Late fee applicability for delayed GST reconciliation clarified: fee runs until complete annual return including reconciliation is filed.
Clarification explains that when FORM GSTR 9C is required, the annual return is incomplete if only FORM GSTR 9 is filed, and the late fee applies for the period from the annual return due date until the complete annual return (FORM GSTR 9 plus FORM GSTR 9C) is furnished. The late fee is not charged separately for delays in each form but is calculated until the combined filing obligation is fulfilled. A waiver is provided for past years subject to specified filing by the announced final date; no refunds for fees already paid.

GST clarifications on penal charges, payment aggregators, skilling services and other exemptions reshape service tax treatment.
Clarifications are issued on the GST treatment of certain services, including penal charges levied by regulated entities, settlement services by RBI-regulated payment aggregators, research and development services against grants, skilling services by NSDC-approved training partners, facility management services to MCD, the status of DDA as a local authority, reverse charge on renting of commercial property for composition taxpayers, electricity utility support services, and services provided by Goethe Institute/Max Mueller Bhawans. Several past periods are regularized on an as is where is basis, while specific exemptions are clarified or restored prospectively.

GST regularization for co-insurance apportionment and reinsurance commission transactions under an as is where is basis.
Regularizing GST treatment of co-insurance premium apportionment and ceding or reinsurance commission deducted from reinsurance premium. The circular treats these transactions as neither a supply of goods nor a supply of services, subject to the condition that tax is paid on the full or gross premium, as applicable. It also regularizes GST payment for the past period on an as is where is basis from 01.07.2017 to 31.10.2024.

Self-sealing permission applications must be emailed with PDF attachments to the designated customs submission address.
Applications for Self-Sealing Permission, registration, or renewal must be emailed to [email protected] with all required documents attached as PDF files and properly named; the email account is solely for submission, and after verification the customs office will send the permission copy to the exporter's email.

Extension of filing deadline for Form 56F extended to end of March to ease compliance for accountant reports.
Extension granted for filing the Form No. 56F accountant's report, moving the deadline previously linked to the audit filing date to the end of March to relieve documented taxpayer hardship and align the report submission with the revised compliance timeline under the Income-tax Act. The Central Board exercised its administrative powers to provide this relief, which applies specifically to the accountant's report required under the provisions for specified tax benefits, without altering substantive statutory requirements.

Disclosure of Most Important Terms requires research analysts to obtain client consent, follow fee limits, payment rules, and grievance steps.
SEBI mandates standardized Most Important Terms and Conditions (MITC) for Research Analysts to be incorporated into research-service terms and disclosed to clients with consent; RAs cannot trade on clients' behalf; fees for individual and HUF clients are subject to a regulatory maximum, advance fees are time-limited with proportionate refunds on early termination, cash payments are prohibited, and RAs must disclose conflicts, refrain from offering assured returns, never seek client login credentials or OTPs, and follow a specified grievance redressal process.

Most Important Terms and Conditions require IAs to disclose fees, consent for trades, ban guaranteed returns, and manage conflicts.
SEBI requires Investment Advisers to include standardized Most Important Terms and Conditions (MITC) in advisory agreements, prohibiting acceptance of client funds or securities, banning assured/guaranteed return schemes, and prohibiting execution of trades without explicit client consent. The MITC set fee and payment rules including prescribed maximums for eligible clients, limited advance fees with pro rata refunds and capped breakage fee, non-cash payment modes, mandatory risk profiling and suitability analysis, conflict-of-interest management favouring non-commission plans, specified grievance redressal steps, and disclosure when services fall outside SEBI's regulatory purview.

GST classification clarifications: rates and exemption treatment for pepper, raisins, popcorn, AAC blocks, and compensation cess effective dates.
Pepper of genus Piper falls under HS 0904 and is subject to the Schedule I GST rate; dried pepper and raisins supplied by an agriculturist are exempt and not liable for registration under Section 23(1) of the KGST Act. Ready-to-eat popcorn mixed with salt and spices is classifiable under HS 2106 90 99 with different GST treatment for prepackaged labelled and other forms, while sugar-mixed popcorn is classifiable under HS 1704 90 90. AAC blocks with over fifty percent fly ash fall under HS 6815. Amendment to Compensation Cess entry 52B is effective on or after 26.7.2023.

Late fee applicability clarified: fee runs until the complete annual GST return, including reconciliation, is filed.
Delay in furnishing a required reconciliation statement in FORM GSTR-9C renders the annual return under section 44 incomplete; late fee under subsection (2) of section 47 is leviable from the due date of the annual return until the date the complete annual return (FORM GSTR-9 and FORM GSTR-9C where required) is furnished. The late fee is computed for that single period and is not charged separately for each form. A limited waiver for past years is available subject to conditional furnishing of FORM GSTR-9C by the prescribed cutoff, with no refund for fees already paid.

GST classification and rates clarified for pepper, raisins, ready to eat popcorn and fly ash AAC blocks, with past period regularisation.
Pepper of genus Piper is classifiable under HS 0904 and attracts 5% GST; dried pepper and raisins supplied by agriculturists from cultivation are exempt and not liable to register. Ready to eat popcorn mixed with salt and spices is classifiable under HS 2106 90 99 and attracts 5% GST if non prepackaged and 12% GST if prepackaged and labelled, while popcorn mixed with sugar is classifiable under HS 1704 90 90 attracting 18% GST; treatment for salted/spiced popcorn is regularised for past periods. AAC blocks with over 50% fly ash fall under HS 6815 and attract the fly ash rate. The compensation cess amendment on vehicle ground clearance applies from its substitution date.

