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SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2022/170 - 09-12-2022 SEBI
Clarification - Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS) (‘debt listed entities’)
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Scheme of Arrangement exclusion for intercompany transfers clarified; draft scheme still to be filed and disclosed.
The earlier circular will not apply to a scheme solely between a debt listed entity and its unlisted wholly owned subsidiary; however, the debt listed entity must file the draft Scheme of Arrangement with the Stock Exchange(s) for disclosure and the Stock Exchange(s) shall disseminate the scheme documents on their websites.
SEBI/HO/AFD-1/PoD/P/CIR/2022/171 - 09-12-2022 SEBI
Foreign investment in Alternative Investment Funds (AIFs)
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Foreign investor eligibility limits onboarding and suspends further capital drawdowns unless compliance is promptly restored.
At onboarding, AIF managers must ensure foreign investors are residents of jurisdictions whose securities regulator is an IOSCO MMoU signatory or has a bilateral MoU with SEBI, except government or government-related investors approved by the Government of India; investors and underlying contributors of twenty-five percent or more, or those identified by control, must not be on the UN Security Council Sanctions List or residents of jurisdictions in the FATF public statement for strategic AML/CFT deficiencies. If an on-boarded investor later fails these conditions, the manager must not drawdown further capital until compliance is restored.
25/2022 - 09-12-2022 Customs
Postal Export (Electronic Declaration and Processing) Regulations, 2022 and implementation of PBE Automated System.
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Postal exports: exporters can file PBE online, deposit parcels locally, and obtain digital customs clearance through the PBE system.
The Regulations create a PBE Automated System enabling exporters to register, file electronic postal export declarations, generate Article Booking IDs and PBE numbers, upload supporting documents, deposit parcels at designated Booking Post Offices for secure transfer to Foreign Post Offices, and obtain digital customs assessment, query handling, and clearance; authorised agents must comply with broker licensing rules and exporters must retain export records for five years.
42/2015-20 - 08-12-2022 DGFT
Enlistment of an Agency under Appendix 2E of FTP, 2015-2020 - authorized to issue Certificate of Origin (Non-preferential)
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Certificate of Origin (Non preferential) authorization expanded; additional agency authorized to issue certificates under FTP public notice.
Authorization under paragraph 2.04 of the Foreign Trade Policy 2015 2020 adds an agency to the FTP appendices as an authorized issuer of Certificate of Origin (Non Preferential), enlisting the chamber to issue non preferential Certificates of Origin for its territorial jurisdiction and updating the official list of authorized issuers.
41/2015-20 - 08-12-2022 DGFT
Amendment in Para 2.61 of Hand Book of Procedure (HBP) 2015-20
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Quota allocation eligibility revised: cooperatives and dairy organisations designated while several CPSEs are excluded from allocation framework.
Para 2.61 of the Hand Book of Procedure 2015-20 now confines quota allocation for milk powder and milk fats to national dairy cooperative organisations and national agricultural cooperative marketing federations; maize quota to national agricultural cooperative marketing federations and State cooperative marketing federations; and crude sunflower/safflower and specified refined rape/colza/canola/mustard oils to national dairy cooperative organisations, national agricultural cooperative marketing federations, the central warehousing corporation and State cooperative marketing and civil supplies corporations. Four central public sector enterprises have been denotified and are no longer eligible for allocation.
40/2015-20 - 08-12-2022 DGFT
Revision / updation of Appendix -2J - List of State Trading Enterprises (STEs) for FTP purpose and eligible STEs for allocation of quota for import under the Tariff Rate Quota (TRQ)
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State Trading Enterprises list revised, altering eligibility for Tariff Rate Quota import allocations under the foreign trade framework.
The Director General of Foreign Trade notifies a revised Appendix listing State Trading Enterprises recognised for Foreign Trade Policy purposes and eligible for allocation of import quota under the Tariff Rate Quota. The Public Notice updates Appendix 2J by adding and removing entities as STEs and identifies those eligible to receive TRQ import allocations, with one entity's eligibility limited to a specified transitional period.
24/2022 - 07-12-2022 Income Tax
Income-Tax Deduction From Salaries During The Financial Year 2022-23 Under Section 192 of The Income-Tax Act, 1961.
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Tax Deduction from Salaries: employers must deduct income tax at the average rate on estimated salary income, including perquisites.
The circular requires employers/DDOs to deduct income tax under Section 192 at the average rate on estimated salary income for FY 2022 23, including perquisites and profits in lieu of salary, subject to applicable slab rates, surcharge, and health and education cess, and to observe prescribed evidentiary, reporting and filing obligations (PAN/Aadhaar, Forms 12BA/12BB/10E, Form 24Q, Form 16 via TRACES). It sets valuation rules for perquisites, allows employer payment of tax on certain perquisites, explains interaction with Section 115BAC, and prescribes penalties, interest and procedural compliance for deposit and return filing.
Circular No. 2223059/496 - 03-12-2022 GST - States
Instructions regarding Verification and Processing of TRAN-1 & TRAN-2 Applications pursuant to Supreme Court Directions in Union of India Vs Filco Trade Centre
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TRAN-1 and TRAN-2 verification instructions require physical files, jurisdictional supervision, and timely upload of Eligible ITC entries.
