Electronic voluntary customs payments replace manual TR-6 procedures for past-cleared transactions through registered ICEGATE self-initiated challans.
Electronic voluntary and self-initiated customs payments on ICEGATE replace manual TR-6 payment procedures for past-cleared import and export transactions. Registered users may generate challans and pay electronically without further approval, but the facility cannot be used for live consignments or replace application-generated challans. Payments may be made through the Electronic Cash Ledger or enabled challan-wise modes. Manual TR-6 payments require specific approval after the transition date, supported by recorded reasons.

Advance authorisation for menthol reinstated; import licences may now be issued under specified HS codes.
Reinstates SION/Adhoc norms for import of menthol with immediate effect under the FTP, covering menthol under specified ITC(HS) codes, and directs Regional Authorities and Norms Committees to consider issuance and fixation of Advance Authorization/DFIA and Adhoc norms in accordance with existing policy and procedure.

Customs brokers' licences must reflect lifetime validity in EDI and CBLMS; update records before 31.12.2024.
Jurisdictions must verify and correct Customs Brokers licence validity entries in the Customs EDI system and CBLMS so they reflect the legally permitted status under CBIC Notification No. 62/2021-Customs (N.T.), which conferred lifetime validity, and complete such updates urgently before 31.12.2024.

Voluntary Self Initiated Payments enabled electronically on ICEGATE, replacing manual challans and allowing registered users to pay online.
Enables electronic collection of Voluntary Self Initiated Payments (SIP) on ICEGATE, allowing registered users to generate self initiated challans and pay online without further Customs officer approval; intended for settlement of past import/export liabilities and not for live consignments. Payment modes include Electronic Cash Ledger debit, challan wise payments routed through the ledger, internet banking via specified banks, NEFT/RTGS, and Payment Aggregator mode. Field officers are directed to cease acceptance of manual over the counter challans after the specified cut off unless exceptional senior approval is obtained; a user manual has been published and wide publicity is required.

AD Code and IFSC registration on ICEGATE requires prescribed bank documents and enables same-day electronic approval.
Registration and modification of AD Code and IFSC Code must be completed via ICEGATE/ICES with specified documents uploaded to e Sanchit: a bank authorization letter detailing exporter name and address, IEC, linked PAN, bank account number and holder, confirmation of PAN linkage, bank AD/IFSC, branch contact details, and a cancelled cheque or endorsed bank statement. After verification, the Customs EDI Section shall approve requests the same day if submitted before the daily cut off; stakeholders should avoid physical interaction and may report delays to the EDI contact.

Documentation requirement: upload complete product specifications and link to entries to avoid LED chip reclassification delays.
Importers must upload complete, legible supporting documentation (Catalogue, Technical Write up, Product Data Sheet, End use, User Manual, photographs) and properly tag those documents to the Bill of Entry in eSanchit to enable accurate tariff classification of LED chips and avoid assessing officers raising reclassification queries; timely, well linked documentation facilitates expeditious assessment and preserves the integrity of self assessment.

GST Council approved legislative amendments, retrospective clarifications, IMS integration and an enabling Track & Trace provision for evasion prone goods.
The Council recommended retrospective amendment to replace "plant or machinery" with "plant and machinery" in section 17(5)(d) w.e.f. 01.07.2017, retrospective insertion of clause for SEZ/FTWZ warehoused goods in Schedule III with no refunds where tax was already paid, and insertion of an enabling provision and penal sanction for a Track and Trace Mechanism for specified evasion prone commodities, with procedural rules to follow after technology finalisation.

Electronic filing requirement for Non Preferential Certificates of Origin now mandatory; implementation awaits the rescheduled eCoO 2.0 launch.
Launch of the enhanced Preferential Certificate of Origin platform eCoO 2.0 has been rescheduled to a later date. Separately, electronic filing of Non Preferential Certificates of Origin on the eCoO 2.0 platform is mandated to commence from the prescribed compliance start date, and Non Preferential CoO issuing agencies listed under the FTP appendix and exporters are required to ensure compliance.

Public consultation period for draft scheme documents reduced to a shorter minimum, permitting quicker filing of final offer documents.
SEBI reduces the mandatory public display period for draft Scheme Information Documents on which observations have been issued to a minimum of eight working days for receiving public comments on disclosure adequacy, after which AMCs may launch the scheme and file final offer documents (SID and KIM) in line with the Master Circular; certain clauses are modified or deleted and SEBI observation validity remains governed by the Master Circular.

Data sharing policy for research: market data divided into public and restricted baskets, with access rules for accredited researchers.
SEBI requires Stock Exchanges, Depositories and Clearing Corporations to segregate market data into two baskets: a public basket of aggregate, analysed and regulator-mandated disclosure data (including voluminous anonymised datasets shareable for research, with limited free provision and cost-based fees for large or value-added requests), and a non-public basket containing identifiable or re-identifiable information such as KYC, pan-wise trade data, tick-by-tick identifiable logs, holdings and confidential clearing data. MIIs must submit uniform basket lists to SEBI within sixty days, publish sample files and a data-request form, and report implementation within three months.

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.