One-time relaxation for TMA physical submissions permits delayed filing of hard copies; RAs must examine and dispose promptly.
Exporters who submitted online applications under the foreclosed TMA for Specified Agricultural Products for exports up to 31.03.2021 may submit printed ANF 7(A)A and prescribed documents with designated RAs by 31.12.2022; RAs shall examine complete applications per prescribed policy and dispose of them within 30 days of physical submission.

Transitional credit filings through TRAN 1/TRAN 2 require officer verification before electronic credit ledger posting.
Transitional credit claims filed or revised through FORM TRAN 1 and TRAN 2 during the special portal window may be credited to the Electronic Credit Ledger only to the extent allowed by the jurisdictional tax officer after statutory verification. Jurisdictional officers must verify claims using Back Office data and applicant records, coordinate with counterpart central/state officers where claims span jurisdictions, provide notice and hearing where inadmissibility is contemplated, and pass reasoned orders within the prescribed verification period, uploading orders to the portal.

Technical glitch framework requires immediate reporting and detailed RCA, plus capacity, testing, monitoring and DR obligations.
Prescribes a regulatory framework requiring immediate notification to exchanges, a next-day preliminary incident report, and a detailed Root Cause Analysis within fourteen days for any defined technical glitch. Mandates capacity planning, robust software testing and change management, API-based logging and monitoring by exchanges, and business continuity/disaster recovery arrangements including geographically separated DR sites and periodic full-day DR drills. Exchanges will publish incidents and RCAs, issue implementation guidelines, and impose financial disincentives for glitches and non-compliance.

Extension of implementation timelines: SEBI deferred two circulars and directed exchanges and depositories to notify and amend rules.
SEBI deferred the effective dates of two operational circulars: the Demat Debit and Pledge Instruction circular to take effect on or before January 20, 2023, and the Validation of Pay In Instructions circular to take effect from January 27, 2023. The earlier provisions are modified accordingly. Stock Exchanges and Depositories must notify members, amend bye laws/rules for implementation, and report implementation status to SEBI within seven working days after implementation and in Monthly Development Reports.

Timelines for dividend and redemption transfers set firm payment periods and interest for delays borne by AMCs.
Amendments fix timelines for transfers: dividends are to be paid within seven working days from a record date set two working days after public notice; redemption or repurchase proceeds must be transferred within three working days, with an extended five working day period for schemes predominantly invested in prescribed overseas investments. AMFI will publish exceptional circumstances and applicable extended time frames. Interest for delay is payable to unitholders at the prescribed annual rate and borne by AMCs, with payment details to be reported to SEBI in the prescribed compliance format and communicated to investors.

Refund of unutilised input tax credit: amended formula applies to later applications; restrictions on specified goods apply prospectively.
The amendment to the formula in sub rule (5) of rule 89 of the UPGST Rules for refund of unutilised input tax credit under inverted duty structure is prospective and applies only to refund applications filed on or after its effective date; applications filed before that date are to be dealt with under the pre amendment formula. Separately, the notification restricting refunds for specified goods under chapters 15 and 27 is also prospective and applies only to refund applications filed on or after its effective date.

Refund of unutilised ITC for export of electricity clarified; filing, documentation and calculation procedure prescribed.
Procedure for refund of unutilised Input Tax Credit on export of electricity: file FORM GST RFD-01 under "Any Other" with remark "Export of electricity- without payment of tax (accumulated ITC)", upload Statement 3B (export invoices, energy exported, tariff), the Regional Energy Account statement of scheduled energy from RPC Secretariat, agreements, and Statement-3A calculation. Relevant date is month-end per REA. Export turnover equals scheduled energy (REA) times contracted tariff; use the lower of REA and invoice quantities. Compute refund per Rule 89(4) formula, exclude domestic electricity from adjusted turnover, verify no ITC on domestic supply, and obtain electronic debit proof before issuing refund orders.

Withdrawal of circular on airport retail refund following retrospective omission of the refund rule; state tax commissioner rescinds prior guidance.
The State Tax Commissioner withdraws ab initio the earlier circular that clarified refunds for airport retail supplies because the operative refund rule was omitted retrospectively; the withdrawal is issued under Section 168 of the Uttar Pradesh GST Act and officers are directed to publicize the change by issuing trade notices.

Re-credit in electronic credit ledger after deposit of erroneous refund; officer to re-credit via FORM PMT 03A following verification.
Mechanism for re-crediting electronic credit ledger where taxpayers deposit erroneously sanctioned refunds: upon deposit of the erroneous refund with applicable interest and penalty through FORM GST DRC-03 (debited from electronic cash ledger) and submission of a written request in Annexure-A, the jurisdictional proper officer, after verification, shall re-credit an equivalent amount to the electronic credit ledger by order in FORM GST PMT-03A. Eligible refund categories include IGST refunds obtained in contravention, unutilised ITC on exports without payment, zero-rated supplies to SEZ without payment, and inverted duty structure refunds.

Advance Authorization conditions for wheat flour exports require pre-import wheat sourcing and prohibit domestic procurement and third party exports.
New Standard Input Output Norm (SION) permits export of whole wheat flour (atta) under Advance Authorization only with a pre-import condition for wheat and prohibits domestic procurement; AAs are limited to flour millers or exporters tied to millers, require Customs confirmation of Bills of Entry, mandate EDI port movement, impose a fixed export obligation period from consignment clearance with no extensions, enforce actual user restrictions and ban transfer or third party exports, and prescribe a penalty multiple of the CIF value for shortfall in export obligation.

Modification in Standard Input Output Norms updates permitted input fabric description for waist coats in textile SION.
Modification in Standard Input Output Norms (SION) J-222 changes the import input for the export item "Waist Coat" from "Nylon Fabric with polyester wadding (quilted)" to "Relevant Woven Fabric," keeping the input quantity at 1.16 sq. mtr; the amendment takes effect immediately under the Handbook of Procedures.

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.