Daily Newsletter - September 13, 2024

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Draft:

IFSCA Draft

Legal Updates:

GST

MCA

IBBI

FEMA

SEBI

DGFT

Customs

 

---

  

News Update:

Indian News:

Postal dept to assist pensioners in submitting digital life certificate

4 GST officials held for conducting fake raid, extorting Rs 1.5 crore from Bengaluru businessman

UPI users can now send Rs 5 lakh for some transactions

RBI Guv Shaktikanta Das signals no policy change despite dip in inflation

DoEA notifies Foreign Exchange (Compounding Proceedings) Rules, 2024 in pursuance of Union Budget 2024-25 announcement

CCI investigation finds Amazon, Walmart's Flipkart breached antitrust laws

SC to decide fate of DRI tax notices going back 18 years

Big Five take corrective steps after NFRA’s inspection

Sebi considers new stricter rules to curb risks as tiny IPOs boom

Finance ministry allows GST deductions to dealers on demo vehicles

Centre brings elders over 70 years under ambit of Ayushman Bharat scheme

Time for fintech NBFCs to revisit business models, says India Ratings

Sebi tweaks margin trading facilities' framework to ease collateral burden

 

International News:

PwC Laying Off 1,800 Employees in First Formal Cuts Since 2009

[US] Audit teams missed risks of material misstatement by banks

---

Exposure Draft:

IFSCA Draft:

Consultation Paper on proposed revised ‘Framework for undertaking Global/Regional Corporate Treasury Centres activities by Finance Company/Unit in IFSC’
[Last date for Comments: October 2, 2024] 
  

---

Legal Updates:

GST:

Clarification regarding regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, in cases where the exporters had imported certain inputs without payment of integrated taxes and compensation cess [CGST Circular No.233/27/2024-GST]

Clarification on place of supply of data hosting services provided by service providers located in India to cloud computing service providers located outside India [CGST Circular No.232/26/2024-GST]

Clarification on availability of input tax credit in respect of demo vehicles [CGST Circular No.231/25/2024-GST]

Clarification in respect of advertising services provided to foreign clients [CGST Circular No.230/24/2024-GST]

 

MCA:

Declaration of National Bank for Financing Infrastructure and Development (NaBFID) as Public Financial Institution

 

IBBI:

The IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members) Amendment Rules, 2024

 

FEMA:

The Foreign Exchange (Compounding Proceedings) Rules, 2000

 

SEBI:

Optional mechanism for fee collection by SEBI registered Investment Advisers (IAs) and Research Analysts (RAs)

Modifications in Guidelines for Business Continuity Plan (BCP) and Disaster Recovery (DR) of Market Infrastructure Institutions (MIIs)

Allowing securities funded through cash collateral as maintenance margin for Margin Trading Facility (MTF)

 

DGFT:

Extension in Import Period for Yellow Peas under ITC(HS) Code 07131010 of Chapter 07 of ITC (HS) 2022, Schedule –I(Import Policy) [Notification No.29]

Amendment in Export policy conditions of onions [Notification No.28]

Further abeyance of Public Notice No. 05/2024 dated 27.05.2024 until 31.10.2024 [Public Notice No.23]

 

Customs:

The Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2024 [Notification No.60(NT)]

Extending export related benefits for exports made through courier mode [Circular No.15]

Seeks to continue levy of countervailing duty on Atrazine Technical imported from China PR, for 5 years pursuant to Sunset Review Final Findings issued by DGTR [Notification No.5(CVD)]

---