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04/2023 - GST (State) - 19-07-2023 GST - States
Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof.
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Total input tax credit consideration prevents interest unless combined ITC falls below wrongly availed IGST, triggering interest.
For interest on wrongly availed IGST credit, the relevant benchmark is the total input tax credit in the electronic credit ledger across IGST, CGST and SGST combined, not the IGST-head balance alone. No interest accrues if the combined ITC balance from availment until reversal never falls below the wrongly availed IGST amount; interest is triggered only to the extent the combined balance falls short. Compensation cess credit is excluded from this computation and cannot be used for CGST, SGST or IGST liabilities or reversals.
Instruction No. 24/2023 - 18-07-2023 Customs
Suspension of Licence of Customs Broker
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Suspension of Customs Broker licence: limited to appropriate cases requiring immediate action with recorded reasons.
Suspension of a customs broker licence is permitted only in appropriate cases requiring immediate action; the Commissioner may suspend when an enquiry is pending or contemplated, but must not apply suspension routinely or mechanically and should record reasons explaining why immediate suspension is necessary, taking into account potential disruption to smaller broker enterprises.
2/2023 - 18-07-2023 GST - States
Prevention of fake registration and bogus ITC claims - and role of Tax officers under GST.
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Fake GST registration and bogus ITC claims face tighter verification, scrutiny, and enforcement under strengthened tax officer controls.
Strengthened verification of GST registration applications requires proper officers to scrutinise documents, cross-check address proof, examine PAN and Aadhaar history, issue queries for deficiencies, and conduct mandatory pre-registration field verification within prescribed time limits. Applications involving out-of-state applicants, altered mobile numbers, or forged documents are to be closely scrutinised, with police reporting where fraud is detected. The circular also directs intensive ITC verification using analytical tools and enhanced enforcement for sin and other high-valued goods.
PUBLIC NOTICE NO. 11/2023 - 17-07-2023 Customs
Mandatory additional qualifiers in import/export declarations in respect of certain products w.e.f. 01.07.2023—reg.
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Mandatory additional qualifiers for customs declarations extended to allow resolution of implementation and testing issues.
Mandatory additional qualifiers for specified import and export declarations introduced by Circular No. 15/2023-Customs have had the compliance date extended to 01.10.2023 by Circular No. 18/2023 following trade representations, a departmental request and testing-related mismatches; stakeholders are directed to report implementation difficulties to the Additional Commissioner, Airport and ACC, Bengaluru Customs Zone.
ORDER No. 04/WBGST/PRO/2023 - 17-07-2023 GST - States
Extension of period for completion of Audit as per the proviso to sub-section (4) of section 65 of the WBGST Act, 2017 for the period starting on or after 1st day of April, 2019 and ending on or before 31st day of March, 2020 for M/s G H Agencies Private Limited (GSTIN: 19AACCG3795M1ZY).
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Extension of audit period under section 65 granted due to GSTN system glitches, allowing additional time to complete the audit.
The Commissioner invoked the proviso to sub section (4) of section 65 of the WBGST Act, 2017 to extend the audit completion period for M/s G H Agencies Private Limited (GSTIN: 19AACCG3795M1ZY) for the period commencing on or after 1 April 2019 and ending on or before 31 March 2020. The audit began on 24 April 2023 and could not be completed within three months due to GSTN back office system glitches; an additional six month period from the original due date is granted and the order is effective immediately.
ACCT/GST/2017/8464 - 17-07-2023 GST - States
Regarding the usage of Document Reference Number (RFN) generation facility in GST Portal and its use in all offline communications with taxpayers and other linked persons.
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Document Reference Number verification is required for offline GST communications, enabling taxpayer validation and strengthening administrative transparency.
Offline GST communications issued by proper officers to taxpayers must carry an electronically generated Document Reference Number (RFN). Officers may generate and search RFNs through the GST portal's RFN service, and the generated RFN must be included in the communication. Taxpayers may verify the RFN on the GST common portal before or after login. The requirement applies to all communications not generated online by the system, and non-compliance is stated to be treated seriously.
199/11/2023-GST - 17-07-2023 GST
Clarification regarding taxability of services provided by an office of an organisation in one State to the office of that organisation in another State, both being distinct persons.
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Inter-office service taxation: clarifies ITC distribution options and valuation where offices are distinct persons.
Head office and branch offices that are treated as distinct persons may either distribute input tax credit (ITC) through the Input Service Distributor (ISD) mechanism (requiring ISD registration) or the head office may issue tax invoices to branches so branches can claim ITC; ISD distribution or invoicing is permitted only if services are attributable to or actually provided to the recipient. Where the recipient branch is eligible for full ITC, the invoice value shall be deemed the open market value, and salary costs need not be mandatorily included in taxable value where full ITC is unavailable.
