Refund of Unutilised Input Tax Credit: amended calculation and specified restrictions apply prospectively to later-filed applications.
Clarifies that the amended formula for refund of unutilised input tax credit under sub rule (5) of rule 89 (Notification No. 14/2022) is prospective and applies only to refund applications filed on or after its effective date, while applications filed earlier remain governed by the previous formula. It further clarifies that the restriction on refunds for specified goods introduced by Notification No. 09/2022 is prospective and applies only to refund applications filed on or after its effective date.

Reporting of OTC trades required in uniform format; compliance mandated for all persons dealing in non-convertible securities.
The circular mandates reporting of OTC trades in listed non-convertible securities by all persons dealing in such securities, irrespective of registration status, in a specified uniform format. The required fields include deal type, security and issuer details, coupon, traded price, trade yield with yield type selected at reporting, trade value in face value terms, trade date and time, settlement details and an end-of-day updated settlement status. Stock Exchanges must monitor compliance and report discrepancies to SEBI.

Green debt security: issuers of municipal debt must follow green-debt provisions and ongoing compliance requirements.
Issuers of municipal debt securities may issue instruments that qualify as green debt security if they meet the definition in Regulation 2(1)(q) of the NCS Regulations. Such issuers must comply with ILMDS Regulations and the additional provisions, initial and continuous disclosure requirements, and compliance obligations for green debt security as specified under the NCS Regulations and related circulars. Stock Exchanges and Depositories must update rules and systems, disseminate the circular, report implementation to SEBI and monitor compliance.

Lifetime validity of customs broker licences confirmed; intimation by customs extends licences without physical endorsement.
Pune Customs confirms that operational customs broker licences meeting prescribed conditions shall have lifetime validity unless revoked; formal intimation sent to the licensee's office or email on record will suffice to extend licence validity without any physical visit or endorsement. Photo identity cards/Customs Passes issued to personnel of a customs broker shall be co-terminus with the customs broker licence validity.

Customs broker registration requirement: Brokers must join one local association; Pune brokers advised to enroll locally.
Customs brokers operating where a registered Customs Brokers' Association exists must enroll as members of that Association in each jurisdiction of operation and may not be enrolled in more than one Association in the same jurisdiction at any given time. Accordingly, all customs brokers under the Pune Customs Commissionerate are advised to enroll with the Pune Customs Brokers Association at the specified office address.

Transitional credit verification: nodal officer appointed to coordinate State and Central authorities for TRAN-1 and TRAN-2 claims.
The Commissioner appoints Smt. Nabanita Pal, Special Commissioner, as the Nodal Officer to coordinate between State and Central tax authorities for verification of transitional credit claims in TRAN-1 and TRAN-2 filed by registered taxpayers, pursuant to the relevant trade circular and higher court direction; the administrative order takes immediate effect.

Fee revision for insolvency professionals: increased application, annual and regulatory levies now payable to the IBBI under amended regulations.
The Insolvency and Bankruptcy Board of India has amended regulations to revise one time application, periodic renewal and annual fees for Insolvency Professionals and Insolvency Professional Entities, and has introduced specified regulatory fee levies related to approved resolution plans and costs for hiring professionals; the circular prescribes applicable forms, submission modes and bank payment details where online modules are not yet implemented.

Priority distribution model in AIFs barred from fresh commitments pending regulatory review, restricting new investments.
Funds using a priority distribution model-where one investor class receives distribution priority causing another class to bear losses greater than pro rata to their holdings-are temporarily prohibited from accepting fresh commitments or investing in new investee companies pending regulatory review and consultation, under the regulator's Section 11(1) powers to protect investor interests.

GSTN inclusion as Financial Information Provider enables GST returns to be shared under the Account Aggregator framework.
Inclusion of Goods and Services Tax Network (GSTN) as a Financial Information Provider under the Account Aggregator framework designates GST Returns, specifically Form GSTR 1 and Form GSTR 3B, as recognised financial information to facilitate cash flow-based lending. The Department of Revenue is specified as GSTN's regulator for this purpose, and targeted amendments to the Master Direction add GST returns, the Department of Revenue, and GSTN to the enumerated lists.

Custodianship extension requires bonds, contingency insurance, operational safeguards and custodial liability for loss or pilferage in transit.
Extension of custodianship is granted subject to maintenance and renewal of prescribed bonds and contingency insurance, compliance with Sections 45(2) and 45(3) of the Customs Act and Handling of Cargo in Customs Areas Regulations, and strict custodial liability for loss, pilferage, theft, fire or damage to goods in custody or during transit, including responsibility for duty and penalties on lost goods and obligation to furnish separate bonds for export duty incentives and secure transport to gateway ports.

Refund restriction for inverted duty structure now applies prospectively; amended refund formula governs later applications.
Clarification: the amended refund calculation formula for unutilised input tax credit due to inverted duty structure applies prospectively to refund applications filed on or after its effective date, while refund applications filed before that date must be processed under the prior formula. Separately, a restriction denying refunds for certain specified goods where credit accumulated on account of higher input tax rates is likewise prospective and applies only to refund applications filed on or after its effective date; earlier filings are unaffected.

