BRSR Core reporting standardisation: listed entities must follow ISF industry standards to meet disclosure requirements.
Listed entities must follow industry standards, formulated by the Industry Standards Forum (ASSOCHAM, CII, FICCI) under the stock exchanges and published on association and exchange websites, for disclosure of the Business Responsibility and Sustainability Report (BRSR) Core to ensure compliance with Listing Obligations and Disclosure Requirements; stock exchanges are to notify listed entities and ensure compliance, and the guidance is applicable for the financial year 2024-25 and onwards.

Digitised customs warehousing enables online licence applications, bonded-goods transfers and monthly return uploads through the ICEGATE Warehouse Module.
Customs bonded warehouse procedures are digitised through the ICEGATE Warehouse Module for online warehouse-licence applications, requests to transfer warehoused goods, and monthly return uploads. Authorised signatories may submit applications and supporting documents online; applications are routed to the proper officer for back-end processing. Warehouse-licence applications within Kolkata Customs Airport Commissionerate jurisdiction must use Port Code INCCU4.

Export drawback monitoring requires timely realization updates, with unreconciled export proceeds exposing disbursed drawback to recovery with interest.
Export drawback for shipping bills with a Let Export Order on or after 1 April 2014 is monitored through the RBI-BRC Module. Export proceeds must be realized within nine months unless extended by the RBI; otherwise, the related drawback is recoverable with applicable interest. Exporters should verify shipment-wise realization details on ICEGATE and ensure realized proceeds are updated in EDPMS through their authorised dealer bank. Short realization due to foreign-bank charges or overseas agency commission must be supported by documentary evidence.

Air transshipment bond framework enables nationwide cargo movement and ICEGATE filing while retaining local bond and Service Centre options.
Air transshipment of imported goods may be secured through the 'TA' (Transshipment Air Global) bond for movement between Air Customs sites or from an Air Customs site to an ICD. Airlines and carriers may register this bond at any Air Customs port for use at other Air Customs EDI ports. The locally registered 'TP' bond remains available. Registered users may file Air Transshipment EDI messages through ICEGATE by email or web upload, while Service Centre filing continues.

Offshore Derivative Instruments restrictions: separate ODI registrations and mandatory look through disclosures for concentrated or large subscribers.
Issuance of ODIs is restricted to separate dedicated FPI registrations ("ODI" suffix) with no proprietary investments, except for ODIs referencing government securities; ODIs may not reference derivatives and must be fully hedged one-to-one with underlying securities (other than derivatives). ODI subscribers meeting specified concentration or size criteria must provide full look through ownership, economic interest and control disclosures to ODI issuing FPIs for submission to Depositories, subject to defined exemptions, validation through an SOP, monitoring by Depositories, prescribed realignment timelines and enforcement consequences for non-compliance. Segregated portfolios are treated individually for compliance and liquidation requirements.

Employer-paid medical expense exemption for specified diseases at approved hospital - non-perquisite treatment and no TDS deduction required.
Approval is granted to The Panacea Multi Super Specialty Hospital under Rule 3A enabling employer paid medical expenditures for specified diseases or ailments incurred by an employee or family member at the approved hospital to be excluded as a perquisite and exempt from income tax in the employee's hands, with no obligation on the employer to deduct tax; the approval is time limited, non transferable and subject to Rule 3A(2) compliance, inspection, notification of violations and timely renewal.

Standard Input-Output Norms notification establishes input-output ratios for export of Propionic Anhydride under chemical products.
Notification under paragraph 1.03 of the Foreign Trade Policy 2023 fixes SION A-3683 for Propionic Anhydride exports in the Chemical and Allied Product group, prescribing per 1 kg export input quantities: Propionic Acid 1.15 kg and Acetic Acid Glacial 0.500 kg, thereby formalising the input-output ratios to be applied for export compliance.

As is where is basis regularization: lower GST payments accepted as full discharge; higher-paying taxpayers not refunded.
Regularization on an as is where is basis accepts the tax position declared in taxpayers' returns where competing entries or interpretations produced different GST rates; payments at the lower competing rate or a claimed exemption are treated as full discharge for the period regularized, taxpayers who paid the higher rate receive no refund, and where regularization adopts a higher rate it does not cover non-payers who must have the applicable tax recovered.

GST classification changes for specified goods clarify applicable rates prospectively and address past-period liability for traders.
Extruded or expanded savoury or salted snack products manufactured by extrusion and classifiable under HS 1905 90 30 attract 12% GST from 10.10.2024 (past periods liable at 18%), while un fried or un cooked extruded snack pellets remain at 5%. Roof Mounted Package Unit air conditioning machines for railways are classified under HS 8415 and attract 28% GST. Two wheeler seats are classifiable under the two wheeler parts heading and attract 28% GST. Car seat assemblies, previously at 18% under HS 9401, are charged 28% from 10.10.2024 prospectively.

GST on affiliation services clarified: university affiliation taxable while DGCA approved pilot training exempt; helicopter seat share taxed.
Affiliation services by universities to colleges are taxable at 18%; affiliation by boards to schools is taxable but exempt for government schools, with GST liabilities for affiliations to all schools regularized on an 'as is where is' basis for the specified prior period. DGCA approved flying training courses with mandated completion certificates are exempt as educational services. Helicopter passenger seat share transport is subject to a lower notified rate and regularized for the prior period while charter operations remain taxable. Ancillary services provided by GTAs in the course of road transport constitute a composite supply of transport of goods.

