Extension of FCRA registration validity for pending renewals; refusal causes deemed expiry and bars receipt or use of foreign contribution.
Extension of FCRA registration certificates is permitted for entities with pending renewal applications and for entities expiring within the stated quarter who apply before expiry; validity is extended until a specified later date or until disposal of the renewal application, whichever is earlier. If a renewal application is refused, the certificate is deemed to have expired on the date of refusal, and the association is not eligible to receive or utilize foreign contribution from that date.

Interest Equalisation Scheme extension: relief confined to MSME exporters for a short capped period; non MSME claims excluded.
Extension of the Interest Equalisation Scheme for pre and post shipment rupee export credit is granted for an additional two months to 31 August 2024, applicable only to exporters qualifying as MSMEs, operating as a fund limited measure with a capped outlay and otherwise on the same terms and conditions; claims from non MSME exporters will not be entertained beyond the prior cut off date and RBI guidelines remain applicable.

Basic Services Demat Account eligibility and mandatory conversion rules to promote financial inclusion and simplified charges.
The circular requires eligible individuals who have or propose only one demat account as sole or first holder and only one BSDA across depositories, with holdings within the prescribed threshold, to be offered BSDA. DPs must open BSDA for such eligible BOs and periodically reassess and convert existing eligible accounts into BSDA unless BOs give authenticated consent for a regular account. A simplified annual maintenance charge regime applies based on holdings, DPs must determine holdings value by specified market/pricing methods, and BSDA receives free electronic statements with limited fees for physical statements.

Voluntary liquidation reporting: insolvency professionals must file standardized electronic forms with verified records and digital signatures.
The circular mandates Insolvency Professionals to file prescribed electronic forms on the IBBI platform for voluntary liquidation processes, detailing stages from initial corporate debtor particulars through meetings, dissolution applications, realisations, distributions and the dissolution order; requires DSC/e-signing and supporting records; assigns sole responsibility for timely and accurate filings to the IP; provides transitional filing instructions for ongoing and completed cases; and notifies liability under the Code and regulations for failure, inaccuracy, or incompleteness in filings.

Liquidator reporting obligations require electronic filing of prescribed LIQ forms with timely, accurate records to monitor liquidation.
Insolvency Professionals functioning as liquidators must file prescribed electronic LIQ forms on the IBBI platform-authenticated by digital signature or e sign-capturing stage wise information on liquidation (commencement, public announcement, valuation and sale, litigations, PUFE, SCC meetings, receipts/payments, distributions and unclaimed proceeds); filings follow specified timelines, are the IP's responsibility, and non compliance or inaccurate/incomplete filings attract liability under the Code.

Mutual fund regulation updated: consolidated master circular sets filing, product, risk, ESG and ETF operational rules industry-wide.
The Master Circular consolidates mutual fund circulars up to March 31, 2024, superseding prior Master Circulars and rescinding specified earlier circulars while preserving prior actions; prescribes unified filing formats, timelines and disclosure requirements for SID/KIM/SAI, scheme categorisation and standardised characteristics for equity, debt, hybrid and other schemes, product-specific norms (Gold/Silver ETFs, FoFs, ESG schemes), a mandatory Risk Management Framework, stress testing and in-house credit assessment, rules for segregated portfolios on credit events, liquidity prudential norms, cyber resilience obligations, and ETF/index fund operational, tracking and market-making standards.

Aggregate contribution by NRIs, OCIs and resident Indians in IFSC based FPIs allowed subject to declaration, documentation and structural safeguards.
SEBI permits IFSC based FPIs regulated by IFSCA to accept aggregate contributions by NRIs, OCIs and RI individuals of fifty per cent or more subject to conditions: a registration declaration to the DDP, submission of PAN or prescribed declarations and identity documents for individual constituents (with look through disclosure for non individuals controlled or significantly owned by such individuals), classification of changes as Type II material changes, and an exemption pathway for IFSC funds meeting pooling, pari passu/pro rata, diversification and investor mix requirements with remedial cure periods for breaches.

