Upfronting of trail commission for eligible SIPs regulated with amortisation, audit trail, TER accounting and recovery mechanisms.
The circular permits limited upfronting of trail commission for SIP inflows from first time investors identified by PAN, payable from AMC books and amortized daily to schemes with audit trails and pro rata recovery from distributors if SIPs terminate early. It defines retail inflows for additional TER applicable to B 30 penetration, mandates daily disclosure of scheme wise TER on AMC and AMFI websites in a downloadable format, exempts certain short lived schemes from some performance disclosures, requires borrowing costs to be adjusted against portfolio yield with excess borne by the AMC, extends no entry load applicability to all SIPs, and permits limited miscellaneous expenses from AMC books subject to recording and audit.

Suspension of registration frees taxpayers from routine GST compliances while cancellation proceedings are pending under amendment.
The KGST Amendment Act changes detention and registration procedures: the payment window for proposed tax and penalty on seized goods is extended to fourteen days from the detention order in FORM GST MOV-06, after which a notice proposing confiscation and penalty may be issued; FORM GST MOV-08 and FORM GST MOV-09 are revised accordingly. The amendment also provides for suspension of registration during cancellation proceedings, suspending routine compliance including return filing while preserving the obligation to file a final return.

Tax Collection at Source obligation: Tea Board must collect TCS from sellers and auctioneers on respective net values.
The Tea Board, as an electronic commerce operator running an auction platform and holding consolidated payments in an escrow account, must collect Tax at Source (TCS) under section 52 of the KGST Act: (i) from sellers (tea producers) on the net value of supply of goods (tea); and (ii) from auctioneers on the net value of supply of services (brokerage).

Agent classification determines whether interest charged by a del credere agent is included in the taxable value of goods.
Classification of a del credere agent under Para 3 of Schedule I depends on invoicing: supplier issued invoices (even via DCA) mean the DCA is not an agent; DCA issued invoices mean the DCA is an agent. If the DCA is not an agent, loans/interest by DCA are independent supplies by the DCA and interest is not includible in the supplier's goods value. If the DCA is an agent, credit extended is subsumed into the goods supply and interest must be included in taxable value under section 15(2)(d).

E-way bill requirement for goods stored in transporter's godown; declaring the godown as additional place of business ends e-way validity.
A valid e-way bill must accompany goods stored in a transporter's godown prior to delivery. If the consignee declares the transporter's godown as an additional place of business (with the transporter's concurrence), transportation is deemed concluded on arrival at that godown and e-way validity need not be extended. Subsequent movement from that godown to other recipient premises will require a new valid e-way bill. Transporters providing storage must register and maintain warehouse-keeper records; recipients must maintain prescribed accounts, which may be kept at their principal place of business.

Partial tax refund entitlement for Canteen Stores Department requires invoice-based quarterly claims with prescribed documentation and processing.
Canteen Stores Department is entitled to a 50 per cent refund of tax paid on inward supplies supplied to Unit Run Canteens or authorized customers, claimed on an invoice basis quarterly via FORM GST RFD-10A with specified documents including undertakings, GSTR-3B, GSTR-2A, attested invoices not in GSTR-2A, and bank details; the proper officer must acknowledge or issue one deficiency memo within fifteen days, validate returns on the portal, scrutinize filings, and issue sanction or rejection orders in prescribed forms with separate payment processing by State and Central authorities communicated within seven days.

Refund procedure clarified: submission of GSTR-2A and order of electronic credit ledger debits for ITC refunds.
Refund claims must be accompanied by a print-out of FORM GSTR-2A and a manual invoice statement (Annexure-A); the proper officer may rely on GSTR-2A as evidence of supplier accounting and shall not insist on invoices present in GSTR-2A. Refundable unutilized ITC is the least of the rule defined formula, period-end ledger balance after return, and ledger balance at filing; debits must be sequenced: integrated tax first, then central and state/UT tax equally, with cross ledger adjustments. Re credit and recovery procedures for rejected refunds, scope of rule 96(10) restrictions, disbursal obligations, deficiency memo treatment, and per head minimum refund threshold are also clarified.

Principal-agent representation determines deemed supply under GST when agent issues invoice in own name, triggering registration where supplies are taxable
The circular clarifies that a transfer between a principal and an intermediary is deemed to be a supply under Schedule I only when the intermediary acts in a representative capacity to supply or receive goods on behalf of the principal, with the operative indicator being whether the intermediary issues the invoice and transfers title in his own name. Pure facilitation or procurement where the principal's name appears on invoice does not attract the deemed-supply rule; services remain subject to consideration. Compulsory registration arises when taxable supplies are made on behalf of taxable principals, while agricultural commission agents may be exempt where principals are non-taxable or supplies are exempt.

Inter State treatment of supplies to SEZ: services treated as inter State; zero rating and refund require authorised operations endorsement.
Services to a SEZ developer or unit (including accommodation, conferencing and banqueting) are treated as inter State supplies under the specific SEZ provision; supplies to SEZs are zero rated but refund of unutilized input tax credit or IGST is available only when received for authorised operations with an endorsement by the specified officer of the Zone. Fabric processors providing job work services qualify for refund under the inverted duty structure because their output is service, not goods.

Supply definition: moulds and dies provided free do not constitute supply, affecting valuation and input tax credit.
Moulds and dies provided free by an OEM to an unrelated component manufacturer are not a supply and do not trigger reversal of input tax credit, nor are they includible in the component manufacturer's transaction value; if contractually the component manufacturer is treated as owner, amortised cost must be added and OEM must reverse ITC. Servicing with separately invoiced goods and services is taxed at separate rates; auction participants may declare warehouses as additional places of business and maintain books accordingly; e-way bills are required for interstate transit and for railway delivery at time of delivery.

