INR trade settlement: banks may open a separate current account to facilitate exclusive receipt and settlement of export proceeds.
AD Category I banks maintaining Special Rupee Vostro Accounts for INR trade settlement are permitted to open an additional special current account exclusively for exporter constituents to receive and settle export proceeds, providing operational flexibility while operating within the existing INR settlement and account opening framework.

Allocation of Raw Petroleum Coke: manufacturers must submit prescribed operational and sourcing details for allocation consideration.
CPC manufacturers seeking allocation of imported Raw Petroleum Coke must submit prescribed Annexure details-manufacturing capacities with Consent to Operate, sources and sulphur range of RPC, historical yearly procurement, desired import quantities, OCEMS availability, and latest emission levels-by the specified deadline via email with a copy to the DGFT; non-submission will be treated as no response to the Sub Committee constituted by the Commission for Air Quality Management.

Mandatory import/export qualifiers require CAS and IUPAC identifiers or a supplier confidentiality declaration for chemical filings.
Mandatory additional qualifiers require importers to classify chemical consignments into defined categories and to provide CAS number and IUPAC name: bulk/basic chemicals must include both CAS and IUPAC; formulations, mixtures and proprietary/R&D items must supply CAS and IUPAC for at least one main/active ingredient. If CAS/IUPAC details are unavailable because the supplier withheld them for confidentiality, a self declaration to that effect must be furnished in the bill of entry; declared constituents will be printed as masked fields and these qualifiers supplement existing declaration requirements.

GST applicability on services clarifies composite supply, pure agent treatment, job work rates, and governmental authority exemptions.
Clarifies that same line of business for concessional passenger transport treatment includes passenger transport and renting with operator but excludes leasing without operator; electricity bundled with rent/maintenance is a composite supply taxed at the principal supply rate while separately billed electricity supplied as a pure agent is excluded from value; job work converting barley to malt is job work in relation to food products attracting the lower food rate; District Mineral Foundations Trusts are Governmental Authorities eligible for the same GST exemptions; horticulture services to CPWD with goods value not exceeding 25% are exempt.

Imitation zari thread classification affirmed as taxable at a lower GST rate; metallised polyester film included and refunds barred.
Products made from metallised polyester or plastic film that fall within the HS description for yarn combined with or covered by metal are classified as imitation zari thread or yarn under Sl No. 218AA of Schedule I and attract the reduced GST rate recommended by the Council; refunds on polyester (metallised)/plastic film for inversion of tax rates are not permitted.

Guarantee taxability: personal guarantees are supplies but taxable value nil without consideration; corporate guarantees valued under related party rule.
A director's provision of a personal bank guarantee is treated as a supply of service between related persons even if without consideration; valuation follows related-party valuation and, where banking guidelines forbid payment to guarantors, the open market value may be treated as nil so the taxable value is zero, except in exceptional cases where remuneration is actually paid, in which case the taxable value equals such remuneration. Corporate guarantees between related entities, including holding-subsidiary, are also supplies and their taxable value is determined under the related-party valuation sub-rule introduced for corporate guarantees.

Place of supply for transportation services clarified: default recipient-location rule applies where recipient location is available.
For transportation of goods with supplier or recipient outside India, the place of supply follows the default rule: location of recipient where available, otherwise location of supplier. Transportation by mail or courier similarly follows the default rule. Advertising services: sale or grant of rights to use hoarding space is located where the immovable property is; mere display services by a vendor are advertising services governed by the default rule. Co-location services that include hosting and IT infrastructure are hosting services and follow the recipient-location default; purely renting physical space with basic infrastructure is renting of immovable property and located where the immovable property is.

Export of services in INR via Special Rupee Vostro Accounts meets permitted payment requirement under IGST, enabling export classification.
Payment of export proceeds in Indian rupees from designated Special Rupee Vostro Accounts of correspondent banks, opened by authorised dealer banks under the Special Vostro Account framework, fulfils the payment requirement in sub clause (iv) of Section 2(6) of the IGST Act for export of services, subject to the conditions and restrictions of the Foreign Trade Policy and extant central bank circulars and without prejudice to any other statutory permissions or approvals.

Imitation zari thread GST clarification applies 5% rate to metallised film-based yarn, with no inversion refund allowed.
GST rate on imitation zari thread or yarn made from metallised polyester film or plastic film falling under HS 5605 is clarified as 5% GST under the entry for imitation zari thread or yarn. The circular further states that no refund will be admissible on polyester film or plastic film on account of inversion of tax rate, and references the corresponding amendment to the State notification.

Identified goods designation for J3 grade stainless steel mandates kilogram quantity code, grade declaration, and specified supplier documentation.
Designation of Stainless Steel of J3 grade as identified goods requires use of the Unique Quantity Code of Kilogram in the bill of entry, explicit mention of the steel grade in the bill of entry, and production, in addition to prescribed documents, of Manufacturer's Invoice, Mill Test Certificate, Positive Material Identification test report, manufacturer's declaration for stock lot/ex stock where applicable, and the Purchase Order or Contract.

