Valuation of corporate guarantee services: GST assessed on an annual percentage of the guarantee or the actual consideration.
Supply of service of providing corporate guarantee between related persons is taxable; valuation for guarantees issued or renewed on or after the effective date is governed by Rule 28(2) and is the higher of one per cent of the amount guaranteed per annum (pro rata for sub year periods) multiplied by the number of years or the actual consideration. Multiple co guarantors pay on aggregate consideration if higher, otherwise proportionately on one per cent of their guaranteed share. Domestic intra group guarantees are forward charged; overseas guarantors attract reverse charge. Exports are excluded from Rule 28(2).

Pre-deposit requirement: payment via electronic liability ledger plus undertaking suspends recovery until appellate tribunal operates and appeal is filed.
Taxpayers unable to file appeals because the Appellate Tribunal is not operational may secure a stay of recovery by paying an amount equal to the prescribed pre-deposit via Services Ledgers Payment towards demand on the portal, selecting the relevant order in Electronic Liability Ledger Part-II, and submitting an undertaking to the proper officer to file the appeal when the Tribunal is constituted; such payment will be mapped to the order and treated as pre-deposit. Payments inadvertently made through FORM GST DRC-03 can be adjusted by filing FORM GST DRC-03A when portal functionality is available, otherwise intimation to the proper officer may defer recovery.

Refund of additional IGST paid after export: mechanism for filing and processing refund claims under amended GST rules.
Exporters who pay additional IGST due to upward revision of export prices shall file refund applications electronically in FORM GST RFD-01 on the common portal (using the "Any other" category until a dedicated category is available). Jurisdictional GST officers will process claims per rule 89, using customs-validated shipping-bill and refund data provided by GSTN. Claimants must submit prescribed documents (invoices, shipping bills, contracts, debit/supplementary invoices, payment proof with GSTR references, FIRC, accountant certificate, Statements 9A/9B). Officers will verify GSTR-1/GSTR-3B reporting and foreign remittances before issuing sanction and payment orders.

Insurance requirement for CCSPs shifted to reduced average storage period, lowering insurance and custodian bond obligations accordingly.
The Board revised HCCAR provisions to require CCSPs to insure an amount equal to the average value of goods likely to be stored for a reduced storage period as specified by the Commissioner, and reduced corresponding custodian bond values; AEO-LO CCSPs' custodian bonds are valid for the same duration as their AEO authorisation, subject to suspension or revocation under HCCAR.

Hospital approval for tax-exempt employer-paid medical treatment benefits under income-tax rules, covering specified illnesses subject to conditions and renewal.
Approval is granted to M/s. Gurjar's Multispeciality Hospital for the limited purpose under the proviso to clause (viii) of sub-section (2) of Section 17 read with Rule 3A; employer-paid sums for medical treatment of employees or family at the approved hospital for diseases listed in Rule 3A(2) shall not be treated as a perquisite for sections 15, 16 and 17 and are exempt in the hands of the employee, with the employer not liable to deduct tax under section 192, subject to conditions, inspections, non-transferability and a three-year validity.

Mutual fund disclosures now require separate expense and yield reporting for direct and regular plans and a coloured risk-o-meter.
Mutual funds shall separately disclose total recurring expenses, half-year returns and compounded annualised yields for direct and regular plans, with AMFI to finalise the half-yearly statement format. A prescribed six-level Risk-o-meter with specified colour hex codes must be used in all digital and polychrome printed materials. Any change in a scheme's or benchmark's risk-o-meter must be notified to unitholders via Notice cum Addendum and e-mail/SMS showing both existing and revised risk-o-meters. These measures take effect December 05, 2024.

Equipment Type Approval: license exempt wireless devices granted on self declaration and downloadable after portal submission.
Issuance of Equipment Type Approval (ETA) for license exempt wireless devices is to be granted on a self declaration basis; applicants must file applications with requisite documents and fees on the SARAL Sanchar portal and may download ETA certificates from the portal. ETAs reflect RF compliance only and ETA holders must obtain any required import clearances, including DGFT permissions, prior to import. The Public Notice operates as a Standing Order for Chennai IV (Export) Commissionerate.

SEZ approvals and de-notification actions updated; extensions, co-developer recognitions, and demarcation directives issued with taxability review directions.
Board of Approval ratified prior minutes and granted extensions of in-principle/formal approvals and LoAs for specified SEZs and units with revised expiry dates. It approved two entities for co-developer status to provide construction, common infrastructure and management services within designated SEZ premises, subject to SEZ Act and Rules and assessing officer review of taxability of lease or premium income; lease periods to follow Department of Commerce instruction. The Board authorized demarcation of specified built-up areas as non-processing under Rule 11B and recommended de-notifications and regulatory amendment where minimum area norms were implicated.

Mandatory virtual personal hearings reinstated; physical hearings allowed only on specific request with recorded reasons.
Personal hearings under the specified indirect tax statutes must be conducted in the virtual mode by departmental quasi judicial and appellate authorities; the prior amendment making virtual hearings optional has been withdrawn. Physical hearings may be allowed only upon a specific request from the party and after the authority records written reasons for permitting the physical mode.

Exemption from mandatory Quality Control Orders expanded to include inputs imported for export manufacture, effective immediately.
Amendment to Appendix 2Y adds the Ministry of Heavy Industries to the list of Ministries/Departments whose notifications on mandatory Quality Control Orders are exempted by the DGFT for goods imported as inputs to be utilized/consumed in the manufacture of export products by Advance Authorisation holders, EOUs and SEZ units, making the exemption effective immediately.

