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14/2020 - 20-07-2020 Income Tax
Clarification in relation to notification issued under clause (v) of proviso to section 194N of the Income-tax Act, 1961 (the Act) prior to its amendment by Finance Act, 2020 (FA, 2020)
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TDS on cash withdrawals: specified pre amendment exemptions remain valid under the amended proviso, subject to conditions.
Three pre-amendment notifications exempted specified entities-cash replenishment agencies and WLATMO franchisees for ATM cash replenishment; APMC commission agents/traders registered under state APMC laws; and authorised dealers/FFMCs and their agents for specified foreign exchange purchases and remittance disbursements-from TDS under section 194N subject to conditions. Following amendment, the proviso became the fourth proviso; the Board clarifies that the three notifications shall be deemed issued under the fourth proviso and the exemptions continue to be subject to their stated conditions.
139/09/2020 - 20-07-2020 GST - States
Clarification on refund related issues
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Refund of Input Tax Credit limited to ITC matching supplier-filed GSTR-1/GSTR-2A; imports and RCM treatment unchanged.
Refund of accumulated Input Tax Credit is restricted to ITC supported by supplier invoices uploaded in FORM GSTR-1 and reflected in the applicant's FORM GSTR-2A, modifying earlier practice that allowed refunds based on applicant-uploaded missing invoices. Treatment of ITC for imports, ISD invoices and inward supplies under Reverse Charge remains unchanged and continues as before.
135/05/2020 - 20-07-2020 GST - States
Clarification on refund related issues
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Refund of Input Tax Credit: clubbing across financial years allowed; ITC refunds limited to GSTR 2A matched invoices.
The circular removes the restriction on clubbing refund claims across financial years, clarifies that accumulated ITC due to a rate reduction on the same goods is not refundable as inverted structure accumulation, mandates proportional refund in original modes of payment with ITC amounts re credited to the electronic credit ledger, restricts ITC refunds to invoices uploaded by suppliers and reflected in GSTR 2A, and requires HSN/SAC codes in Annexure B where provided by suppliers; effective March 31, 2020.
134/04/2020 - 20-07-2020 GST - States
Clarification in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016
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Corporate insolvency GST rules: registration continuity, first-return ITC claims, and cash ledger refunds clarified under special procedure.
Pre-insolvency GST dues are operational debt and must be claimed before the insolvency tribunal; coercive recovery is barred during the moratorium. GST registration of a corporate debtor undergoing CIRP should not be cancelled and may be suspended; revoked cancellations within the revocation period should be restored. IRP/RP need not file pre-insolvency returns but must obtain new registrations where required and file the first return covering their period of liability, during which they may avail input tax credit on invoices bearing the erstwhile GSTIN under the special procedure, subject to general input credit conditions and limited exceptions.
133/03/2020 - 20-07-2020 GST - States
Clarification in respect of apportionment of input tax credit (ITC) in cases of business reorganization under section 18(3) of HPGST Act read with rule 41(1) of HPGST Rules
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Apportionment of input tax credit: apply state-level asset-value ratio as on appointed date to determine transferable ITC.
Clarification requires apportionment of unutilized input tax credit in reorganisations by applying the asset-value ratio specified in the demerger scheme; "value of assets" means entire business assets. Apportionment is to be performed at each State registration level, applies to the aggregate ITC (CGST, SGST/UTGST and IGST) and cess, and transfers use the ITC balance on the date of filing Form GST ITC-02. The asset ratio is to be taken as on the appointed date of demerger.
SEBI/HO/DDHS/DDHS/CIR/P/2020/123 - 17-07-2020 SEBI
Manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(6A) and Regulation 22(8) of SEBI Real Estate Investment Trusts Regulations, 2014 (“SEBI (REIT) Regulations”)
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Exit option to dissenting unitholders: structured tendering, escrow safeguards, lead manager due diligence, and prescribed exit price benchmarks.
An Acquirer required to provide an exit option must appoint registered lead manager(s) to send a Letter of Offer to all dissenting unitholders, file the LoF and due diligence certificate with the stock exchange(s), create an escrow (cash and/or bank guarantee) before tendering, conduct a five-working-day tender commencing on the seventh working day from Date of Intimation, pay accepted unitholders within three working days of tender close, and determine the exit price as the highest of prescribed benchmarks or a valuation where units are not frequently traded; proportional acceptance is required to maintain minimum public unitholding.
SEBI/HO/DDHS/DDHS/CIR/P/2020/122 - 17-07-2020 SEBI
Manner and mechanism of providing exit option to dissenting unit holders pursuant to Regulation 22(5C) and Regulation 22(7) of SEBI Infrastructure Investment Trusts Regulations, 2014 (“SEBI (InvIT) Regulations”)
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Exit option mechanism for dissenting unitholders under SEBI InvIT Regulations: prescribed process, valuation benchmarks and escrow safeguards.
