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Circulars
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03 - 26-04-2023 FEMA
Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)
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Liberalised Remittance Scheme: resident individuals may open FCAs in IFSCs for permitted investments; 15 day repatriation rule withdrawn.
Resident individuals may open a Foreign Currency Account (FCA) in International Financial Services Centres (IFSCs) for making investments permissible under the Liberalised Remittance Scheme (LRS); the prior requirement to repatriate funds lying idle in such accounts within 15 days is withdrawn and balances will be governed by the Master Direction on LRS.
SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/061 - 25-04-2023 SEBI
Bank Guarantees (BGs) created out of clients’ funds
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Restriction on bank guarantees created from client funds limits new guarantees and mandates wind down with enhanced reporting and oversight.
Stock brokers and clearing members are prohibited from creating new Bank Guarantees funded by clients' monies and must wind down existing such guarantees by the prescribed deadline; the prohibition excludes proprietary funds. Stock exchanges and clearing corporations must monitor positions, implement periodic reporting, submit fortnightly collateral data to the regulator, verify compliance through inspections, and require statutory-auditor certification of implementation, with exchanges amending bye-laws and reporting implementation status to the regulator. Several earlier circulars are modified to the extent inconsistent.
SEBI/HO/IMD/IMD-RAC-2/P/CIR/2023/60 - 25-04-2023 SEBI
Modifications in the requirement of filing of Offer Documents by Mutual Funds
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Digital filing of mutual fund offer documents required, with a minimum subscription window for new fund offers and an effective compliance date.
AMCs must file final offer documents (final SID and final KIM) only in digital form by emailing them to the designated filing address at least two working days prior to scheme launch, eliminating the requirement to file physical copies. All new fund offers must remain open for subscription for a minimum period of three working days; other prior provisions remain unchanged and the modifications take effect from May 01, 2023 under the regulator's statutory powers to protect investors.
09/2023 - 25-04-2023 DGFT
Amendment in Para 4.12 (vi) of the Handbook of Procedures, 2023
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Validity of ratified norms extended, allowing reuse for Advance Authorisations and easing compliance and transaction costs.
The amendment provides that norms ratified by Norms Committees in the Office of DGFT on or after 01.04.2023 remain valid for three years from ratification, and that norms ratified on or after 01.04.2015 under the HBP 2015-2020 are extended to remain valid until 31.03.2026. Decisions of Norms Committees published as minutes on the DGFT website permit other applicants to apply for and obtain Advance Authorisations on a repeat basis during the norms' validity. Appendix 4P items remain excluded from this provision.
PUBLIC NOTICE NO. 13/2023 - 24-04-2023 Customs
Discontinuation of Gate Preventive Officer signature on the Delivery Gatepass issued by Custodian (AAICLASS) - Reg.
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Discontinuation of Gate Preventive Officer signature on custodian-issued gatepasses expedites clearance while Gate POs remain posted.
The endorsement requirement of the Gate Preventive Officer on custodian-issued Delivery Gatepasses is discontinued to expedite and paperless customs clearance; Gate Preventive Officers will nonetheless remain posted at gate locations to maintain preventive and security functions during physical movement of imported goods.
PUBLIC NOTICE NO. 08/2023-Customs - 24-04-2023 Customs
Launch of SMTP (Email) services on Customs Brokers Licensing Management System (CBLMS) – Reg.
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SMTP email notifications for customs brokers now deliver portal communications to registered addresses as a one-way service.
SMTP email service on the Customs Brokers Licensing Management System (CBLMS) is now operational to send portal communications to registered e mail addresses, complementing existing SMS notifications. The channel is implemented as a one-way message delivery from the portal to customs brokers and stakeholders; users with issues are directed to the CBLMS helpdesk email for support.
PUBLIC NOTICE NO. : 23/2023 - 24-04-2023 Customs
Monthly Public Notice containing therein list of EGM errors
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EGM errors in export manifests must be corrected to secure post export incentives and avoid delays.
The notice lists EGM errors identified in the EDI system (Annexure A) and reiterates the Section 41 obligation to deliver the manifest to the proper officer before departure. It records that incorrect EGMs have produced delays in receipt of post export incentives and instructs exporters, customs brokers, airlines and custodians to remove the listed EGM errors through the concerned airlines so exporters can avail post export benefits; implementation difficulties may be reported to Customs, Export, ACC, Mumbai.
188/20/2022-GST - 24-04-2023 GST - States
Prescribing manner of filing an application for refund by unregistered persons-reg.
