GST applicability clarifications: exemptions and regularisation for specified public services, incentives, reinsurance and accommodation.
Clarifications address GST treatment across specified categories: exemptions and retrospective regularisation on an as is where is basis for certain Ministry of Railways supplies and SPV transactions; statutory RERA collections covered by the governmental authority exemption; incentive payments under the digital payments scheme treated as subsidy and not taxable when shared as per the prescribed distribution; reinsurance (including retrocession) and government sponsored insurance reinsurance regularised for specified past periods; and specified accommodation services exempted where value and minimum continuous period criteria are met.

Yield to price computation simplified using due dates for cash flows; centralized bond database required to disclose cash flow schedules.
Cash flow dates for interest, dividend and redemption payments on RFQ-traded non-convertible securities shall be based on due dates in the cash flow schedule and not adjusted for day count convention for yield-to-price computation. Issuers must submit a cash flow schedule (due date and payment date as per day count convention) at ISIN activation in the centralized corporate bond database and update any changes within one working day; the requirement covers prospective issuances and residual maturities of listed ISINs.

Certification requirement for AIF managers' key investment team extended, providing additional time for mandatory NISM compliance.
The AIF regulatory framework mandates that the key investment team of an AIF Manager include at least one person holding the prescribed NISM certification. SEBI has extended the timeline for obtaining the NISM Series-XIX-C certification for applicable existing and pending AIF schemes, with the extension taking immediate effect to facilitate compliance.

Voluntary customs payments on ICEGATE now replace manual TR-6 challans for past clearances through electronic self-initiated payment routes.
ICEGATE has enabled electronic voluntary or self-initiated payment to replace manual TR-6 payments for customs-related amounts concerning past import or export clearances. Registered users may generate a challan and pay electronically without further officer approval, but the facility cannot be used for live consignments or in place of challans generated through ICES, ECCS, SEZ online, or ACES applications. Payments may be made through the Electronic Cash Ledger, challan-wise internet banking, NEFT or RTGS, and payment aggregator mode. Manual TR-6 payments now require specific approval with reasons.

Mandatory DIGIT ID requirement for arrest and incident reports ensures revised reporting formats and email submission.
Revised reporting formats mandate inclusion of the DIGIT ID in both Arrest Report and Incident Report (where arrest not made), provide updated Annexure I and Annexure II templates enumerating standardized fields (identification, date/time/place, offence description, customs documents, seizure details, commodity classification, quantity and value, modus operandi), and require email transmission to specified CBIC and investigative agency addresses; all other prior Board instructions on the subject remain unchanged.

Anti-dumping duty scope limited: electronic declaration allows exemption for specified end-uses, subject to undertaking to pay.
Anti-dumping duty on Titanium Dioxide from China PR is limited to specified end-uses; imports for food, pharma, skin-care, textiles, fibre, nano or ultrafine titanium dioxide are excluded. An electronic declaration in the Bill of Entry will allow importers to state the goods are for excluded uses and include an undertaking to pay applicable anti-dumping duty with interest if the goods are supplied for non-excluded uses. DG (Systems) will issue an advisory for implementation and officers are to be sensitized; implementation difficulties may be reported to the Board.

Grievance redressal mechanism for GST registration applicants enables resolution of documentary queries through prescribed channels and submissions.
Grievance redressal mechanism for GST registration in Central Tax, Bengaluru Zone prescribes required documents for proof of Principal Place of Business (owned premises: property tax/municipal khata/utility bill or similar; rented/shared premises: valid rent/lease agreement plus lessor ownership document; consent letter and consenter identity proof where owner is relative/spouse; affidavit and possession proof where no agreement exists; SEZ requires central certificates) and for constitution of business (Partnership Deed or Registration Certificate). Applicants may file grievances by email with specified fields or approach the GST Seva Kendra for resolution.

Entry exemption for perishable agricultural goods at ICP Attari authorises specified freight trucks to enter for export clearance.
A one time exemption to the ICP Attari closure permits entry of 162 freight trucks carrying perishable agricultural goods from Afghanistan at ICP Attari. The Ministry of Home Affairs OM dated 07 May 2025 authorised these specified consignments notwithstanding the closure, and CBIC Instruction No. 09/2025-Customs (09 May 2025) directed customs field formations to admit and facilitate the listed vehicles and their transit/clearance.

Disclosure of financial information in REIT offer documents strengthened; revised continuous disclosure, NDCF calculation and audit requirements enforced.
Revision of Master Circular Chapters 3 and 4 requires REIT offer documents to include audited historical financials, project wise operating cash flows, related party disclosures, capitalisation and debt histories, statements of net assets and total returns at fair value, and certified projections; combined financial statements for initial offers and consolidated statements for follow on offers must follow Ind AS with specified modifications. Pro forma and combined/carve out financial statements are required for material acquisitions/divestments and must be certified/audited per ICAI guidance. A detailed framework for computing Net Distributable Cash Flows at SPV/HoldCo and Trust levels and periodic continuous disclosure, audit, approval and website, investor redressal and borrowing related disclosures are prescribed.

InvIT disclosure rules updated: enhanced financial, proforma and NDCF reporting plus stricter audit and continuous disclosure obligations.
The circular revises Chapters 3 and 4 of the InvIT Master Circular to mandate expanded offer-document and continuous disclosure requirements: audited financial statements for three years (and stub periods), combined statements for initial offers, certified proforma financial statements when material acquisitions/divestments occur, and detailed audit, certification and peer-review requirements. It prescribes a multi-level framework for computing Net Distributable Cash Flows (NDCF), rules on inclusions/exclusions, retention limits, distribution policy and prohibitions on debt-funded distributions. Chapter 4 updates timelines, statement formats, comparative disclosures, audit/limited-review norms, website/grievance obligations and extra disclosures for borrowings.

