IND AS adoption for mutual funds mandates IND AS financial statements, specified formats, disclosures and expense treatment for transaction costs.
Mandated IND AS adoption requires mutual fund schemes to prepare an opening balance sheet at transition and IND AS comparatives, use the Annexure A financial statement formats at scheme level, and provide specified disclosures including classification of assets/liabilities, accounting policies, impairment and defaulted security details, and percentage of income/expenditure to average net assets. Prior GAAP per unit statistics need not be restated for two years but must be labelled as non IND AS with the nature of adjustments disclosed. Brokerage and transaction costs must be expensed consistent with IND AS; specified execution costs may be charged to schemes and excess amounts only within the overall Total Expense Ratio.

Prospectus disclosure requirements: revised abridged prospectus and front-cover formats require KPI substantiation and QR code linkage.
SEBI prescribes revised formats for abridged prospectuses (Annexure A) and front outside cover pages (Annexure B) applicable to all issues opening after the circular, requiring issuers and merchant bankers to ensure accurate, non-misleading disclosures; qualitative statements must be supported by Key Performance Indicators; abridged prospectuses must be made downloadable via issuer/lead manager/registrar websites and linked in price band advertisements; QR codes linking to prospectus materials are mandated; stock exchanges must disseminate the circular; and prescribed content includes offer particulars, timelines, WACA data, limited risk and litigation summaries, financial snapshots and issuer/selling shareholder responsibility declarations.

Late-fee waiver for delayed advance Bills of Entry applies where budget-related system downtime prevented timely electronic filing.
Late fees for delayed advance Bills of Entry are waived where filing was prevented by the temporary ICEGATE shutdown for ICES updation following Budget 2022-23 changes. The waiver covers belated Bills of Entry for consignments granted entry inwards on 2 and 3 February 2022. A two-day waiver applies to advance Bills of Entry due by 1 February 2022, and a one-day waiver applies to those due by 2 February 2022. ICEGATE filing services were fully enabled on 3 February 2022.

Most favoured nation clause: import of concessional treaty treatment requires OECD membership at signing and domestic notification.
The MFN clause permits importing a lower rate or restricted source taxation scope from a later India-third State treaty into an earlier India-OECD State treaty only if the third State was an OECD member when India concluded the later treaty, the later treaty was concluded after signature/entry into force of the earlier treaty as required by the MFN wording, India limited its taxing rights in the later treaty for the relevant income items, and India issues the required domestic notification implementing the treaty benefit; unilateral foreign decrees lacking bilateral consultation are not binding on India.

Extension of DVAT return filing granted for the quarter, deadline moved while tax payment obligations remain unaffected.
Dealers may file DVAT returns for the quarter ending 31.12.2021 in Forms DVAT-16, DVAT-17 and DVAT-48 with required annexures up to 12.02.2022 under the Commissioner's power to extend prescribed periods. The extension does not affect the obligation to pay tax, which remains payable in the usual manner, and dealers filing with a digital signature need not submit a hard copy of the return/Form DVAT-56.

Waiver of late filing fee for Bills of Entry affected by ICEGATE downtime during Budget update, preserving compliance relief.
Waiver of late filing fee applies to Bills of Entry filed belatedly because ICEGATE was unavailable from 17:00 on 1 February 2022 until completion of budgetary updates in ICES; the relief covers Bills of Entry relating to IGMs filed from that time and is to be implemented under the Bill of Entry (Forms) Amendment Regulations, 2017.

Authorised officers notification: Customs must ensure imported food samples are tested only in FSSAI notified NABL accredited laboratories.
The instruction designates 157 Points of Entry for imported food and specifies that 104 PoEs will be manned by Customs officials as Authorised Officers; it mandates that sampling and testing of imported food be carried out only in FSSAI notified laboratories with valid NABL accreditation and provides Annexures listing the authorised PoEs and the notified laboratories for enforcement and officer sensitisation.

No Objection Certificate requirement: lenders representing a substantial majority of secured creditors must consent for listed-entity schemes to proceed.
A No Objection Certificate (NOC) is mandated from lending scheduled commercial banks, financial institutions or debenture trustees representing a substantial majority in value of secured creditors as an amendment to Part I Para A 2(k) of the Master Circular; this requirement applies to all schemes filed with stock exchanges after the mid-November 2021 amendments, and stock exchanges are directed to notify listed companies and publish the circular on their websites under SEBI's regulatory powers.

Show Cause Notice drafting standards require fact-based, format-compliant notices with clear allegations and quantified prima facie demand.
SCNs must be issued only after proper inquiry confirms prima facie allegations, and must follow the prescribed GST format. Notices must clearly state facts and legal provisions, attach reasons and supporting documents, specify documents to be produced by the noticee, quantify any prima facie amount due while allowing for additional demand, and keep open the possibility of further evidence or anomalies. The SCN must state the authority issuing it with contact details, inform the noticee of the option for personal hearing, avoid sole reliance on portal dropdowns, and be disposed within statutory timelines.

Tariffisation and withdrawal of conditional exemptions reshape customs duty application and revised IGCR rules.
The Finance Bill, 2022 and linked notifications initiate a comprehensive tariffisation moving many unconditional concessional rates into the First Schedule so BCD will largely operate through tariff entries (with many changes effective 1 May, 2022 or immediately under provisional declaration). Numerous conditional exemptions are pruned or phased out with sunset validity under section 25(4A), while sectoral BCD increases, decreases and PMPs for wearables, hearables and smart meters are prescribed. Customs Act amendments clarify assignment and jurisdiction of officers, advance ruling procedures, measures against undervaluation, and create an offence for unauthorised publication of trade data; IGCR Rules are digitised. GST and central excise measures simplify compliance and adjust valuation and fiscal incentives.

