Job work under concessional import rules expands duty concessions while imposing structured compliance, reporting, and penalty obligations.
The IGCR Rules now permit Job Work under concessional import treatment (excluding sensitive sectors), allow importers to bring capital goods at concessional duty and later clear them on payment of differential duty and interest, and bring certain end use exemptions within the IGCR procedural framework. Importers must give a one time prior intimation, furnish a continuity bond, provide consolidated pre import intimations, maintain and produce detailed accounts, file quarterly returns, and face duty, interest and prescribed penalties for non compliance. CBIC is enabling electronic compliance via ICEGATE and email communications.

Import policy change for pulses: restricted classifications converted to free imports subject to Lading and clearance deadlines.
Import policy for pulses under HS Code 0713 (Tur/Pigeon Peas, Moong, Urad) is revised from Restricted to Free with immediate effect until 31st October 2021; Bills of Lading must be dated on or before 31st October 2021 and consignments deben cleared by Customs on or before 30th November 2021. Customs are directed to expedite clearance and report difficulties to the Board.

Pending customs refunds and duty drawback claims receive priority processing through a special disposal drive for exporters and MSMEs.
Pending Customs refunds, IGST refunds and duty drawback claims are prioritised for processing and disposal under a Special Refund and Drawback Disposal Drive running from 15 May to 31 May 2021. Exporters, customs brokers and trade or industry associations are requested to assist claimants in furnishing documents required for pending claims. Communications on pending drawback claims are to be made through the designated drawback email channel, and designated personnel serve as contact points for drawback and IGST-related matters.

Extension of compliance timelines for REITs and InvITs filings due to pandemic-related restrictions, under regulator powers.
Regulatory filings and compliance obligations for InvITs and REITs for the period ending March 31, 2021 are extended by one month beyond timelines prescribed under the InvIT Regulations and the REIT Regulations and related circulars due to disruptions from the second wave of the COVID-19 pandemic; the extension is issued by the securities regulator under its statutory powers and applies to InvITs, REITs, their parties, recognised stock exchanges and depositories.

Acceptance of undertaking in lieu of bond restored for customs clearance; proper bond must replace undertaking by specified deadline.
Acceptance of an undertaking in lieu of bond for customs clearance is restored until 30.06.2021; undertakings furnished must be replaced with a proper bond by 15.07.2021. All terms and conditions from Circular No.17/2020, as amended by Circular No.21/2020, continue to apply. The facility is issued to mitigate trade difficulties during COVID 19 lockdowns and the Trade Notice is to be treated as a standing order for officers, with difficulties to be reported to the Additional Commissioner (Technical) by email.

Special Refund and Drawback Disposal Drive to prioritise processing of pending customs refund and drawback claims.
Implementation of a Special Refund and Drawback Disposal Drive to prioritise disposal of all pending customs refund, IGST refund and customs duty drawback claims pending as on the day before the Drive. Principal Chief Commissioners and Chief Commissioners must monitor daily performance, guide officers to maximise disposal, and coordinate with trade associations to obtain required documents. Processing must follow all relevant legal provisions with due diligence; communications should be by email where available, deficiency memos should be reviewed and refunds/drawback considered on merit, and the Drive should be widely publicised.

Change in control of portfolio managers requires prior approval via online portal; approval valid six months.
A Portfolio Manager must obtain prior approval for any change in control by applying online through the intermediary portal; such approval is valid for six months, within which a fresh registration application resulting from the change must be filed, and existing investors must be informed of the proposed change prior to effecting it.

Sponsor contribution treated as Overseas Direct Investment, permitting overseas AIF setup under automatic route with regulatory compliance.
Sponsor contributions by an Indian Party to an Alternative Investment Fund established in an overseas jurisdiction, including in an International Financial Services Centre, are to be treated as Overseas Direct Investment and may be undertaken under the automatic route provided the sponsor complies with Regulation 7 of the relevant FEMA notification; other provisions of the notification remain unchanged and the Master Direction will be updated accordingly.

RCMC validity extension: expired certificates accepted for incentives and authorizations until 30 September 2021.
Regional Authorities of DGFT will not insist on a valid RCMC where the certificate expired on or before 31 March 2021 for applicants seeking any incentive or authorization; this concession applies until 30 September 2021. Export Promotion Councils will collect applicable RCMC fees for 2021-22 upon restoration of normalcy.

Export authorisation for restricted items must be filed through DGFT new online Restricted Exports module; pending applications migrated.
Authorisations for export of restricted items (Non-SCOMET) must be applied for, amended and re validated exclusively through the new online Restricted Exports module on the DGFT website; export authorisations will be issued centrally from the headquarters via this module, and all pending applications will be migrated and processed in the new system.

Business Responsibility and Sustainability Reporting requires standardized ESG disclosures by listed companies, replacing prior BRR framework.
The BRSR requires listed entities to disclose standardized ESG information against the nine principles of the National Guidelines on Responsible Business Conduct, with reporting divided into mandatory essential indicators and voluntary leadership indicators; the BRSR format and guidance note replace the prior BRR template. The regime aims to produce quantitative, comparable disclosures to aid investor decisions and stakeholder engagement, allows cross referencing to international frameworks, and makes filing mandatory for the largest listed companies by market capitalization from the specified financial year, with dissemination directed via stock exchanges.