Amendment to Standard Input Output Norms updates import item description and permitted input quantities for a specified export product.
Amendment to Standard Input Output Norms A-1294 changes the import-item description at Sl. No. 2 from "Ethanol" to "Denatured Ethyl Alcohol" with an input quantity of 0.435 kg; the notice also records input allowances for Phthalic Anhydride (0.700 kg) and Di-Ethyl Phthalate (1 kg). The Public Notice is issued by the Directorate General of Foreign Trade and takes effect immediately.

Investor Charter publication requirement compels KRAs to disclose KYC services, rights, and grievance procedures publicly.
SEBI requires registered KRAs to publish an Investor Charter on their websites and prominently at offices, detailing KRA services (centralized KYC registration/modification, status tracking, solicited/unsolicited feeds, alerts, verification of KYC attributes and KYC status categories), data protection commitments, investor rights to privacy and record access, Do's and Don'ts, and a three-tier grievance redressal mechanism comprising direct KRA complaint with 21-day resolution, escalation via a centralized complaints system, and further dispute resolution through an online ODR portal. The requirement is issued under Section 11(1) of the SEBI Act.

GST registration documentary limits: officers must accept prescribed proofs and refrain from seeking non prescribed documents, ensuring timely approval.
Officers must limit documentary demands to the indicative list in the registration form and avoid presumptive or non prescribed queries. For Principal Place of Business, any one listed ownership document or equivalent state/local proof suffices for owned premises; rented/shared premises require rent/lease agreements plus a single lessor ownership document, with identity proof needed only where the lease is unregistered. Constitution of business must be established by prescribed constitution documents only. Risk flagged or unauthenticated applications may require physical verification, with prescribed reporting and upload requirements; formal notices may be issued only on limited documented grounds.

Waiver under Section 128A: taxpayers who paid assessed tax may obtain relief from disputed interest or penalty despite appeals.
Where a taxpayer has fully paid the tax assessed under Section 73 and only interest and/or penalty remain in dispute, the taxpayer is eligible for the waiver under Section 128A if other statutory conditions are met; the proper officer may withdraw departmental appeals limited to contested interest calculations or contested penalty imposition, or accept orders under review, so as not to deny relief on mere technicalities and to reduce litigation.

Standard Input Output Norms reinstatement restores SION C-888 trade input requirements for stainless steel washers under trade policy.
Reinstatement and amendment of the Standard Input Output Norms (SION C-888) under the Foreign Trade Policy reinstates SION C-888 and prescribes input-output requirements for stainless steel washers, specifying allowable imported inputs as prime or secondary stainless steel sheets, sheet cutting, coils, strips or plates of relevant grade and thickness against the exported washers; the notice records a textual correction to the product description.

Stock & Sale authorization tightened: revised SCOMET framework mandates broader stockist definition, EUC documentation, and annual transfer reporting.
Amendments expand the Stock & Sale framework by broadening the Stockist definition to include subsidiaries, affiliates, OEMs, EMS providers, and contract manufacturers; require ANF-10B applications with an End User Certificate, corporate relationship proof, commercial and technical documents, compliance/AEO details where applicable, and an undertaking against military/WMD diversion. IMWG grants export authorization to stockists and in-principle re-export approval to specified countries; transfers within the stockist's country and re-exports to pre-approved countries need reporting but not new authorizations. Re-exports to other countries require fresh approval with end-use verification, and annual inventory and transfer reports are mandatory.

Border checkpoint access modified - Attari ICP now permits Pakistani nationals to exit and Indian nationals to enter.
An earlier order closed the Integrated Check Post, Attari to all passenger movements and goods. That order has been partially modified to permit a Pakistani national with Pakistani travel documents to exit India into Pakistan and an Indian national with Indian travel documents to enter India from Pakistan through the ICP at Attari, until further orders; other restrictions and suspension of goods movement remain unless otherwise amended.

Section 128A waiver clarified for GSTR-3B payments and mixed-period GST demands under Gujarat GST rules.
Section 128A of the Gujarat GST law grants waiver of interest or penalty or both for specified Section 73 demands, and this clarification addresses how the benefit applies where tax was paid through FORM GSTR-3B before 1 November 2024 instead of FORM GST DRC-03. Such pre-1 November 2024 GSTR-3B payments, if intended toward the demand, remain eligible subject to verification, while post-1 November 2024 payments must follow Rule 164. For mixed-period notices or orders, the taxpayer may pay the covered liability and file FORM SPL-01 or FORM SPL-02 to intimate non-pursuit of the appeal for the covered period.

Prohibition on import from Pakistan: immediate ban on direct or indirect import or transit, exceptions require prior government approval.
Prohibition on import or transit of goods originating in or exported from Pakistan is effected by insertion of Para 2.20A into the Foreign Trade Policy, 2023, imposing an immediate ban on direct and indirect importation or transit of all such goods until further orders; exceptions require prior Government of India approval and customs authorities are directed to sensitize officers and report difficulties to the Board.

Separate Business Unit permitting stock brokers to operate in GIFT IFSC subject to regulatory ring fencing and segregated accounts.
SEBI permits registered stock brokers to operate securities market related activities in GIFT-IFSC through a Separate Business Unit (SBU), qualifying branch, or subsidiary without specific SEBI approval. SBUs must engage only in IFSCA permitted activities, be subject to the concerned regulatory authority's framework, and be segregated and ring fenced from the broker's Indian securities market activities with separate accounts and segregated net worth. Exchange grievance mechanisms, Investor Protection Fund and SCORES will not apply to SBU clients.