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Circulars
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22/2021 - 30-09-2021 Customs
Rebate of State and Central Taxes and Levies (RoSCTL) Scheme on export of apparel/garments/made-ups w.e.f. 01.01.2021
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Transferable duty credit under RoSCTL - e scrips usable for basic customs duty, subject to export proceeds realisation.
RoSCTL for apparel/garments/made ups from 01.01.2021 provides remission as transferable duty credit recorded in an electronic duty credit ledger under section 51B. Claims will be processed on filed shipping bills and, once systems are enabled, by item level declaration in the electronic shipping bill. Systems processing will generate a scroll with duty credits which exporters may combine to generate e scrips. E scrips are valid one year, transferable only in whole, usable solely for Basic Customs Duty payments on imports, and subject to export proceeds realisation and provisions for suspension, cancellation and recovery.
15 - 30-09-2021 FEMA
Exim Bank's Government of India supported Line of Credit (LoC) of USD 100 million to the Government of Democratic Socialist Republic of Sri Lanka
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Line of credit for solar projects imposes India-content requirement, EDF declaration and FEMA-based export compliance for exporters.
Exim Bank's Government-supported Line of Credit finances exports for specified solar energy projects subject to Foreign Trade Policy eligibility and Exim Bank approval; contracts must have at least 75 percent India content with a possible reduction up to 10 percent only upon prior borrower request and Government of India approval before procurement, and reduced content must not be sourced from countries other than India or the Borrower. The LoC is effective from September 2021 with a terminal utilization period of 60 months from the contract's scheduled completion date; shipments require Export Declaration Form compliance.
14 - 30-09-2021 FEMA
Exim Bank's Government of India supported Line of Credit (LoC) of USD 15 million to the Government of the Republic of Sierra Leone
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Line of Credit for export financing permits predominantly Indian supplies and a multi year utilisation period, with EDF shipment reporting.
A Government supported Line of Credit finances exports for potable water rehabilitation in Sierra Leone, requiring that a substantial portion of each contract be supplied from India while permitting a limited portion to be procured abroad. The LoC has an effective date and a terminal utilisation period from project completion. Shipments must be declared in the Export Declaration Form. No agency commission is payable from the LoC; exporters may use own funds or EEFC balances to pay commission after full realisation. Authorised Dealer Category I banks must inform exporters and may permit such remittances subject to existing rules.
114/2021-GST - 30-09-2021 GST - States
Clarification relating to export of services-condition (v) of section 2(6) of the IGST Act 2017
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Export of services: Supplies by Indian-incorporated group companies to related foreign-incorporated entities may qualify as exports.
Condition (v) of the IGST Act excludes supplies between establishments that are "merely establishments of a distinct person" per Explanation 1 to section 8. A foreign company's branch/agency in India supplying its foreign establishment is treated as supply between establishments of a distinct person and not export. Conversely, an Indian-incorporated subsidiary or group company is a separate "person" from a foreign-incorporated company; supplies by the Indian-incorporated entity to related foreign-incorporated establishments may qualify as export of services, subject to other conditions in section 2(6).
113/2021-GST - 30-09-2021 GST - States
Clarification in respect of certain GST related issues
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Input tax credit on debit notes now tied to debit note date, altering eligibility for credit under amended GST provision.
Amendment to section 16(4) delinks debit note date from underlying invoice date for ITC: the relevant financial year for ITC on a debit note is the debit note's issuance date, and the amended rule governs ITC availment on or after January 1, 2021. E-invoices issued under rule 48(4) may be verified by producing the electronic QR code with IRN instead of a physical invoice. The refund restriction in the first proviso to section 54(3) applies only to goods actually subject to export duty; nil-rate or exempt goods are excluded.
112/2021-GST - 30-09-2021 GST - States
Clarification on doubts related to scope of “Intermediary”
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Intermediary services clarified: arranging or facilitating supplies is distinct from supplying the main service, exclusions specified.
Clarification defines an intermediary as one who arranges or facilitates supply of goods, services or securities between two or more persons and excludes any person who supplies the main goods, services or securities on his own account. It requires at least three parties, two distinct supplies (main and ancillary), a subsidiary agent/broker role for the intermediary, and excludes subcontracting. The place-of-supply provision for intermediary services applies only when the supplier or recipient is located outside India. Classification depends on contractual facts and the characteristics listed.
111/2021-GST - 30-09-2021 GST - States
Clarification regarding extension of time limit to apply for revocation of cancellation of registration
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Revocation of registration cancellation deadlines clarified under Assam GST, with extended filing timelines and fresh application treatment.
