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Circulars
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Circular No. 03/2025- GST of State Tax - 23-09-2025 GST - States
Clarification on applicability of late fee for delay in furnishing of FORM GSTR-9C
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Late fee for delayed FORM GSTR-9C furnishing is clarified through corresponding application under the Delhi GST framework.
Late fee for delayed furnishing of FORM GSTR-9C is clarified for implementation under the Delhi Goods and Services Tax framework through corresponding application of the central clarification. The clarification applies mutatis mutandis under the DGST Act, 2017, to secure uniformity in treatment of late fee issues relating to delayed furnishing of FORM GSTR-9C.
252/09/2025 - 23-09-2025 GST
Communication to taxpayers through eOffice - requirement of Document Identification Number (DIN)
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Document Identification Number recognition: eOffice Issue number deemed DIN for public option communications; DIN required otherwise.
Communications dispatched using the public option in CBIC's eOffice application bearing a verifiable electronically generated Issue number shall be deemed to carry the Document Identification Number (DIN) and be treated as valid; officers must accurately populate metadata for verification. The DIN utility must still be used and quoted for communications not sent via eOffice public option or lacking a verifiable Reference Number (RFN) from the GST common portal.
23/2025 - 23-09-2025 Customs
Communication to taxpayers through eOffice - requirement of document Identification Number (DIN)
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Document Identification Number: verifiable eOffice Issue number now deemed DIN for communications dispatched via public option.
A new verification utility confirms the electronically generated eOffice Issue number and associated metadata; for communications dispatched via eOffice public option the verifiable eOffice Issue number shall be deemed the Document Identification Number, whereas the DIN utility must still be used for communications not dispatched through the eOffice public option. Officers must accurately complete metadata fields when creating eOffice drafts.
TRADE CIRCULAR No. 12/2025 - 22-09-2025 GST - States
Clarification on various doubts related to treatment of secondary or post-sale discounts under GST.
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Post-sale discounts under GST generally do not alter transaction value or input tax credit; certain inducements are taxable.
Discounts resulting from supplier-issued financial or commercial credit notes do not reduce original transaction value, so recipients need not reverse Input Tax Credit. Post-sale manufacturer-to-dealer discounts generally lower the dealer's sale price and are not consideration for the dealer's supply absent a manufacturer-end-customer agreement; where such an agreement exists and credit notes enable discounted end-customer sales, the discount is an inducement included in consideration. Distinct promotional services are taxable only if contracted separately with defined consideration.
Policy Circular No. 05/2025 - 22-09-2025 DGFT
Clarification Regarding Ineligibility of Spices for Import under Duty-Free Import Authorisation (DFIA)
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Eligibility for Duty-Free Import Authorisation: spices are ineligible under Appendix 4J pre-import conditions.
All spices are subject to pre-import conditions under Appendix 4J and thus are not eligible for import under the Duty-Free Import Authorisation (DFIA). Serial No.1 of Appendix 4J covers all spices; subcategories (a) and (b) specify particular permitted uses with different Export Obligation Periods for Advance Authorisations, while subcategory (c) is residual and carries a six month EOP. The sub-categorisation affects only EOPs for AAs and does not permit DFIA for any spice.
Circular No.14/2025 - 22-09-2025 GST - States
Clarification on various doubts related to treatment of secondary or post-sale discounts under GST
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Secondary and post-sale discounts under GST clarified for input tax credit, consideration, and dealer promotional services.
Clarification is issued on the GST treatment of secondary or post-sale discounts, and the circular is made applicable mutatis mutandis under the TNGST Act, 2017 for uniform implementation. Where a recipient makes discounted payment to a supplier on the basis of a financial or commercial credit note, the recipient is not required to reverse input tax credit, because the original transaction value is not reduced. Post-sale discounts to dealers are not treated as consideration for onward supply or for a separate supply of services unless an agreement expressly provides for identified services with defined consideration.
CCT/26-4/Next-Gen-GST reforms/2025-26/2707 - 22-09-2025 GST - States
Goa GST Trade Circular No. CCT/26-4/Next-Gen-GST reforms/2025-26/2707.
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GST rate reductions focus on passing tax savings to consumers and enforcing compliance with revised rates.
Next Generation GST rate reductions effective from 22 September 2025 require trade and industry to ensure that reduced-tax benefits and savings are passed on to consumers, buyers and recipients. Tax authorities are to assist taxpayers with implementation, monitor retail outlets for transmission of GST savings, and initiate action under applicable legal provisions for non-compliance with GST law and rules.