Regulation 22(5C) and 22(7) require an acquirer to provide an exit option to dissenting unit holders; the circular prescribes appointment of registered lead manager(s) to prepare and disseminate a Letter of Offer, conduct due diligence and file certificates, use stock-exchange tendering and settlement mechanisms, create escrow by cash and/or bank guarantee, follow specified timelines for notice, voting, tendering and payment, compute the exit price by defined market and valuation benchmarks, and ensure proportional acceptance where public unitholding minima would otherwise be breached.
PUBLIC NOTICE No. 54/2020 - 17-07-2020 Customs
Requirement of Veterinary Certificate for import of Milk, Milk Products and Edible Lactose into India- Amendment to Public Notice No. 43/2020 dated 22.05.2020
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Veterinary Certificate requirement: one-time AQCS clearance allowed for certain milk products with sanitary certification.
The Department of Animal Husbandry and Dairying permits a one-time administrative AQCS clearance for certain milk products subject to fulfilment of sanitary and hygienic certification, with the relaxation being non-precedential; the Commissionerate has amended the public notice accordingly while leaving other provisions unchanged.
PUBLIC NOTICE No. 53/2020 - 17-07-2020 Customs
Requirement of AGMARK certification prior to import of Blended edible vegetable oils
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AGMARK certification requirement now mandatory before import of blended edible vegetable oils; non-compliance attracts customs penalties.
Imports of Blended Edible Vegetable Oils are allowed only in sealed, tamper proof packages not exceeding 15 kilograms, labelled as "Blended Edible Vegetable Oil" and bearing AGMARK certification; imports without AGMARK are prohibited. BEVO must comply with the Food Safety and Standards Act and related regulations, and clearance will follow the FSS (Import) Regulations, 2017. Non compliance with certification, labelling, packaging or import procedure may attract penal action under the Customs Act, 1962.
F.IV/22/HR/T&T/GST/DR/2017/3415-3421 - 17-07-2020 GST - States
Appointment of Nodal Officer for GST Audit
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GST audit nodal officer appointment assigns additional duties with immediate effect pending further administrative orders.
Naresh Kumar, Assistant Commissioner, W-62, is appointed as Nodal Officer for GST Audit in addition to his existing official duties. The appointment takes immediate effect and continues until further orders, with prior approval of the competent authority.
CBEC-20/06/11/2020-GST/1137 - 17-07-2020 GST
Removal of Pendency of registration application filed during COVID period
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Deemed approval of GST registration resumed; pending applications to be cleared before automatic approval by specified dates under revised timeline.
Deemed approval of GST registration under section 25(10) and rule 9 was suspended during the COVID lockdown and has now been restored: deemed approvals were granted for applications pending as on 30 June 2020 unprocessed till 15 July 2020; the three day deemed approval rule resumes from 1 August 2020. A special drive must dispose of pending applications by 30 July 2020, with daily monitoring through 28 July, and jurisdictional officers may perform physical verification for applications technically deemed during lockdown.
Standing Order No. 06/2020 - 16-07-2020 Customs
Setting up of Turant  Suvidha Kendra (TSK) for faceless assessment
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Faceless assessment facilitation: Turant Suvidha Kendras centralise bond and document verification for remote customs appraisal.
TSKs are established to facilitate the phased roll-out of faceless assessment by centralising receipt, verification, custody and electronic marking of Bonds, Bank Guarantees and physical documents uploaded to e-Sanchit. Officers have defined roles: senior officers accept Bonds/BGs and perform legal checks; superintendents supervise acceptance/cancellation; inspectors and tax assistants conduct scrutiny, maintain registers, ensure safe custody, scan and cross-reference documents, and mark verified/defaced items in the system. Workflow includes register entry, ICES job generation, dual hard copy and electronic acceptance, and retention/forwarding protocols for warehousing bonds. Single continuity bonds to be accepted only post roll-out.
PUBLIC NOTICE NO. : 50/2020 - 16-07-2020 Customs
Turant Customs — Turant Suvidha Kendra and Other Initiatives for Contactless Customs
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Turant Customs contactless procedures: nationwide Turant Suvidha Kendras enable faceless assessment and electronic submission of trade documents.
Extension of Turant Suvidha Kendras to all customs formations to act as single point interfaces for electronic document verification under faceless assessment; electronic reliance on e Sanchit for assessment and CCV, limited physical submissions at TSKs with safekeeping procedures, continued verification during physical examination, ICEGATE functionality for online AD code and bank account registration with e Sanchit uploads and status dashboard, and automated ICES debit of bonds when bond details accompany the bill of entry.
F.17(154)ACCT/GST/2018/5819 - 16-07-2020 GST - States
Regarding nomination in the State level Screening Committee on Anti-Profiteering.
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Anti-profiteering screening committee nomination appoints an Additional Commissioner as the State Government officer under the Rajasthan GST framework.
The Chief Commissioner, State Tax nominates an Additional Commissioner, State Tax to act as an officer of the State Government on the State-level Screening Committee on Anti-Profiteering. The nomination is made under the Rajasthan Goods and Services Tax framework pursuant to the power to appoint officers and the related Finance Department notification.