IT grievance redressal mechanism enables relief and waiver recommendations for taxpayers affected by portal glitches.
An IT-Grievance Redressal Committee-led mechanism addresses systemic GST Common Portal failures preventing class-based filings: nodal officers receive applications with evidence of bonafide attempts; GSTN verifies records, identifies widespread issues, and forwards suggested remedies to the committee, which may approve, modify, and direct implementation. Relief can include permitting delayed filing or amendments and recommending waiver of fines and penalties to the Government; High Court decisions not case-specific may be implemented through this procedure.

Job work compliance: principal's responsibility for sending, documenting and tax consequences when statutory return timelines lapse.
Clarification on job work: job work is processing of goods owned by a registered principal who must maintain accounts and may send inputs or capital goods to a job worker without tax subject to conditions. The principal issues challans and files FORM GST ITC 04; e way bills apply as required. Supply made by the principal from the job worker's premises is treated as principal's supply and invoiced by the principal; the job worker invoices and pays GST for job work services if registered. Failure to return or supply within statutory periods causes deemed supply by the principal and tax (with interest) liability; ITC remains available to the principal and to a registered job worker.

Advance ruling applications: manual filing allowed until portal module is available; filing requires online payment of prescribed fee.
Manual filing is authorised for Advance Ruling applications and appeals while the portal module is unavailable: applications in quadruplicate in FORM GST ARA-01 and appeals in quadruplicate in FORM GST ARA-02 (applicant) or FORM GST ARA-03 (officer) must be physically filed at the jurisdictional Authority, accompanied by the prescribed fee which must be paid online via a generated temporary ID and challan; documents must be signed by authorised signatories and all annexures self-attested.

Maintenance of books of accounts: principals and auctioneers may keep additional-place records at principal place, subject to notification and ITC rules.
Warehouses storing tea, coffee, rubber etc. must be declared as additional place(s) of business; buyers storing purchases there must similarly disclose. Books of accounts are required to be maintained at each place, but where difficulties exist the principal or auctioneer may maintain records for additional place(s) at their principal place of business, provided they intimate the jurisdictional proper officer in writing. The principal or auctioneer may claim input tax credit subject to fulfillment of other statutory provisions. The clarification applies where goods are supplied only through auction and the auctioneer claims ITC for supplies received from the principal.

Supply on approval: GST applies at actual sale when a buyer selects an artwork displayed by a gallery.
Artworks moved by artists for display or on approval may be transported on a delivery challan (with e-way bill where applicable) and the tax invoice may be issued at the time of actual supply when the buyer selects the artwork. Transfers between States constitute inter-State supplies attracting integrated tax. Supply to a gallery for exhibition without consideration from the gallery is not a taxable supply; GST becomes payable only upon the buyer's selection and sale of the artwork.

Unutilized input tax credit refund eligibility affirmed for exporters of specified fabrics, excluding capital goods credit.
Clarification states that refunds of unutilized input tax credit for manufacturers exporting specified fabrics are allowable despite a notification restricting refunds under clause (ii) of the proviso to subsection (3) of section 54, because that restriction does not apply to zero-rated supplies (exports and SEZ supplies). Subject to subsection (10) of section 54, input tax credit on inputs (excluding capital goods) used to manufacture exported fabrics is eligible for refund; the circular is clarificatory and follows the Central Circular with para materia changes.

EOU procurement treated as deemed exports: prior Form A, endorsed tax invoices and monthly Form B digital records required.
Supplies to EOU/EHTP/STP/BTP units from the DTA are treated as deemed exports with refund claimable by supplier or recipient. The recipient must give prior intimation in Form A to the supplier and both jurisdictional GST officers; the supplier issues a tax invoice which the recipient endorses and circulates to the supplier and both officers, the endorsed invoice serving as proof of deemed export. Recipient units must maintain digital Form B records with an audit trail and submit a monthly digital copy to the jurisdictional GST officer by the 10th.

Movement of goods on approval basis may use delivery challan and issue tax invoice on delivery when supply is confirmed.
Where goods are moved for supply on approval basis within or outside the State, the supplier may transport them on a delivery challan with an e-way bill where applicable and issue the tax invoice after delivery if the buyer approves; the person carrying goods may carry the invoice book for issuance once supply is fructified. The circular construes relevant sub-rules of rule 55 and rule 138 and is clarificatory in nature.

Export under LUT: facility extended to most exporters enabling zero rating of exports subject to compliance and bond safeguards.
Extension of export without payment of integrated tax by furnishing a LUT is available to all registered persons except those prosecuted for offences involving substantial tax evasion. An LUT is valid for the financial year and is deemed accepted on online submission of FORM GST RFD-11 with ARN; no physical documents are required. Withdrawal of the facility follows failure to meet export timelines or pay required tax, after which exports must be on payment of integrated tax or under bond with bank guarantee. Ineligible LUTs may be rejected ab initio.

Valuation of debt securities: tighter amortization window, reference price threshold, and mandatory valuation and disclosure for sub investment grade.
Amortisation based valuation for non traded short term money market and debt securities is confined to securities with reduced residual maturity; the amortised price must be compared to the average security level reference price provided by valuation agencies and used only if within a 0.025% threshold, otherwise adjusted. Securities rated below investment grade shall be valued at prices from valuation agencies or, pending such prices after a credit event, by applying agency indicative haircuts; traded prices lower than the post haircut or computed agency price must be used where applicable. Deviations by AMCs require recorded rationale, board/trustee reporting and immediate investor disclosure.