Rebate of State Levies converted to transferable electronic duty credit scrips usable for customs and central excise duty payment.
Pending claims under the Rebate of State Levies scheme will be settled by issuance of electronic duty credit scrips that are freely transferable and usable for payment of specified Customs and Central Excise duties; recoveries of any excess payments will be effected by the regional authority of the issuing agency and instances of misuse must be reported to the nominated nodal official as per the prescribed procedure.

Job work under Section 65: inputs may be sent out for processing with strict accounting, identity preservation and customs compliance.
Only inputs may be sent out from a Section 65 unit for job work; capital goods may be sent out only for repair with bond officer permission. Job work requires prior deposit and accounting of imported goods in the Section 65 premises, preservation of identity during processing, return or export/clearance in line with MOOWR procedures and GST timelines, and maintenance of prescribed records. The bond remains in force; violations will be deemed home consumption with duties, interest and penalties. Section 65 units may perform job work for others and may source goods from FTWZ/SEZ following applicable procedures.

Supporting document addition: upload to eSanchit, generate IRN and file ICEGATE amendment so officer can view.
To add supporting documents to a Bill of Entry, upload the documents to eSanchit and generate IRN(s), then file an amendment to the Bill of Entry (online via ICEGATE or through the Service Centre) to tag those documents; additions are auto-approved while deletions require officer approval, and query replies should be sent only after completing the upload-and-amendment steps so officers can view the documents.

SaaS-based GRC solutions risk cross-border exposure; keep critical financial data within India and report compliance accordingly.
Advisory warns that SaaS use for GRC can move critical risk and compliance data beyond India's jurisdictions and advises keeping such data within India, using layered defence and continuous monitoring under direct control and supervision, and reporting compliance via half-yearly filings to exchanges/depositories and direct undertakings to the regulator; the advisory is effective immediately.

Creation of Security: trustees must verify and certify security creation and due diligence before listing of debt securities.
Issuers must provide detailed documents and consents at the time of entering into the debenture trustee agreement, including title deeds, registration evidence, consents/NOCs from existing charge holders, guarantee documentation and depository pledging undertakings. Debenture trustees shall independently perform due diligence-verifying registrations, conditional consents, guarantor financials, and commissioning valuation, title and ROC searches-and issue prescribed due diligence certificates at draft filing and prior to listing. Charges must be created, debenture trust deeds executed, and charges registered with relevant registries within the stipulated period; listing is conditional on receipt of the trustee's listing-stage due diligence certificate.

Schemes of Arrangement compliance: stock exchanges must verify filings and issue no-objection before SEBI referral and listing.
Stock exchanges must verify compliance with securities laws before referring draft schemes to the Board. Listed entities must furnish an Audit Committee report addressing rationale, need, synergies, shareholder impact and cost-benefit analysis; a Committee of Independent Directors' report confirming no detriment to shareholders; and a valuation by a Registered Valuer. Exchanges must issue a consolidated No-Objection letter before the Board provides comments, and transferee entities must complete simultaneous listing and prescribed disclosures, including restated audited financials, shareholding patterns, risk factors and litigations, prior to commencement of trading.

Job work in bonded warehouses clarifies allowable removals, procedures and duty treatment for inputs and capital goods.
Only inputs may be sent from a Section 65 unit for job work; capital goods may be sent out only for repair with bond officer permission. Job work requires initial deposit and accounting in the Section 65 premises, maintainable identity of goods, and on completion goods may return to the unit or be exported/cleared from the job worker's premises with removal date deemed as warehouse removal; scrap must be returned or cleared on duty payment. Moulds, tools and similar items may be sent for exclusive use by the job worker, with GST-aligned timelines and continued bond obligations; violations trigger duty, interest and penalties.

Rebate of State Levies converted into electronic duty credit scrips by DGFT usable for payment of customs and central excise duties.
Pending Rebate of State Levies (RoSL) claims that could not be paid due to budget limitations will be granted by DGFT as electronic duty credit scrips on the lines of RoSCTL. These scrips will be freely transferable and may be utilised for payment of specified Customs and Central Excise duties as notified. DGFT regional authorities are responsible for recovery of any excess benefits and a DGFT nodal officer has been designated to receive reports of misuse; public notices and standing orders should be issued for guidance.

Condonation of delay in filing audit report for exemption claims: commissioners may admit belated applications subject to reasonable cause.
Commissioners of Income-tax are authorized to admit belated applications for condonation of delay in filing Form No. 10BB where the applicant establishes they were prevented by reasonable cause. Failure to furnish Form No. 10BB electronically with the return disentitles the entity from claiming exemption. Commissioners must dispose of earlier-year applications by the stated administrative deadline, and may admit applications for later years where delay is within the prescribed one year period and decide on merits.

Current account discipline deadline extended pending operational FAQs; banks must comply with applicable instructions as clarified.
The Reserve Bank extended the deadline for banks to comply with the Para 4 operational requirements on maintenance of current and CC/OD accounts, pending issuance of a clarifying FAQ addressing banks' operational queries. Banks must meet the applicable instructions by the extended compliance date, and all other directions of the August 6, 2020 circular remain unchanged.