F. No. 225/349/2019/ITA.II - 16-07-2020 Income Tax
Order under section 138(1)(a) of the Income-tax Act, 1961 for sharing of Information between CBDT and FIU-IND for effective processing of Cash Transaction Reports
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Information sharing under tax law: designated income-tax authority to provide PAN-linked CTR data to FIU-IND for analysis.
The Principal Director General of Income-tax (Systems), New Delhi is designated as a specified income-tax authority to furnish CTR-related information to FIU-IND: where FIU-IND has PAN, specified fields including PAN, name, parent/spouse name, addresses, PAN creation date, DOB/incorporation date, last return year, income and turnover ranges and other requested information will be shared; where PAN is absent, a PAN database dump will be supplied to enable subsequent sharing of the specified data fields.
SEBI/HO/DDHS/CIR/P/2020/121 - 15-07-2020 SEBI
Relaxation from compliance with provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“ILDS Regulation”), SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013 (“NCRPS Regulations”) and SEBI Circulars relating to Listing of Commercial Papers.
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Listing financials relaxation - issuers may use Dec 31, 2019 financials for imminent NCD/NCRPS/CP listings due to audit delays.
SEBI permits listed issuers who issued NCDs, NCRPS or CPs on or after July 1, 2020 and intend to list them on or before July 31, 2020 to use available financials as of December 31, 2019 for listing purposes, addressing delays in finalising annual accounts for the year ending March 31, 2020. The relaxation is subject to the SEBI ILDS and NCRPS Regulations, related circulars, and the Companies Act, 2013, and stock exchanges must notify and disseminate the circular.
Public Notice No. 14/2020 - 15-07-2020 Customs
Setting up of the Turant Suvidha Kendra (TSK) for faceless assessment
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Faceless assessment facilitation: single-point TSK to verify e-Sanchit documents and manage bond acceptance for imports.
A Turant Suvidha Kendra at Mundra is established to support faceless assessment by accepting bonds, verifying documents uploaded on e-Sanchit, and performing physical actions like defacement and debiting where required. Importers must upload supporting documents to e-Sanchit before presenting originals; TSK officers will match soft copies to originals, record verification and defacement/debiting in the ICES system, and make confirmations available to Assessment and OOC officers. The TSK will accept a wide range of bonds and will acknowledge all documents received.
Public Note No. 14/2020 - 15-07-2020 Customs
Setting up of the Turant Suvidha Kendra (TSK) for faceless assessment
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Turant Suvidha Kendra centralises bond acceptance and document verification to enable system based faceless assessment processing.
A Turant Suvidha Kendra at Mundra centralises acceptance of various import related bonds and physical document handling to support faceless assessment. Importers must upload supporting documents to e Sanchit before presenting originals; TSK officers will match electronic uploads with originals, perform defacement/debiting where required, and record verification outcomes in ICES so Assessment and CCV officers can rely on system confirmations, while examination stage validations with goods continue as before.
33/2020 - 15-07-2020 Customs
Amendments to the All Industry Rates of Duty Drawback effective from 15.07.2020
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All Industry Rates of Duty Drawback updated: higher rates for footwear and gold, reclassification of vinyl sulphone ester, AMT cars included.
Amendments to the All Industry Rates (AIRs) of Duty Drawback increase AIRs and caps for specified leather footwear and gold jewellery, rationalise rates for silver jewellery, reclassify Vinyl Sulphone Ester to a corrected tariff item while preserving its rate and cap, and broaden motor car tariff descriptions to include Automated Manual Transmission so AMT cars can claim the same AIRs as Manual Transmission vehicles; the Board requires issuance of public notices and reporting of implementation difficulties.
13/(2015-2020) - 15-07-2020 DGFT
Procedure for allocation of import authorization of Power tillers
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Import authorization restrictions for power tillers impose eligibility, cap and technical compliance requirements for importers.
Allocation of import authorizations for power tillers is limited by a cumulative cap of 10% of prior year import value per firm (including components). Only manufacturers with at least three years' business presence and minimum historical sales qualify. Authorizations require valid type/batch test reports from the designated testing institute, emission approval, CMVR compliance, and proven infrastructure for training, post sales service and spare parts. Imported tillers must meet IS: 13539 or higher specifications.

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Transshipment Permission to M/S Interglobe Aviation Limited, New Delhi to transship imported cargo to and from Air Cargo Complex Ne» Delhi to other Air Cargo Complexes viz. Mumbai, Kolkata, Bengaluru, Hyderabad, Chennai, Jaipur, Lucknow, Cochin, Trivandrum and Varanasi through the flights operated by them

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Transshipment permission renewed for air carrier to move imported cargo between designated air cargo complexes, subject to customs conditions.
Renewal of transshipment permission to M/S Interglobe Aviation Ltd permits transshipping imported cargo between New Delhi Air Cargo Complex and specified ... Summary

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