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Circulars
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Imports of Onions
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Onion import facilitation to bolster domestic supply and mandate expeditious customs clearance of consignments.
Allowance of onion imports to augment domestic supply and check retail prices by directing expedited clearance of import consignments. The Government, having imposed an export prohibition on onions, has authorised imports as a supply-side measure and emphasised the need for rapid processing at ports to restore market availability, instructing Customs field formations to issue suitable directions for expeditious customs clearance.
Clarification on scope of the notification entry at item (id), related to job work, under heading 9988 of Notification (11/2017) No. FD 48 CSL 2017 dated 29-06-2017
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Scope of job work services clarified: distinguishes job work under KGST from manufacturing on inputs owned by non-registered persons.
Entry (id) is confined to job work as defined in the KGST Act-treatment or processing of goods belonging to another registered person-while entry (iv) expressly excludes the services covered by (id) and applies only to manufacturing services on physical inputs owned by persons who are not registered under the KGST Act; the entries therefore have distinct scopes and corresponding GST treatment.
Fully electronic refund process through FORM GST RFD-01 and single disbursement
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GST refund claims must be filed electronically in FORM GST RFD-01; ARN starts statutory timelines and PFMS handles payments.
Electronic submission and end-to-end processing of refund applications is mandated through FORM GST RFD-01 from 26.09.2019. ARN is generated only after complete filing and uploads and constitutes the date of filing for timelines; applications are electronically routed to the jurisdictional proper officer and may be reassigned within three working days. Acknowledgement or deficiency memo must be issued within 15 days of ARN. Provisional refunds (generally 90%) and final adjudication follow prescribed forms and recovery mechanisms; disbursement is effected via PFMS after bank validation and unique assessee code creation.
Clarification regarding optional filing of annual return under Notification (20/2019) No. FD 47 CSL 2017 dated 16th October, 2019
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Optional annual return filing for small taxpayers; portal accepts GSTR 9/GSTR 9A only before due date and DRC 03 permits self payment.
Notification (20/2019) makes annual returns for FY 2017 18 and 2018 19 optional for registered persons with aggregate turnover not exceeding two crore rupees; such taxpayers may optionally file FORM GSTR 9A (composition) or FORM GSTR 9 before the due date, after which the common portal will not permit filing for those periods. Separately, section 73 allows taxpayers to self ascertain and pay any short payment or ineligible input tax credit via FORM GST DRC 03 during reconciliation.
Restriction in availment of input tax credit in terms of sub-rule (4) of rule 36 of KGST Rules. 2017
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Restriction on Input Tax Credit limits provisional claims where supplier uploads missing, requiring self-assessment and reconciliation before full credit.
Restriction under sub rule (4) of rule 36 caps provisional availment of input tax credit for invoices/debit notes not uploaded by suppliers under section 37(1); taxpayers must self assess the admissible provisional credit by reference to aggregate eligible credit shown in supplier uploaded details (as per auto populated GSTR 2A on the supplier's GSTR 1 due date). Items outside section 37(1) remain claimable subject to eligibility. Balance ITC may be claimed in later months as suppliers upload missing details.
Norms for Debt Exchange Traded Funds (ETFs)/Index Funds
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Index replication requirements for Debt ETFs ensure issuer diversification, duration alignment and investment grade credit quality.
Prescribes norms for Debt ETFs/Index Funds including issuer level aggregation, minimum issuer diversification, single issuer weight caps, investment grade constituent ratings, and defined maturity criteria. Funds must replicate indices fully where feasible; permissible substitution rules allow same issuer issuances within a duration tolerance and, if necessary, substitution from other index issuers or non index issuers up to a portfolio cap, while maintaining portfolio duration close to the index. Deviations must be recorded; downgrades below required rating trigger prompt rebalancing. Issuers must publish index methodology and constituents and ensure quarterly compliance and transitional adherence.
Cut-off Time for Determining Minimum Threshold of Margins to be Collected from Clients
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Cut-off time for margin collection set at 5pm, applying RPF to end-of-day client portfolios to compute minimum margins.