Intelligence-based enforcement action: initiating authority completes investigation, notices, adjudication and appeals under GST framework.
Both Central and State tax administrations may initiate intelligence-based enforcement action across the entire value chain, and the authority that initiates such action is empowered to complete the entire process arising from it, including investigation, issuance of show-cause notices, adjudication, recovery and appeals; Section 6(2)(b) UPGST prevents initiation of duplicate proceedings by another proper officer, and strict compliance is directed to prevent coordination failures and parallel actions.

Retail sale price based assessment confirms excise and NCCD computed after abatement; GST payable on transaction value including duties.
Valuation for basic excise duty and NCCD uses a retail sale price based assessment with a 55% abatement as the prescribed measure for computing those duties; the abated value is not the manufacturer's prescribed sale price. GST and Compensation Cess are payable on transaction value, which includes basic excise duty and NCCD. Manufacturers may adjust retail price to account for duty increases. A statutory saving for tariff references preserves the validity of existing notifications referring to the repealed tariff Act.

Social Welfare Surcharge applicability clarified: no surcharge where aggregate customs duties payable are zero, not on notional duty.
Social Welfare Surcharge is levied on the aggregate of customs duties, taxes and cesses actually levied and collected as duties of customs on imported goods; if the aggregate customs duty payable is zero due to an exemption, the SWS base is zero and no SWS is payable. The law does not require SWS computation on a notional customs duty calculated at tariff rate where the applicable aggregate customs duties are nil.

GST liability for restaurant services via e-commerce operators: operators must pay tax in cash and stop collecting TCS.
E-commerce operators are liable to pay GST on restaurant services supplied through their platforms from 1 January 2022 and need not collect TCS or file GSTR-8 for such services; this liability covers supplies by unregistered persons, does not require separate registration if already registered under rule 8, and must be discharged in cash without utilizing ITC, while ECOs may continue to claim ITC on inputs for their own services and must issue invoices for restaurant services supplied through them.

Change in control of asset management company requires SEBI pre filing and time limited in principle approval before NCLT and final clearance.
Applicants seeking change in control of an AMC via a scheme of arrangement must file for SEBI approval under Regulation 22(e) before approaching the NCLT; SEBI may grant a time limited in principle approval, after which the NCLT petition must be filed. Within 15 days of the NCLT order, the applicant must submit to SEBI an application for final approval, the NCLT order, the approved scheme, a statement of any modifications and reasons, and evidence of compliance with SEBI's in principle conditions.

Petroleum import assessment shifts specified lubricants to second check while retaining mandatory laboratory testing for higher-risk classifications.
Representative sealed samples of consignments classified under CTI 27101951 to 27101990 and CTI 38249100 must be drawn and tested on a first-check assessment basis. Specified lubricant classifications may receive second-check assessment where the declared or self-assessed value is Rs. 100 or more per litre, subject to uploading a valid PTR or manufacturer's certificate of analysis on E-Sanchit and declaring PTR particulars in the Bill of Entry.

Delegation of powers under section 30 clause (b): Special Commissioner authorised to exercise delegated GST powers immediately.
The Chief Commissioner, relying on sub section (3) of section 5 of the Rajasthan Goods and Services Tax Act, 2017, delegates the powers under clause (b) of sub section (1) of section 30 to the Special Commissioner, GST, HQ, Rajasthan, Jaipur by an administrative order dated January 31, 2022, effective immediately, authorising the Special Commissioner to exercise the delegated GST functions within the State Tax department.

U.S. TIN reporting: RFIs must supply TINs or use specified placeholder codes; errors permit a corrective period.
RFIs must report the U.S. TIN for all U.S. reportable accounts; if a TIN has not been obtained RFIs may populate the TIN field with specified FAQ 6 placeholder codes in defined scenarios, and if none apply they should use nine times A or zero. Entries using these codes will generate an IRS error notification and provide a corrective period to supply the TIN; absent provision of the TIN within that period the U.S. will evaluate facts and circumstances to determine significant non compliance. RFIs should apply this guidance and amend Form 61B for 2020 where applicable.

Interim Board for Settlement offices established, creating regional IBS structures with specified administrative controls and staffing.
Establishes offices to operationalise Interim Boards for Settlement by specifying seven regional IBS units with headquarters, member composition including Members, Secretary, DIT(Investigation) and Additional DIT(Investigation). Secretary posts are placed under the administrative control of the senior-most Member of the designated IBS and will attend to administrative work for multiple IBS units as specified. Ministerial staff, executives or consultants may be provided by the jurisdictional Principal Chief Commissioner of Income-tax in consultation with the Board. The order is effective from the commencement date stated in the instrument.

Refund of excess electronic cash ledger balance exempt from time limit; TDS/TCS credits refundable and deemed export refunds follow supplier's return date.
Refunds of unutilised electronic cash ledger balances are exempt from the time limit in section 54(1) and do not require Rule 89(2)(l)/(m) certifications because unjust enrichment does not apply. TDS/TCS credited to the electronic cash ledger is equivalent to cash and may be used via credit or cash ledger; any unutilised amount after payment of dues is refundable per the proviso to section 54(1) read with section 49(6). For deemed exports, the relevant date for refund is the date the supplier's return relating to those deemed exports is furnished under Explanation (2)(b) to section 54.