GST classification clarified for pepper, raisins, ready-to-eat popcorn, AAC blocks and agriculturist exemptions under council recommendations
Clarification addresses classification and GST rates for specified goods: pepper of genus Piper attracts 5% GST; dried pepper and raisins supplied by agriculturists are exempt and not liable to registration; ready-to-eat popcorn mixed with salt and spices is HS 2106 90 99 attracting 5% GST if unpackaged and 12% if packaged and labelled, while sugar-coated popcorn is classifiable as sugar confectionery attracting 18% GST; AAC blocks with over 50% fly ash fall under HS 6815 attracting 12% GST; the amended Compensation Cess entry for utility vehicles applies from the amendment's effective date.

GST classification and rate clarity for pepper, raisins, popcorn, fly ash blocks, and utility vehicles.
Pepper of the genus Piper is classified under HS 0904 and attracts 5% GST, while dried pepper and raisins supplied by an agriculturist who is not liable to registration are exempt from GST. Ready to eat popcorn mixed with salt and spices is classified under HS 2106 90 99 and attracts 5% or 12% GST depending on packaging, while sugar-mixed popcorn is classified as sugar confectionary and attracts 18% GST; the past period up to 14.02.2025 is regularized on an as is where is basis. AAC blocks containing more than 50% fly ash fall under HS 6815 and attract 12% GST, and the amended compensation cess entry for utility vehicles applies on or after 26.07.2023.

Customs refund automation moves claims to online ICEGATE filing, with manual applications restricted after the transition period.
Automation of customs refund application and processing has been enabled on the Customs Automated System for electronic disbursal of refunds. Refund claims may be filed manually or online only during the transitional period up to 31.03.2025. After that date, future refund claims are to be filed through the online ICEGATE portal mode only, and manual refund applications will not be accepted except where permitted by the Pr. Commissioner or Commissioner of Customs for reasons recorded in writing.

Road vigilance procedure sets team strength, prior intimation, log book maintenance, and weekly reporting requirements.
Road vigilance is to be conducted under a standard operating procedure aimed at ensuring transparency, accountability and officer safety. The team should normally consist of at least four officers, with up to two office staff permitted where required, and prior intimation must be given to the concerned Additional Commissioner by letter or SMS/WhatsApp. Officers must maintain a log book, and Zonal Joint Commissioners must submit weekly reports in the prescribed format covering inspection details, intercepted vehicles, findings, detention reasons, penalties and amounts realized.

Transfer of confiscated drones centralised to designated focal customs commissionerates, with annexures mapping zones and nodal officers.
Circular mandates transfer of all confiscated drones to designated customs warehouses at Chennai (Airport), Delhi (IGIA), Kolkata (Airport), Mumbai (Airport) and Bengaluru (Airport & Air Cargo) as focal Customs Commissionerates for stocking, segregation, joint inspection by agencies and distribution; it substitutes Annexure A to map Customs Zones to these focal Commissionerates and replaces Annexure C with an updated list of nodal officers to enable coordination.

Late fee for delayed annual GST reconciliation applies until the complete annual return, including reconciliation statement, is filed.
Where reconciliation statement in FORM GSTR-9C is required to be filed with the annual return in FORM GSTR-9, the annual return is complete only when both FORM GSTR-9 and FORM GSTR-9C are furnished, and statutory late fee is leviable from the due date of the annual return until the date of furnishing the complete annual return; a single late fee covers the entire period and is not separately leviable for delayed furnishing of each form. A waiver notification limits additional late fee for certain past years if reconciliation is filed by the notified cutoff, with no refund for fees already paid.

AIF differential rights reporting extended to allow additional time for affected funds to comply with one time filing.
SEBI has extended the one-time reporting deadline for AIFs that filed PPMs on or after March 1, 2020 and have issued differential rights not meeting Standard Setting Forum implementation standards; affected AIFs must submit the prescribed information to SEBI by the extended date, the extension taking immediate effect under SEBI's statutory powers to protect investors and regulate the securities market.

Verification of Identity: duplicate local checks withdrawn and national regulations now govern first time import/export verification procedures.
Verification of Identity for persons newly engaging in import/export is governed by the Customs (Verification of Identity and Compliance) Regulations, 2021; prior verification at another port suffices and duplicate re verification at this Commissionerate is withdrawn. Persons newly engaging after the Regulations must submit documents under Regulation 4 within thirty days, while those previously active at other stations normally face no further compliance, subject to notification to the Assistant/Deputy Commissioner where assistance for clearance is sought.

Standard Input Output Norms fixation sets input requirements for metronidazole gel exports under Chemical and Allied Product rules.
Fixation of new Standard Input Output Norms (SIONs) A-3684 prescribes input requirements for export of metronidazole gel under the Chemical and Allied Product group: two export product configurations (55 g pack and 60 g tube), each with one export unit and specified quantities of Metronidazole Micronized USP per pack. The notification is issued under paragraph 1.03 of the Foreign Trade Policy 2023 and adds SION No. A-3684 to the schedule of norms, establishing compliance parameters for exporters.

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.