Undertakings in lieu of customs bonds restore clearance flexibility, subject to eligibility, security requirements, recordkeeping, and timely bond replacement.
Acceptance of an undertaking in lieu of bond is restored for specified customs-clearance cases during lockdown-related constraints. Eligible applicants include Government and public sector entities, manufacturer or actual-user importers, authorised economic operators, status holders, and warehousing importers. The undertaking must substantially reflect prescribed bond terms, be submitted through registered email, be uploaded on e-Sanchit, and be replaced with a proper bond by the stipulated date. Mandatory security remains separately payable, and warehoused-goods movement or ownership changes remain restricted to specified eligible categories.

Nodal Authority appointment for customs certification of Covid-19 relief imports ensures coordinated clearance for distribution materials.
Appointment of a Nodal Authority for issuance of certificates to customs authorities authorising import of Covid-19 related relief materials meant for distribution. Dr. Sudip Bhowmik, TCS, Deputy Commissioner of Taxes, is designated for this function, with contact details provided for coordination. The order is issued pursuant to the Ministry of Finance communication on certification for customs clearance of such relief imports.

Undertaking in lieu of bond facilitates customs clearance during lockdown constraints, subject to timely replacement with a proper bond.
Customs clearance facilitation restores acceptance of an undertaking in lieu of the bond otherwise required in specified clearance cases during lockdown-related constraints. The facility applies from 8 May 2021 until 30 June 2021. Importers or exporters availing it must replace the undertaking with a proper bond by 15 July 2021. Existing terms and conditions governing the undertaking-for-bond mechanism, including their amendment, remain unchanged.

Acceptance of undertaking in lieu of bond restored temporarily; importers/exporters must later replace undertakings with proper bonds.
Restoration of the facility for acceptance of undertaking in lieu of bond allows importers/exporters to furnish an undertaking instead of a formal bond for Customs clearance during the temporary revival; such undertakings must be replaced by proper bonds within the prescribed replacement period, and the terms and conditions of the earlier circulars (as amended) continue to apply.

Deemed export refund entitlement clarified: recipients may claim refunds with ITC debit and adjusted turnover rules apply.
Removes a prior restriction preventing recipients of deemed export supplies from availing ITC when claiming refunds while requiring debit of the equivalent ITC from the electronic credit ledger to avoid dual benefit; extends relaxation for misreported zero rated supplies in GSTR 3B allowing refund filings up to 31.03.2021 subject to aggregate table caps; and directs that the amended 1.5x cap on turnover of zero rated goods applies when computing Adjusted Total Turnover under Rule 89(4), illustrated by an example.

Interest relief measures for delayed GST returns reduce rates and conditionally waive late fees if returns filed within specified periods.
Sets out phased interest relief and conditional late fee waiver for delayed GST returns: for larger taxpayers an initial nil interest window followed by a reduced interest period before resumption of the normal rate; for smaller taxpayers an extended nil interest window and subsequent reduced interest period before normal rates apply; late fee waiver applies only if returns are filed within dates specified in the notifications, otherwise late fee accrues from the original due date until filing.

IRP/RP registration and related GST compliance clarified; extensions and authorized signatory procedures provided for COVID affected periods.
Clarifies GST compliance for insolvency professionals and COVID affected taxpayers: IRP/RP registration deadlines are extended and corporate debtors who have filed prior GST returns need not obtain separate registrations; replacement of IRP by RP constitutes a change of authorized signatory rather than a fresh registration. Merchant exporter export period and due date for FORM GST ITC 04 are extended where the original compliance period fell within the COVID affected window. Field formations must apply these interpretations and may assist with authorized signatory amendments.

GST refunds and adjustments: credit notes, refund vouchers or prescribed refund forms govern reversal of tax and excess payment claims.
Where a tax invoice was issued and GST paid on an advance or on goods later returned, the supplier must issue a credit note and declare it in the return to adjust tax liability; a separate refund claim is unnecessary unless no output liability exists, in which case a claim for excess tax payment may be filed through the prescribed refund procedure. If advances were recorded by receipt voucher without issuance of invoice, the supplier must issue a refund voucher and may apply for refund as excess payment under the prescribed refund form.

Reduced Interest Relief for GST returns: conditional nil/low interest and late-fee waivers subject to filing by specified dates.
Clarification prescribes COVID-19 relief measures under West Bengal GST: extended filing windows for composition scheme statements and annual returns; conditional reduced interest (nil for initial 15 days then a lower rate) and waiver of late fees for FORM GSTR-3B for Feb-Apr 2020 subject to filing by specified cut-offs and turnover thresholds; waiver of late fees for FORM GSTR-1 if filed by the extended date; cumulative application of rule 36(4) for Feb-Aug 2020 with adjustment in Sept 2020 return; extension of e-way bill validity and suspension of time limits for certain withholding, collection and other returns until the extended date.