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Refund claims by unregistered recipients require temporary registration, supplier-specific applications, supporting evidence, and compliance with credit-note limitations.
Unregistered recipients may claim refund of GST borne on cancelled construction-service agreements or prematurely terminated long-term insurance policies only where the period for the supplier to issue a credit note has expired. The claimant must obtain temporary registration, complete Aadhaar authentication, provide a PAN-linked bank account, and file FORM GST RFD-01 with statement 8, the supplier's certificate, and supporting evidence. Separate claims are required for different suppliers. Refund cannot exceed invoice tax and is proportionately restricted where the supplier has returned only part of the amount paid.
187/19/2022-GST - 24-04-2023 GST - States
Clarification regarding the treatment of statutory dues under GST law in respect of the taxpayers for whom the proceedings have been finalised under Insolvency and Bankruptcy Code, 2016- reg.
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GST insolvency dues require demand reduction intimation after resolution, while recovery may continue only for reduced statutory dues.
Pre-CIRP GST dues of a corporate debtor are operational debt and cannot be pursued through coercive recovery; the proper officer may file the claim in insolvency proceedings. Where finalised insolvency proceedings reduce confirmed statutory dues, those proceedings are treated as other proceedings for recovery purposes. The jurisdictional Commissioner must issue FORM GST DRC-25 to communicate the reduced demand where FORM GST DRC-07 or DRC-07A was issued. Recovery may continue only for the reduced dues.
186/18/2022-GST - 24-04-2023 GST - States
Clarification on various issue pertaining to GST-reg.
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No Claim Bonus under GST is a disclosed premium discount, while e-invoice exemptions apply entity-wide.
No Claim Bonus does not represent consideration for a supply by an insured to an insurer because the insured has no contractual obligation to refrain from lodging a claim. It is an admissible discount in valuing insurance services where disclosed in the policy terms and recorded in the invoice, and GST applies to the premium payable after that deduction. Mandatory e-invoicing exemptions for specified entities or sectors apply entity-wide, rather than only to specified categories of supplies.
185/17/2022-GST - 24-04-2023 GST - States
Clarification with regard to applicability of provisions of section 75(2) of Jharkhand Goods and Services Tax Act, 2017 and its effect on limitation -reg.
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Deemed non-fraud tax proceedings require redetermination within the prescribed period and limit demands to timely show-cause notices.
Where fraud, wilful misstatement, or suppression to evade tax is not established, a notice issued under section 74(1) is to be treated as a notice under section 73(1). The consequential order redetermining tax, interest, and penalty must be issued within two years from communication of the relevant direction. However, redetermination is limited to demands for which the original notice was issued within two years and nine months from the applicable annual-return due date or the date of erroneous refund. For multi-year notices, only timely noticed financial years may be redetermined.
184/16/2022-GST - 24-04-2023 GST - States
Clarification on the entitlement of input tax credit where the place of supply is determined in terms of the proviso to sub-section (8) of section 12 of the Integrated Goods and Services Tax Act, 2017 - reg.
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Input tax credit on export transportation remains available where foreign destination determines place of supply and IGST applies.
Transportation services for goods sent outside India have the foreign destination as their place of supply where both supplier and recipient are located in India. The supply is treated as an inter-State supply and is chargeable to IGST. The Indian recipient may claim input tax credit of the IGST charged, subject to applicable eligibility conditions, apportionment provisions and blocked-credit restrictions. The supplier must report the place of supply in FORM GSTR-1 using State code "96-Foreign Country".
183/15/2022-GST - 24-04-2023 GST - States
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 FY 2017-18 and 2018-19 -reg
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Input tax credit mismatch verification permits supplier or professional certification while maintaining statutory eligibility conditions.
ITC claimed in FORM GSTR-3B but absent from FORM GSTR-2A for FY 2017-18 and 2018-19 must be verified against statutory conditions, including possession of prescribed documents, receipt of supplies, payment to the supplier, supplier tax payment, required reversals, and the time limit for availment. Verification of supplier tax payment depends on a professional certificate for higher per-supplier mismatches and a supplier certificate for lower mismatches. The process is confined to bona fide reporting errors in ongoing or pending proceedings and excludes completed proceedings.
Trade Notice No. 04/2023-24 - 21-04-2023 DGFT
Amendment under Interest Equalisation Scheme in respect of UIN
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Interest equalisation UINs must be bank-specific for a financial year; separate UINs required for multiple banks.