Authorized SEZ developer operations: office space provision for regulatory and security authorities permitted by default.
The Instruction replaces entry 10 of the Annexure to prior guidance, authorising developers and approved co-developers by default to provide office space for the Development Commissioner, Customs, IFSC Authority, security personnel and State Government staff within Special Economic Zones, thereby treating such accommodation as a routine developer-authorised operation.

Cumulative application of rule 36(4) limits input tax credit claims; excess credit must be reversed in the September return.
Clarification directs taxpayers to cumulatively reconcile ITC claimed in FORM GSTR 3B for February-August 2020 with supplier uploaded invoice details available up to the due date of FORM GSTR 1 for September 2020, ensuring cumulative ITC availed does not exceed 110% of cumulative eligible credit reflected in supplier uploads; any excess must be reversed in Table 4(B)(2) of FORM GSTR 3B for September 2020, subject to the overall credit limits under section 16 of the APGST Act.

Reduced GST interest rates provide staged relief and conditional late-fee waivers for specified tax periods under revised notifications.
Notifications amend earlier reliefs by prescribing staged interest relief for specified GST tax periods: for taxpayers above Five Crore aggregate turnover an initial zero-interest window followed by a reduced interest rate until the notified cut-off after which normal interest applies; for taxpayers below Five Crore a longer zero-interest window followed by reduced interest until the end of the relief period and normal interest thereafter. The notifications also conditionally waive late fee where returns are filed by prescribed dates, with late fee otherwise payable from the original due date until filing.

GST on director remuneration: non-employee directors' fees attract reverse charge; salary components remain exempt under Schedule III.
For directors who are not employees, remuneration is taxable and the company must discharge GST under reverse charge. For directors who are employees, amounts treated as salaries and subjected to salary TDS are not taxable under Schedule III, while components separately treated and subjected to TDS as professional or technical fees are taxable and subject to reverse charge by the company.

Refund of accumulated input tax credit restricted to supplier uploaded invoices; imports, ISD and reverse charge credits remain admissible.
Refund of accumulated Input Tax Credit (ITC) is restricted to ITC supported by invoices uploaded by the supplier in FORM GSTR-1 and reflected in the applicant's FORM GSTR-2A; refunds based on invoices not so reflected are not admissible. This restriction does not alter the refund treatment for ITC on imports, ISD credits, or inward supplies subject to reverse charge, which continue under the prior practice.

IRP/RP GST registration requirement clarified; exceptions for non defaulting corporate debtors and changes treated as authorized signatory.
Clarification amends the IRP/RP GST registration procedure to extend the time for obtaining separate registration and provides that corporate debtors who have furnished FORM GSTR 1 and FORM GSTR 3B for all tax periods prior to IRP/RP appointment need not obtain a fresh registration; changes in IRP/RP after initial appointment are to be treated as changes of authorized signatory. The circular also extends the merchant exporter 90 day export requirement and the due date for filing FORM GST ITC 04 for the March quarter in line with COVID period time limit relief.

Input tax credit reconciliation requires cumulative matching of supplier-uploaded invoices for February through August, with excess credit reversed in September.
Cumulative input tax credit reconciliation is required between credit availed in FORM GSTR-3B for February to August 2020 and eligible supplier-uploaded invoices or debit notes. Aggregate credit for those months cannot exceed 110% of cumulative eligible credit uploaded within the prescribed period, without enlarging the maximum credit otherwise available under statutory input tax credit conditions. Excess credit identified through reconciliation must be reversed in Table 4(B)(2) of FORM GSTR-3B for September 2020; failure to do so is treated as availment of ineligible input tax credit in that month.

Tariff rate quota for potato imports requires online ANF application; allocations discretionary and port arrival deadline enforced.
Imports of potatoes are permitted under a tariff rate quota at a specified in-quota tariff rate for the announced period; consignments must arrive by the scheme closing date. Applicants must file online using the prescribed ANF form, pay the application fee per the Appendices, submit only one application per IEC, and accept that the DGFT may revise allocations and will not accept hard-copy submissions.

Serving copy of application to the Board required; online submission issues an acknowledgement to be quoted when filing.
Applicants initiating corporate insolvency resolution must serve a copy of the application on the Insolvency and Bankruptcy Board of India prior to filing with the Adjudicating Authority. The Board's website provides an online submission facility using the Annexure A format and Annexure B guide; applicants upload a scanned PDF of the application and, on submission, receive an acknowledgement ID which must be quoted when filing and for all references with the Board.

Deletion of Standard Input Output Norms removes duplicate export norm entry, retaining the more precise norm with immediate effect.
Deletion of Standard Input Output Norms A 468 is enacted under Paragraph 1.03 of the Foreign Trade Policy, 2015-20, removing a duplicated export norm entry for 4,4 Diamino Diphenyl Amine 2 Sulphonic Acid because the norms at the retained entry (A 465) are more precise; SION A 468 is deleted with immediate effect to consolidate the applicable SION.