Extension of the time limit to apply for revocation of cancellation of registration under the Assam GST framework is clarified for cases where the due date for filing such application falls within the specified COVID-affected period. The benefit applies to cancellations under clause (b) or clause (c) of section 29(2), regardless of whether the revocation application is unfiled, pending, rejected by the proper officer, pending in appeal, or rejected in appeal. The circular also clarifies how the general extension notification interacts with the additional extension powers under the proviso to section 30(1).
SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/631 - 29-09-2021 SEBI
Swing pricing framework for mutual fund schemes
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Swing pricing for open ended debt funds: optional partial swing in normal times, mandatory full swing during market dislocation.
A regulatory swing pricing framework for open ended debt mutual funds (excluding certain gilt and overnight funds) mandates a hybrid approach: AMCs may apply partial swing in normal times following AMFI prescribed thresholds and disclose the mechanism in SIDs, while SEBI declared market dislocation triggers mandatory full swing for high risk schemes identified by risk o meter and PRC matrix placement. A minimum swing factor matrix by credit and interest rate risk applies; NAVs for incoming and outgoing investors are adjusted, disclosures and AMC/trustee approved policies are required, and scheme performance is reported on unswung NAV.
F.IV-12(1)-TAX/86(P-V)/36382-406 - 29-09-2021 GST - States
Memorandum regarding internal process of files of the Tax Organisation.
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Internal file routing for tax administration standardised by subject-matter, with audit and law matters assigned to designated headquarters officers.
Internal file processing under the Tax Organisation is standardised by routing specified matters through designated headquarters officers to ensure administrative uniformity. Audit, adjudication, recovery files, and all Act and Rules or law-related files, are to be processed through Sri Badal Baidya, Assistant Commissioner of Taxes-I (CDC), Headquarters, while all other files are to be routed through Sri Dibakar Chandra De, Assistant Commissioner of Taxes-II (CDC), Headquarters. Corresponding reporting responsibilities are also allocated on the same subject-matter basis, and compliance is required without deviation until further order.
F.4 (381)/Vig./DTT/2021/Pt. file/1341-46 - 29-09-2021 GST - States
Directions for Review, Detection and Prevention of Malpractices in GST Refunds by Proper Officers
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GST refund oversight requires verification, zonal review, analytics, and disciplinary or criminal action against detected malpractice.
GST refund controls require verification of ward-transfer applications and review of refunds for indicators of malpractice, especially where refund volumes are unusually high. Zonal in-charges must report suspicious cases and confirm where no cases are found. Vigilance must initiate departmental and criminal action when malpractice is detected, develop safeguards with the Systems and EDP branches, and use data analytics to identify abnormal refund patterns. Zonal officers must periodically review ward-level refunds and act against detected malpractice.
Circular No. 160/16-HGST/2021-GST-II - 29-09-2021 GST - States
Clarification in respect of certain GST related issues
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Input tax credit timing for debit notes: debit note date fixes the financial year for ITC eligibility, effective from Jan 2021.
Amendment delinks debit note date from underlying invoice date: for debit notes, the debit note issuance date determines the relevant financial year for the ITC time bar; the amended rule governs ITC availment on or after January 1, 2021. E invoices: production of the QR code with the Invoice Reference Number (IRN) electronically is sufficient during movement of goods; physical tax invoice need not be carried. Refunds: restriction on refund of unutilized ITC applies only to goods actually subject to export duty at export time; goods with nil or exempted export duty are excluded.
26/(2015-2020) - 29-09-2021 DGFT
Amendment in Para 2.54 of Handbook of Procedures of FTP (2015-2020) - Extension of timelines regarding
Show AI Summary
Extension of installation deadline for radiation portal monitors and container scanners; updated compliance timeline issued for seaport operators.
The Directorate amends Para 2.54(d)(v)(ii) of the Handbook of Procedures under the Foreign Trade Policy to extend the deadline for installation and operationalisation of Radiation Portal Monitors and Container Scanners at designated sea ports, requiring port operators and responsible stakeholders to complete procurement, installation, testing and commencement of operations within the newly prescribed compliance period.
Trade Circular No. 26 T of 2021 - 28-09-2021 GST - States
Clarification relating to export of services-condition (v) of section 2(6) of the IGST Act 2017
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Export of services: supplies by Indian-incorporated subsidiaries to foreign parents can qualify as exports if other conditions are met.
The circular clarifies that a company incorporated in India and a foreign company incorporated outside India are separate "person" entities under the CGST Act and therefore not "merely establishments of a distinct person" under Explanation 1; accordingly, services supplied by an Indian-incorporated subsidiary/sister/group concern to establishments of the foreign-incorporated company outside India are not barred by clause (v) of the export of services definition and may qualify as export of services, subject to the other statutory conditions including supplier and recipient locations, place of supply and payment in convertible foreign exchange.
