Daily Newsletter - July 3, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

Reference Section:

CA's Referencer

From the ICAI:

ICAI Guidance Notes

ICAI Technical Guides

Legal Updates:

Income Tax

SEBI

DGFT

Customs

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News Update:

Indian News:

Digital Competition Law Committee finalising report as last date nears

CBIC plans tighter GST regulation norms using geo-tagging, biometrics

Centre to soon notify rules for setting up GST appellate tribunals

Soon, you may be able to use the same QR codes for e-Rupee and UPI payments

Impact of CSR funds ‘not widely felt’ despite jump in spending: MCA

CSR plans should be self-sustaining: MCA

Over 12k fake entities in GST; CBIC plans biometric authentication

Chartered accountant arrested for GST fraud worth 83 crore

Rs 7 lakh combined threshold for calculating TCS: Finance ministry

GST officers bust 304 syndicates involving Rs 25k cr fake ITC claims

PSBs should focus on robust asset-liability & risk management: Sitharaman

CBDT issues clarification on PAN-Aadhaar linking

IRDAI norms on pay to private insurers’ top brass extended to KMPs

  

International News:

KPMG cuts about 1,900 more US jobs

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Reference Section:

CA's Referencer:

Audit Working Paper Templates [Issued by ICAI in June 2023]

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From the ICAI:

ICAI Guidance Notes:

Additions to ICAI Guidance Notes

  

ICAI Technical Guides:

New Addition: ICAI Technical Guides

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Legal Updates:

Income Tax:

​Circular to remove difficulty in implementation of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on purchase of overseas tour program package [Circular No.10]

  

SEBI:

Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper

  

DGFT:

Amendment in Import Policy Condition under ITC (HS) 08028010 of Chapter 08 of ITC (HS) 2022, Schedule – I (Import Policy) [Notification No.17]

Amendment in import policy condition for items under ITC(HS) code 07019000 of Chapter 07 of ITC (HS), 2022, Schedule - I (Import Policy) [Notification No.16]

Procedure for allocation of quota for export of broken rice on humanitarian and food security grounds, based on requests received from Governments of other countries [Trade Notice No.13]

Procedure for allocation of quota for export of broken rice on humanitarian and food security grounds, based on requests received from Governments of other countries [Trade Notice No.12]

  

Customs:

Mandatory additional qualifiers in import/export declarations in respect of certain products wef 1.7.2023 [Circular No.18]

Seeks to amend notification No. 11/2021-Customs dated 01.02.2021 in order to prescribe the AIDC rate for liquified Propane and liquified Butane [No.45]

Seeks to amend notification No. 50/2017 -Customs dated 30.06.2017 in order to prescribe a concessional BCD on liquified Propane and liquified Butane [No.44]

Seeks to amend the First Schedule of the Customs Tariff Act [No.43]

Seeks to amend notification no. 11/2021-Customs dated 01.02.2021 to prescribe AIDC Rate for LPG [No.42]

Seeks to amend notification no. 50/2017-Customs dated 30.06.2017 to prescribe BCD rate for LPG [No.41]

Seeks to increase the standard tariff for LPG in 1st Schedule of Customs Tariff Act, 1975 [No.40]

Amendment of Notification No.18/2023 Customs (NT) dated 30.03.2023 [No.49(NT)]

Amendment of Notification No.19/2022 Customs (NT) dated 30.03.2022 [No.48(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [No.47(NT)]

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