10 - 22-09-2025 FEMA
Participation of Standalone Primary Dealers in Non-deliverable Rupee Derivative Markets.
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Standalone Primary Dealers' eligibility to transact non deliverable Rupee derivatives expanded, with immediate amendment to Master Direction.
Standalone Primary Dealers authorised as Authorised Dealer Category III are permitted to transact in non deliverable Rupee derivative contracts; the Master Direction is amended to insert SPD/AD Cat III references in multiple paragraphs so such transactions may be offered to residents and non residents and to associate SPDs alongside IFSC Banking Units and AD Cat I IBUs, with immediate effect.
03/2025 - 22-09-2025 Companies Law
Clarification on holding of Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) through Video Conference (VC) or Other Audio Visual Means (OAVM) and passing of Ordinary and Special resolutions by the companies under the Companies Act, 2013 read with rules made thereunder
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Virtual meetings: companies may hold AGMs and EGMs via video or audiovisual means, subject to statutory timelines.
Companies may hold Annual General Meetings by Video Conference or Other Audio Visual Means until further orders, following the requirements in Paragraphs 3 and 4 of General Circular No. 20/2020; this does not extend statutory time limits under the Companies Act, 2013 and non-compliance attracts liability. Extraordinary General Meetings may be held by Video Conference or Other Audio Visual Means or by postal ballot under the frameworks of previous circulars, with all other procedural requirements remaining applicable.
SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/130 - 19-09-2025 SEBI
Ease of Doing Investment - Smooth transmission of securities from Nominee to Legal Heir
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Transmission to legal heirs reason code TLH mandated for reporting to tax authorities to prevent nominee tax assessment.
SEBI requires reporting entities to use the "TLH" (Transmission to Legal Heirs) reason code when reporting nominee-to-legal-heir securities transmissions to tax authorities to enable correct application of Income Tax Act provisions and avoid provisional capital gains assessment; existing procedural rules for transmission under listing regulations and RTA master circular continue to apply and entities must update systems accordingly.
SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/129 - 19-09-2025 SEBI
Framework on Social Stock Exchange (“SSE”)
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Social Stock Exchange requires NPO registration criteria, annual disclosures, and assessed Annual Impact Reports covering 67% of program expenditure.
SEBI amended the SSE framework: NPOs eligible for SSE registration must be specified Indian legal forms with at least 12 months' valid registration; exchanges must update systems. NPOs must make two annual disclosures-within 60 days post financial year (general and governance information) and by October 31st or tax return due date (outreach, top donors, programs, related party transactions, compliance statement, financials and auditors). Social enterprises that raised funds on SSE must submit an Annual Impact Report covering 67% of prior year program expenditure; the AIR must be assessed by Social Impact Assessors and disclosed.
13/2025 - 19-09-2025 Income Tax
Waiver of Interest under Section 220(2) on Delayed Demand Payment Due to Incorrect Claim of Rebate under Section 87A - Order under section 119 of the Income-tax Act, 1961
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Waiver of interest for delayed demand payments due to incorrect rebate, if paid by the specified deadline.
The Board directs waiver of interest under section 220(2) for demands arising from rectification that disallows rebates incorrectly allowed on incomes chargeable at special rates, provided the taxpayer pays the demand by the specified deadline; if not paid by that deadline, interest under section 220(2) will be charged from the day after the period specified in sub-section (1) of section 220.
STANDING ORDER NO. 05/2025 - 18-09-2025 Customs
Standing Order for constitution of dedicated NCLT Monitoring Team in accordance with Action Plan 2025-26 of the CBIC
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Monitoring of insolvency proceedings mandated to ensure timely departmental claim filing and escalation to appellate remedies.
A dedicated NCLT Monitoring Team is to be constituted to identify taxpayers in insolvency proceedings, ensure timely filing of departmental claims, process appeals against adverse treatment, conduct post-mortem analyses of lost claims, proactively monitor insolvency notices, maintain a comprehensive database of related cases, and furnish quarterly reports; the team will operate under the Deputy/Assistant Commissioner (Legal Cell) and the Standing Order is effective immediately.
Circular No. 2526005/1002 - 18-09-2025 GST - States
Instruction regarding recovery of the amount contained in the recovery certificates of other states.
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Inter state recovery coordination: zonal additional commissioners must liaise with district magistrates to execute recovery certificates.