Air-cargo transshipment permission renews domestic movement subject to carrier liability, bond safeguards, customs compliance, and withdrawal for non-compliance.
Import and export air-cargo transshipment permission is renewed for Air India Limited to carry cargo from Air Cargo Complex, Kolkata to other customs-notified Indian airports on domestic flights. Validity is limited to three years or bond validity, whichever is earlier. The carrier remains liable for cargo shortages or pilferage, including applicable duty or goods value, interest, penalty and cess. Export bonds are debited on cargo removal and recredited upon delivery to Customs at the destination. Operations are governed by applicable customs, cargo-handling and foreign trade requirements, and permission remains subject to compliance and possible withdrawal after notice.

Most Important Terms and Conditions require brokers to present standardised MITC and obtain client acknowledgement to highlight core obligations.
Prescribes a standardised Most Important Terms and Conditions (MITC) that brokers must inform and obtain client acknowledgement of, alongside uniform documents provided free of charge. The Brokers' Industry Standards Forum will publish MITC form and implementation standards, with SEBI to publish if ISF does not. New client onboarding must comply from April 1, 2024; existing clients must be informed via preservable communication by June 1, 2024. Stock exchanges must update rules, publish standards and report implementation status to SEBI.

Customs area declaration: Container Examination Yard at Kamarajar Port designated for import and export handling with immediate effect.
The Container Examination Yard at Kamarajar Port is declared a customs area for handling import and export cargo, with specified dimensions and geographical coordinates; all import/export procedures and controls are to follow the Customs Act, related laws and applicable notifications and public notices, and the declaration is effective immediately.

Self-certification of eBRCs lets exporters generate electronic certificates from bank IRMs, streamlining export realisation and reconciliation.
Upgraded eBRC system requires banks to transmit trade-related IRMs electronically to DGFT; IEC-linked exporters will access those IRMs on the DGFT portal and self-certify eBRCs by matching IRMs to shipping bills, SOFTEX or invoices. Banks can group or split IRMs across eBRCs, will have visibility of eBRCs created from their IRMs, and may flag eBRCs for examination. API integration by banks is mandated to enable prompt data exchange, and validation will use RBI purpose codes and published rulesets.

GST applicability on composite supplies: principal supply rate governs bundled electricity; pure agent actual-basis billing excluded.
Input tax credit in the same line of business is limited to passenger transport and renting with operator; leasing without operator is excluded. Electricity bundled with renting or maintenance is a composite supply taxed at the principal supply rate, while actual-basis pure agent billing for electricity is excluded from supply value. Job work converting barley to malt is classified as job work for food products and attracts the concessional job work rate. District Mineral Foundations Trusts are Governmental Authorities for exemption purposes. Horticulture services supplied to CPWD are exempt where goods do not exceed the prescribed value proportion.

GST rate on imitation zari thread clarified to include metallised polyester/plastic film; no refund for film inversion.
Imitation zari thread or yarn made from metallised polyester film/plastic film falling under HS 5605 are covered by the Schedule I entry for imitation zari and attract the reduced GST rate; no refund is permitted for polyester (metallised)/plastic film on account of rate inversion. The CBIC clarification has been applied mutatis mutandis under the Maharashtra GST Act and is clarificatory in nature.

Withholding of refunds under section 245(2) requires written reasons, JAO approval, and strict timelines for FAO and JAO.
Withholding of income tax refunds under section 245(2) applies where the refund meets a revised monetary threshold and requires a structured workflow: FAO notifies the JAO of likely demand; the JAO records non cursory written reasons analyzing the factual matrix (including financial condition, past demands and appeals), seeks approval from the Principal Commissioner, and communicates the final withholding or release decision to CPC within prescribed timelines.

Advance payment facilitation for import of silver by Qualified Jewellers permitted under specified procedural conditions.
AD Category I banks may remit advance payments on behalf of Qualified Jewellers notified by the International Financial Services Centres Authority for import of silver through IIBX, subject to the procedural and compliance conditions in A.P. (DIR Series) Circular No.04 dated May 25, 2022 and pursuant to DGFT Notification permitting specified silver ITC(HS) codes.

Custodian appointment and CFS approval transferred to Transworld, conditional on AEO status and regulatory compliance.
The Commissioner approves transfer of the roles of Custodian and Customs Cargo Service Provider from M/s TG Terminals Private Limited to M/s Transworld Terminals Private Limited for the 60,650 SQM CFS, authorising the transferee to perform all CFS operations and custody functions under Chapter VIII of the Customs Act, 1962 and relevant regulations. The approval is conditional on compliance with the Customs Act and Handling of Cargo in Customs Areas Regulations, retention of AEO-LO accreditation (affecting validity to 21.05.2029 or otherwise five years), provision of MPCB consent in the transferee's name, and possible bank guarantee requirements if AEO status lapses.

GST applicability: clarifications on input tax credit, composite supplies, job work rates, and governmental exemptions.
Input tax credit in the same line of business is confined to passenger transport and renting with operator; leasing without operator is excluded and taxed like vehicle sale. Electricity bundled with renting or maintenance is a composite supply taxed at the principal supply rate, whereas bona fide pure agent reimbursements billed on actuals are excluded from value. Job work converting barley to malt attracts the lower job work rate for food products. State-set DMFTs are governmental authorities eligible for exemptions. Horticulture services to CPWD with goods 25% qualify for exemption under the specified notification.