Authorization for tax surveys requires prior approval from senior tax authorities and monitoring by commissioners for compliance.
Authorization for survey and search powers must be issued by an income-tax authority not below the rank of Joint Director or Joint Commissioner with prior approval of the Director General/Chief Commissioner for specified directorates, and the Principal Chief Commissioner for other charges; where a TDS charge is headed by the Principal Chief Commissioner, approval shall be granted by that officer. The Principal Commissioner/Commissioner/Principal Director/Director concerned shall monitor that survey action follows statutory provisions and Board guidelines. The order supersedes prior orders and is effective immediately.

Designation of officers under Section 133A clarifies delegated search and inspection powers and territorial allocation.
The Board specifies Principal Director General, Director General, Principal Chief Commissioner and Chief Commissioner as the senior officers whose subordinates may exercise the search and inspection powers under the Income-tax law, confined to territorial areas, persons or classes of persons, incomes or classes of incomes, and cases or classes of cases assigned to them under the Department's allocation framework; the specification excludes charges exercising powers under the separate penalty and faceless penalty mechanism.

Unutilised input tax credit refund rules apply prospectively; amended formula and goods restriction affect applications filed after effective dates.
An amendment to the refund formula for unutilised input tax credit due to inverted duty structure is prospective from July 5, 2022 and applies only to applications filed on or after that date; applications filed before that date will follow the prior formula. A restriction denying such refunds for specified goods under Chapters 15 and 27 is prospective from July 18, 2022 and applies only to applications filed on or after that date, not to earlier-filed claims.

Input tax credit reporting: mandatory disclosure and reversal for ineligible credits to prevent wrongful utilisation and interest liability.
Taxpayers must not edit auto populated totals in Table 4(A) of Form GSTR 3B to remove ineligible credits; permanently blocked credits and reversals under Rules 38, 42, 43 and Section 17(5) are to be declared in Table 4(B)(1), reclaimable or temporary reversals under Rule 37 and Sections 16(2)(b) and 16(2)(c) in Table 4(B)(2), reclaimed amounts in Table 4(D)(1), and time barred or cross State ineligible credits in Table 4(D)(2). Net ITC in Table 4(C) equals (4A - [4B(1) + 4B(2)]) and will credit the electronic credit ledger; expired rectification requires filing Form GST DRC 03 to reverse credits.

Commissioner review powers: internal review cells to examine refund orders and recommend timely appeals and remedies.
An Internal Review Cell is to be constituted at Head Office and Range offices to examine refund orders under Section 107(2) HGST, assessing legality or propriety and recommending legal remedies where orders are prejudicial to revenue. Reviews must be completed at least thirty days before the appeal period expires; Cells are headed by specified senior officers with up to two assistants, and refund orders (Form RFD-06) must be marked to the relevant Cell. The Commissioner will act on the Cell's recommendations and Cells must follow CBIC guidelines.

State GST exemption for designated film screenings - theatres must pay SGST from own funds and seek reimbursement.
Order directs registered theatres and multiplexes exhibiting the Odia film "DAMaN" not to collect State GST from customers and to display "State GST not collected by the orders of the Government of Odisha" on tickets; theatres must not raise entry fees or change seat capacities. Theatres must nonetheless file returns and deposit State GST from their own resources; SGST paid during the period may then be claimed for reimbursement by application to the jurisdictional Circle Head, recommended by territorial Range Head, certified by the Commissioner of Commercial Taxes & GST, and disbursed by the Industries Department against a designated budget head; the order has a defined effective period and excludes collections outside that period.

Recurring show cause notices: initiating enforcement authority handles consequential actions, but recurring SCNs issued by jurisdictional tax authority.
Authority for consequential actions arising from an enforcement action rests with the authority that initiated the enforcement; however, issuance of recurring SCNs should be made by the jurisdictional tax authority administering the taxpayer because such recurring notices do not require fresh investigation and the jurisdictional authority can access returns and records to determine whether the original grounds persist. Refunds remain an independent process to be granted only by the jurisdictional authority, while considering findings communicated by the investigating authority.

No-objection requirement for schemes of arrangement: Stock Exchange clearance and prescribed disclosures required before court filing.
Entities listing Non-convertible Debt securities or Non-convertible Redeemable Preference Shares must file a draft scheme of arrangement with a designated nationwide Stock Exchange to obtain a No-Objection Letter before approaching any Court or Tribunal. The filing must include the draft scheme, a Registered Valuer's valuation report with undertaking, a fairness opinion from a SEBI-registered merchant banker, a board report addressing impacts and safeguards for NCD/NCRPS holders, audited financials, an auditor's certificate on payment/repayment capability, compliance reports, and required declarations; Stock Exchanges will forward filings to SEBI and coordinate queries and timelines.

Declaration of First Close: AIFs must declare First Close, meet minimum corpus and preserve sponsor/manager commitments.
AIF schemes must declare First Close within the prescribed period from SEBI communication; at First Close the scheme corpus must meet the category minimum and sponsor/manager commitments to meet that minimum cannot be reduced, withdrawn or transferred thereafter. Tenure of close-ended schemes is calculated from First Close; tenure may be modified only before First Close and investors may withdraw commitments prior to First Close. Changes in sponsor/manager or change in control require prior SEBI approval and payment of a fee equivalent to the registration fee, subject to limited exemptions and timelines.