Tariff rate quota revalidation and application deadline extension for imports under specified tariff head; online revalidation process available.
The Public Notice revalidates TRQs already issued for imports under tariff head 7108 for the first and second quarters to a later date and extends the final date for applications for TRQs for the third quarter. It directs TRQ allottees and applicants to use the DGFT Import Management System to apply for revalidation and for new TRQ applications, and states the amendment to Annexure IV of Appendix 2A under powers conferred by the Foreign Trade Policy.

Export policy for rice: normal rice with permissible broken content exempted from prohibition but subject to duty.
DGFT clarifies that rice classified as normal rice with permissible limits of broken content (Rice with 5% and 25% broken content) is not broken rice and thus is not prohibited for export, but will attract duty as specified in the notification; this Trade Notice supersedes the earlier notice and responds to representations about shipments backed by irrevocable letters of credit issued before the amendment.

Security and Covenant Monitoring DLT: issuers must record existing outstanding NCS in the system; debenture trustees to verify entries.
Issuers must enter details of existing outstanding non-convertible securities into the Security and Covenant Monitoring DLT system within the extended timeline; debenture trustees must verify those entries within the subsequently specified verification period, as a modification of paragraph 8.d of the March 29, 2022 SEBI circular, to ensure recording and monitoring of charges and covenants and to protect investor interests under SEBI's regulatory powers.

Classification of automobile parts: administrative instruction remains valid, applying the court's reasoning only to matching factual matrices.
The Board confirmed that Instruction 01/2022 on classification of automobile parts remains valid, explaining the apex court's decision applies only where the specific facts and circumstances of the goods match those in the case; classification must therefore be determined item-by-item on factual matrix, and implementation difficulties should be reported to the Board.

Insolvency case monitoring requires timely revenue claims, updated demand databases, and coordinated representation throughout resolution and liquidation proceedings.
The NCLT/NCLAT Cell must monitor insolvency matters, represent the department before resolution professionals and tribunals, and protect Government revenue. It must check daily insolvency announcements against databases of pending arrears and pending demands, file timely claims, record case details, and ensure revenue claims are reflected in the corporate insolvency resolution process. The Cell must track orders on resolution, liquidation and withdrawal, update records, and submit monthly case lists. Revenue-recovery and Commissionerate units must maintain and share regularly updated arrears and pending-demand databases.

Portfolio managers must segregate client assets, adopt board approved order/allocation policies, maintain audit trails, and implement automated allocation systems.
Portfolio managers must segregate client funds and securities, not hold client securities in the manager's name, adopt board approved written policies detailing roles, order placement, trade allocation and permissible deviations, constitute controlled dealing teams with recorded communications and audit trails, and, if AUM is INR 1000 crores or more, implement automated systems capturing pre order and final allocations and any deviations.

Two-Factor Authentication expanded to mutual fund subscriptions, requiring OTP or depository 2FA and industry-wide compliance.
Two-Factor Authentication is extended to subscription transactions in mutual funds: for online non-demat transactions one factor must be a One-Time Password sent to the unit holder's email/phone registered with the AMC/RTA; demat transactions must follow Depository-prescribed 2FA; mandates/systematic transactions require factor authentication only at registration. AMFI must revise best practice guidelines to include subscriptions and all AMCs must comply. Industry participants must implement systems and report progress, with the provisions effective from April 01, 2023.

Standardized industry classification requirement extended; CRAs must adopt exchange-published classifications and report implementation in audits.
CRAs must implement the standardized industry classification for rating, benchmarking and research; the implementation deadline has been extended and Annexure A of the earlier circular is deleted. CRAs are directed to follow the classification as reviewed and published by Stock Exchanges from time to time. Monitoring of implementation will be effected through the half-yearly internal audit process mandated for CRAs under the regulatory framework.

Transitional credit filing reopened; eligible taxpayers may file or revise FORM GST TRAN 1/TRAN 2 once on the GST portal.
The circular implements the Supreme Court direction allowing a one time opportunity to file or revise claims for Transitional Credit via FORM GST TRAN-1/TRAN-2 on the GST portal within the court specified window. Filings must include the Annexure A declaration and TRANS 3 where applicable; TRAN 2 claims must be consolidated. Edits are permitted only until the filer clicks "Submit," after which filing requires DSC/EVC. A self certified copy and supporting documents must be furnished to the jurisdictional officer within seven days; officers will verify, hear the applicant and pass orders, with allowed credit reflected in the Electronic Credit Ledger.

Extension of audit report filing deadline for specified assessees, allowing additional time due to electronic filing difficulties.
Extension of the due date for furnishing the report of audit under the Income tax Act for the Previous Year 2021-22: the due date originally 30 September 2022 for assessees referred in clause (a) of Explanation 2 to subsection (1) of section 139 is extended to 7 October 2022 to address difficulties in electronic filing of audit reports, issued by the Central Board of Direct Taxes under its administrative powers.