GST Circular No. 17/2021 - 28-09-2021 GST - States
Clarification relating to export of services-condition (v) of section 2(6) of the IGST Act 2017.
Show AI Summary
Export of services permits supplies by Indian incorporated group companies to foreign incorporated related entities, subject to statutory conditions.
Export of services excludes supplies between Indian and overseas establishments of the same person, including branches, agencies and representative offices. However, an Indian-incorporated subsidiary, sister concern or group concern and its foreign-incorporated related company are separate persons and legal entities. Services supplied by the Indian company to the foreign company's overseas incorporated establishments are therefore not barred by the distinct-establishments condition and may qualify as export of services where all other statutory conditions are met.
GST Circular No. 16/2021 - 28-09-2021 GST - States
Clarification in respect of certain GST related issues.
Show AI Summary
Input tax credit rules clarify debit-note timing, electronic e-invoice verification, and export refund eligibility for non-duty-bearing goods.
From 1 January 2021, the time limit for input tax credit on a debit note is determined by the financial year of the debit note, not that of the underlying invoice. For e-invoiced goods in transit, electronic production of the QR code with the Invoice Reference Number substitutes for a physical tax invoice. Refund of accumulated unutilised input tax credit on exports is restricted only for goods actually liable to and bearing export duty; nil-rated, exempt, or non-scheduled goods are outside that restriction.
GST Circular No. 15/2021 - 28-09-2021 GST - States
Clarification on doubts related to scope of "Intermediary".
Show AI Summary
Intermediary services require a distinct facilitation role; principal-to-principal suppliers and subcontractors performing main services remain excluded.
Intermediary service requires three parties, comprising two principals making the main supply and a third person who separately arranges or facilitates that supply in a supportive agent-like role. A person supplying the main goods, services or securities on a principal-to-principal basis is excluded. Subcontractors performing the main service, wholly or partly, are not intermediaries merely because they interact with the customer. Classification depends on the contractual terms and facts of each arrangement, while the special place-of-supply rule applies only where either service provider or recipient is outside India.
F.No. 299/22/2021-Dir (Inv. III)/174 - 28-09-2021 Income Tax
Order under section 119(2)(b) of the Income Tax Act, 1961 for filing applications for settlement before the Interim Board for Settlement.
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Settlement application relief allows eligible taxpayers to file late applications and have them treated as pending for processing.
Administrative relief permits certain settlement applications filed after the statutory cut-off to be admitted by the Commissioner who was Secretary to the Settlement Commission and treated as pending applications before the Interim Board, provided the assessee was eligible on the cut-off date and relevant assessment proceedings are pending.
25/2015-2020 - 28-09-2021 DGFT
Extension of HBP 2015-2020
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Extension of Handbook of Procedures validity under FTP provision through substitution of expiry date references.
The Public Notice amends the Handbook of Procedures, 2015-20 by substituting existing expiry references in specified paragraphs so that the operative end date in para 1.01 is replaced with 31.03.2022, and corresponding date references in paras 3.20(a) and 4.12(vi) are similarly replaced, thereby extending the validity of the Handbook until the revised date.
13 - 28-09-2021 FEMA
Use of any Alternative reference rate in place of LIBOR for interest payable in respect of export / import transactions
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Alternative reference rate permitted to replace LIBOR for interest on export and import transactions, with other instructions unchanged.
Authorised Dealer Category I banks are permitted to adopt any widely accepted Alternative reference rate in the relevant currency in place of LIBOR for interest payable on export and import transactions, with all other operational instructions remaining unchanged; enabling amendments to FEMA export regulations have been notified and AD banks should notify their constituents.
SEBI/HO/IMD/IMD-1 DOF2/P/CIR/2021/630 - 27-09-2021 SEBI
Risk Management Framework (RMF) for Mutual Funds
Show AI Summary
Risk Management Framework requires AMCs to implement board approved governance, CRO oversight, risk metrics and periodic reporting.
SEBI mandates a comprehensive RMF requiring AMCs to implement board approved, documented risk policies with distinct governance: a CRO plus CXO risk owners, separate Risk Management Committees at AMC and trustee levels, three lines of defence structures, scheme and AMC level risk metrics, RCSA, stress testing, internal audit with a rectification index, monthly reporting to management and quarterly reporting to boards and trustees, and detailed mandatory measures across investment, credit, liquidity, operational, compliance, technology, outsourcing and other key risk categories.

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Clarification relating to export of services-condition (v) of section 2(6) of the IGST Act 2017

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Export of services: supplies by Indian incorporated affiliates to foreign parent can qualify as exports if statutory conditions are met.
Clause (v) of section 2(6) of the IGST Act excludes supplies that are between establishments of the same person as per Explanation 1 to section 8; ... Summary

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