Retrospective drawback rate increase allows automated EDI credit for eligible exporters, subject to specified head exclusions.
Central Board authorised a one-time relaxation exempting exporters from filing supplementary claims for EDI shipping bills with LEOs dated 1 April 2007 to 17 July 2007; differential drawback amounts will be automatically processed and credited via the EDI system. Manual shipping bills still require filing of supplementary claims. Automated credit excludes thirty-seven specified drawback heads, for which exporters must file manual supplementary claims in the prescribed manner.

Risk Management System enabling self assessment facilitation of import clearances while preserving targeted assessment and post clearance audit.
The RMS at Tuticorin automates risk evaluation of electronically filed Bills of Entry to facilitate clearance of self assessed low risk consignments without officer assessment or examination, while selecting others for appraisal, examination or Post Clearance Audit based on risk parameters, random sampling or intelligence. Accredited Clients receive enhanced facilitation subject to Compulsory Compliance Requirements; bond details, SVB disclosures, allied law certificates and required documents must be furnished in the ICES annexure, and DEPB/TRA debits and endorsements follow specified manual verification procedures.

Extension of filing deadline for central sales tax reconciliation and original declaration forms grants additional time for quarterly submissions.
The Commissioner extends the time for furnishing the reconciliation return in Form DVAT51 and for submission of the 'original' portion of Declaration Forms 'C', 'D', 'E-I', 'E-II', 'F', 'I', 'J' and 'H', for the specified quarterly periods, under the Delhi Value Added Tax Rules, the Central Sales Tax (Delhi) Rules and the Central Sales Tax (Registration and Turnover) Rules.

Dematerialisation requirement: trading may move from trade-for-trade to rolling settlement once demat threshold and other conditions satisfied.
Companies with connectivity to both depositories may be shifted from the Trade for Trade Segment to rolling settlement if at least 50% of non promoter holdings are dematerialized (certified by the RTA or, if no RTA, by a practicing company secretary/chartered accountant) and there are no other grounds to continue trading in the Trade for Trade Segment; stock exchanges must report actions taken in their Monthly/Quarterly Development Report (Section II, item 13).

Import classification: 1-Bromo-3-Chloro Propane treated as non-ODS, permitting import without Montreal Protocol licence conditions.
1-Bromo-3-Chloro Propane is classified under Exim Code No.29034490 (Others), a code whose items are generally restricted to import by actual users against a licence and only from countries party to the Montreal Protocol; however, the Ozone Cell has clarified that this substance is not listed as an ozone depleting substance, and accordingly its import may be considered free, subject to any further notifications by the Director General of Foreign Trade.

Service tax liability and reverse charge rules govern who pays, how value is determined and when compliance is required.
Service tax applies to specified services under the Finance Act with liability generally on the provider and in defined situations on the recipient under reverse charge; taxable value is determined under section 67 and rules, with abatements and composition options. Registration, periodic payment, invoicing and retention of records are mandated; CENVAT credit is available on inputs/input services subject to conditions. Export and import of services have distinct rules for exemption, refund and recipient liability. Enforcement includes interest, mandatory penalties, adjudication with prescribed officer limits and appellate remedies, and an advance ruling mechanism.

Short selling permissions for all investors enabled under new regulatory framework, with securities lending scheme and market safeguards.
All classes of investors are permitted to short sell subject to a specified operational framework, and a comprehensive securities lending and borrowing scheme is mandated to enable settlement of such short sales under the existing Securities Lending Scheme. Stock exchanges must issue guidelines, operationalise trading and settlement systems, apply surveillance and risk containment measures, and depositories must distinguish SLB transactions from normal demat trades. Exchanges and depositories must test systems, amend bye-laws, notify market participants, and report implementation status to the regulator.

Change in affiliation of sub-brokers requires exchange recommendation and regulatory approval before certificate modification is effected.
Change in affiliation of sub-brokers must be processed through the exchange via the broker with whom affiliation is sought; the exchange verifies absence of complaints and outstanding fees, forwards the complete application with its recommendation to SEBI, and SEBI records the change and issues a modified certificate. Specific scenarios-merger, acquisition, broker surrender, change in control, punitive action, termination, and broker name change-each carry procedural obligations and timeframes. Required documents include exchange and receiving-broker recommendations and the original registration certificate, or an indemnity affidavit and FIR copy if the certificate is lost.

Correlation of technical characteristics limited to specified products; other DFIA imports need no such linkage for clearance.
The DFIA scheme requires correlation of technical characteristics, quality and specification of inputs with the exported product only for products specified in the Handbook of Procedures, where exporters must declare this correlation in the Shipping Bill; in all other cases such correlation is not required unless the SION prescribes it, and Customs may allow clearance if other scheme conditions and notification requirements are met.

Fringe Benefit Tax on stock options applies at vesting value minus employee payment, employer liable to pay and may recover it.
Fringe Benefit Tax applies to allotment or transfer of specified securities and sweat equity shares to employees, with taxable value equal to the Fair Market Value on the date of vesting minus any amount paid or recovered from the employee. Rule 40C prescribes FMV determination-listed shares use average opening and closing prices (or highest-volume exchange), unlisted shares require valuation by a SEBI-registered Category I Merchant Banker on a specified date within 180 days of vesting. Cost of acquisition for capital gains is the FMV used for fringe benefit computation and holding period runs from the date of allotment or transfer.

