Transitional credit filings via FORM GST TRAN-1/TRAN-2 reopened; claims to be verified within 90 days and credited to ledger.
The Supreme Court directed reopening of the common portal to permit filing or revision of FORM GST TRAN-1/TRAN-2 for a limited window, and mandated that jurisdictional tax officers verify claims filed during that window and pass reasoned orders within 90 days, after which allowed transitional credit shall be reflected in the Electronic Credit Ledger. Verification duties, State Central coordination, procedural checks, documentary requisites, opportunity to be heard, reporting formats and recovery of excess credit are specified.

Refunds for accumulated input tax credit: amended calculation and specified-goods restrictions apply only prospectively to new applications.
An amendment to the refund calculation formula for unutilised input tax credit due to inverted duty structure is prospective and applies only to refund applications filed on or after its effective date; applications filed before that date shall be processed under the earlier formula. A separate notification restricting refunds for specified goods where input tax exceeds output tax is also prospective and applies only to refund applications filed on or after its effective date, not to earlier applications.

Units removal under section 144B(3) removes specified schedule entries and takes immediate administrative effect per CBDT order.
The Central Board of Direct Taxes, exercising powers under sub section (3) of section 144B of the Income tax Act, amends Office Order 2 dated 10.06.2022 by omitting the entries for Sr No. 92 and Sr No. 105 from the Schedule; the omission takes immediate effect and the order is issued with the approval of the Chairman, CBDT.

Refunds for unutilised input tax credit due to inverted duty structure now subject to a new prospective computation rule affecting later claims.
Clarification states that the amended formula in rule 89(5) for computing refunds of unutilised input tax credit due to an inverted duty structure is substantive and applies prospectively to refund applications filed on or after its effective date, while applications filed before that date remain subject to the pre amendment formula. Separately, a notification restricting refunds for specified goods in Chapters 15 and 27 where input tax rates exceed output rates is also prospective and applies only to refund claims filed on or after its commencement; earlier claims are unaffected.

Non-filing enforcement: officers must initiate assessment and cancellation procedures for persistent return non-filers.
Proper Officers must contact return defaulters, issue electronic notices, and where returns remain unfiled proceed with best judgement assessment, upload assessment orders in prescribed forms and initiate recovery. Territorial Deputy and Joint Commissioners must personally monitor top revenue contributors and ensure lists of defaulters are acted upon. Persistent non-filing triggers suspension and initiation of cancellation proceedings, verification of business premises and referral to the Intelligence Wing for inspection where business continues.

Auto-pledge of unpaid securities enables members to transfer, notify and sell unpaid holdings if funds remain unmet within prescribed days.
All securities received in pay-out must be transferred from the member's pool account to the client's demat account within one working day. Unpaid securities shall be transferred to the client's demat account and auto-pledged with reason "unpaid" in favor of a separate client unpaid securities pledgee account opened by the member. Members must notify clients of funds obligations; if funds are not furnished within five trading days the member may sell the securities using the client's UCC with profit/loss adjusted to the client's account. Pledges not invoked or released within seven trading days shall be auto-released.

RoDTEP duty credit scrips gain two-year validity while transferee-holder conditions are removed under revised scheme provisions.
RoDTEP scheme amendments remove specified conditions concerning transferee-holders of duty credit scrips. Corresponding Electronic Duty Credit Ledger provisions extend the validity of RoDTEP scrips from one year to two years from the date of generation.

Transitional GST credit verification requires scrutiny of filed or revised claims, adherence to timelines and coordination between tax departments.
Verification of transitional GST credit in filed or revised TRAN-1 and TRAN-2 applications follows the central guidelines, applied with necessary adaptations under the Odisha Goods and Services Tax Act, 2017, in the context of the Supreme Court's orders in Union of India v. Filco Trade Centre Pvt. Ltd. Jurisdictional circle heads are responsible for checking the claims, issuing appropriate orders under paragraph 5 of the central guidelines and adhering to the prescribed timelines.

GST refund clarifications apply with necessary modifications to state tax administration, and implementation difficulties may be reported.
Refund-related GST clarifications issued by the Central Board of Indirect Taxes and Customs on 10 November 2022 apply, with necessary modifications, to implementation of the Odisha Goods and Services Tax Act, 2017. Their application is intended to promote uniformity in addressing refund-related issues under the state GST framework. Difficulties encountered in implementing the clarification may be brought to the attention of the Commissioner of State Tax, Odisha.

GST on SEBI fees: payers must remit fee plus GST and email detailed remittance particulars to SEBI immediately.
Remitters must, immediately after payment, email remittance particulars to [email protected] in the prescribed format, breaking down the amount into fee and GST components and providing remitter account number, origin bank, IFSC, UTR/transaction reference, payment product code, registered name and address, email, complete remittance origin address, GST registration number and purpose of remittance.

