Automation of IGCR monthly statements: temporary manual submissions allowed while digital filing tools are deployed and mandated thereafter.
Transition to electronic submission of the IGCR-3 monthly statement is being implemented, with importers encountering portal difficulties permitted to submit IGCR-3 manually to jurisdictional officers until the transitional cut-off. An excel utility will be provided by the department's systems wing to enable electronic filing of IGCR3/IGCR3A for current and past periods; officers are to treat the Public Notice as a Standing Order and stakeholders should report filing difficulties to the designated Assistant Commissioner.

Mark-to-market valuation for repo transactions requires agency pricing, aligning repo valuation with other money market instruments.
Repos, including tri-party repos with tenor up to thirty days, shall be valued on a mark-to-market basis rather than cost plus accrual; short-term bank deposits pending deployment remain on cost plus accrual. Valuation for all repos except overnight repos, and for money market and debt securities, must be obtained from AMFI-empanelled valuation agencies as the average of security-level prices. If agency prices are unavailable for a new security not held by any mutual fund, it may be valued at purchase yield or purchase price on the date of allotment or acquisition.

Extension of CAVR Order: validity for Linear Alkyl Benzene extended under Customs value declaration rules, affecting import compliance.
The Central Board of Indirect Taxes and Customs extended the operation of CAVR Order No. 1/2023 Customs for Linear Alkyl Benzene (HS Code 38170011) for an additional one year period under the Customs (Assistance in Value Declaration) Rules, 2023, exercising powers under the Customs Act. This Public Notice is issued as a standing order for departmental officers; operational difficulties are to be reported to the Assistant Commissioner of Customs (Appraising Main), Chennai II(Import) Commissionerate.

Waiver of interest and penalty: pay full disputed tax by notified date and file prescribed form to seek conditional relief.
Conditional waiver of interest or penalty is available for specified past-period demands if the taxpayer pays the full tax demanded (after permitted deductions for retrospectively restored input tax credit), withdraws related appeals or writs, and files the prescribed electronic application form. The proper officer examines the application, may issue a short-form notice with a hearing opportunity, and must pass an order within prescribed timelines-failure to decide deems approval. Waiver is limited to demand portions covering the specified periods, excludes certain charges (erroneous refund interest/penalty, import customs IGST), and requires payment of additional tax determined on departmental appeals within a short timeframe or the waiver becomes void.

Input tax credit extension for specified financial years enables claims subject to prescribed cutoffs and no refunds.
Retrospective extension of the time-limit to claim input tax credit is clarified: sub-section (5) allows ITC for invoices/debit notes pertaining to financial years 2017 18 to 2020 21 in any return filed up to 30 November 2021; sub-section (6) permits ITC where registration cancellation was later revoked subject to prescribed cutoffs. No refund of tax paid or ITC reversed is available under section 150. Administrative guidance requires authorities to apply these provisions across cases, and prescribes a special rectification procedure under Notification No.22/2024 for affected orders.

Pre-deposit refund protection preserved where taxpayer appeals are later decided favorably despite new refund restriction.
The corrigendum clarifies that the refund restriction introduced by the Finance (No. 2) Act, 2024 does not apply to refunds of amounts paid as pre-deposit by a taxpayer when filing appeals under the CGST Act; such pre-deposit refunds shall be available where the relevant appeals are decided in the taxpayer's favour. The CBIC corrigendum is applied mutatis mutandis by the Maharashtra GST administration to implement the same clarification under the MGST Act, 2017, and the circular is stated to be clarificatory with a request to report implementation difficulties.

Governance reforms for market infrastructure institutions strengthen director accountability, reporting, whistleblower and risk frameworks.
SEBI requires MIIs to strengthen governance through mandatory bi annual PID meetings reporting to SEBI and the governing board, standardized quarterly Compliance Officer reports and half yearly Chief Risk Officer reports in prescribed formats, website disclosure of board agendas and minutes on regulatory and risk matters, SOPs for disciplinary action against KMPs including malus clawback provisions, tightened whistleblower resolution and reporting timelines, RegTech/SupTech adoption for member supervision, vendor appointment and monitoring policies, director training and a streamlined two stage director appointment process, and specified independent reporting interactions for CO, CRiO, CTO and CISO; the measures are to be implemented by the effective date with necessary bylaw amendments.

Security deposit requirement removed; exchanges must adopt SOP for previously deposited funds and notify listed issuers.
Requirement to deposit a 1% security deposit of issue size with the designated stock exchange under the ICDR Regulations has been dispensed with and the Master Circular on issuance of No Objection Certificate for that deposit is withdrawn with immediate effect. Stock exchanges must jointly frame an SOP for release of security deposits deposited before the amendment, notify listed companies, publish the change on their websites, and amend bye laws, rules and regulations as necessary to implement the circular.

Concessional import duty: MOOWR units may simultaneously avail IGCR benefits subject to conditions, time limits and documentation.
MOOWR units may simultaneously avail concessional import duty under the IGCR Rules provided they comply with additional conditions in the concessional notification and IGCR Rules, including time-limits, documentation and periodical accountal, in addition to MOOWR obligations. The expression "for use in manufacture of cellular mobile phones" denotes intended manufacturing use of components and does not limit eligibility to final manufacturers; intermediate MOOWR units importing components for value addition and supplying resultant goods to final mobile phone manufacturers qualify for IGCR concessional rates if all conditions are met.

Automation transition for concessional duty imports: manual IGCR-3 filing permitted during transition, online filing required thereafter.
Importers facing difficulties with the automated IGCR portal may file the IGCR-3 monthly statement manually before jurisdictional officers until 31.01.2025; electronic filing becomes mandatory from February 2025. An Excel utility for filing IGCR-3/IGCR-3A will be provided by the systems wing by 15 December 2024 to facilitate electronic submission for current and past periods, and administrations should issue public guidance and report implementation difficulties to the Board.

