Section 74A tax determination powers are assigned to designated officers for unpaid tax and wrongly availed input tax credit.
Deputy Commissioners, Assistant Commissioners and State Tax Officers are authorised within their respective jurisdictions to perform section 74A functions, excluding those under sub-section (7). Their assigned function covers determination, for financial year 2024-25 onwards, of tax not paid or short paid, tax erroneously refunded, and input tax credit wrongly availed or utilised.

Late fee for incomplete annual returns continues until mandatory FORM GSTR-9C is filed, with limited waiver conditions available.
Late fee applies for delay in furnishing a complete annual return where FORM GSTR-9C is required. FORM GSTR-9 alone does not complete the annual-return obligation if the reconciliation statement is mandatory. Late fee is calculated from the annual-return due date until both FORM GSTR-9 and FORM GSTR-9C are furnished, and is not separately levied for each form. For annual returns up to financial year 2022-23, excess late fee is waived if the required FORM GSTR-9C is furnished by 31 March 2025, while late fee already paid is not refundable.

Advance Authorisation closure: accept self-attested GST e-invoices when shipping bill descriptions are truncated, enabling Redemption/EODC.
DGFT recognises that shipping bill description fields may truncate export item descriptions exceeding 120 characters, causing deficiencies under Para 4.42(iii) of FTP 2023. RAs are directed to corroborate complete item descriptions using self attested GST system generated e invoices and to upload those e invoices with other prescribed documents for Redemption/EODC of Advance Authorisations.

GST scope on penal charges and payment aggregator settlement clarified; select past tax positions regularised accordingly.
Clarification aligns CBIC Circular No. 245/02/2025-GST with the State law and clarifies GST treatment: penal charges levied by regulated entities per RBI directions are not subject to GST; RBI regulated Payment Aggregators undertaking settlement qualify as "acquiring bank" for the Sl. No. 34 exemption limited to settlement functions; multiple past positions are regularised on an "as is where is" basis (R&D grants, NSDC Training Partner exemptions, composition taxpayer rental reverse charge, incidental electricity services); facility management to MCD HQ is taxable; DDA is not a "local authority"; Goethe Institute supplies regularised.

Nomination framework for securities accounts updated with joint-holder transmission rules, opt-out flexibility, and clearer KYC safeguards.
SEBI amended and clarified the nomination framework for demat accounts and mutual fund folios, covering joint holdings, opt-out of nomination, nominee operation during physical incapacitation, transmission requirements, and updated nomination-form disclosures. It clarified that assets in joint accounts are to be transmitted to surviving joint holders by name deletion, that fresh KYC cannot be insisted upon as a precondition for such transmission unless previously sought and not furnished, and that surviving holders may update key contact and banking details. The circular also introduced the treatment of odd lots, passport number acceptance for NRI, OCI and PIO holders, phased implementation, and reporting obligations for AMFI and Depositories.

KPI disclosure standards require issuers and merchant bankers to adopt industry standards for offer document disclosures.
Requirement to disclose Key Performance Indicators (KPIs) in draft offer documents and offer documents is standardized through industry-developed benchmarks. Issuer companies and merchant bankers are directed to follow these standards to meet KPI disclosure obligations under the offering regulations, and stock exchanges and industry associations must publish and circulate the standards to ensure awareness and compliance.

All Industry Rate duty drawback applies despite use of non-duty-paid inputs; field formations must not probe or reduce AIR.
Admissibility of All Industry Rate of duty drawback where exported goods use some non-duty-paid or concessional inputs: AIRs are set by weighted average duties and average consumption of imported/indigenous inputs across representative exporters; field formations must not probe use of exempted inputs or deny/reduce AIR on that basis, and a standing order should direct staff to follow the 2005 clarification scrupulously, with difficulties reported to the Board.

Specialized Investment Funds regulatory framework introduces eligibility routes, investment and derivative limits, disclosure, listing and risk banding requirements.
The circular prescribes a regulatory framework for Specialized Investment Funds (SIF), detailing eligibility routes for registered mutual funds/AMCs, mandatory brand differentiation, permitted equity, debt and hybrid investment strategies with specified redemption frequencies, a minimum investment threshold per investor with monitoring and breach treatment, issuer and sector limits for debt, quantified limits and computation rules for derivative exposure including portfolio offsetting and an overall gross exposure cap, mandatory listing for close ended and interval strategies, benchmarking principles, comprehensive disclosure requirements and a five level Risk Band with monthly evaluation and public disclosure.

Deployment timelines for NFO funds: AMCs must deploy collected monies within prescribed period or face flow and fee restrictions.
AMCs must declare and adhere to achievable timelines for deployment of NFO proceeds per scheme asset allocation, deploy funds within the prescribed period from allotment, and, if unable to do so, place written reasons and mitigation efforts before the Investment Committee which may grant a single extension after examining root causes. Trustees shall monitor deployment; non-compliance leads to prohibition on fresh inflows into the scheme until deployment aligns with the SID, mandatory investor communication offering exit without exit load, and reporting of deviations. Distributor commission on switches into NFOs from schemes of the same AMC is to be limited to the lower commission of the two schemes, with further guidelines to follow.

Delegation of GST powers revised for scrutiny, tax determination and waiver-related authority under the West Bengal GST framework.
Delegation of powers under the West Bengal Goods and Services Tax Act, 2017 is amended to reallocate authority for scrutiny of returns, determination of tax under sections 73, 74 and 74A, and waiver-related powers under section 128A. A State Tax Officer may exercise powers under sections 73, 74 and 74A only where the tax payable does not exceed ten lakh rupees as determined under section 61. The amendments take effect from 1 November 2024 and supersede the earlier delegation order, subject to acts done before such supersession.