For commodity derivative contracts with trading beyond 5:00 PM, a 5:00 PM cut-off shall determine the minimum threshold of margins to be collected by members: the Risk Parameter File generated at that cut-off will be applied to clients' end-of-day portfolios to compute minimum margin, and end-of-day portfolios shall be valued for Extreme Loss Margin using the half-hour weighted average trade price at the cut-off. Contracts trading until 5:00 PM will have margin collection on an end-of-day basis; clearing corporation-member margin norms remain unchanged.
APCT Department – migration from Model -1 to Model -2 Category state w.e.f 06/11/2019 –modification of functions assigned to the proper officers- guidelines and instructions issued for implementation of functions assigned -– regarding
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Migration to model two system centralises GSTN BO registration roles and mandates Assistant Commissioner oversight.
Migration to a uniform Model 2 GSTN BO centralises registration approvals and splits officer roles into Registrations and Registration Enforcement. The Assistant Commissioner (ST) is the proper officer for suo moto registrations and must give prior manual approval before any cancellation, revocation or core amendment initiated by the registering authority, with manual records retained for ten years. Post registration physical verifications are authorised by the AC(ST) in APTis, assigned to officers not below GSTO (excluding the approving GSTO), reported via a mobile app, and followup actions are instructed by the AC(ST).
Mandatory uploading of specified supporting documents and mention of document code and IRN in Bills of Entry (BoE)
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Mandatory e-document submission on eSANCHIT requires invoice and transport document IRN references in every Bill of Entry.
Mandatory uploading to eSANCHIT requires that every Bill of Entry include the uploaded Invoice/Invoice-cum-packing list and the relevant transport contract, with the corresponding document code and IRN declared in the Bill of Entry; other supporting documents (e.g., certificates of origin, licences from Participating Government Agencies) must be submitted electronically via eSANCHIT by beneficiaries or PGAs and physical copies should not be accepted.
Clearance of import of metal scrap - Procedure
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Clearance of metal scrap permitted pending scanner installation where EDI and RMS profiling is enabled; inspections may be ordered.
Clearance of imported metal scrap may proceed at ports that have not installed Radiation Portal Monitors or container scanners provided the customs formation is on EDI and enabled with RMS profiling; consignments should be scanned based on risk assessment where scanning exists, and commissionerates may order 100% examination where additional risks are present.
Auto Out of Charge under Express Cargo Clearance System (ECCS)
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Auto Out of Charge for ECCS shipments allows automatic release after X ray clearance, reducing the manual Out of Charge step.
Auto Out of Charge will automatically release goods under facilitated Courier Bills of Entry that have been cleared by Customs X ray screening, eliminating the manual step of forwarding X ray cleared CBEs to the Shed Superintendent/Appraiser solely for an Out of Charge order. Implementation responsibility lies with the systems directorate, and Chief Commissioners must issue Public Notices and Standing Orders; any implementation difficulties are to be reported to the Board.
Framework for issue of Depository Receipts
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Permissible Jurisdictions for Depository Receipts defined; issuers must list DRs only on specified international exchanges.
Issuance of Depository Receipts is permitted only in Permissible Jurisdictions and such DRs must be listed on specified International Exchanges; the Central Government has notified the list of Permissible Jurisdictions and SEBI has listed the corresponding International Exchanges in Annexure A. Stock exchanges and depositories must amend bye laws, rules and regulations, notify issuers and custodians, and disseminate the provisions on their websites to implement the framework under SEBI's regulatory powers.
Investment Policy of Clearing Corporations
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Overnight fund investments permitted for clearing corporations, treated as liquid assets, with a combined limit on liquid investments.
Clearing corporations may invest in Overnight Funds, which will be treated as Liquid Assets for net worth calculation, provided that combined holdings in Liquid Funds and Overnight Funds remain within the existing limit relative to a clearing corporation's investible resources; this amendment supplements prior permissions for specified fixed deposits, central government securities and liquid debt mutual fund schemes and is effective immediately.
Regarding compliance with the judgment passed by the Hon’ble Supreme Court in Civil Appeal No. 8941/2019 [SLP(C) No. 25291/2019].
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GST seizure compliance requires fresh processing under statutory rules, overriding interim release orders inconsistent with prescribed formalities.
