Factory stuffing permission: consolidated LoFSP procedure requires sealed Central Excise verification and specified documentation for exporters.
Consolidated procedure issues a one time Letter of Factory Stuffing Permission (LoFSP) to exporters with valid IECs on submission of the prescribed application and enclosures and on receipt of sealed NOC and verification reports from jurisdictional Central Excise confirming genuineness, existence, suitability and functioning of exporter and/or stuffing premises. Status holders may receive a provisional time limited LoFSP pending sealed reports. LoFSPs are valid for exports from any customs station except prohibited goods, require specified documentation, permit Central Excise supervised examination, and are subject to cancellation or suspension on adverse findings.

Import Data Processing and Monitoring: banks must route and record all import transactions through centralised IDPMS for compliance.
A centralized Import Data Processing and Monitoring System (IDPMS) mandates that all Category I Authorised Dealer banks upload and manage import transaction data in real time, ensuring Customs and SEZ data flow to the RBI secured server and are shared with banks by AD Code. Banks must not process remittances until the Bill of Entry is reflected in IDPMS; non EDI ports require manual BoE upload by nodal branches. Limited write offs and time extensions are permitted under specified safeguards; outstanding remittances must be uploaded and BEF reporting will be discontinued once IDPMS is operational.

Remittance of assets: ADs may permit specified outward transfers from India; excess or hardship cases require RBI approval.
The Remittance of Assets Regulations, 2016 replace earlier rules and set when Authorised Dealers may permit outward transfers of funds or proceeds of assets held in India and when prior Reserve Bank approval is required. Definitions cover Non-resident Indian, Person of Indian Origin, remittance of asset, expatriate staff and not permanently resident. ADs may allow remittances for retirements, inheritances, student account closures, NRO balances and certain company liquidation or expatriate provident fund contributions, subject to documentary evidence, routing conditions and undertakings; excess or hardship remittances need RBI approval and all transactions remain subject to Indian tax laws.

Extension of VAT return filing deadline for the fourth quarter; returns accepted until 16 May, tax payable as usual.
Deadline for filing fourth-quarter VAT returns for 2015-16 is extended to 16/05/2016 for online or hard-copy submission of prescribed DVAT forms with annexures; tax liabilities remain payable in the usual manner under the Delhi Value Added Tax Act. Dealers filing returns with digital signature need not submit a hard copy or Form DVAT-56.

Accounting standards applicability: amended standards govern preparation of accounts for periods commencing on or after notification.
Amended Accounting Standards under the Companies (Accounting Standards) Amendment Rules, 2016 must be applied in preparation of company accounts for accounting periods that commence on or after the date of notification, thereby fixing the temporal applicability of the amendments and providing regulatory guidance for implementation and compliance.

Customs broker licence renewal requires specified declarations, documents and formal fee payment before endorsement.
Renewal of Customs Broker Licence requires submission at least ninety days before expiry of a complete application accompanied only by specified documents: declarations on constitution/address, time-expired/inoperative cards, maintenance of accounts, pending judicial/quasi-judicial cases and arrears; self-attested Form B licence; list of Photo Identity Card holders (Forms F/G/H) with numbers and validity; self-attested association membership certificate where applicable; and self-attested PAN if not previously submitted. Processing will normally complete within sixty working days from receipt of a complete application, followed by fee payment via TR-6 challan and submission of the endorsed receipt for renewal endorsement.

Coastal carriage exemption simplifies documentation and mandates coastal manifests and marking for eligible vessels while allowing limited preventive checks.
Vessels exclusively carrying coastal goods and operating from coastal or EXIM berths are exempted from Sections 92, 93, 94, 95, 97 and sub-section (1) of Section 98 of the Customs Act; where loading/unloading occurs at EXIM berths, Sections 30 and 41 apply and a new coastal manifest format requires Masters or agents to submit arrival and departure manifests in duplicate. Containers and non-containerised cargo must be marked for coastal carriage and sealed; preventive officers may carry out random checks with prior approval.

Composition scheme option for restaurants and halwais permits an alternate single-rate tax and restricts input tax credit eligibility.
Dealers supplying cooked food and related items may opt for a notified composition scheme at an alternate single rate if within the prescribed turnover threshold. Dealers shifting from the earlier composition provision to the new composition provision w.e.f. 1 April 2016 need not pay tax on opening stock held at transition, but cannot claim input tax credit on closing stock as of the prior year end. Applications for the scheme must be filed manually until online filing is ordered.

Consent to Operate requirement continues as validity for BISN Jetty notice is extended for exporters.
Validity of Public Notice No. 02/2005 for BISN Jetty of the Inland Waterways Authority of India was extended up to 31.03.2021, and exporters were directed to submit renewal of Consent to Operate from the West Bengal Pollution Control Board as a continuing compliance requirement.

