The weekly messenger | Edition 12.19
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Auditing News
UDIN being made mandatory in 2nd Phase for GST & Tax Audit reports – 14 March 2019
The Institute of Chartered Accountants of India has issued a further announcement w.r.t. Unique Document Identification Number (UDIN), wherein it has provided that the 2nd Phase of UDIN, would become mandatory for Goods and Services Tax (GST) as well as Tax Audit Reports w.e.f 1 April 2019.
For more information, click here.
Regulatory News
RBI issues Trade Credit Policy – Revised framework – 13 March 2019
The Reserve Bank of India (RBI) has issued the Revised Trade Credit Framework, wherein the RBI has allowed certain class of companies such as oil/gas refining & marketing, airline and shipping companies to raise trade credits up to a limit of $ 150 million or equivalent per import transaction under the automatic route. On the other hand, the aforesaid limit for the other category of companies has been raised to $ 50 million or equivalent per import transaction. Earlier, this limit was $20 million for all the companies.
The revised framework will come into force with immediate effect i.e. 13 March 2019.
For more information, click here.
Further GST Update
The Central Board of Indirect Taxes and Customs has issued certain updates w.r.t. GST whose links are as follows:
For more information w.r.t appointment of common authority for the purpose of exercise of powers under sections 73, 74, 75 and 76 of the Central GST (CGST) Act, 2017, click here.