Daily Newsletter - June 28, 2024

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Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

SEBI Draft

Acts & Regulations:

SEBI Master Circular

Legal Updates:

Income Tax

GST

IBBI

SEBI

RBI

 

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News Update:

Indian News:

Sebi raises basic demat account limit to Rs 10 lakh to boost participation

India, US extend 2% digital tax on e-commerce supplies till June 30: FinMin

RBI imposes Rs 29.6 lakh penalty on HSBC

Govt keeps small savings schemes' interest rates unchanged for Q2FY25

Government employee to get more salary as EPFO discontinues GIS

Financial Action Task Force's thumbs-up places India in select group with only four other G20 countries

Is your finfluencer trustworthy? Sebi's new rules will help you decide

Sebi approves stricter norms for inclusion of individual stocks for derivative trading

NFRA second inspection of Big five firms shows signs of improvement

CBIC to launch automated currency exchange rate publishing system on July 4

RBI red flags NBFC consumer credit, calls for close monitoring of a few

Major GST relief for foreign holding cos in intra-loan transactions

CBIC clarifies on taxability of salvage value in motor insurance claims

RBI revises framework for currency swap arrangements with Saarc countries

Sebi announces norms to restrict finance influencers' recommendations

ESOPs by foreign cos to employees of India unit not to attract GST: CBIC

GST suppliers giving discounts must ensure undertaking from client: CBIC

Big 4’s management consulting arms gain muscle

Sebi considers sweeping changes to disclosure, listing requirements

Sebi eases trading norms for company insiders

SEBI may revamp merger norms for companies

 

International News:

IFC and IFRS Foundation announce partnership to improve sustainability reporting in emerging markets

[US] Companies Will Have to Disclose Spending on Worker Pay for the First Time

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Exposure Draft:

SEBI Draft:

Consultation Paper on Recommendations of the Expert Committee for facilitating ease of doing business and harmonization of the provisions of ICDR and LODR Regulations
[Last date for Comments: July 17, 2024] 

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Acts & Regulations:

SEBI Master Circular:

Master Circular for Mutual Funds
[Published on June 27, 2024]

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Legal Updates:

Income Tax:

Specifying Forms to be furnished electronically u/s 131(1) and 131(2) prescribed in Appendix-II of the Income Tax Rules 1962 [Notification No.1/2024-25]

 

GST:

Time of supply in respect of supply of allotment of Spectrum to Telecom companies in cases where an option is given to the Telecom Companies for payment of licence fee and Spectrum usage charges in instalments in addition to an option of upfront payment [Circular No. 222]

Time of supply on Annuity Payments under HAM Projects [Circular No. 221]

Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors [Circular No. 220]

Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017 [Circular No. 219]

Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person [Circular No. 218]

Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement [Circular No. 217]

Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023 [Circular No. 216]

Clarification on taxability of wreck and salvage values in motor insurance claims [Circular No. 215]

Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value [Circular No. 214]

Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees [Circular No. 213]

Clarification on mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers [Circular No. 212]

Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons [Circular No. 211]

Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit [Circular No. 210]

Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply [Circular No. 209]

Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities [Circular No. 208]

Reduction of Government Litigation – fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court [Circular No. 207]

 

IBBI:

Filing Forms to monitor Voluntary liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder

Filing Forms to monitor liquidation processes under the Insolvency and Bankruptcy Code, 2016, and the regulations made thereunder

 

SEBI:

SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024

 

RBI:

Exclusion of “Nagar Urban Co-operative Bank Limited” from the Second Schedule of the Reserve Bank of India Act, 1934

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