The Zonal Additional Commissioner shall hold recovery certificates issued to other provinces at their level and, from that level, coordinate with the District Magistrate of the district in the issuing province to initiate and execute recovery proceedings; other provisions of the earlier circular remain unchanged and strict compliance is required.
Public Notice No. 71/2025 - 17-09-2025 Customs
Streamlining the Documentation Requirements for expediting Assessments under NAC-Chemicals
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Documentation requirements for import assessments streamlined to reduce delays and repeated queries under NAC-Chemicals.
Streamlining of documentation requirements under NAC-Chemicals is directed for import assessments to reduce delays caused by incomplete information and repeated queries at the time of filing Bills of Entry. A detailed annexure lists products in Chapters 28 to 49 and the supporting documents generally expected for assessment, including identifiers, material safety data sheets, test reports, end-use declarations, licences, no-objection certificates, landing permissions, and other product-specific compliance documents. The list is non-exhaustive, and the Assessing Officer may seek further documents or clarifications.
PUBLIC NOTICE No.: 13 /2025 - 16-09-2025 Customs
Strengthening Trade Facilitation through Institutionalized Consultation Mechanisms
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Trade facilitation: institutionalised fortnightly committee meetings and expanded representation to boost stakeholder engagement and coordination.
The public notice implements a Central Board directive to institutionalise consultation by requiring the Permanent Trade Facilitation Committee to meet fortnightly and by broadening its composition to include DGFT representatives, logistics service providers, trade councils and existing trade participants to enhance stakeholder engagement, grievance redressal and alignment with national trade facilitation objectives.
CBIC-20010/67/2025-GST/994 - 16-09-2025 GST
Request for comments/inputs on the legality of bunching multiple financial years into a single demand notice under the GST Act
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Composite GST show-cause notices may cover multiple financial years where each year's limitation and tax breakup remain independently protected.
Composite show-cause notices under sections 73 and 74 may cover multiple financial years where demands arise from a common factual matrix. Consolidation is procedural only: each financial year retains its independently calculated statutory limitation, and a later year's timeline cannot extend an earlier year's deadline. The use of any period and such periods supports statements for additional periods on the same grounds. Clear year-wise tax breakups allow liabilities to be disaggregated for limitation, adjudication, statutory benefits, and defence, preserving natural justice.
12/2025 - 15-09-2025 Income Tax
Extension of due date for filing of ITRs for the Assessment Year 2025-26
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Due date extension for income tax returns: filing deadline for specified non auditable assessees moved to 16 September.
The Central Board of Direct Taxes, invoking its power to extend due dates, shifts the ITR filing deadline for Assessment Year 2025-26 for non auditable assessees referred to in clause (c) of Explanation 2 to sub section (1) of the return filing provision, moving the due date from 15 September 2025 to 16 September 2025.
Public Notice No. 40/2025 - 12-09-2025 Customs
Launch of Bank Account and AD Code Registration Dashboard on ICEGATE
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AD Code registration becomes centrally available across Customs locations after one online approval, while amendments remain port-specific.
The revised ICEGATE process requires one-time online registration of an AD Code and associated bank account at any Customs port. Once approved, the registration is available across Customs locations, while amendments must be made at the port of original registration. The Bank Account and AD Code Registration Dashboard enables IEC holders to view registered, pending and rejected requests, including pendency locations and rejection reasons. Existing AD Codes are assigned to the port of their last Shipping Bill filing, and prescribed documents must be uploaded through e-SANCHIT.
Public Notice No. 02/2025 - 12-09-2025 Customs
Designation of CAPIO/CPIO/Appellate Authority under section 5(1) and 5(2) of the RTI Act, 2005
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Designation of RTI officers in Bengaluru Customs Zone: CAPIO, CPIO and First Appellate Authority appointed for RTI matters.
Designation under Section 5(1) and 5(2) of the Right to Information Act, 2005: specific officers are nominated as CAPIO, CPIO and First Appellate Authority for the Office of the Chief Commissioner of Customs, Bengaluru, with contact details and jurisdiction covering the Bengaluru Customs Zone (including O/o Commissioner of Customs (Appeals), Bengaluru); this supersedes Public Notice No. 01/2025 and is issued with the Chief Commissioner's approval.

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Guidelines for Transfer of portfolios of clients (PMS business) by Portfolio Managers to another Portfolio Manager

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Transfer of PMS business requires regulator approval and transferee assumes all liabilities and client mandates.
Transfer of PMS business requires prior regulatory approval. Intra group transfers may be of select investment approaches or the entire business, with ... Summary

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