198/10/2023-GST - 17-07-2023 GST
Clarification on issue pertaining to e-invoice.
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E-invoicing applicability: suppliers above threshold must issue e-invoices to TDS-registered government entities.
Supplies by a registered person whose turnover exceeds the e-invoicing threshold to Government Departments, agencies, local authorities or PSUs that are registered solely for tax deduction at source must be invoiced using the e-invoicing mechanism because those entities are treated as registered persons under GST law; the supplier is therefore required to issue e-invoices under the relevant e-invoice rule.
197/09/2023- GST - 17-07-2023 GST
Clarification on refund related issues.
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Refund of accumulated input tax credit restricted to ITC reflected in GSTR 2B; circular clarifies undertaking, turnover and export refund rules
Refund of accumulated Input Tax Credit under section 54(3) is restricted to ITC reflected in FORM GSTR 2B for the relevant tax period or earlier periods on which credit is available; this applies to refund claims for periods from January 2022 onwards. The undertaking in FORM RFD 01 is amended to remove references to section 42 and GSTR 2/GSTR 3, relating the undertaking solely to compliance with clause (c) of sub section (2) of section 16. Export related refunds and calculation of adjusted total turnover are clarified, and procedural amendments to Annexure A and portal categories are provided.
196/08/2023-GST - 17-07-2023 GST
Clarification on taxability of shares held in a subsidiary company by the holding company.
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Taxability of shareholding: mere holding of subsidiary shares is not a taxable supply under GST.
Securities, including shares, are neither goods nor services and mere purchase, sale or holding of shares does not constitute a supply. A transaction is taxable as a service only if it meets the statutory definition of supply; classification entries describing holding company activities do not convert passive shareholding into a taxable supply. Therefore, mere holding of subsidiary shares by a parent company is not a supply of services and is not subject to GST.
195/07/2023-GST - 17-07-2023 GST
Clarification on availability of ITC in respect of warranty replacement of parts and repair services during warranty period.
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Warranty replacements and repairs: no additional GST where covered in original supply; GST applies to any additional consideration.
Where a manufacturer's original supply includes the expected cost of warranty replacements and repairs, replacements or repairs provided during the warranty without separate consideration attract no further GST and do not require reversal of input tax credit. If additional consideration is charged, GST applies to that consideration. Distributor actions are taxable only when they constitute a supply invoiced to the manufacturer; manufacturer-provided parts to distributors for warranty replacement without consideration do not attract GST or ITC reversal. Repair services charged by a distributor to the manufacturer are taxable and the manufacturer may claim ITC. Extended warranty at sale is part of the composite supply; post-sale extended warranty is a separate taxable contract.
194/06/2023-GST - 17-07-2023 GST
Clarification on TCS liability under Sec 52 of the CGST Act, 2017 in case of multiple E-commerce Operators in one transaction.
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TCS liability where multiple e commerce operators are involved: the ECO releasing payment must collect and remit TCS.
Where multiple ECOs are involved and the supplier side ECO is not the supplier, the supplier side ECO who ultimately releases payment to the supplier must collect and remit TCS and perform Section 52 compliances. If the supplier side ECO is itself the supplier, the buyer side ECO collecting payment must collect and remit TCS and comply with Section 52 when making payment to that supplier/ECO.
193/05/2023-GST - 17-07-2023 GST
Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for the period 01.04.2019 to 31.12.2021.
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Input Tax Credit reconciliation: capped availment based on GSTR 2A discrepancies for specified periods, subject to verification and conditions.
The Circular directs reconciliation of Input Tax Credit claimed in FORM GSTR-3B with FORM GSTR-2A for 01.04.2019-31.12.2021, applying Circular No.183/15/2022-GST to early months and enforcing the caps provided by rule 36(4) for sub-periods; availment remained subject to the payment condition in clause (c) of sub-section (2) of Section 16, cumulative adjustment provisos for certain month clusters must be considered, and from 01.01.2022 ITC is allowable only to the extent communicated in FORM GSTR-2B.
192/04/2023-GST - 17-07-2023 GST
Clarification on charging of interest under section 50(3) of the CGST Act, 2017, in cases of wrong availment of IGST credit and reversal thereof.
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Interest on wrongly availed IGST credit depends on the combined ITC balance across IGST, CGST and SGST heads.