Digitization of bonded warehouse procedures enables mandatory online licensing, transfers and monthly returns via ICEGATE under Customs Act for stakeholders.
The ICEGATE Warehouse Module must be used for online filing of applications for a Warehouse Licence under the Customs Act, for submission and processing of transfer requests of warehoused goods to another person or warehouse (bond-to-bond movement), and for uploading monthly returns for Customs Bonded Warehouses; the procedures in Board Circular No. 19/2024 and Public Notices No. 17/2024 and No. 20/2024 are to be strictly followed, and difficulties communicated to the office email.

DTVSV Scheme eligibility clarifies which pending appeals and assessments qualify and how disputed tax is computed under the settlement mechanism.
The Guidance Note defines eligibility for settlement under the Direct Tax Vivad Se Vishwas Scheme by reference to appeal pendency as of the cut off date, clarifies exclusions (including specified search year assessments, review petitions and settlement commission matters), and explains that set aside issues admitted to appellate authorities are eligible to the extent set aside. It states that prosecution instituted before declaration disqualifies the relevant assessment year but not other years, that the payable amount depends on the declaration date with statutory timelines for payment, and that earlier taxes paid are creditable.

GST regularisation on as is basis clarifies treatment of competing rates, lower payments, nil-rate claims, and refunds.
Clarifies the scope of GST regularisation made on an "as is" or "as is, where is basis" under circulars issued on GST Council recommendations. The clarification states that, for the regularised period, the lower rate paid, including nil rate where an exemption entry was relied upon, is to be treated as full discharge of liability, while higher-rate payments are not refundable. It explains the treatment through examples involving competing rate entries, divergent interpretations, and past period regularisation, and notes that where no tax has been paid in a case not covered by the regularisation, the applicable tax remains recoverable.

GST classification clarifications for snack products, railway air conditioners, and vehicle seats set prospective rate treatment.
GST rate and classification were clarified for extruded or expanded savoury food products, RMPU air conditioning machines for railways, and seats used in motor vehicles and two-wheelers. Extruded or expanded savoury or salted products falling under HS 1905 90 30 attract GST at 12% prospectively, while un-fried or un-cooked snack pellets continue at 5% and the past period remains taxable at 18%. RMPU air conditioning machines are classifiable under HS 8415. Seats for two-wheelers fall under HS 8714, and car seats under HS 9401, with the revised rate on car seats applying prospectively.

Drawback claim procedure: shipping bills with no foreign exchange involved may be filed under temporary scheme code pending system update.
An addendum permits shipping bills claiming drawback where No Foreign Exchange Involved to be filed under the temporary scheme code until the DG system enables filing under the intended scheme with the GR waiver condition or a separate scheme code; procedural compliance with paras 4.1-4.5 of the original public notice is required.

Category I AIF classification confirmed for CDMDF, aligning its backstop role with market development regulatory treatment.
The CDMDF, established under Chapter III C of the AIF Regulations to act as a Backstop Facility for investment grade corporate debt and to enhance secondary market liquidity during stress, is clarified to fall within Category I AIF under Regulation 3(4)(a) of the AIF Regulations; this aligns the fund's market development objective with the regulatory treatment applicable to Category I funds.

ISIN restriction relaxation: converted grandfathered unlisted ISINs excluded from issuer ISIN maturity limits to encourage listing.
Issuers converting unlisted ISINs outstanding as on December 31, 2023 into listed ISINs pursuant to Regulation 62A will have those converted ISINs excluded from the maximum number of ISINs permitted to mature in a financial year under Chapter VIII of the NCS Master Circular, with clause 4A inserted to implement this exclusion to encourage listing of grandfathered unlisted ISINs.

Pro-rata rights required for AIF investors, with limited exceptions, standards for differential rights, and reporting obligations.
Investors in an AIF scheme must hold pro-rata rights to investments and distributions relative to commitments, with exceptions where an investor is excused/excluded, defaults on contribution, or shares returns with the manager/sponsor under agreement. Managers or specified public/development entities may subscribe to subordinate unit classes within limits and safeguards. Existing schemes with priority distribution that lack exemptions shall not accept fresh commitments or make new investments, and any consequent regulatory limit breaches must be recorded in the Compliance Test Report.

EPCG third-party export applicability clarified: amendment applied prospectively; export obligation counted only on realised payments.
The amendment to para 5.10(c) of the HBP 2015-20 is prospective: it applies to third-party exports made against EPCG authorisations issued on or after 05.12.2017, while prior exports remain under the earlier policy. Exports up to 04.12.2017 may count the full realised shipping bill value toward EPCG obligations (subject to single counting and Average Export Obligation rules); exports from 05.12.2017 onward count only the actual payment realised through the normal banking channel into the authorisation holder's account.

Timely response to FCRA portal queries required; failure to respond may lead to application denial.
All registration, renewal and prior-permission applications under the Foreign Contribution (Regulation) Act are processed solely via the FCRA portal; applicants receive system-generated e-mails to view and answer portal queries and must upload complete information/documents on the portal. Failure to respond or to provide complete responses will result in denial of the application, so applicant associations should regularly monitor their portal and e-mail accounts and promptly reply to queries.