The requirement that an Acknowledgement containing a UIN be unique to a specific bank for a financial year is instituted; beneficiaries wishing to access scheme benefits from multiple banks must obtain a separate UIN for each bank. Prior instructions tying a UIN to a one-time disbursement are deferred due to operational challenges.
SEBI/HO/MRD/MRD-PoD-1/P/CIR/2023/59 - 21-04-2023 SEBI
Procedure for seeking prior approval for change in control of Vault Managers
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Prior approval for change in control required via SEBI portal with investor relocation option and specified timelines.
An applicant Vault Manager must obtain prior approval from SEBI for any change in control by applying through the SEBI Intermediary Portal with prescribed disclosures including shareholding patterns, past SEBI registration history, regulatory or investor complaints, litigation details, an undertaking that the acquirer will honour past liabilities, and a signed fit and proper person declaration; approval, if granted, is valid for six months and the Vault Manager must notify investors and provide at least thirty calendar days to relocate physical gold prior to effecting the change.
F No. 2(29)/L&J/2017-18/84-90 - 21-04-2023 GST - States
Assignment of Functions under Sections 78 and 79 of the Delhi Goods and Services Tax Act, 2017 to Assistant Commissioners and GST Officers
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Assignment of GST recovery functions enables Assistant Commissioners and GST Officers to act as Proper Officers under prescribed provisions.
Functions relating to recovery of tax under sections 78 and 79 of the Delhi Goods and Services Tax Act, 2017 are assigned to all Assistant Commissioners and Goods and Services Tax Officers. The officers may perform the functions of a Proper Officer for tax recovery under those provisions and the rules made under the Act.
F No. 2(29)/L&J/2017-18/77-83 - 21-04-2023 GST - States
Delegation of Powers under Section 83 of the Delhi Goods and Services Tax Act, 2017 to Assistant Commissioners and GST Officers
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Delegated statutory powers permit Assistant Commissioners and GST Officers to act only with case-specific supervisory approval.
Powers under Section 83 of the Delhi Goods and Services Tax Act, 2017 are delegated to Assistant Commissioners and Goods and Services Tax Officers. Each Proper Officer must obtain case-to-case approval from the concerned Zonal Incharge, Special Commissioner, Additional Commissioner, or Joint Commissioner before exercising the delegated powers.
08/2023 - 21-04-2023 DGFT
Allocation of additional quantity of 2360 MT for export of raw cane sugar to USA under Tariff Rate Quota (TRQ) for the US Fiscal Year 2023.
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Tariff Rate Quota allocation for raw cane sugar increased, maintaining export reporting and certification conditions for preferential access.
Additional quantity of raw cane sugar has been allocated for export to the United States under the Tariff Rate Quota for the US fiscal year 2023, increasing the total TRQ availability for that period. Exports under this TRQ remain 'free' subject to the previously notified nature of restrictions and reporting obligations. Certificates of Origin for preferential exports, if required, will be issued by the Additional Director General of Foreign Trade, Mumbai, and other specified certification requirements continue to apply.
Trade Notice No. 03/2023-24 - 20-04-2023 DGFT
Amendments under Interest Equalisation Scheme in respect of UIN
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Interest equalisation scheme: exporters must provide a new UIN to the bank for each disbursement and rollover.
Exporters seeking benefits under the Interest Equalisation Scheme must submit a Unique Identification Number (UIN) acknowledgement to the concerned bank; a UIN is tied to a particular bank for a one-time disbursement, and exporters must generate and submit a new UIN for each subsequent disbursement or rollover.
SEBI/HO/MRD/POD 3/CIR/P/2023/58 - 20-04-2023 SEBI
Issue of Master Circular by Stock Exchanges, Clearing Corporations and Depositories
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Master Circular requirement for market infrastructure institutions to consolidate guidelines and preserve prior legal effects.
Market Infrastructure Institutions must annually consolidate subject wise guidelines into Master Circulars, include only relevant guidelines, list and rescind incorporated circulars with archiving, and include a savings clause preserving prior actions, rights, obligations, penalties, investigations and proceedings under rescinded guidelines.

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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 FY 2017-18 and 2018-19

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Input Tax Credit discrepancies: procedural certification and documentary verification required to validate ITC claimed when not reflected in supplier records.
Where GSTR-3B ITC exceeds GSTR-2A due to supplier non filing, misreporting, misclassification or wrong GSTIN, the proper officer shall obtain invoice ... Summary

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