Exposure limit for overseas funds: Indian mutual funds must ensure underlying funds keep home market exposure below prescribed limit, with observance protocols.
Indian mutual fund schemes may invest in overseas mutual funds/unit trusts provided the underlying overseas MF/UTs do not have more than 25% exposure to Indian securities at the time of investment. Such overseas funds must be pooled blind vehicles with pari passu and pro rata investor rights, managed by an independent investment manager, disclose portfolios at least quarterly, and must not have advisory agreements with Indian mutual funds. If exposure breaches the limit post investment, a six month observance period applies followed by a six month liquidation period if rebalancing does not occur; non compliance attracts specified restrictions on the asset management company.

Reduction or waiver of interest: monetary limits fixed for tax authorities, subject to hardship, uncontrollable default and cooperation.
The Board fixes tiered monetary thresholds allocating competence to specified income tax authorities to grant reduction or waiver of interest payable under the tax default provision: the lowest tier to Pr.CIT/CIT, intermediate to CCIT/DGIT, and highest to Pr.CCIT. Any exercise of these powers is conditional on genuine hardship to the taxpayer, default due to circumstances beyond the taxpayer's control, and the taxpayer's cooperation in relevant inquiries or recovery proceedings.

Commercial intelligence investigations must balance enforcement with ease of doing business, using proportionate, documented information requests.
Guidelines require the Commissioner to approve and oversee commercial intelligence investigations, necessitate comprehensive pre-initiation analysis of intelligence and records, and mandate that information requests be proportionate, reasoned, and uploaded to the e-file. Summons must follow CBIC instructions and prior approval of content; documents sought must be limited to the inquiry's scope and not be fishing expeditions. Practices should minimize disruption to importers/exporters, allow attendance by authorised agents, avoid routine seeking of publicly available digital records, enable timely closure following payment, and permit Commissioner engagement to address grievances.

Import documentation requirement: liner gate in certificate and customs verification required before release for flexi bag petroleum imports.
Eligible petroleum consignments in flexi-bags gated-in at the Port of Export on or before 27 September 2024 must have a Certificate from the Shipping Liner showing exact gate-in date and time uploaded to e-Sanchit. Customs officers must verify the certificate before granting Out of Charge by cross-checking container tracking systems and retaining screenshots of tracking information as part of the verification record.

Waiver of interest and penalty where full tax demanded is paid by the notified deadline to qualify under Section 128A.
Section 128A allows waiver of interest or penalty or both for demands under section 73 for specified past years if the full tax component of the demand is paid and prescribed procedural conditions are met. Taxpayers must file FORM GST SPL-01 or FORM GST SPL-02 on the common portal within specified timelines, withdraw pending appeals or writs, and make payment via prescribed electronic mechanisms (including ELR-Part II adjustments and DRC-03/DRC-03A procedures). The proper officer processes applications with defined notices, reply opportunities and outcome forms; deemed approval applies on inaction, and waiver lapses if additional tax enhanced on appeal is not paid within the stipulated period.

Retrospective input tax credit entitlement enables rectification of credit demand orders; special procedure allows adjustments but no refund.
Retrospective insertion of sub sections (5) and (6) to Section 16 extends entitlement to input tax credit for specified years and revoked registrations; authorities must recognise this entitlement at all stages of proceedings. Where demand orders confirming denial of credit exist and no appeal is pending, taxpayers may file rectification under the special section 148 procedure via the GST portal with prescribed annexure details; the original proper officer will decide, upload rectified summaries in specified forms, and observe natural justice. No refund of tax paid or credit reversed is permissible under the Finance Act provision.

Regularization on as is basis: lower or nil tax payments accepted as full discharge; no refunds for higher payments.
Clarification explains that when GST Council-recommended Circulars regularize past GST treatment on an "as is" or "as is, where is" basis, taxpayers who paid a lower rate or nil and declared that position in returns will be treated as having fully discharged tax liability for the regularized period and need not pay the differential; taxpayers who paid a higher rate are not entitled to refunds. The regularization does not cover cases where no tax was paid and the correct rate is higher; in such cases the applicable tax will be recovered.

GST classification updates: reclassifies extruded snacks, railway roof ACs, and vehicle seats with adjusted tax rates and prospective effect.
Clarification directs that extruded savoury snack products manufactured by extrusion are reclassified to attract a reduced GST rate prospectively while un fried or uncooked snack pellets remain at a lower rate and past periods remain liable at the earlier rate; Roof Mounted Package Unit air conditioners for railways are classified under air conditioning machines rather than railway parts; two wheeler seats are classifiable as parts and accessories of two wheelers and car seats are classifiable under seats for motor vehicles and have been aligned to the higher rate prospectively. Field formations to implement and report issues.

Taxability of affiliation services clarified: university and board affiliation largely taxable while specified exemptions and regularisations apply.
Affiliation services by universities to colleges are taxable and do not fall under the educational exemption; affiliation services by Central/State boards to schools are taxable except when supplied to government schools, with historical GST liability regularized on an "as is where is" basis. DGCA approved flying training courses with mandated completion certificates are exempt under the educational notification. Ancillary services by Goods Transport Agencies performed in the course of road transport constitute a composite supply of transport of goods unless supplied separately. Various other categories (helicopter seat share transport, import of services by foreign airlines without consideration, preferential location charges, electricity utility ancillary services, film distribution rights) are clarified or regularized as specified by the Council.

IGST refund regularisation when import IGST and compensation cess are later paid and entries reassessed restores refund eligibility.
Where inputs were initially imported without payment of IGST and compensation cess under specified customs notifications, but the importer subsequently pays IGST and compensation cess with interest and obtains reassessment of the Bill of Entry by Customs reflecting such payment, the IGST refunded on exports shall not be regarded as contravening sub rule (10) of rule 96 of the CGST Rules; field formations must publicize the clarification and report implementation difficulties.