Export Promotion Capital Goods Scheme: installation certificate timelines and composition fee regimes revised to ease compliance.
The Handbook of Procedures is amended to extend the installation certificate submission period from six months to three years with RA granted further extension up to the valid EO period on payment of an annual composition fee; spares provision deleted. Tiered fixed composition fee schedules replace earlier fee rules for extension and regularisation of first block EO, apply retrospectively to FTP (2015-20) authorisations, and non refundability of paid composition fees is reiterated. Extensions beyond six years may be granted as two one year extensions or two years in one go, subject to specified composition fees and PRC levy rules.

Correction of public notice on export drawback BRC uploads clarifies the applicable notice reference for claim processing.
The corrigendum amends the identifying reference for guidance on exports through New Mangalore Port under claim of drawback and the uploading of BRCs by directing that Public Notice No. 12/2024 dated 18.07.2024 shall be read as Public Notice No. 13/2024; the change is limited to the notice number and does not alter the substantive procedural requirements for drawback claims or BRC uploads.

Overseas investment compliance framework sets definitions, approval routes, reporting duties, and AD bank controls for resident investors.
Overseas investment by persons resident in India is regulated under FEMA through the Overseas Investment Rules, Regulations, and Master Direction, covering ODI, OPI, financial commitment, approval routes, reporting, and AD bank procedures. The framework defines key concepts such as foreign entity, Indian entity, control, subsidiary, equity capital, and financial commitment, and sets the conditions for permitted investments, including strategic sectors, startups, IFSC investments, deferred payment, pricing, transfer, restructuring, and immovable property abroad. It also prescribes documentation, UIN allotment, late reporting fees, restrictions, and compliance duties for authorised dealer banks.

Unique Document Identification Number verification enables immediate online authenticity checks of DGFT-issued electronic documents via the official portal.
A Unique Document Identification Number (UDIN) embossed on each electronically-issued DGFT document may be entered on the DGFT website (Services Info for Customs Authorities Verify UDIN) without login credentials to download the complete electronic document; the downloaded electronic copy is authoritative for comparing and verifying any paper copy.

Customs duty revisions reshape import/export taxation and exemption regimes, with provisional and enacted changes following the finance proposals.
The Finance (No.2) Bill, 2024 and related notifications propose comprehensive revisions to customs, central excise and GST law and rates, including immediate provisional tariff changes, sectoral basic customs duty adjustments, consolidation and review of conditional exemptions (extensions, continuations, lapses and removal of end-dates), amendments to procedural and origin documentation provisions, new tariff lines and countervailing rules, and multiple GST amendments affecting taxability of specified inputs, retrospective input tax credit relief, demand notice time-limits, appeal pre-deposit thresholds and refund restrictions where export duty applies.

Provisional attachment of bank accounts: reasoned officer opinion, written approval, service on bank and hearing for extensions.
Provisional attachment under Section 110(5) requires a recorded, fact-based opinion that attachment is necessary to protect revenue or prevent smuggling, written approval by the Principal Commissioner/Commissioner, and a written order addressed to both the bank and account holder stating grounds and duration (initially up to six months). Extensions require an opportunity to be heard, recorded reasons and a prior written extension order; release must be communicated if attachment is no longer needed. Communications must carry a Document Identification Number and investigations should be expedited to realize liabilities within the attachment period.

Bill of Entry filing suspension pauses electronic import processing on Budget day until system updates are completed.
Filing of Bills of Entry will be unavailable from 11:00 hours on 23 July 2024 until Notifications and Tariff Directories in ICES are updated; Section 48 approvals will be suspended after that time. Shipping Bill processing continues, but sites must manually collect any export duties or cesses imposed by the Budget on Let Export Orders given after 23 July 2024 until directory changes are online. Field formations must track prior BEs for duty changes before granting OOC; system restoration for BE filing is dependent on completion of ICES updates, typically within 48 hours if no substantial new levies are notified.

Regulatory jurisdiction: ESG rating activities in the IFSC are subject to local regulator oversight, complaints and enforcement mechanisms.
SEBI has added the IFSC regulator to the list of authorities under the ERP framework so that ESG ratings undertaken by SEBI-registered ERPs under IFSC guidelines are governed by the IFSC regulatory regime. The IFSC regulator will handle issues arising from ERPs' IFSC activities, including complaints, enforcement actions and provision of information to third parties, and the circular is effective immediately.

IFSCA jurisdiction for CRA rating activities established, assigning complaints, enforcement and information duties to IFSCA.
Enables SEBI-registered Credit Rating Agencies to rate financial instruments in the IFSC-GIFT City under the regulatory framework of IFSCA; ratings under IFSCA guidelines are subject to IFSCA jurisdiction. IFSCA will address issues arising from CRA activities in the IFSC using powers under its Act, and will handle complaints, enforcement actions and provision of information to third parties and judicial or statutory bodies. The circular is effective immediately and issued under SEBI's enabling powers to protect investor interests and regulate the securities market.

Section 61 scrutiny notices to be processed by deputy/assistant state tax officers; SCN issuance governed by pecuniary limits.
Scrutiny notices (ASMT-10/ASMT-12) issued before restructuring are to be further processed and finalized by Deputy State Tax Officers/Assistant State Tax Officers; such scrutiny instruments are not show cause notices and are not subject to pecuniary limits at the scrutiny stage. If amounts remain unpaid after intimation, DSTOs/ASTOs shall initiate proceedings under the recovery provisions, compute demand per prior circular instructions, and issue SCNs within their pecuniary limit or place draft SCNs before higher authorities when the amount exceeds their competence.