Verification and processing of TRAN-1 and TRAN-2 applications are to follow the Supreme Court's directions permitting re-filing or amendment through the common GST portal. Because the portal did not classify applications jurisdiction-wise or permit redistribution, physical copies are to be prepared, file-wise maintained, and verified under the supervision of the sector-in-charge Deputy Commissioner or Assistant Commissioner. Notices for irregularities are to be issued by the jurisdictional officer, and entries relating to Eligible ITC found admissible are to be uploaded on the portal within the prescribed time.
Circular No. 182/14-HGST/2022-GST-II - 02-12-2022 GST - States
Guidelines for verifying the Transitional Credit in light of the order of the honourable Supreme Court in the Union of India v. Filco Trade Centre Pvt. Ltd., SLP(C) Nos. 32709-32710/2018, order dated July 22, 2022 and September 2, 2022
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Transitional Credit verification: filing window allowed, officers must verify claims and issue reasoned orders within prescribed timelines.
The GST common portal is opened to allow filing or revision of TRAN-1/TRAN-2 during the directed two-month window; jurisdictional tax officers must verify claims on the back-office system or on receipt of a self-certified copy, apply principles of natural justice, coordinate with counterpart Central/State officers where claims span both taxes, obtain a counterpart verification report, provide the applicant an opportunity of hearing, and pass a reasoned order uploading it to the portal. All verifications and orders are to be completed within 90 days after the filing window, and operational modalities, checks for each TRAN-1 table, and reporting formats are prescribed in Annexures I and II.
7/2022-GST - 02-12-2022 GST - States
GST applicability on liquidated damages, compensation and penalty arising out of breach of contract or other provisions of law
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GST on payments depends on whether they are consideration for agreeing to tolerate, refrain from, or perform an act.
GST applies to payments only when there is an express or implied contractual agreement creating a nexus between the payment and an agreed obligation to refrain from, tolerate, or do an act; mere monetary flows arising from breach, statutory cancellation or fines that compensate loss or deter wrongdoing are not consideration for a supply and are not taxable, whereas payments serving as consideration for independent or ancillary agreements to tolerate, refrain or perform are supplies taxable according to the principal supply's treatment.
6/2022-GST - 02-12-2022 GST - States
Clarifications regarding applicable GST rates and exemptions on certain services
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GST exemption clarifications: service categories' tax treatment and transitional rate changes clarified including education, health, transport, and leasing.
Clarifies GST treatment for varied services: ice cream parlours supply attracts 18% with ITC from October 6, 2021 (past 5% payments treated as discharged); educational entrance/eligibility/migration fees are exempt as services by educational institutions; storage of ginned/baled cotton was exempt as raw vegetable fibre prior to July 18, 2022; transit cargo services to and from Nepal/Bhutan (including empty container return) are exempt; renting of vehicles with driver is rental service (heading 9966) not road transport exemption; PLC paid up front for long term land lease is part of upfront premium and exempt; IVF qualifies as exempt health care; sale of land is non taxable.
SEBI/HO/DDHS/DDHS-RACPOD2/P/CIR/2022/168 - 01-12-2022 SEBI
Extension of timeline for implementation of Standardized industry classification by CRAs
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Standardized industry classification implementation extended for credit rating agencies to accommodate CRA representations and ensure compliance.
Extension of the applicability date for implementation of a standardized industry classification by registered credit rating agencies is granted following representations from CRAs; the circular invokes SEBI's regulatory powers under applicable Act and Regulations to protect investors and regulate the securities market, and is directed to all CRAs and recognised stock exchanges with departmental contact details for queries.
SEBI/HO/MRD2_DCAP/P/CIR/2022/165 - 30-11-2022 SEBI
Net Settlement of Cash segment and Futures & Options (F&O) segment upon expiry of stock derivatives
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Net settlement of cash and F&O upon expiry enables merged settlement, reducing delivery obligations and post expiry margin needs.
Net Settlement requires that cash market settlement obligations and physical settlement obligations of expiring stock derivatives be settled on a net basis, producing a single net obligation where eligible. Netting is available only when trading and clearing for cash and F&O are through the same TM CM combination; institutional investors and transactions cleared through different clearing members or clearing corporations are excluded. Statutory levies such as Securities Transaction Tax and stamp duty remain computed and reported segment wise. Clearing corporations retain segment wise default waterfalls and compute default losses pro rata by segment.
SEBI/HO/MRD/MRD-PoD-3/P/CIR/2022/166 - 30-11-2022 SEBI
Inclusion of Equity Exchange Traded Funds as list of eligible securities under Margin Trading Facility
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Equity ETF eligibility for Margin Trading Facility expands collateral, margin and funding rules under regulatory amendment
Units of Equity Exchange Traded Funds classified as Group I securities are permitted as eligible securities and as collateral under the Margin Trading Facility. Initial margin formulas are specified with higher multipliers for non F&O Group I stocks and Equity ETFs; margins may be posted as cash, cash equivalents, Group I equity shares or Group I Equity ETF units subject to SEBI haircuts. Brokers must segregate collateral and funded positions, adopt board approved diversification policies, follow prescribed disclosure formats for daily reporting, and use only specified funding sources for MTF.
SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/167 - 30-11-2022 SEBI
Review of timelines for listing of securities issued on a private placement basis
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Listing timelines for privately placed securities shortened to standardize pre listing steps and accelerate ISIN activation and trading.
Standardizes timelines for private placement issuance and listing of specified debt securities, requiring issuers to obtain in principle approval before providing placement materials or opening the issue. Prescribed stepwise actions cover bidding/issue, ISIN allocation, settlement and listing, with listing and ISIN activation required within three working days of issue closure. Depositories activate ISINs only after exchange listing approval and must use temporary frozen ISINs for re issuances until listing is confirmed. Issuers face penal interest for delays; exchanges and depositories must update systems and communicate requirements.
39/2015-2020 - 30-11-2022 DGFT
Extension of validity of Pre-Shipment Inspection Agency (PSIAs)
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Extension of PSIA recognition validity to a later date under Foreign Trade Policy provisions notification.
The public notice administratively extends the recognition validity of Pre Shipment Inspection Agencies listed in the A&ANF appendix by moving their original three year expiry from an early December date to a later date at the end of December, invoking powers under the Foreign Trade Policy and a relaxation of the Handbook of Procedures; the extension preserves existing recognition status for the intervening period without altering substantive recognition criteria.
182/14/2022 - 30-11-2022 GST - States
Guidelines for verifying the Transitional Credit in light of the order of the honourable Supreme Court in the Union of India v. Filco Trade Centre Pvt. Ltd., SLP(C) Nos. 32709-32710/2018, order dated July 22, 2022 and September 2, 2022
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Transitional credit verification: officers must verify TRAN filings and issue reasoned orders to allow or reject credit.
Jurisdictional tax officers shall verify TRAN-1/TRAN-2 filed or revised in the court-ordered window by accessing the back office portal or the applicant's self-certified copy, commence verification promptly, follow principles of natural justice, and where claims involve both Central and State components refer the relevant portions to the counterpart officer. The counterpart officer must submit a signed verification report in the prescribed format, ordinarily within ten days, after which the jurisdictional officer will issue a reasoned order specifying admissible credit to be uploaded to the common portal and credited to the electronic credit ledger within the court-directed verification timeline.
181/13/2022 - 30-11-2022 GST - States
Clarification on refund related issues
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Refund of unutilised input tax credit: amended calculation applies prospectively and certain goods face prospective refund restriction.
Amendment to the refund computation for unutilised input tax credit due to inverted duty structure revises the formula in sub rule (5) of rule 89; the amended formula applies prospectively to refund applications filed on or after July 5, 2022, while applications filed earlier follow the pre amendment formula. A separate notification bars refunds for specified goods where credit accumulation arises from higher input rates than output rates; that refund restriction is also prospective and applies only to applications filed on or after July 18, 2022.
180/12/2022 - 30-11-2022 GST - States
Guidelines for filing/revising TRAN-1/TRAN-2 in terms of order dated July 22, 2022 and September 2, 2022 of the honourable Supreme Court in the case of Union of India v. Filco Trade Centre Pvt. Ltd.
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One time filing window for TRAN 1/TRAN 2: portal filings allowed with annexure and verification, forms frozen on submit.
The circular permits aggrieved registered persons to file or revise Form GST TRAN-1 and TRAN-2 on the GST portal from October 1, 2022 to November 30, 2022 as a one-time opportunity. Applicants may edit forms until they click "submit", must upload Annexure A (and TRANS 3 where applicable), cannot claim certain C/F/H/I Forms issued after December 27, 2017 in TRAN 1 table 5(b)/5(c), must consolidate TRAN 2 claims into one form, and submit a self certified copy with supporting documents to the jurisdictional officer within seven days for verification and adjudication; accepted credit will be posted to the electronic credit ledger.
179/11/2022 - 30-11-2022 GST - States
Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 47th meeting held on 28th – 29th June, 2022 at Chandigarh
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GST classification clarifications set rates for electric vehicles, mango products, treated sewage water, nicotine gum, fly ash goods and pulse residues.
Electrically operated vehicles are taxable at 5% even without a fitted battery. Minor-polished Napa and comparable building stones qualify for 5%, while fresh mangoes are exempt, sliced and dried mangoes attract 5%, and mango pulp and other dried forms attract 12%. Treated sewage water is exempt, and Nicotine Polacrilex gum attracts 18%. The 90% fly ash-content condition applies only to fly ash aggregate. Pulse-milling by-products used as cattle-feed ingredients are taxable at 5%, with past treatment regularised on an as-is basis.

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GST - States

Manner of filing refund of unutilized ITC on account of export of electricity

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Refund of unutilised ITC for export of electricity clarified; filing, documentation and calculation procedure prescribed.
Procedure for refund of unutilised Input Tax Credit on export of electricity: file FORM GST RFD-01 under "Any Other" with remark "Export of electricity- ... Summary

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