Input Tax Credit availability clarified for deemed export refunds, employer perquisites and ledger utilisation under GST.
Tax paid on deemed export supplies may be placed in recipients' electronic credit ledgers solely to enable refund claims but does not constitute ITC under Chapter V and is excluded from "Net ITC" for refund computations; the proviso to clause (b) of section 17(5) applies to the entire clause making credit available where goods or services are obligatory for an employer under law; "leasing" in the exclusion is limited to motor vehicles, vessels and aircraft; employment perquisites under contract are not supplies for GST; electronic credit ledger balances may be used only for output tax (excluding reverse charge) while the electronic cash ledger may meet tax, interest, penalty and other liabilities.

Right to appeal preserved when goods released after voluntary payment; final detention orders must be issued online to enable appeals.
Voluntary payment to secure release of detained goods does not bar the taxpayer's right to file an appeal; technical or manual issuance of forms cannot be relied upon to deny appellate access. Final orders in FORM GST MOV-09 generate the demand record and enable the online appeal module, and must therefore be issued online in all detention, seizure and release cases regardless of voluntary payment. Where MOV-09 was not uploaded previously and the taxpayer intends to appeal, MOV-09 shall be electronically issued immediately, and field formations must avoid manual forms and follow prescribed procedures.

Transitional credit verification: filing window reopened; claims subject to tax officer verification and ledger posting after due process.
Guidelines require jurisdictional tax officers to verify TRAN-1/TRAN-2 claims filed or revised during the court-ordered window, follow principles of natural justice, seek counterpart verification where claims span administrative jurisdictions, apply prescribed documentary and substantive checks for each TRAN table, and pass reasoned orders within the prescribed timeline to allow admissible transitional credit to be reflected in the Electronic Credit Ledger; inadmissible or excess credits may be recovered with interest and penalty.

Refund of unutilised input tax credit clarified: amended formula applies from notification, restrictions apply prospectively.
The amended formula for refund of unutilised input tax credit under the SGST Rules applies prospectively to refund applications filed on or after the amendment's effective date; applications filed before that date are to be processed under the prior formula. Separately, the notification specifying certain goods for which no refund of unutilised input tax credit shall be allowed is prospective and applies only to refund applications filed on or after its effective date.

Refund of unutilised input tax credit: amended formula and specified goods restriction apply prospectively to later-filed applications.
An amendment to the refund calculation formula for unutilised input tax credit due to inverted duty structure applies prospectively to applications filed on or after its effective date, with pre amendment applications governed by the earlier formula; a separate notification barring refunds for specified goods likewise applies prospectively to applications filed on or after its effective date and does not affect earlier filings.

Refund of unutilised input tax credit: amended formula and chapter-specific refund restriction apply only after their effective dates.
An amendment to sub-rule (5) of rule 89 modifying the formula for refund of unutilised input tax credit on account of inverted duty structure is prospective and applies to refund applications filed on or after its effective date, with earlier applications governed by the pre-amendment formula. Separately, a notification specifying certain goods for which no refund shall be allowed where credit accumulated due to higher input tax rates applies prospectively to refund applications filed on or after its effective date and not to earlier applications.

Rescission of circulars streamlines insolvency compliance; rely on existing regulations and follow updated regulatory provisions.
The Board found several prior circulars redundant because their operative provisions are already provided in existing regulations; it has therefore decided to rescind the listed circulars with immediate effect and directs Insolvency Professionals, Insolvency Professional Entities, Insolvency Professional Agencies, and the Registered Information Utility to note the rescission and follow the provisions of the relevant regulations. The Annexure lists eleven rescinded circulars with brief subjects and the corresponding regulatory incorporations.

Realization of export proceeds in Indian rupees permitted, enabling invoicing and settlement in INR for EPCG scheme.
Para 5.11 of the Handbook of Procedures is amended to permit export proceeds to be realized in freely convertible foreign currency or in Indian Rupees as per para 2.53 of the Foreign Trade Policy, excluding deemed exports. Exports to SEZ units and supplies to developers/co-developers count for Export Obligation regardless of currency, and SEZ supplies must be realized from the SEZ unit's foreign currency account. The amendment aligns Para 5.11 with the RBI A.P. (DIR Series) Circular No.10 and takes immediate effect.

Transitional credit filing window extended: one time portal filing or revision allowed with prescribed declarations and verification by officers.
The circular permits a one time, time bound facility on the GST common portal to file or revise Forms GST TRAN 1/TRAN 2; applicants must submit forms signed or EVC verified, upload Annexure A and TRANS 3 where applicable, may edit forms only before clicking "submit" after which forms freeze and must be filed with DSC/EVC, and must provide a self certified copy plus supporting records to the jurisdictional tax officer within seven days for verification; allowed transitional credit will be reflected in the electronic credit ledger following adjudication.

Release of issue deposit requires an NOC after two months, ASBA unblocking, grievance resolution and ATR submission.
Release of the 1% deposit requires an issuer application on its letterhead, filed by the Post Issue Lead Merchant Banker after two months from the last listing permission, to the regional office with prescribed enclosures. The PILMB must certify unblocking of ASBA accounts and ensure any bank guarantee has minimum residual validity. SEBI will issue the NOC only after satisfaction that SCORES complaints are resolved, prescribed Action Taken Reports have been submitted, and fees and commissions to intermediaries including ASBA banks have been paid.