Mandatory import qualifiers for coking and non coking coal improve declaration detail and facilitate assessment and policy formulation.
Additional mandatory qualifiers must be declared in the Bill of Entry for imports of coking and non coking coal, identifying coking coal by ash percentage bands and non coking coal by specified gross calorific value (GCV) ranges as set out in the Annexure, to improve assessment quality, reduce queries and aid policy formulation.

Customs bonded warehouse licensing is digitised through ICEGATE, enabling online applications, transfer requests, monthly returns and jurisdictional processing.
Digitisation of customs bonded warehouse licensing through the ICEGATE Warehouse Module enables authorised signatories to file online licence applications with supporting documents. The module also permits online requests for transfer of warehoused goods and uploading of monthly returns. Applications are routed to the proper officer for the selected Customs jurisdiction and processed through the Customs back-end system. Specified port codes within Mumbai Customs Zone III receive and process licence applications, with designated support channels available for module-related grievances.

Default treatment clarified: CRAs must verify funds, reasons and escrow payments before downgrading after payment failures.
Where non-payment of principal and/or interest arises from circumstances beyond the issuer's control (such as incorrect/dormant investor account details or account freezes), a CRA must confirm availability of adequate funds with the issuer and verify proof of payment failure, the specified reasons for failure, and that required amounts were paid into a separate escrow account on the due date; the CRA must, on the same day as its rating press release, furnish specified payment and failure details to Stock Exchanges, Depositories and the Debenture Trustee for dissemination.

'C' form issuance for ENA and liquor requires utilisation verification, electronic generation, data upload, and maintained issuance records.
'C' forms for specified goods are confined to re-sale or use in manufacture or processing of those goods. For ENA and liquor, dealers must apply to the Special Commissioner with permits, invoices, proof of movement and required information. The application requires verification by the Commissioner of Prohibition and Excise regarding lawful utilisation, accounting of ENA, and supply of liquor to the Telangana Beverages Corporation. Approved forms are generated electronically, uploaded to TINXSYS, and recorded in physical and electronic registers.

Common adjudicating authority centralizes GST show cause notices to ensure uniform adjudication across interconnected taxpayers.
Interconnected show cause notices involving multiple taxpayers shall be adjudicated by the Joint Commissioner of Taxpayer Services with state wide jurisdiction regardless of amount; the Joint Commissioner of the district where the noticee with the highest demand has its principal place of business will adjudicate all related notices, and where involved taxpayers are in the same district but under different authorities, the district's Taxpayer Services Joint Commissioner will adjudicate all SCNs. Connected penalty notices accompanying sections 73/74/76 notices are included.

Condonation of delay in filing tax-option forms: authorities may admit applications subject to specified eligibility conditions.
The CBDT delegates power to admit and decide condonation applications for delay in filing Form No. 10-IC and Form No. 10-ID: Principal Commissioners/Commissioners for delays up to one year, and Principal Chief Commissioners/Chief Commissioners/Directors General for delays exceeding one year. Applications must show timely filing of the return, election of the relevant tax option in the ITR, and reasonable cause with genuine hardship; no application is maintainable beyond a three-year limitation and authorities should aim to dispose within six months.

Condonation of delay under section 119(2)(b) permits delegated officers to admit late Form filings subject to reasonable-cause conditions.
Condonation under section 119(2)(b) authorises Principal Commissioners/Commissioners to admit delays up to 365 days and Principal Chief Commissioners/Chief Commissioners/Director Generals to admit delays beyond 365 days for late filing of Form Nos. 9A, 10, 10B and 10BB, subject to satisfaction of reasonable cause and genuine hardship. Applications must be made within three years from the end of the relevant assessment year (for applications filed on or after the Circular), should be disposed of within six months where possible, and delay in respect of Form 10 additionally requires that accumulated amounts be invested or deposited in modes specified under section 11(5).

Harmonisation of export policy: DGFT proposes an 8 digit ITC(HS) Schedule II and invites comments by 27 Nov 2024.
DGFT proposes to replace description based export policy with a harmonised Schedule II using 8 digit ITC(HS) codes aligned to Finance Act, 2024 tariff codes; an updated draft for Chapters 01-98 is circulated for consultation, comments invited by 27.11.2024, after which the draft will be finalised and notified. The draft preserves chapter level Free/Restricted/Prohibited classifications and commodity specific policy and licensing conditions referencing CITES, Wild Life (Protection) Act, APEDA registration, pre shipment inspection, health and origin certificates, and specialised certification regimes where applicable.

Registration of foreign food manufacturers now required for specified food categories; imports permitted only from registered facilities.
Foreign facilities exporting milk and milk products; meat and meat products (including poultry, fish and their products); egg powder; infant food; and nutraceuticals must be registered on FSSAI's ReFoM portal via their Competent Authority, after which FSSAI assigns a unique registration number; imports of these categories will be permitted only from facilities registered on ReFoM, and customs officials must verify facility details in the import clearance system against the portal while FSSAI continuously updates the registry based on Competent Authority submissions.

Standard Input Output Norms notified for Clobetasol Propionate, setting input allowance of Betamethasone under chemical products.
A new Standard Input Output Norms entry SION A-3682 has been notified for Clobetasol Propionate under Chemical and Allied Products, specifying Betamethasone as the permitted input at an allowance of 0.95 kg per 1 kg of exported Clobetasol Propionate, issued under powers of the Foreign Trade Policy to govern exporter entitlement and related compliance.