Late Submission Fee for FEMA reporting: uniform calculation matrix with capped liability and prescribed opt in window for delayed filings.
A uniform Late Submission Fee (LSF) matrix applies to FEMA reporting delays: periodic/non-flow returns incur a fixed LSF while transactional/flow returns attract a fixed component plus a variable component equal to a percentage of the amount involved ('A') multiplied by the years of delay ('n'), with 'n' rounded upwards to the nearest month. The maximum LSF is capped at the amount involved, rounded to the nearest hundred. The opt-in facility for LSF is available up to three years from the reporting due date, and failure to submit or pay LSF exposes the person to penal action under FEMA; provisions take immediate effect for eligible delayed filings.

Transitional credit reopening allows eligible registered taxpayers to file or revise TRAN-1/TRAN-2 via the common portal.
A one-time reopening of the GST common portal permits aggrieved registered taxpayers to file or revise claims for Transitional Credit via FORM GST TRAN-1/TRAN-2 within the prescribed window; submissions must include the Annexure A declaration and, where applicable, TRANS-3, be downloaded and self-certified and submitted to the jurisdictional tax officer within seven days, and will be subject to verification and adjudication with permitted credit, if allowed, being reflected in the Electronic Credit Ledger.

Contractual consideration for refraining, tolerating or doing an act is taxable only if an independent contractual supply exists.
GST applies to payments only when there is an express or implied contract under which one party agrees to refrain from, tolerate, or do an act in exchange for consideration; amounts that are merely compensatory or punitive consequences of breach, statutory compensation, forfeiture, or fines are not consideration for such a supply and are not taxable, while contractual ancillary charges (cancellation fees, late payment surcharges, pre payment or early termination charges) that form part of the commercial terms are taxable as supplies and assessed with the principal supply.

GST exemptions on services: Council clarifies rates and scope for supplies including education, healthcare, transit and leases.
Ice cream parlours must charge GST at 18% with ITC from 06.10.2021, with past payments at 5% treated as fully paid; educational institution fees for entrance, eligibility or migration certificates are exempt; storage of ginned/baled cotton was exempt as raw vegetable fibre prior to 18.07.2022; transit cargo services to and from Nepal and Bhutan including return of empty containers are exempt; renting of goods vehicles with operator is a 9966 rental service (taxed 18% prior to 18.07.2022, 12% where fuel included after 18.07.2022); location charges paid upfront with long term lease are part of exempt upfront amount; ART/IVF and health care services are exempt; sale of developed land is not taxable.

Withdrawal of trade circular: ab initio nullification after retrospective omission of rule governing airport retail GST refunds.
The Commissioner withdraws Trade Circular No. 27/2019 ab initio because the underlying rule in the West Bengal GST Rules concerning refunds to airport departure area retail outlets supplied to outgoing international tourists against foreign exchange was omitted retrospectively with effect from the operative date, thereby removing the regulatory basis for the circular's guidance.

Refund of unutilised ITC: procedural filing and REA-based evidence required for exporters of electricity to claim entitlement.
Procedure for refund of unutilised Input Tax Credit (ITC) for exported electricity requires filing FORM GST RFD-01 under "Any Other" with Statement 3B and REA monthly statement, uploading export invoices, tariff agreements and refund calculation in Statement 3A. The relevant date is the last date of the month as per monthly REA. Refund amount follows rule 89(4) formula: zero-rated export turnover (REA scheduled energy x contracted tariff, using the lower of REA and invoice quantities) multiplied by Net ITC divided by Adjusted Total Turnover, excluding domestic electricity turnover.

Re credit of electronic credit ledger enabled after deposit of erroneous refund, effected by officer via FORM GST PMT 03A.
Re credit is available where a taxpayer deposits an erroneously sanctioned refund with applicable interest and penalty by debiting the electronic cash ledger through FORM GST DRC 03; the taxpayer must state the reason in the payment text box and, until portal automation exists, submit a written request in Annexure A to the jurisdictional proper officer. The proper officer, after verifying full payment via FORM GST DRC 03 and applicable interest under section 50 and any penalty, shall re credit an equivalent amount to the electronic credit ledger by order in FORM GST PMT 03A, preferably within 30 days from request receipt or payment date.

FPI participation in commodity derivatives enabled via FPI route, subject to risk management and position limit controls.
Permits SEBI-registered Foreign Portfolio Investors to participate in ETCDs via the FPI route for cash-settled non-agricultural commodity contracts and indices, subject to applicable risk management measures, SEBI and custodian regulations, client-level position limit norms for FPIs trading as clients, a capped share of client-level limits for FPIs that are individuals, family offices or corporates, and additional safeguards that stock exchanges or clearing corporations may prescribe.

Deferment of appeals under section 158AB allows postponing appeals on identical questions of law until a favourable decision is obtained.
Deferment of departmental appeals under section 158AB permits deferring appeals on grounds raising identical questions of law until a final favourable decision is received; where multiple grounds exist, if the cumulative tax effect of identical-question and residual grounds exceeds the monetary threshold, appeals on residual grounds must be filed immediately while identical-question grounds may be deferred and filed after the favourable decision.

Deadline extension for EPCG annual returns extends filing period, allowing exporters additional time to submit mandatory returns.
Amendment extends the filing deadline for annual returns under the Export Promotion Capital Goods (EPCG) Scheme in para 5.15 of the Handbook of Procedures (2015-20), replacing the earlier cut-off with a revised last date and taking immediate effect.