The total ITC balance in the electronic credit ledger-aggregating IGST, CGST and SGST-must be used to determine whether wrongly availed IGST credit was utilized; no interest is chargeable if the combined ITC balance never fell below the wrongly availed amount between availment and reversal, but when the combined balance falls below that amount the shortfall measures utilization and attracts interest. Compensation cess credit is excluded from the aggregation and cannot be used for this purpose.
15/2023-24 - 17-07-2023 DGFT
Introduction of a Searchable Database for Ad-hoc Norms fixed under Para 4.07 of HBP.
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Searchable ad-hoc norms database enables Advance Authorisation applications on a no-norm repeat basis without committee ratification.
A searchable database of Ad-hoc Norms under Para 4.07 of the Handbook of Procedure permits applicants to identify pre-fixed norms by item description and ITC(HS) codes and, where a norm matches item description, specified wastages and HBP validity, to apply for an Advance Authorisation on a No-Norm Repeat basis without Norms Committee ratification, subject to other FTP/HBP provisions and the norm's validity.
Public Notice No. 18/2023 - 14-07-2023 Customs
Additional Documents for Warehousing of liquor to safeguard revenue
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State excise and VAT licence requirement: bond to bond liquor purchasers must hold licences and submit proof before warehousing.
The notice mandates that any purchaser engaging in bond to bond purchases of imported liquor must hold valid State excise and VAT licences and submit self attested copies when executing the triple duty bond; sellers/importers must verify buyer licences prior to bond to bond transfers. It prescribes additional documentary conditions for supplies to State liquor corporations, brand registration, and specified requirements for Haryana and Uttarakhand, repeatedly requiring clean past bonding records (no outstanding expired B2B bonds). Exemptions include original importers and holders of special bonded warehouse licences.
Policy circular No. 03/2023-24 - 14-07-2023 DGFT
Clarification regarding Notification No.19 dated 12.07.2023.
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SEZ import exemption: specified gold HS code imports excluded from recent notification restrictions under Rule 27(1) of SEZ Rules.
Imports made by SEZ units under the HS codes identified in Notification No.19 are outside the purview of that Notification under Rule 27(1) of the Special Economic Zone Rules 2006; the DGFT policy circular instructs customs, SEZ regulatory authorities and trade stakeholders to implement this clarification.
Instruction No. 23/2023 - 14-07-2023 Customs
E-waste (Management) Rules, 2022-Regarding release of imported consignments of Producers of 106 EEEs items (ITEW1 to ITEW27, CEEW1 to CEEW19, LSEEW1 to LSEEW 34, EETW1 to EETW 8, TLSEW 1 to TLSEW6, MDW1 to MDW10 and LIW1 to LIW2)
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E waste registration requirement: interim release of imported EEE consignments on EPR portal acknowledgement, extended to 31 August.
Imported consignments of 106 notified EEE items may be released on production of an acknowledgement from the CPCB EPR Portal confirming the producer has applied for registration; this interim release arrangement is extended until 31 August 2023 and applies only to producers who have submitted applications on the EPR Portal.
Instruction No. 113 - 14-07-2023 SEZ
Reducing Compliance Burden regarding SOFTEX Forms
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SOFTEX forms: physical invoice submissions by SEZ units dispensed; electronic verification authorised, with limited physical sampling.
SEZ Division dispenses with submission of physical SOFTEX forms and invoices by SEZ units where filings are made online; DCs may obtain documents electronically for verification and permit sample physical invoices in exceptional cases. RBI revised FETERS reporting from April 1, 2012: AD banks must use the revised purpose codes, report purpose codes for all forex transactions (including small non-export receipts), increase amount fields to 15 digits, and adopt 6 digit port codes, submitting prescribed ASCII files fortnightly with required consistency checks.
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 - 13-07-2023 SEBI
Disclosure of material events / information by listed entities under Regulations 30 and 30A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Material event disclosure requires prompt stock exchange reporting with prescribed content, timelines, and materiality guidance.
The circular prescribes enhanced disclosure obligations for listed entities under Regulations 30 and 30A by specifying required content for Part A events, precise timelines for initial and follow up disclosures (including prompt post board meeting reporting), criteria and computation guidance for materiality under regulation 30(4), and rules on when an event is deemed to have occurred, while requiring listed entities to update exchanges as material particulars evolve.

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Master Circular for Credit Rating Agencies

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Credit rating agency regulation: comprehensive operational, disclosure and governance requirements to standardize ratings and ensure transparency.
The Master Circular consolidates procedural and operational requirements for CRAs including online registration, prior approval for change in control, ... Summary

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Acts Income Tax
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