No Objection Certificate requirement: NOC not required for Acetic Anhydride procured from SEZ units under Certificate of Supplies.
Paragraph 4.08(ii) requires Regional Authorities to endorse Advance Authorisations to designated agencies and impose a condition that an NOC from the Drug Controller and Narcotics Commissioner is obtained before effecting imports. DGFT clarifies that this NOC requirement will not apply where an Advance Authorisation holder procures Acetic Anhydride from a unit located inside an SEZ against a Certificate of Supplies, provided the material is manufactured by that SEZ unit.

As is where is basis: acceptance of declared lower-rate GST payments as full discharge, no refunds to higher-rate payers.
The circular clarifies that where GST Council-directed regularisation on an "as is" or "as is, where is" basis addresses competing rates or interpretational doubt, the tax position declared in a taxpayer's returns at the lower or nil rate for the regularised period is treated as full discharge of liability, while taxpayers who paid the higher rate are not entitled to refunds; the regularisation does not protect taxpayers who paid no tax when the higher rate is held applicable, and applicable tax shall be recovered from nonpayers.

GST classification: revised rates and tariff headings for extruded snacks, RMPU air conditioners and vehicle seats take effect prospectively.
Clarification directs that extruded/expanded savoury snack products manufactured by extrusion are subject to 12% GST prospectively while un fried or un cooked extruded snack pellets remain at 5%, with past periods liable at 18%. Roof Mounted Package Unit air conditioners for railways are classified as air conditioning machines and attract the rate applicable to that heading. Seats for two wheelers are classifiable as two wheeler parts attracting the higher rate; car seat assemblies are reclassified to the higher rate prospectively. Field formations must implement and report difficulties.

Taxability of affiliation services: universities' affiliation taxable while government schools' board affiliation exempt, with past liabilities regularised.
Affiliation services by universities to colleges are taxable and not covered by the educational exemption. Affiliation by Central/State boards to schools is taxable, with supplies to government schools exempt from the notified date; past GST on such affiliation to all schools is regularized on an as is where is basis. DGCA approved flying training courses with mandated completion certificates qualify as exempt education services. Ancillary services by GTAs during road transport form part of a composite supply unless supplied independently and invoiced separately.

Direct payout of securities: settlement pay-out timing revised so securities are credited to clients on the same settlement day.
Clearing Corporations must credit securities directly to clients' demat accounts in the equity cash segment (including netted cash and F&O physical settlement), and the timing for securities pay-out on the settlement day is revised so securities are credited on the same settlement day instead of the following working day, with corresponding amendments required to the activity schedule and market participants' rules.

Payout to client demat accounts deadline extended to allow orderly implementation; exchanges and depositories must update systems and bylaws.
Mandate to effect pay-out of securities directly to the client's demat account is deferred to allow orderly implementation after delayed operational guidelines from Clearing Corporations; Exchanges, Clearing Corporations and Depositories must notify members, implement systems and procedures, and amend bye laws, rules and regulations to ensure compliance under SEBI and Depositories Act powers.

Customs bonded warehouse digitization streamlines online licensing, goods transfers, monthly returns, and bond compliance on ICEGATE.
Digitization of Customs Bonded Warehouse procedures is introduced through the Warehouse Module on ICEGATE for online filing of warehouse licence applications, online processing of requests for transfer of warehoused goods, and uploading of monthly returns. The module covers structured workflows for transfer of warehoused goods in different scenarios, including change of ownership, change of warehouse, and change of both warehouse and ownership, with electronic validation of bond details and officer-level approval at the relevant stage. Monthly return compliance is also digitized through upload of Form A and Form B, while security under Section 59 of the Customs Act remains required in addition to the warehousing bond.

Digitization of customs bonded warehouse procedures enables online licensing, bond-validated transfers and electronic monthly return uploads.
An ICEGATE Warehouse Module digitizes online filing and backend processing of warehouse license applications, captures officer queries and responses, generates warehouse codes, and routes applications via the port-linked ICES role. It implements workflows for three transfer scenarios-ownership change, warehouse change, and combined change-validating item-by-item into-bond entries, handling Triple Duty and transhipment bonds through ICES with electronic debit/credit, and enabling scanned upload of monthly returns while retaining the physical transfer Form until integration.

Extension of filing deadline for voluntary liquidation monitoring forms under section 196(1) IBC to address technical issues.
Extension of time granted for filing forms to monitor voluntary liquidation processes following representations from liquidators and agencies about technical difficulties; the Board has extended the last date for submission to accommodate electronic and submission issues and issues the extension under its statutory power under section 196(1) of the Insolvency and Bankruptcy Code, 2016.

Extension of filing deadline for liquidation monitoring forms granted, allowing liquidators more time to comply.
The Board extended the deadline for submission of liquidation-monitoring forms to 30.11.2024 after representations from liquidators and Insolvency Professional Agencies citing technical difficulties; the extension is issued under the Board's powers under section 196(1) of the Insolvency and Bankruptcy Code, 2016 and is directed to all registered Insolvency Professionals, Recognised Insolvency Professional Entities and Registered Insolvency Professional Agencies.

