Daily Newsletter - June 13, 2025

Latest additions to CAalley:

News Update:

Indian News

International News

Useful Forms:

ITR eFiling Utilities for AY 2025-26

Legal Updates:

GST

RBI

SEBI

DGFT

Customs

News Update:

Indian News:

Indian audit firms must raise the bar

Finance Ministry eases rules for bonus share issue by companies in FDI-barred sectors

EPFO settles nearly 50% of claims within 3 days, 69 lakh cases cleared so far this fiscal, automated limit to rise to Rs 5 lakh

RBI makes KYC easier: Banks must send three reminders before account freeze

CAG to involve experts from empanelled CA firms for auditing of autonomous bodies

NRIs to pay lower LTCG tax on these equity shares due to proposed forex fluctuation benefit in New Income Tax Bill 2025

NFRA gets complaint against audit lapses at IndusInd Bank

DGGI unveils 643 cr GST fraud, prime accused held

Tale of audit watchdogs

GST filing gets tougher: No room for error in GSTR-3B from July

Major relief in KYC updation in your bank account: RBI empowers BCs to update KYC

RBI issues new rules for activating inoperative bank accounts, unclaimed deposits

CBI arrests CGST superintendent, seizes assets worth crores

What is MDR and why fintech players want government to introduce it?

Growth boost or caution flag? RBI sends conflicting signals with surprise moves

International News:

UK: One in ten audits flagged for 'major improvements'

Deloitte to cut bonuses and slow promotions due to missed targets

PCAOB to Form Smaller Firm Resource Group to Advise Staff

Useful Forms:

ITR eFiling Utilities for AY 2025-26:

Common Offline Utility (ITR 1 and ITR 4) has been released

Legal Updates:

GST:

Advisory: Filing of SPL-01/ SPL-02 where payment made through GSTR 3B and other cases

Advisory: Filing of Amnesty applications under Section 128A of the CGST Act

RBI:

RBI (Know Your Customer (KYC)) (Amendment) Directions, 2025

Updation/ Periodic Updation of KYC – Revised Instructions

Inoperative Accounts/ Unclaimed Deposits in Banks - Revised Instructions (Amendment) 2025

Stripping/Reconstitution in State Government Securities

Basel III Capital Regulations - External Credit Assessment Institution (ECAI)

SEBI:

Investor Charter Infrastructure Investment Trusts (InvITs)

Investor Charter Real Estate Investment Trusts (REITs)

Review of provisions relating to Product Advisory Committee (PAC)

Centralized Fee Collection Mechanism for Investment Advisers and Research Analysts (CeFCoM) – A secure and closed ecosystem for investors to pay fees to registered Investment Advisers and Research Analysts [Press Release]

Adoption of Standardised, Validated and Exclusive UPI IDs for Payment Collection by SEBI Registered Intermediaries from Investors

Extension of timeline of additional liquidation period for VCFs migrating to SEBI (Alternative Investment Funds) Regulations, 2012

Framework for Environment, Social and Governance (ESG) Debt Securities (other than green debt securities)

Limited relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

DGFT:

Rollout of ‘Source from India’ on Trade Connect ePlatform for all Status Holders [Trade Notice No.5]

Amendment under Appendix 2T (List of Export Promotion Councils/Commodity Boards/Export Development Authorities) of Appendices and ANFs of FTP 2023 [Public Notice No.11]

Amendment in details of an authorized agency enlisted under Appendix 2E of FTP, 2023 – Agency Authorized to issue Certificate of Origin (Non - Preferential) [Public Notice No.10]

Customs:

Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10% [Notification No.31]

Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion [Notification No.30]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.42(NT)]

Appointment of Common Adjudicating Authority for the purpose of finalization of Provisional Assessment in SVB case w.r.t. M/s Bando(India) Pvt. Ltd. [Notification No.41(NT)]

The Sea Cargo Manifest and Transshipment (Third Amendment) Regulations, 2025 [Notification No.40(NT)]

Assignment of 700 cases of pending Appeals to the Commissioner of Customs (Appeals), Mumbai Zone-I by the CBIC [Notification No.39(NT)]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.38(NT)]

Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962 [Notification No.37(NT)]

Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul [Notification No.36(NT)]

Seeks to impose Anti Dumping Duty on imports of “ Vitamin -A Palmitate” originating in or exported from China PR, European Union and Switzerland [Notification No.14(ADD)]

Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan [Notification No.13(ADD)]

Applicability of SCOMET - Consolidated Repository [Instruction No.15]

Implementation of "Agreement" signed between FSSAI, Ministry of Health and Family Welfare, Government of India and Bhutan Food and Drug Authority (BFDA) [Instruction No.14]

Removal of Port Restrictions and Testing Requirements for Export of Finished Leather, Wet Blue Leather, El Tanned Leather and Crust Leather [Instruction No.13]