Weekly Newsletter - July 12, 2023
Latest additions to CAalley:
News Update:
Acts & Regulations:
SEBI Regulations & Master Circulars
Exposure Draft:
Reference Section:
From the ICAI:
Legal Updates:
News Update:
Global accounting firms set up shop in India's smaller cities
GST Council asserts mere holding of shares in subsidiaries exempt from tax
Checking fraud: Government to tighten GST registrations
RBI seeks to push e-rupee payments using UPI infra
Sebi to SC: Difficult to identify natural persons in FPIs under old rules
Cinema industry welcomes cutting GST rates on food served in movie theatres
GST Council decides to levy uniform taxation for utility vehicles
Prices of SUVs and MPVs to go up 2% following the GST cess increase
Press Release - 50th GST Council Meeting
RBI governor asks banks to remain extra careful, focus on governance
GST Council agrees to levy 28% tax on online gaming on full face value
GST Council: Oppn-ruled states raise concern over ED sharing info with GSTN
Aadhaar-PAN Link: PANs of 10 crore NRIs made inactive? Income Tax Dept responds to false claim
Multi-crore GST scam: Three more held, total arrests 18
Resolve MCA-21 issues, government tells LTI Mindtree
SMEs have to wake up to the need to make cybersecurity a top priority
Resignation does not absolve Auditor of onus of reporting fraud: NFRA
‘ICAI to soon finish financial statement review of 101 firms’
New GST rules on anvil; biz may have to explain discrepancy in ITC claims
Sebi circular raises MF trustees accountability
Sebi puts in place regulatory framework for mutual fund's sponsors
Now, GSTN can seek info from ED on any case
Taxpayers urged not to claim fraudulent returns, file revisions in case of wrong claims made
India could soon have 24x7 virtual courts to dispose of all sorts of cases
I-T dept has taken many initiatives to ensure ease of compliance: Official
WHOPPING Rs 15,000 crore Tax Evasion! BIG Action by CBIC to Weed Out Fake GST Accounts – Details
All GST businesses will now have to geocode their addresses: GSTN
ITR filing 2023: Reporting rule for Provident Fund income on contributions over Rs 2.5 lakh
SEBI amends rules to streamline disclosure framework for issuers of debt securities
A quarter of 69,000 suspected GST accounts fake, reveals CBIC drive
SEBI to HC: Won't insist on 15 day compliance in 'fit and proper person' rule
Insist on invoice while making payments, says GST official
PSBs should follow transparent NPA recognition norms, pursue risk mgmt: FM
Companies play catch-up as cybersecurity attacks rise in digital India
CBDT to keep close tabs on IVF clinics, hotels, others to add new filers
Over 4,900 fake GST registrations cancelled since May 16
India's central-bank working group proposes steps to broaden rupee's global reach
Taxpayers will have 3 months to move GST Appellate Tribunal after it's formed, says Bombay HC
GST Council likely to define MUVs and XUVs for levy of 22% cess: Report
Govt. mulls rating firms on GST compliance
RBI cancels licenses of two co-operative banks in Maharashtra, Karnataka
GST Council to discuss tax valuation norms on online gaming on July 11
RBI issues draft circular on issuance of debit, credit, prepaid cards
FRC issues amendments to FRS 102 and FRS 101
US: The Accountant Shortage Is Showing Up in Financial Statements
KPMG (UK): Just 7% of auditors’ tasks open to generative AI
Audit teams must collaborate to weather economic storm, experts say
US starts new round of audit inspections on China firms
FRC inspections show continued improvement at largest audit firms
US audit fees that lag inflation squeeze accountants
Acts & Regulations:
SEBI Regulations & Master Circulars:
Master Circular for ESG Rating Providers (ERPs) [Issued on July 12, 2023]
Master circular for compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 by listed entities [Issued on July 11, 2023]
SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2023
Exposure Draft:
The Chartered Accountants (Second Amendment) Regulations, 2023
Consultation Paper on mandating FPIs to route a specific percentage of certain transactions in secondary market trades through Request for Quote (RFQ) platform of stock exchanges
[Last date for Comments: July 26, 2023]
Reference Section:
Accounting Standards (AS) : Disclosures Checklist
[Revised in October, 2022]
Accounting Standards: Quick Referencer for Micro Non-Company Entities
[Issued in May 2021]
From the ICAI:
New Addition: ICAI Implementation Guides
Legal Updates:
Jurisdictional Notification [No.47]
Corrigenda to Circular No. 10 (Regarding TCS on LRS) [Circular No.11]
PMLA Notification: GST Offences will be included under PMLA
Important Update: Geocoding Functionality Now Live for All States and Union Territories
BRSR Core - Framework for assurance and ESG disclosures for value chain
Regulatory Framework for Sponsors of a Mutual Fund
Master Circular for Infrastructure Investment Trusts (InvITs)
Master Circular for Real Estate Investment Trusts (REITs)
Master Circular for Debenture Trustees
Exchange Rate Notification No.50/2023-Cus (NT) dated 06.07.2023 [No.50(NT)]
Implementation under India-Japan CEPA [Instruction No.19]
