Weekly Newsletter - August 2, 2023

Weekly Newsletter - August 2, 2023

Go to Newsletter Archives

Latest additions to CAalley:

News Update:

Useful Forms:

Exposure Drafts:

Acts & Regulations:

Legal Updates:

News Update:

Indian News:

No plans to eliminate milk and milk products from GST net, says Union Minister Pankaj Chaudhary

28% GST on online gaming stays, to be reviewed after 6 months of roll-out

Government kicks off contractual dispute settlement scheme

‘Ten biggest wilful defaulters owe ₹40,825 cr. to banks’

CBIC restricts IGST refund for export of pan masala, tobacco, mentha oil from Oct 1

Record 67.7 million ITRs for AY 2023-24 filed till July 31: I-T department

Sebi floats consultation paper to improve safeguards within Account Aggregator framework

12% GST on hostel rent and PG accommodations not applicable across India yet

Improved detection, reporting bring down bank fraud cases: MoS Finance

Pvt firm employee who 'fraudulently' kept wife on payroll for over 10 years under police scanner

Market regulator Sebi looks to ease burden of compliance for India Inc

Indian units of foreign cos under GST scanner over ESOPs

GST evasion of Rs 14,302 crore detected in April-May; 28 persons arrested

GST Rules Changing From Tomorrow, Lakhs Of Companies In India To Be Impacted

GST notices from different states make life difficult for many companies

SEBI may bring equity derivatives segment under long-term additional surveillance measures

Payments, winnings in digital assets, casino, online gaming to face GST

Tax dept to provide assistance on 24x7 basis for ITR filing till July 31; Check income tax return filing helpline number, email

You can file ITR even if PAN and Aadhaar not linked or PAN is inoperative: Income tax dept

Coffee Day Global case: NFRA imposes ban on 2 auditors, 1 audit firm

Audit regulator NFRA imposes 1-year ban, slaps fine on auditor for lapses

Running a business should be no crime: Govt sits up and takes note

SEBI aims to safeguard retail investors through curbs on derivatives trading

50% financial assistance to firms setting up semiconductor-manufacturing unit in India: Prime Minister Modi

FM pitches for regulatory impact assessments to enhance accountability

Indian firms can go for listing on foreign exchanges, IFSC: Sitharaman

27% income taxpayers yet to file ITR, of which 14% can't meet deadline

Chartered Accountant Uses Client's Account To Turn Black Money Into White

GST officers arrest 3 for fraudulent ITC claims of Rs 557 cr, fake firms

SEBI reveals framework for the creation of a fund for stressed debt schemes

Explained | RBI’s proposal for interoperability of credit and debit cards

Rent on PG accommodation, hostel services to attract GST: Karnataka AAR

Currency note with * symbol in number panel valid note: RBI

Govt firm on July 31 income tax returns deadline

SEBI needs to pace its regulatory changes

International News:

Audit firms fight to block expansion of fraud detection role

FASB proposes income statement disclosure changes

SEC Issues Warning Over Misleading Crypto 'Audits'

PCAOB sanctions firms over audit committee communications

IFRS releases resources to support sustainability reporting

AICPA debuts new practice aid for tech-enabled auditing

Fed hikes rates to highest level in 16 years at 5.25%-5.5% citing inflation

FASB Approves New Requirements for Disclosure of Big Expenses by Segment

Useful Forms:

ITR Utilities:

Income Tax Return eFiling Utilities have been updated

Exposure Drafts:

SEBI Draft:

Consultation Paper on collating and defining use cases of Financial Information Users in the Account Aggregator Framework in Securities Markets
[Last date for Comments: August 31, 2023]

FASB Draft:

Proposed ASU: Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
[Last date for Comments: October 30, 2023]

Acts & Regulations:

SEBI Master Circular:

Master Circular for Alternative Investment Funds (AIFs) [Issued on July 31, 2023]

Legal Updates:

Income Tax:

TDS Exemption for IFSC Units for lease of ship [No.57]

The Income-tax (Fourteenth Amendment) Rules, 2023 - New Rule 6ABBB - Form of statement to be furnished regarding preliminary expenses incurred under section 35D [No.54]

Standard Operating Procedure (SOP) for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in sub-section (19) of Section 155 of the Income-tax Act, 1961 [Circular No.14]

Corrigendum to Notification No.37/2023 [Notification No.53]

GST:

9 GST (Central Tax) Notifications dated July 31, 2023

Seeks to notify all goods or services which may be exported on payment of integrated tax and on which the supplier of such goods or services may claim the refund of tax so paid [No.01/2023- Integrated Tax]

Clarifications regarding applicability of GST on certain services [Circular No.201/13/2023]

Clarification regarding GST rates and classification of certain goods based on the recommendations of the GST Council in its 50th meeting held on 11th July, 2023 [Circular No.200/12/2023]

16 GST Notifications dated July 26, 2023

SEBI:

Audit of firm-level performance data of Portfolio Managers

Trading Preferences by Clients - Applicability for commodity derivatives

Circular: Online Resolution of Disputes in the Indian Securities Market

Mandating Legal Entity Identifier (LEI) for all non – individual Foreign Portfolio Investors (FPIs)

Investment by Mutual Fund Schemes and AMCs in units of Corporate Debt Market Development Fund

Framework for Corporate Debt Market Development Fund (CDMDF)

Commencement notification for certain provisions under the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2023

DGFT:

Amendment in Export Policy of Foods Supplements containing botanicals [Notification No.22]

Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2023 [Public Notice No.23]

Amendment in Export Policy of De-Oiled Rice Bran [Notification No.21]

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.19]

Procedure for allocation of quota for export of Broken Rice on humanitarian and food security grounds, based on request received from Government of Mali and Government of Bhutan [Trade Notice No.18]

Procedure for allocation of quota for export of Wheat, Wheat Flour (Atta) and Maida/Semolina on humanitarian and food security grounds, based on requests received from Government of Bhutan [Trade Notice No.17]

Customs:

Expansion of automatic LEO facility in ECCS [Circular No.19]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.56(NT)]

Standardizing documentary & information requirements for AD code Registration/modification in relation to exports [Instruction No.25]

Seeks to amend certain notifications in order to implement recommendation of GST COUNCIL in its 50th meeting [No.46]

Central Excise:

Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to increase the Special Additional Excise Duty on export of Diesel [Notification No.25]

Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to increase the Special Additional Excise Duty on production of Petroleum Crude [Notification No.24]

Read more on:

Newsletter

Important Updates