Opening demat account for Association of Persons permitted for specified securities subject to conditions and member liability.
SEBI permits an Association of Persons (AoP) to open a Demat account in its own name for holding units of mutual funds, corporate bonds and Government Securities only, subject to the AoP ensuring compliance with statutes governing its constitution, providing PAN details of the AoP and its Principal Officer, confirming no use for equity shares, and acknowledging that the Principal Officer is the legal representative and members are jointly and severally liable.

Regulation 30 disclosure obligations: industry standards require listed entities to follow standardised material-event disclosure and exchanges to ensure compliance.
Industry standards for Regulation 30 have been formulated by an Industry Standards Forum in consultation with SEBI and will be published by the associations and stock exchanges. Listed entities must follow these standards to ensure compliance with Regulation 30, and stock exchanges are to notify and ensure adherence. The circular is issued under SEBI's statutory powers and is available on the regulator's website.

GST classification clarifications govern agricultural produce, flavoured popcorn, fly ash blocks and compensation cess conditions for utility vehicles.
Pepper of the genus Piper is classified under HS 0904 and attracts 5% GST, while agriculturists supplying dried pepper or raisins from cultivation are exempt where not liable for registration. Salted and spiced ready-to-eat popcorn is treated as namkeen, with GST dependent on pre-packaged and labelled supply; sugar-mixed popcorn is sugar confectionery. AAC blocks containing more than 50% fly ash fall under HS 6815 and attract 12% GST. The amended compensation cess criteria for specified utility vehicles apply from 26 July 2023.

Investor protection: updated stock broker charter mandates public complaint disclosures and access to ODR and SCORES.
SEBI issues an updated Investor Charter for stock brokers requiring brokers to publish and provide the charter to clients, disclose monthly complaints data on their websites in the Annexure B format, comply with specified service timelines and broker obligations (including trade execution, contract notes, margin and settlement procedures), and implement a layered grievance redressal framework using SCORES and the ODR/SMARTODR platform; the circular rescinds the prior charter and is effective immediately.

Customs cargo custodianship at an inland container depot requires goods security, bond, insurance, tracking and disposal compliance.
M/s. Adani Logistics Ltd. is appointed as Custodian and approved as Customs Cargo Service Provider for the customs area of the Inland Container Depot, Kishangarh. It must comply with customs and cargo-handling requirements; safeguard, receive, handle and store goods; remain liable for pilferage, loss, improper removal and relevant duties; execute prescribed bond and insurance; provide tracking systems and required infrastructure; and bear cost-recovery charges for customs officers. The approval is valid for two years, subject to earlier review, suspension, revocation or cancellation for non-compliance.

Automation of refund processing: electronic filing, deficiency tracking, and electronic disbursal replacing manual refund workflows.
Automation requires applicants to file refund claims and supporting documents via the ICEGATE Portal, enables re assessment requests and pre filled forms, and mandates generation of a unique application reference on filing. Proper officers must intimate deficiencies within a short period, issue acknowledgements when defects are cured, and communicate show cause notices or speaking orders electronically, including examination of unjust enrichment. Sanctioned refunds will be paid electronically to registered bank accounts via the PFMS, while credits to the Consumer Welfare Fund continue as before; audit will shift from compulsory pre audit to post audit with selection criteria to be finalised by audit authorities.

Customs cargo custody requires compliance, cargo accountability, insurance, tracking infrastructure, and regulated disposal of uncleared goods.
M/s. Hind Terminals Pvt. Ltd. is appointed Custodian and approved as Customs Cargo Service Provider for the Inland Container Depot, Dhanakya, Jaipur. It must comply with customs law and cargo-handling regulations, remain accountable for receipt, handling, storage, loss and improper removal of cargo, and ensure safe transport of export goods. Conditions include prior approval for alterations or subletting, execution of bond and insurance, payment of cost-recovery charges, RFID-based tracking infrastructure, and disposal or authorised sale of uncleared goods. The appointment is valid for two years, subject to earlier review, suspension, revocation or cancellation.

Investor Education and Awareness requirement ensures AMCs allocate funds for education and financial inclusion under expense limits.
AMCs must annually set aside at least 2 basis points on daily net assets within the maximum permissible Total Expense Ratio for Investor Education and Awareness, and initiatives under that heading include financial inclusion initiatives as may be approved by the regulator.

Provisional assessment requests can be flagged at filing via new Prov field, eliminating the need to recall RMS bills.
Importers and CHAs must mark the new Prov field as "Y" when filing a bill of entry to request provisional assessment at filing, removing the need to recall RMS facilitated bills. The facility will be available on ICEGATE, stakeholders must report system errors to Deputy/Assistant Commissioners for escalation to DG Systems, AC (EDI) is the nodal officer, and the Public Notice functions as a Standing Order for departmental staff.

Mandatory customs appeal pre-deposits require separate registers for appellate and Tribunal proceedings, recording payment and order particulars.
Mandatory pre-deposit is required for customs appeals involving disputed duty, duty and penalty, or penalty alone. The Air Customs Superintendent in the Review Section must maintain a register recording appellant details, duty-paying document particulars, pre-deposit amount, and relevant appellate or Tribunal order details. Separate registers must be maintained for appeals before the Commissioner of Customs (Appeals) and the Tribunal.