Extension of Handbook of Procedures validity extends FTP 2015-20 compliance timelines to 31 March 2023.
Extension of the Handbook of Procedures (HBP) 2015-20 by substituting earlier expiry references in para 1.01, para 3.20(a) and para 4.12(vi) with an extended expiry date, thereby extending the handbook's operative validity and preserving the related compliance timelines under FTP 2015-20.

Export prohibition on broken rice: tolerance under Rice Grading and Marketing Rules may permit clearance of mixed consignments.
Export of broken rice is classified as prohibited by DGFT Notification, but where exporters face clearance difficulties for consignments of other rice categories containing broken rice, tolerance for such broken rice may be allowed in accordance with The Rice Grading and Marketing Rules, 1939 to facilitate exports and customs clearance.

Preferential issue rules for REITs updated: listing duration and strict conditions for sponsor allotment of unsubscribed units.
The circular amends REIT preferential-issue rules: units of the same class proposed to be allotted must be listed for at least six months prior to the notice calling the unitholders' meeting; institutional investors who are sponsors, managers, related parties, or associates are barred from allotment, except that sponsors may be allotted the unsubscribed portion of an institutional placement only where most of the issue is otherwise subscribed, the issue's object is acquisition of assets from that sponsor, allotted units to the sponsor are subject to the prescribed lock-in, and unitholder approval is secured.

Listing requirement for units requires prior continuous listing; sponsor allotment restricted, allowed for unsubscribed portion with conditions.
Units proposed for allotment must have been listed on a stock exchange for at least six months prior to issuance of the meeting notice. No allotment shall be made, directly or indirectly, to any institutional investor who is a sponsor, investment manager, or related person/party/associate of the sponsor or investment manager. Provided that the sponsor may be allotted the unsubscribed portion in an institutional placement only if specified conditions are satisfied: substantial subscription of the issue, acquisition of assets from the sponsor, lock in of units allotted to sponsor, and unitholder approval for such allotment.

Credit enhancement disclosures require supported and unsupported ratings to be published, with due diligence and enforceability verification.
For ratings that consider any specified support consideration, CRAs must publish both the unsupported rating (excluding explicit support) and the supported rating (including the support) in the press release, provide a detailed explanation of security covenants, conduct independent due diligence and, where warranted, obtain external legal opinion, and verify that the support is unconditional, irrevocable and legally enforceable, that the support provider has adequate financial strength, and that the provider's probability of default remains lower than the issuer's for the life of the ratings.

Customs Brokers registration required: create online CBLMS profiles with portal support and helpdesk assistance for migration.
The Commissioner directs existing customs brokers under regulation 7(2) of CBLR 2018 within the Mangaluru Commissionerate to create individual profiles on the centralized CBLMS portal; login credentials will be sent to mobile numbers registered with ICEGATE, a user manual is on the portal, and a centralized Helpdesk (email and phone) is available to assist with onboarding to the online licensing management system.

Collegium under Explanation to section 158AB established to decide deferment of appeals; sets composition and membership rules.
An order under the Explanation to section 158AB establishes a Collegium to decide deferment of appeals, designates constituting authorities by appeal category (International Tax and Transfer Pricing; Exemption Charge; Central Charges; all other cases), and prescribes a three-member body of PCIT/CIT including the jurisdictional officer plus two nominated officers, with optional co-option and the senior-most member as Chair. The order is effective from its date of issue.

Registration Certificate for import of fresh areca nut from Bhutan requires per certificate quantity limits and limited validity.
Establishes a DGFT procedure requiring Indian importers to obtain a Registration Certificate via the Import Management System before importing Fresh (green) Areca Nut from Bhutan without the Minimum Import Price; sets a per certificate quantity cap, limits validity to six months or until financial year end, permits additional applications after prior quantities are imported, and reserves DGFT discretion to revise allocation modalities.

Extension of KYC filing deadline allows fee-free submission of DIR-3-KYC forms for a limited period.
Extension granted for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of filing fee until 15 October 2022; the Ministry approved a limited fee-free window following a representation seeking an extension beyond 30 September 2022, permitting stakeholders to submit the specified director KYC forms electronically without incurring the filing fee during that period.

Daily Price Limits modification permits staged relaxations with cooling-off and notice when international markets exceed domestic ranges.
Exchanges may relax Daily Price Limits when international prices move beyond the aggregate DPL range versus domestic close: relaxations may be implemented in successive stages (3% increments) with a 15-minute cooling-off period, accompanied by market notice and justification. In exceptional circumstances of extreme international movement, exchanges may directly relax DPL to the required level with notice. All such instances must be reported to the regulator in the monthly development report; breach of a slab is not required. The amendment is effective immediately and prior circular terms otherwise remain.

Correction of deadline in Section 119 order: operative date amended to 30th September 2022 effective immediately.
Corrigendum to an order under Section 119 of the Income Tax Act corrects the date in paragraph 3 of the Board's order of 26 September 2022, substituting "30th September, 2022" for the earlier published "30th September, 2023"; dated 27 September 2022 and signed by the Under Secretary, TPL-IV.