Relaxed KYC norms allow courier-recorded delivery address plus ID to satisfy KYC for certain individual import consignments.
Authorised courier companies may accept the delivery address recorded by the courier together with the proof of identity taken at delivery as sufficient proof of address for KYC when an individual lacks a current address document, applicable to imports of documents, gifts, samples and low value dutiable consignments up to the prescribed CIF limit. Courier companies must exercise due diligence and maintain records of delivery addresses as evidence for KYC verification.

Interest on tax refunds: resident deductors entitled to interest on excess withholding, aligning departmental practice with judicial principle.
Refunds of tax withheld in excess to resident deductors must include interest from the date of payment of the tax, reflecting the principle that sums retained without right carry an obligation to reimburse with accrued interest; departmental officers should not file or press appeals contesting interest liability and must align refund practice accordingly.

Call Book case disposal: cases decided on merit or clarified by the board should be removed and adjudicated promptly.
Cases in the Call Book shall be taken out and adjudicated where the issue has been finally decided by a higher court or where the Board has issued a new instruction clarifying the issue; field formations need not await a separate direction from the Board. This clarification applies to Central Excise duty, Customs duty and Service Tax matters and implementing difficulties should be reported to the Board.

Limitation for penalties under section 275(1)(c) governs timing for penalties relating to prohibited loan transactions.
A penalty for granting loans above the prescribed limit otherwise than through banking channels is independent of assessment and the limitation for imposing such penalty is governed by section 275(1)(c). The limitation period is the expiry of the financial year in which the proceedings in the course of which action for imposition of penalty has been initiated are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever is later; it is not dependent on pendency of appeal against the assessment.

Limitation for penalty proceedings begins at the range head, requiring assessing officers to refer and not issue penalty notices.
Limitation for imposition of penalties under sections 271D and 271E commences at the Range Head (Joint/Additional Commissioner), not at the Assessing Officer; Assessing Officers should refer alleged violations of section 269SS/269T to the Range Head who will issue penalty notice and complete proceedings within the prescribed limitation period, and conflicting High Court decisions will render the Departmental View inoperative in that High Court's area while the matter is referred to the Central Technical Committee for consideration.

Disclosure of Proprietary Trading required for commodity derivatives brokers, aligning securities rules and mandating pro account terminal compliance.
SEBI mandates proprietary trading disclosure by commodity derivatives brokers to clients in line with securities-market directions and requires exchanges to ensure compliance with pro account trading terminal provisions, superseding prior guidance; exchanges must amend bye laws, notify brokers, and report implementation monthly, with the circular effective three months from issuance.

Currency denomination restriction withdrawn; foreign-going vessels may carry Indian currency of any denomination for crew disbursement.
Customs removes the earlier limited-denomination requirement for Indian currency carried for crew wage disbursement on foreign-going vessels; in view of revised Reserve Bank of India guidance that does not impose a denomination restriction for Indian travellers or ship masters, the prior restriction in the earlier CBEC circular is withdrawn and stakeholders should follow the current RBI position reflected in CBEC advisories.

Imposition of central excise duty on jewellery requires invoice-based valuation and temporary procedural relaxations for jewellers.
All central excise payments on jewellery are to be based on first sale invoice value; authorities will accept the invoice valuation if caratage/purity, weight and carat details of precious stones are recorded. Exporters may export on self-declaration with submission of a Letter of Undertaking to customs without central excise ratification. Liability is effective from 1 March 2016, but payment for March-May may be deferred and paid with June 2016; registration time is extended to 1 July 2016. Enforcement moratoriums on visits, searches, seizures, arrests and criminal prosecution apply pending Sub Committee recommendations.

Non-excisable goods treatment affirmed: bagasse and metal dross treated as exempted goods for CENVAT credit reversal.
Following judicial determinations that bagasse and metal dross/skimmings are non excisable, the Board has rescinded its earlier circulars and instructions on excisability. Under amended Rule 6 of the CENVAT Credit Rules, 2004, non excisable goods cleared for consideration are to be treated as exempted goods and valued by invoice or by valuation principles where invoice value is unavailable; such by products (bagasse, dross, skimmings) must be treated like exempted goods for reversal of input and input service credit.

Extension of filing deadline for service tax ST-3 returns granted due to ACES access difficulties, allowing short additional filing time.
An administrative order under sub rule(4) of rule 7 of the Service Tax Rules, 1994, grants a short extension of time for submission of Form ST-3 for the period 1 October 2015 to 31 March 2016, citing assessees' inability to access the ACES application on the original due date and permitting late electronic filing within the brief extension window.

Excise duty on jewellery: registration deadline extended; retrospective liability applies and earlier months' payments may be consolidated.
Registration for central excise by jewellers is extended to 01.07.2016 while liability to pay excise duty applies from 1st March 2016; jewellers may pay duty for March, April and May together with the June payment. The circular directs wide publicity and reporting of implementation difficulties to the Board, with a Hindi version to follow.