Weekly Newsletter - October 4, 2023

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Latest additions to CAalley:

News Update:

Indian News

International News

International Content:

International Ethics Standards Board for Accountants

Legal Updates:

Income Tax

GST

IBBI

RBI

SEBI

Customs

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News Update:

Indian News:

SEBI Press Release: Working Groups to recommend on simplification, ease of compliance and reduction in cost of compliance; suggestions invited

E-gaming cos look to absorb GST through cashbacks, bonuses

GST Council's fitment committee rejects rate cut on over dozen items; defers call on uniform cess on tobacco products

Speed up IBC process, cut PSB stakes: OECD

Indian companies with overseas staff on deputation get GST notices

Sebi introduces new system for verification in case of investor death

Maruti Suzuki hit with Rs 2,159 crore Income Tax Draft Assessment Order

Bajaj Allianz faces ₹1,010 crore GST demand notice

e-Kuber to be functional on March 31 for govt transactions, says RBI

SEBI vs Investment Advisors: Almost all Enforcement Orders are against Trading Call Providers, says ARIA

Illicit trade casting shadow on India’s progress towards becoming $5 trillion economy, says Anurag Thakur

Reporting period of EU’s carbon tax kicks-in

SEBI extends deadline for firms to verify market rumours by 4 months

Centre seeks capacity for 1k IBC cases

DHFL branch audits: NFRA penalises 18 auditors, debars them for 6-12 months

FinMin notifies Oct 1 date for implementing amended GST law for e-gaming

Govt “fully prepared” to levy 28% GST on online gaming from Oct 1: CBIC Chairman

Thousands of taxpayers get GST notices for FY18

Higher pension scheme: EPFO extends deadline to upload details till Dec 31

I-T Department to keep panel of cost accountants

Google, Facebook, Edtech companies may have to pay up to 18% IGST

NFRA has powers to check past audits: Ex-chief Rangachari Sridharan

Can't block ITC for GST on obligatory transport for women employees: AAR

Show cause notices to e-gaming cos for GST evasion as per legal rule: CBIC

Increased monthly GST collections mainly on account of higher compliance: CBIC chief

Fintech firms rush to make tweaks as new data protection law looms

  

International News:

SEC charges auditor for failing to adhere to standards

IMF says private sector needs to shoulder most of climate investment burden

Big 4 raid each other's pools as talent war rages amid unprecedented growth

PCAOB adopts new audit confirmation standard

PCAOB fines Deloitte's Colombia firm $900K for violations

Financial restatements surge among SPAC startups

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International Content:

International Ethics Standards Board for Accountants:

Handbook of the International Code of Ethics for Professional Accountants
Including International Independence Standards
[Effective from December 15, 2023]

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Legal Updates:

Income Tax:

The Income-tax (Twenty-Third Amendment) Rules, 2023 - New Rule 21AHA - Exercise of option u/s 115BAE(5) [Notification No.83]

The Income-tax (22nd Amendment) Rules, 2023 - Forms for report of audit or inventory valuation under section 142(2A) - Amendment to Form 6B and New Form 6D [Notification No.82]

  

GST:

Advisory: e-Invoice JSON download functionality Live on the GST e-Invoice Portal

Seeks to make amendments (Third Amendment, 2023) to the CGST Rules, 2017 in supersession of Notification No. 45/2023 dated 06.09.2023 [Notification No.51/2023-Central Tax]

Seeks to amend Notification No. 66/2017-Central Tax dated 15.11.2017 to exclude specified actionable claims [Notification No.50/2023-Central Tax]

Seeks to notify supply of online money gaming, supply of online gaming other than online money gaming and supply of actionable claims in casinos under section 15(5) of CGST Act [Notification No.49/2023-Central Tax]

Seeks to notify the provisions of the Central Goods and Services Tax (Amendment) Act, 2023 [Notification No.48/2023-Central Tax]

Seeks to provide Simplified registration Scheme for overseas supplier of online money gaming [Notification No.4/2023-Integrated Tax]

Seeks to notify the supply of online money gaming as the supply of goods on import of which, integrated tax shall be levied and collected under sub-section (1) of section 5 of the Integrated Goods and Services Tax Act,2017 [Notification No.3/2023-Integrated Tax]

Seeks to notify the provisions of the Integrated Goods and Services Tax (Amendment) Act, 2023 [Notification No.2/2023- Integrated Tax]

Seeks to amend Notification No 1/2017- Central Tax (Rate) dated 28.06.2017 [Notification No.11/2023-Central Tax (Rate)]

Seeks to amend Notification No 01/2017- Integrated Tax (Rate) dated 28.06.2017 [Notification No.14/2023- Integrated Tax (Rate)]

Seeks to amend Notification No 01/2017- Union territory Tax (Rate) dated 28.06.2017 [Notification No.11/2023-Union Territory Tax (Rate)]

  

IBBI:

Clarification w.r.t. Liquidators’ fee under clause (b) of sub-regulation (2) of Regulation 4 of IBBI (Liquidation Process) Regulations, 2016 - Circular

  

RBI:

Status of March 31, 2024 for Government transactions through integration with e-Kuber

₹2000 Denomination Banknotes – Withdrawal from Circulation – Review

  

SEBI:

Centralized mechanism for reporting the demise of an investor through KRAs

Extension of timeline for verification of market rumours by listed entities

Nomination for Mutual Fund Unit Holders – Extension of timelines

  

Customs:

Seeks to amend notification No. 55/2022-Customs dated 31.10.2022, in order to provide export duty exemption on exports of Bangalore Rose Onion [Notification No.57]

Amendment in the First Schedule to the Customs Tariff Act, 1975 [Notification No.72(NT)]

Implementation of Section 16 4 of IGST Act related to restriction on export of certain goods on payment of IGST and coverage under refund mechanism [Circular No.24]

Mandatory additional qualifiers in import/export declarations in respect of certain products [Circular No.23]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.71(NT)]

Exemption of deposits from the provisions of Section 51 of Customs Act, 1962 [Notification No.70(NT)]

Notification to exempt deposits into ECL till 30th November 2023 [Notification No.69(NT)]

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