.192]

  

IRDAI:

Circular - Insurance claims relating to Floods in Himachal, Punjab, Haryana and Delhi regions

  

DGFT:

Clarification granting exemption to SEZ from applicability of Notification No.19 dated 12.07.2023 [Circular No.3]

Introduction of a Searchable Database for Ad-hoc Norms fixed under Para 4.07 of HBP [Trade Notice No.15]

  

Customs:

Suspension of Licence of Customs Broker [Instruction No.24]

E-waste (Management) Rules, 2022-Regarding release of imported consignments of Producers of 106 EEEs items (ITEW1 to ITEW27, CEEW1 to CEEW19, LSEEW1 to LSEEW 34, EETW1 to EETW 8, TLSEW 1 to TLSEW6, MDW1 to MDW10 and LIW1 to LIW2) [Instruction No.23]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.53(NT)]

  

Central Excise:

Seeks to increase the Special Additional Excise Duty on production of Petroleum Crude [No.23]

---