Broad nexus requirement for TPS imports: imported items must be bona fide inputs used by exporter or supporting manufacturer.
TPS duty credit is limited to freely importable inputs, capital goods and specified equipment for the importer or declared supporting manufacturers; imported goods must have a broad nexus with the exported product and be 'used' in its manufacture. SION is prima facie evidence of input status, but exporters may otherwise demonstrate nexus. TPS certificates must endorse supporting manufacturers, and certificates and imported goods are non-transferable and not to be sold. Customs should scrutinize TPS imports for compliance and notify trade.

Foreign direct investment by Bangladeshi citizens/entities permitted with prior government approval, subject to Schedule I conditions.
A citizen of Bangladesh or an entity incorporated in Bangladesh may purchase shares and convertible debentures of an Indian company under the Foreign Direct Investment scheme with the prior approval of the Foreign Investment Promotion Board, subject to the terms and conditions specified in Schedule I to the FEMA Transfer or Issue of Security Regulations; Authorised Dealer Category I banks should notify their customers accordingly.

Line of Credit for project exports requires majority India-sourced supply, GR/SDF shipment declarations and FEMA-based compliance.
Exim Bank's Line of Credit to Mali finances exports of eligible goods and services for an electricity transmission and distribution project, requires major India-sourced supply (at least eighty-five percent of contract value), mandates GR/SDF shipment declarations, sets differing LC opening deadlines for project and other supply contracts, disallows agency commission under the LOC while permitting exporter-funded commission remittance from own funds or EEFC balances subject to realization and compliance, and directs Authorised Dealer Category I banks to notify exporters and follow FEMA-based directions without prejudice to other permissions.

Small demand TDS cases may be administratively dropped to avoid disproportionate compliance costs, with DDOs warned.
Assessing Officers are authorised to ignore such cases and drop the demand where the demand/default is up to a specified de minimis level, because the cost of issuing show cause notices and follow up may exceed the amount involved; DDOs in such cases may be warned to avoid habitual short deduction. These instructions apply to all TCS/TDS cases under direct tax enactments and are effective immediately.

Unit quantity code requirement: declare UQC in standard measurable units to ensure usable customs import data.
Importers and Customs House Agents must file Bills of Entry with UQC in Kg or the standard units as prescribed against the relevant tariff headings in the Customs Tariff; use of non-measurable descriptors (cartons, boxes, rolls without dimensions, running lengths without width) produces poor-quality data in the National Import Database and should be avoided, and any problems with filing UQC codes in Kg/standard units should be reported to the Additional Commissioner of Customs in charge of EDI systems.

Customs classification of buttons and fasteners confirms exemption eligibility for shank buttons, snap fasteners and zippers.
Shank buttons are a variety of buttons classifiable under Chapter 96 and therefore qualify for the Notification No.21/2002-Cus exemption for buttons. Press fasteners, snap fasteners/press studs (two-or-more-part goods operating by a snap mechanism) are classifiable under subheading 9606 10 and qualify as fasteners for the relevant exemption entries. Slide fasteners (zippers) and their parts are classifiable under heading 9607 and are eligible for exemption where the entry covers fasteners. The circular directs uniformity in classification and dissemination to trade and field formations.

Renting of immovable property taxable when used for business; government offices performing statutory functions excluded.
Applicability of service tax depends on use: the service category "renting of immovable property" is taxable when premises are used in the course or furtherance of business or commerce; occupancy by a government office for performing statutory functions is not use in furtherance of business and is therefore not taxable under that service category.

Delegation of certificate signing authority permits Member (Finance) of NHAI to issue excise duty exemption certificates accepted by field formations.
The Board authorised Central Excise field formations to accept exemption certificates issued by the Member (Finance) of NHAI in place of the Chairman's signature under the notification, provided all other statutory and procedural conditions of the notification are satisfied; the certificate remains the operative document required for manufacturers to claim central excise duty exemption for goods supplied to qualifying international projects.

Extension of due date for income-tax return filing allows re-filing in prescribed forms without penalty.
The due date for filing income-tax returns was extended to 29 February 2008 to allow assessees who filed returns on or after 14 May 2007, or who filed in forms other than the prescribed forms ITR-1 to ITR-8, to re-file their returns in the specified forms for assessment year 2007-08; such re-filings made on or before the extended date will not attract interest or penalty.

Central Excise registration requirements updated: invoices and certificates must record proprietor/HUF names and non-transferability enforced.
Amendments require invoices to state transactional particulars and, for proprietary concerns or HUFs, the proprietor/HUF name. Form A-1 must show the trading style and identify proprietor/HUF or, as relevant, partners or key managerial personnel. The revised Form RC must indicate the trading name and proprietor/HUF where applicable and carries standard conditions: validity limited to declared premises/purposes, non-transferability, corrections only after acknowledged application, continuity while the declared activity continues unless surrendered/revoked/suspended, and issuance without prejudice to other lawful third party rights.