Exports through New Mangalore Port: ensure AD Banks upload BRCs to RBI EDPMS to reconcile drawback claims and avoid recovery action.
Exporters must ensure AD Banks upload Bank Realisation Certificate data in RBI's EDPMS so e BRCs transmit to ICES for reconciliation under the Drawback scheme; failure to upload or submit e BRCs within one month will prompt demand and recovery of drawback with interest under the Customs Act, 1962. The notice cites 22,539 shipping bills with pending realisation and reminds that FEMA requires foreign exchange realisation within nine months unless RBI extends the period.

Import for repair and re-export under ERSO: streamlined customs clearance via advance bills, continuity re-export bonds, and first-check exams.
The ERSO pilot permits import of defective electronic items for repair and subsequent re-export with procedural facilitation: filing advance Bills of Entry with accurate descriptions, uploading legible documents in e-Sanchit, and executing a continuity/re-export bond without bank guarantee debited automatically on ICEGATE. Faceless Assessment continues, but all repair/re-export consignments require immediate first-check examination coordinated by the designated Nodal Officer and ERSO Customs team. Examination areas, designated storage, empaneled Chartered Engineer certification, movement under Section 49 to Public Bonded Warehouse, and a named Nodal team are prescribed to expedite clearance.

CSD refund processing follows a revised electronic filing regime with quarterly claims, invoice validation, and capped tax refund eligibility.
Processing of refund applications filed by the Canteen Stores Department is to be done electronically on the common portal in FORM GST RFD-10A under the revised procedure introduced after insertion of rule 95B. The CSD may file quarterly refund claims, with clubbing of multiple quarters and financial years, subject to the two-year limitation from the last day of the quarter in which the inward supply was received. Refund is limited to fifty per cent of the applicable tax on eligible inward supplies and requires supporting invoices, an undertaking, and a declaration against double claim.

Refund of additional IGST on export price revision must follow prescribed GST portal filing, documentation, and officer verification.
Refund of additional Integrated Tax paid on account of upward revision in the price of export goods subsequent to export is to be claimed electronically in FORM GST RFD-01 and processed by the jurisdictional GST officer under rule 89 of the GST Rules. Until a separate refund category is available, the claim may be filed under "Any other" with the prescribed remark, together with statements 9A and 9B and supporting documents showing the revised price, payment of additional IGST and interest, and receipt of additional foreign exchange remittance.

Corporate guarantee valuation under GST clarified: tax applies on guaranteed amount, with annual computation and ITC treatment explained.
Clarification is issued on the taxability and valuation of corporate guarantee services between related persons under GST. The circular explains that the service was taxable even before Rule 28(2), that valuation is based on the amount guaranteed rather than the loan actually disbursed, and that input tax credit remains available subject to the Act and Rules. It also addresses co-guarantors, takeover of loans, forward charge and reverse charge treatment, annual valuation, deemed invoice value where full input tax credit is available, and non-applicability to export of such services.

Pre-deposit adjustment and recovery stay govern confirmed GST demands pending appeal to the tribunal.
Guidelines are issued for recovery of outstanding dues where the first appellate authority has confirmed a demand, but appeal to the Appellate Tribunal cannot yet be filed because the Tribunal is not operational. Taxpayers may make the prescribed pre-deposit through the electronic liability register and furnish an undertaking to file appeal within the statutory time once the Tribunal becomes available. On compliance, recovery of the remaining confirmed demand stays pending appeal; otherwise, recovery may proceed according to law.

Investor Education and Protection Fund filings: forms consolidated and required transfers now payable online via MCA21 Pay Miscellaneous Fee.
Form IEPF 3 is merged with IEPF 4 and IEPF 7 with IEPF 1 in MCA Version 3, with revised forms enabled as Straight Through Process to ease compliance. Amounts required to be transferred under the Investor Education and Protection Fund Authority Rules must be paid online through MCA21 using the "Pay Miscellaneous Fee" service selecting "Investor Education and Protection Fund", superseding the earlier circular and requiring stakeholders to update their filing and payment procedures.

GST applicability clarified for composite supplies, pure agent treatment, job work maltification, leasing exclusion and governmental exemptions.
Clarifies that concessional input credit and 5% transport rate apply only to passenger transport and renting with operator, excluding leasing without operator; bundled electricity with renting/maintenance is a composite supply taxed at the principal supply rate unless supplied by a pure agent on actual basis; job work converting barley to malt is job work in relation to food products and attracts the food job work rate; DMFTs are Governmental Authorities eligible for exemptions; horticulture services to CPWD with goods value 25% are exempt under the cited state notification.

GST rate on imitation zari thread clarified: metallised polyester/plastic-film yarn included under reduced treatment; no inversion refunds.
Imitation zari thread or yarn made from metallised polyester film or plastic film that meets the HS description of yarn combined with or covered by metal is covered by the imitation zari entry in Schedule I and attracts the reduced GST rate; amendments to the State notification implement this, and no refund is permitted for polyester (metallised)/plastic film on account of tax inversion.

Taxability of guarantees: personal guarantees may be taxable zero where no consideration; corporate guarantees valued per prescribed rule.
Personal guarantees by directors are supply between related persons even without consideration; due to regulatory prohibition on paying consideration to such guarantors, their open market value may be treated as zero and thus taxable value zero unless remuneration is in fact paid. Corporate guarantees between related companies, including holding-subsidiary guarantees, are supply and their taxable value is to be determined by the prescribed valuation rule; a newly inserted sub-rule governs valuation of such corporate guarantees and applies irrespective of input tax credit availability. The valuation sub-rule does not apply to personal guarantees.