Automation of Refund Processing: electronic filing and disbursal streamlines customs refund applications and audit shift to post-audit.
Automation of Customs refund procedure establishes electronic filing, scrutiny, communication and electronic disbursal of refund claims through the ICEGATE Portal. Applicants may file refund applications with supporting documents; pre-filled forms follow reassessment, a Unique Application Reference Number is generated on filing, and proper officers must intimate deficiencies within ten days and communicate acknowledgements, show-cause notices and speaking orders electronically, including examination of unjust enrichment. Concurrent audit is dispensed with and selection for post-audit will be finalized by DG-Audit with DG ARM; electronic credit will be effected to the applicant's registered bank account via PFMS.

GST classification clarifications: specify taxable rates and exemption treatment for pepper, raisins, popcorn, AAC blocks, and vehicle cess applicability.
Clarification directs uniform GST treatment: pepper of genus Piper attracts the concessional pepper rate and dried pepper and raisins supplied by agriculturists are exempt from GST and not liable for registration; ready-to-eat popcorn mixed with salt and spices is taxed at a lower rate when not pre-packaged and at a higher rate when packaged and labelled, while sugar-coated popcorn is treated as confectionery at the higher rate and prior doubts on ready-to-eat popcorn are regularised for the past period; AAC blocks with majority fly ash attract the fly ash article rate; and the amended compensation cess entry applies from its stated effective date.

Single Unified Multi Purpose Electronic Bond enables nationwide electronic execution with linked e bank guarantees, streamlining customs security.
Introduction of a Single All India Multi Purpose Electronic Bond (SEB) enabling importers/exporters to submit one nationwide electronic bond via ICEGATE covering obligations across provisional assessment, export promotion schemes, section 143 imports, warehousing (section 59) and manufacture/operations in private/special warehouses (section 65). SEB execution uses e stamping and e signing through NeSL without notarisation, allows later addition of obligations or bond value, and links to electronic Bank Guarantees validated via NeSL and displayed on ICEGATE dashboards per consolidated BG quantum schedules.

Consolidated Account Statement timelines revised: new monthly and half yearly data submission and dispatch schedules for AMCs and depositories.
AMCs and MF RTAs must provide common PAN data to depositories within five days from month end; depositories shall consolidate and dispatch monthly CAS electronically within twelve days and physically within fifteen days from month end. For half yearly CAS, data must be provided by the eighth day of April and October, with electronic dispatch by the eighteenth and physical dispatch by the twenty first of those months. Monthly email CAS is required where investor accounts have transactions; otherwise half yearly email CAS with holdings applies, with a physical option available.

Related party transaction disclosure standards require specified minimum information be provided to audit committees and shareholders for approval.
Listed entities must provide the information specified in the Industry Standards on "Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction" when submitting RPT proposals to the audit committee and when including explanatory information in shareholder notices, pursuant to modifications to Section III B of the Master Circular read with Regulation 23(2), (3) and (4) of the LODR Regulations; stock exchanges and industry associations will publish and promote the standards and ensure compliance.

Dematerialisation requirement: AIF investments must be held in dematerialised form with phased compliance and specified exceptions.
AIFs must hold investments in dematerialised form for any acquisition on or after July 1, 2025; pre-July 1, 2025 investments are exempt unless the investee is legally mandated to dematerialise or the AIF (alone or with other mandated SEBI-registered entities) exercises control over the investee, in which case such investments must be dematerialised by October 31, 2025. Schemes ending on or before October 31, 2025 or in extended tenure as of February 14, 2025 are exempt. Trustees/sponsors must ensure the manager's Compliance Test Report records compliance. The circular is immediately effective.

GST classification and rates clarified for commodities, including agriculturist exemptions and packaged versus non packaged food treatment.
Pepper of genus Piper is classifiable under HS 0904 and taxed under the applicable notification; dried pepper and raisins supplied by an agriculturist are exempt from GST under the agriculturist exemption and not liable for registration. Ready-to-eat popcorn mixed with salt and spices is classifiable under HS 2106 90 99 with differential treatment for packaged versus non packaged sales, while sugar mixed popcorn that becomes sugar confectionery is classifiable under HS 1704 90 90. AAC blocks with over 50% fly ash fall under HS 6815. The compensation cess amendment concerning vehicle ground clearance applies from the substitution notification's effective date.

Import authorisation for premium frozen duck meat limited to hotels rated three star and above; suppliers must provide undertakings and records.
Imports of premium frozen duck meat under the specified ITC HS codes are restricted for supplies destined to hotels rated three-star and above; such hotels may import directly. Distributors/aggregators/suppliers may obtain DGFT Import Authorisations by submitting an undertaking that imports are for eligible hotels, maintaining supply records, and providing GST invoice evidence of previous supplies for subsequent authorisations. Imports will be verifiable and non-compliance can lead to actions under applicable laws.

Amendments during final assessment permitted for bulk cargo, allowing officers to revise invoice details and recalculate assessable value.
Updated EDI functionality allows officers, during final assessment of bills of entry for bulk and liquid bulk cargo, to amend unit price, quantity, invoice number, freight and miscellaneous charges; the system will recalculate the assessable/invoice value based on the amended unit price and amended quantity. The capability is limited to bulk and liquid bulk consignments and is effective as a standing order for officers, with specified helpdesk contacts for issues.

Complete annual return filing requires mandatory FORM GSTR-9C, with late fee continuing until both annual-return components are furnished.
Where FORM GSTR-9C is mandatory, the annual return is complete only when both FORM GSTR-9 and FORM GSTR-9C are furnished. Late fee under section 47(2) applies from the annual-return due date until the complete annual return is filed; it is not separately levied for delays in the two forms. Where FORM GSTR-9C is not required, FORM GSTR-9 determines completion. Excess late fee may be waived for eligible delayed complete annual returns up to the financial year 2022-23 if FORM GSTR-9C is furnished by the specified date, without refund of late fee already paid.