GST classification of electrically operated vehicles clarified: vehicles without fitted batteries qualify for concessional rate under entry.
Electrically operated vehicles are classifiable under HSN 8703 and attract the concessional entry rate even if batteries are not fitted; minor polished Napa stones qualify as non mirror polished calcareous building stone for concessional treatment; fresh mangoes are exempt, sliced dried mangoes concessional, and other processed mango forms including pulp attract the standard processed rate; treated sewage water is exempt as water; nicotine polacrilex gum for cessation is classifiable under nicotine oral products with applicable rate; 90% fly ash condition applies only to aggregates; pulse milling by products used as cattle feed are classifiable under heading 2302 and attract the concessional rate with past periods regularised as is.

Consideration for supply determines GST: compensatory payments are non taxable unless they constitute consideration for a contractual supply.
GST liability depends on whether a payment is consideration for a supply under the declared service of agreeing to refrain from, tolerate, or do an act. That service requires an express or implied agreement and reciprocal consideration; absent such contractual arrangement, compensatory payments arising from breach, statutory cancellations, penalties, cheque dishonour fines or forfeitures are mere flows of money and not taxable. Conversely, contractual charges that constitute ancillary or independently bargained facilities (late payment acceptance, cancellation fees, prepayment penalties) are consideration for supply and taxable alongside the principal supply unless the principal supply is exempt.

GST applicability on services clarified: classification, exemptions and reverse charge obligations updated across multiple service categories.
Clarifies GST treatment across services: ice cream parlours' supplies are taxable at 18% with ITC from October 6, 2021 and prior 5% payments without ITC are regularised; educational institution fees for entrance, eligibility and migration certificates are exempt; storage of ginned/baled cotton was exempt prior to July 18, 2022; transit cargo services to/from Nepal and Bhutan are exempt subject to customs procedures; renting vehicles with operator is rental under Heading 9966 (reverse charge applies to body corporates) while passenger transport services under Heading 9964 differ; IVF services are health care and exempt; sale of developed land remains non taxable.

Modified return filing under section 170A extended to allow successor companies more time to file ITR-A.
For successor companies with competent-authority business reorganisation orders issued between 1 April 2022 and 30 September 2022, the Board extends the time for furnishing modified returns in Form ITR-A under the statutory scheme to 31 March 2023, recognising that the notification of Form ITR-A reduced the available filing window and that modified returns are to be filed within six months of the month of the reorganisation order; the administrative order takes immediate effect.

Multiple Investment Managers registrations permitted for FPIs; separate DDP appointments allowed, but investments will be clubbed for limit monitoring.
A foreign portfolio investor using a Multiple Investment Managers structure may obtain separate FPI registrations naming each investment manager and may appoint different Designated Depository Participants for each registration; however, investments under those multiple registrations will be aggregated for monitoring investment limits.

Scrip validity extension increases usability of duty-credit scrips and removes transferee-holder conditions under the RoSCTL scheme.
Amendments to the RoSCTL scheme delete certain conditions applicable to the transferee-holder of scrips by removing para 4(2), para 5(5) and the words "or the transferee" in para 6; amendments to the Electronic Duty Credit Ledger Regulations substitute a longer period in Regulations 6(2) and 7(3), thereby extending the validity period of scrips. Authorities are requested to issue public notices and standing orders to notify stakeholders.

RoDTEP amendments remove transferee-specific conditions and extend scrip validity, requiring public notice and standing orders.
Amendments to the RoDTEP principal notification remove transferee-related conditions by deleting paragraph 4(2), paragraph 5(5) and the words "or the transferee" in paragraph 6; separate amendments to the Electronic Duty Credit Ledger Regulations replace "one year" with "two years" in Regulations 6(2) and 7(3), thereby extending the validity period of scrips, and authorities are requested to issue public notices and standing orders.

Commercial tax assessments must follow natural justice: clear notice, fair hearing, document disclosure and reasoned orders.
Assessing and adjudicating officers must adhere to Natural Justice by serving clear notices stating alleged lapses and legal basis, granting a minimum of 15 days to reply, recording reasons for adjournments, furnishing documents relied upon, providing personal hearings and, where appropriate, cross examination, and issuing speaking orders that address objections and evidence with cogent reasons; notices under extended revision must specify grounds like fraud or willful suppression.

Extension of FCRA registration validity: pending renewals remain valid until renewal disposal, refusal causes deemed expiry and restrictions.
Entities with pending renewal applications whose validity had been previously extended shall have their FCRA registration certificates extended until the earlier of the end of March 2023 or disposal of the renewal application; similarly, entities whose five year validity expires in the October-March window and that apply for renewal before expiry will receive the same extension, while a refusal of renewal causes the certificate to be deemed expired on the date of refusal and bars receipt or utilisation of foreign contribution.