Section 148 notice guidelines require prior section 148A procedure, specified approval, and recorded reasons for income escapement.
Guidelines prescribe the procedure for issuance of notice under section 148 after the Finance Act, 2021 and Finance Act, 2022 amendments. They require the Assessing Officer, subject to specified exceptions, to proceed under section 148A on the basis of information suggesting escapement of income, issue a show-cause notice, consider the assessee's reply, and pass a speaking order with prior approval of the specified authority before notice is issued. The instructions also set out limitation rules under section 149, the categories where section 148A does not apply, and the model notices and approval proformas.

TDS compliance under state GST requires nodal officer mapping, DDO data entry, and timely GSTR-7 filing awareness.
Compliance with TDS under Section 51 of the State Act is to be monitored through designated nodal arrangements at headquarters, zonal headquarters, and district level, with responsibility for collecting and updating details of nodal officers and liable Drawing and Disbursing Officers on the prescribed Google Sheet within specified timelines. The circular further requires entry of all persons liable to deduct tax at source, including Drawing and Disbursing Officers, in the Google Sheet by the stated deadline, with care to avoid errors in email and mobile number particulars.

Document Identification Number requirement mandates computer generated DIN on departmental communications; non DIN communications are invalid unless regularized.
A mandatory Document Identification Number (DIN) must be computer generated and quoted on all departmental communications under the GST and subsumed acts; communications lacking an electronically generated DIN are invalid. Limited exceptions for technical failure or urgent off site issuance are allowed but require written reasons, an express notice on the communication, and post facto regularization within 24 hours by superior approval, DIN generation and filing. GST Act correspondence is to use the GSTN Back Office portal where available; otherwise the departmental DIN system on the online portal must be used.

Certificate of Origin (Non-Preferential) authorization: Gem & Jewellery Export Promotion Council authorized to issue certificates under FTP.
Authorization is granted for issuance of Certificate of Origin (Non-Preferential) to the Gem & Jewellery Export Promotion Council, Mumbai, which has been added to the Appendix listing of agencies authorized to issue such certificates for Maharashtra, effecting the council's formal enlistment as an issuing agency under the Foreign Trade Policy.

External Commercial Borrowings limit increase expands automatic route and raises funding cost ceiling for investment grade borrowers.
The circular increases the automatic route annual limit for eligible External Commercial Borrowings and raises the all in cost ceiling by one percentage point; the enhanced all in cost ceiling is available only to borrowers with investment grade ratings from Indian credit rating agencies while others remain subject to the existing ceiling. The relaxations are time limited, require AD Category I banks to notify constituents, amend Master Direction No.5, and are implemented via amendments to FEMA borrowing regulations under the powers conferred by the Foreign Exchange Management Act.

Nomination for mutual fund unit holders: timeline extended, with physical signatures and online validation rules for nomination forms.
Extends the timeline for mutual fund investors to submit nomination details or a declaration opting out of nomination. Investors subscribing to mutual fund units on or after October 1, 2022 may choose either the nomination form or the opt-out declaration, in physical or online form. Physical forms require wet signatures of all unit holder(s), while online forms may be validated through e-Sign or two-factor authentication using an OTP sent to the registered email or phone number.

Automated account deactivation for inadequate KYC triggers freeze on trading and demat accounts until KYC and acknowledgement are furnished.
Where all designated MIIs fail to effect physical delivery of a SEBI SCN/order and obtain a signed acknowledgement at KYC-linked addresses, MIIs shall, after prior email/SMS notice and within a specified operational window from the last unsuccessful delivery report, freeze debit and credit of all trading and demat accounts of the entity identified by PAN. Pending pay-in/pay-out and open positions may be settled. If any MII effects service and obtains acknowledgement, accounts remain active but KYC records across accounts must be updated and confirmed to the KRA. Reactivation requires proof of address, the signed acknowledgement, KYC update by the registered intermediary, and MII confirmation, with mandated short timelines for inter-party communication.

Continuous disclosure obligations consolidated into a Master Circular prescribing formats, timelines and enforcement for listed debt issuers.
Master Circular consolidates SEBI continuous disclosure obligations for issuers of listed Non Convertible Securities, Securitized Debt Instruments and Commercial Paper, prescribing standardised formats and timelines for financial results, limited review/audit reports, statements on utilisation and deviations of issue proceeds, default disclosures, securitization pool/tranche/loan level reports, rating review submissions, corporate governance and related party transaction reporting, scheme of arrangement pre filing and post sanction requirements, and a uniform enforcement and fine structure, effective from August 1, 2022.

Listing obligations for non-convertible securities updated: consolidated disclosure formats, filing procedures, schemes and defaults reporting.
SEBI consolidates and updates operational listing obligations for issuers of listed Non convertible Securities, Securitised Debt Instruments and Commercial Paper by prescribing standardised chapter wise formats, filing timelines and procedural processes for financial results, audit reports, utilization of issue proceeds, securitisation pool/tranche/loan level disclosures, default reporting, rating reviews, schemes of arrangement involving listed debt, related party transaction disclosure and corporate governance compliance, and establishes enforcement steps and fines with coordinated stock exchange and SEBI oversight.

Withdrawal of circular: ab initio annulment of guidance after omission of refund rule, stakeholders to be notified.
The Circular providing clarification on refunds under rule 95A - permitting refunds for indigenous goods sold by retail outlets beyond immigration counters to departing international tourists against foreign exchange - is withdrawn ab initio because rule 95A has been retrospectively omitted; the Chief Commissioner has exercised administrative withdrawal authority and directed issuance of trade notices to publicize the change and inform stakeholders that the earlier guidance no longer applies.