Directions were issued to ensure compliance with the Supreme Court's judgment on seizure of goods and vehicles under GST. Interim orders allowing release on security, bank guarantee, cash deposit, or indemnity bond are not to be acted upon if they deviate from statutory requirements. Claims must instead be processed afresh strictly under the Act and relevant rules, and assessees must complete the prescribed formalities as mandated by law.
Regarding entry on departmental MMS module of details of writ petitions filed before the Hon’ble High Court, Allahabad against orders passed in respect of goods and vehicles detained during transportation by flying squad units.
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Writ petition monitoring for detained goods and vehicles requires entry of case details in the departmental module.
Goods and vehicles detained by flying squad units during transportation under the Uttar Pradesh Goods and Services Tax Act, 2017, gave rise to writ petitions before the Hon'ble High Court, Allahabad against detention orders. For monitoring disposed of and pending cases, a new H.C. Writ Status link has been created in the departmental MS Entry Module, and each flying squad unit must enter the prescribed particulars of every such writ petition.
Regarding entry of Weekly Deployment of Flying Squad Units in the departmental module
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Weekly deployment monitoring of flying squad units requires electronic entry of inspection purpose, timing and results.
Departmental monitoring of flying squad deployment required weekly deployment plans to be recorded in the electronic module after each week, so that the place, time, purpose and result of each deployment could be tracked and reviewed. Additional Commissioners Grade-2 (Enforcement) were to prepare weekly deployment programmes for subordinate flying squad units on the basis of available intelligence and local tax evasion patterns, and ensure that the required entries were made through the departmental portal within the prescribed post-week period.
Appointment of Common Adjudicating Authority
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Appointment of Common Adjudicating Authority permits Principal Director General to designate Commissioners to adjudicate DRI investigated cases efficiently.
The circular authorises the Principal Director General/Director General, DRI to appoint officers of the rank of Principal Commissioner or Commissioner of Customs as adjudicating authorities, in addition to Additional Director General (Adjudication). It prescribes that cases within a single commissionerate be assigned to the executive Principal Commissioner/Commissioner with jurisdiction, and that multi-commissionerate cases be assigned to the Principal Commissioner/Commissioner where the highest duty demand was made in the Show Cause Notice; operational difficulties are to be reported to the Board.
16/2019 - 28-11-2019 Companies Law
Extension of last date of filing of Form PAS-6
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Extension of Form PAS-6 filing deadline granted; filings allowed within sixty days after deployment of the form.
The Ministry extends the last date to file Form PAS-6 without additional fee for the half-year ended 30.09.2019 to sixty days from the date of deployment of the form on the Ministry's website, the extension being issued with competent authority approval.
15/2019 - 28-11-2019 Companies Law
Relaxation of additional fees and extension of last date in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- UT of J&K and UT of Ladakh
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Filing deadline extension: companies in J&K and Ladakh may file AOC 4 and MGT 7 without additional fees.
Extension of the due date applies to electronic filing of e forms AOC 4 (including AOC 4 CFS and AOC 4 XBRL) and e form MGT 7 for companies within the Union Territories of Jammu & Kashmir and Ladakh, permitting submission without levy of additional fee until the extended date specified by the Ministry.
Guidelines for preferential issue of units and institutional placement of units by a listed Infrastructure Investment Trust (InvIT)
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Preferential issue of units: listed InvITs subject to prescribed eligibility, pricing, lock in and disclosure requirements.
Guidelines set the regulatory framework for listed InvITs to conduct preferential issues and institutional placements only after unitholder approval, minimum prior listing periods, and in principle exchange approval; they impose dematerialised allotment, caps on private placement recipients, distinct pricing methods for frequently and infrequently traded units (market VWAP formulas or NAV-based valuation), specified lock in and transfer restrictions by allottee category, strict allotment timelines with refund and interest liabilities on default, and detailed disclosure and placement document requirements with lead manager due diligence.

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Valuation under the Insolvency and Bankruptcy Code, 2016: Appointment of Registered Valuer

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Registered valuer requirement: only IBBI-registered valuers may perform insolvency valuations; payments to unregistered valuers excluded.
Only valuers registered with the Board under the Companies (Registered Valuers and Valuation) Rules, 2017 are authorised to conduct valuations required ... Summary

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Acts Income Tax