Specific due diligence by AIFs required to prevent regulatory circumvention, triggering compliance, reporting and investor exclusion measures.
SEBI prescribes specific due diligence by AIFs, their managers and Key Management Personnel to prevent circumvention of QIB/QB benefits, RBI prudential norms on stressed assets, and NDI Rules on border-country investments. Triggers include schemes where same group investors contribute fifty percent or more of corpus (for QIB/QB and border-country scrutiny) and specified twenty five percent/control-based tests for RBI regulated investors; due diligence must follow implementation standards formulated by the Standard Setting Forum for AIFs. Non compliant proposed or existing investments must either exclude relevant investors or be withheld, and must be reported to custodians who compile and furnish information to SEBI.

Digitization of customs bonded warehouse processes enables online licensing, transfers, bond validation and monthly return uploads via ICEGATE.
Digitization implements an ICEGATE Warehouse Module for online Warehouse Licensing, electronic processing of three types of Bond to Bond Movement (change of ownership, change of warehouse, or both) with validation of IEC, Transhipment and Triple Duty Bond details and officer approvals, and uploading of scanned Monthly Returns, while retaining the physical transfer Form until integration and reaffirming port-based security submission requirements.

Exhibition samples import exempt from import authorization when regulated by HBP conditions, subject to bond or ATA Carnet.
Import and re import of Exhibits and Samples for demonstration, display, exhibition or fairs are regulated under Para 2.60 of the Handbook of Procedures, 2023 and permitted without import authorization or registration under Import Monitoring Systems, subject to the conditions of Para 2.60, including submission of a bond/security to Customs or presentation of an ATA Carnet and other applicable compliance requirements.

Social Enterprises on Social Stock Exchange: SEBI extends deadlines for annual disclosures and impact reports to January 31, 2025.
SEBI partially modified its May 27, 2024 circular to extend the outer timelines under the LODR Regulations for Social Enterprises' annual disclosures and annual impact report for 2023-24, setting the revised deadline for both submissions at January 31, 2025.

Export proceeds monitoring: new DRISHTI software to track realization and enable recovery of ineligible export benefits.
DRISHTI, an in house Export Sale Proceeds Monitoring software, will be used by the Drawback Recovery Cell at JNCH to monitor realization of export sale proceeds and to generate consultative letters/SCNs for recovery of ineligible Drawback, RoDTEP and RoSCTL. The module applies to shipping bills with LEO on or after 01.04.2014; exporters must submit proof (e BRCs or other documents) where records show non or part realisation. A list of IECs with pending shipping bills (LEO 01.04.2014-31.03.2023) is attached and trade may contact the Drawback Recovery Cell as instructed.

Transshipment procedure between Gangavaram and Visakhapatnam ports establishes ICES filing, TP approval, arrival endorsement and EGM-linked refunds.
Implementation of ICES modules prescribes electronic procedures for import and export transshipment between Gangavaram gateway and Visakhapatnam CFSs: gateway IGM must declare transshipment and destination CFS code; carriers file TP requests after vessel entry inward for ITP verification and issuance of TP numbers; custodians must endorse Container Arrival Reports on receipt; Bill of Entry for sea-to-sea transshipment must reference gateway IGM details. For export, shipping bills and ETP lead to an "Allowed for shipment" entry at the gateway, enabling EGM filing and automatic bond recrediting; ETP serves as EGM for Drawback while IGST refund follows gateway EGM closure.

Furnishing of Audit Reports: deadline extended to allow trusts and institutions to correct Form 10B/10BB filings and comply.
CBDT, under section 119, permits trusts, institutions and funds that filed audit reports in the incorrect form (Form 10B/10BB interchangeably) for assessment year 2023 24 to furnish the correct audit report in the applicable Form No. 10B or 10BB by 10 November 2024, extending the earlier deadline set by Circular No. 02/2024 to relieve genuine hardship and enable compliance.

Durable containers/Unit Load Devices: Public Notice number corrected to 12/2024 for import, re-export and transhipment procedures.
The corrigendum corrects the cited Public Notice number for procedures on import, re-export and transhipment of durable containers and Unit Load Devices, specifying that the correct Public Notice number is 12/2024.

Global authorization for intra-company transfer expanded to cover additional SCOMET items and related software and technology.
The Appendix 10M amendment expands the scope of Global Authorization for Intra-Company Transfer (GAICT) under Paragraph 10.15 of the Handbook of Procedures 2023 to include additional SCOMET items, software and technology. The annexed list enumerates newly covered categories and descriptions-spanning materials, sensors, processing equipment, counter-IED systems, submersible platforms, propulsion components, and related software and technology-allowing intra-company export/re-export of those items only to countries listed in Table 1 of Paragraph 10.15, effective immediately.

RCMC requirement clarified: not necessary for post-export remission schemes, enabling exporters to claim RoSCTL and RoDTEP.
Para 2.57 mandates a Registration Cum Membership Certificate (RCMC) for exporters seeking authorisations or FTP benefits tied to import/export authorisations, except restricted items. However, post export remission schemes such as Duty Drawback, RoSCTL and RoDTEP are exempt from the RCMC requirement; exporters may claim remission benefits under these schemes without obtaining an RCMC.