Refund of unutilised ITC on export of electricity clarified: filing steps, documentary proof, and calculation method specified.
Procedure for refund of unutilised Input Tax Credit on export of electricity requires electronic filing in FORM GST RFD-01 under "Any Other" with specified remark, uploading Statement 3B, the RPC-issued monthly Regional Energy Account showing scheduled energy, agreements showing tariff per unit, and a Statement 3A calculation. The relevant date is the last date of the month as per the REA. Refunds are calculated by applying the zero-rated supply formula using scheduled energy multiplied by contractual tariff (lower quantity between invoice and REA), and adjusted total turnover excludes domestic electricity; officers verify ITC non availment for domestic supply before directing debit and issuing refund orders.

Re-credit of electronic credit ledger: procedure enables re-credit via FORM GST PMT-03A after deposit of erroneous refund.
Procedure for re-crediting deposited erroneous refunds into the electronic credit ledger: the taxpayer must deposit the erroneous refund with applicable interest and penalty through FORM GST DRC-03 by debiting the electronic cash ledger and state the reason. The taxpayer should submit a written request to the jurisdictional proper officer (until portal automation exists). The proper officer, upon satisfaction of full payment by debit to the electronic cash ledger, shall re-credit an equivalent amount to the electronic credit ledger by order in FORM GST PMT-03A, preferably within thirty days from request receipt or payment, whichever is later.

Refund of accumulated input tax credit permitted where concessional notification causes output tax to be lower than input tax at the same time.
Clarification permits refund of accumulated input tax credit where credit accumulation results from the rate on inputs exceeding the rate on output supplies because the supplier makes output supplies under a concessional notification that sets a lower contemporaneous tax rate, provided the supplies are not nil rated or fully exempt and are not notified as excluded from refund, and subject to other statutory conditions under clause (ii) of the first proviso to sub-section (3) of section 54 of the APGST Act.

Input Tax Credit rules: ITC for deemed exports excluded from Section 17 and not included in net ITC.
Tax paid on supplies treated as deemed exports is provided as ITC only for enabling portal refunds and is not ITC under Chapter V, hence not subject to Section 17 and excluded from Net ITC for refund computations. The proviso to clause (b)(5) of Section 17 applies to the whole clause, enabling ITC where an employer is legally obliged to provide the good or service. "Leasing" in that clause is limited to motor vehicles, vessels and aircraft. Employer perquisites under contract are not supplies. Electronic credit ledger may be used for output tax but not reverse charge tax or non tax liabilities; electronic cash ledger may be used for tax, interest, penalty and fees.

Inter-State supply reporting: require correct place-of-supply and ITC reversal reporting to ensure accurate GSTR-3B and GSTR-1 filings.
Registered persons must report place-of-supply-wise inter-State supplies to unregistered persons, composition taxpayers and UIN holders in Table 3.2 of FORM GSTR-3B and corresponding tables of FORM GSTR-1, ensuring invoices and customer state data are accurate. Auto-populated ITC in Table 4(A) from FORM GSTR-2B includes eligible and ineligible credits; absolute reversals and ineligible credits are to be reported in Table 4(B)(1), temporary/reclaimable reversals in Table 4(B)(2), and Net ITC credited to the electronic credit ledger as 4A minus [4B(1)+4B(2)].

Round-the-clock customs clearance expanded to inland container depots, allowing locally designated extended clearance regimes subject to resource and publicity requirements.
Pr. Chief/Chief Commissioners may designate Inland Container Depots for extended customs clearance in one of three modes: round the clock clearance, seven day clearance with stipulated hours, or specified extended hours on certain days. Designation can be limited to specified import/export categories (facilitated Bills of Entry, reefer/perishable exports sealed before Customs, free Shipping Bills) or cover all such categories. Authorities must consider trade requests, volume and commodity nature, involvement of other agencies, custodians' arrangements and cost recovery; ensure staffing and logistics; issue Public Notices and Standing Orders; and inform the Board by email.

Direct investor transactions in ETFs deferred; applicability of threshold requirement postponed to address implementation challenges.
Applicability of the provision restricting direct transactions with AMCs for units of exchange traded funds to investors above a specified threshold is deferred; stakeholder feedback on implementation challenges prompted postponement of the threshold-based direct-transaction requirement, with other aspects of the earlier circular continuing to operate under SEBI's regulatory powers.

SEZ approvals expand co-developer recognitions and LoA extensions, while delegating restricted procurement decisions to development commissioners.
Board approved extensions of Letters of Approval and multiple co-developer recognitions subject to execution of co-developer agreements, standard SEZ Act and Rules conditions and tax/customs observations; authorised formal approval for an IT/ITES SEZ; cancelled a co-developer designation subject to statutory compliance; granted a one time ex post facto import approval conditioned on exclusive export of resultant goods; conditioned renewal of plastic recycling unit LoAs on Net Foreign Exchange and export/tonnage criteria; delegated permission to Development Commissioners to allow restricted sand and soil supplies for SEZ infrastructure use; and approved transfer of a developer LoA subject to tax clearance and continuity conditions.

Virtual personal hearings allowed only at assessee request; physical hearings continue for those not opting for virtual.
The amendment provides that personal hearings before adjudicating and appellate authorities shall be conducted in virtual mode only at the assessee's request; for assessees not opting for virtual mode, personal hearings shall be conducted in physical mode. Any difficulty in implementing these instructions must be reported to the Board immediately.

KYC Aadhaar validation to commence, requiring existing Aadhaar-based records to be validated within the prescribed timeline.
Validation of KYC records that used Aadhaar as an Officially Valid Document shall commence from November 01, 2022, and existing clients with Aadhaar-based KYC must be validated within 180 days from that date. The circular implements amendments to the SEBI KYC Registration Agency Regulations and directs KRAs and intermediaries to validate both new and existing KYC records pursuant to SEBI's regulatory powers under the SEBI Act and the KYC Regulations.