Exchange rate automation: published ICEGATE rates will govern customs valuation from the following day.
Automated integration of SBI 'card rates' with ICES via ICEGATE will publish Bill rates adjusted to the nearest five paise at the existing frequency; published rates will take effect from midnight of the following day, be retained for historical reference, and govern the exchange rate applied for customs valuation on the date of presentation of bills of entry or shipping bills.

Duty refund certification for non SEZ IT/ITES units in IT/ITES zones required before Board approval by authorities
The Specified Officer must certify, countersigned by the Development Commissioner, that the developer has refunded the duty as per the provisions of Rule 11B of SEZ Rules, 2006 and the Departmental Instruction, and this certificate must accompany proposals forwarded under Rule 11B for Board of Approval consideration.

Delayed payment acceptance under DTVsV Act allowed where full payment was made and appeal withdrawn or undecided.
Permits acceptance of delayed tax payments under the Direct Tax Vivad se Vishwas framework where the assessee made full payment (including amounts payable after due date in Form 3) on or before 28.02.2022 and the appeals mentioned in Form 1 were either withdrawn or remained undecided as on that date; directs the PCIT to issue modified Form 3, allow manual filing of Form 4, and issue Form 5 after verifying conditions, with the process to be completed by 30 September 2024.

Custodianship renewal under Regulation 13 extended upon compliance and payment of cost recovery charges for the terminal.
Custodianship of M/s. Ennore Bulk Terminal Pvt. Ltd. is renewed under Regulation 13 of the Handling of Cargo in Customs Areas Regulations, 2009, subject to compliance with the Regulations' conditions and responsibilities and payment of cost recovery charges, reaffirming the terminal's custodial duties and regulatory oversight under the Customs Act.

IGST refund validation errors prompt a targeted drive to prioritize processing and rectification of pending refund claims.
An administrative IGST refund drive will prioritise processing shipping bills validated by GSTN but pending disbursement due to error codes SB001-SB006 and PFMS validation failures. Exporters must check ICEGATE for validation status. Rectification procedures: EGM errors (SB002, SB006) require EGM Cell engagement and EDI job numbers; invoice mismatches (SB005) require a request letter, a concordance table and SC-34 payment; PFMS errors require updating bank details via ICEGATE. The drive runs from 01 July to 15 July, 2024 and submissions are to the IGST Refund & Drawback Section with a named nodal officer for difficulties.

Launch of ICES 1.5 at AFS SDB Surat: mandatory electronic filing, e SANCHIT IRNs, automated assessment and bond/license ledgering.
Launch of ICES 1.5 at AFS, SDB Surat enables fully electronic processing of Bills of Entry, Shipping Bills and supporting documents: mandatory upload via e SANCHIT with IRNs before submission; ICEGATE/RES digital filing using Class III DSCs; automated assessment, appraising group workflows, RMS facilitation, concurrent audit and post clearance verification; registration and automatic ledgering/debiting of DGFT licenses, DEPB/EPCG/Advance Authorisations and Bonds/BGs; prescribed coding standards, fee schedules and procedural rules for import/export clearance.

Drawback claims procedure streamlined: mandatory document set, registration, deficiency memo timelines, acknowledgements, and NOC verification.
Claims under section 74 require submission of mandatory documents (Annexure II; calculation/drawback sheet; self attested shipping bill, export and import invoices and packing lists; PMV declaration; system OOC Bill of Entry; TR 6 challan; notarized affidavit; and, as applicable, RBI permission and GST certification). The Drawback Section will register claims in a dedicated register, issue a Deficiency Memo within fifteen days for incomplete claims, provide an acknowledgement under Annexure B upon compliance, and deem claims time barred if the Deficiency Memo is not answered within thirty days plus the statutory period. NOC verification from TRC or the originating Customs House is required before processing.

Time of supply for spectrum services: GST arises on due or actual installment payments under reverse charge.
GST on spectrum allocation by government is payable by the telecom operator under reverse charge. Where deferred instalment payments create a continuous supply, the time of supply is the earlier of payment (entered in recipient's books or debited) or the date immediately following sixty days from issue of an invoice; Frequency Assignment Letters are bid-acceptance documents and invoices must be issued on or before ascertainable instalment due dates. GST is payable on upfront sums when paid or due, and on instalments when due or paid, whichever is earlier.

Time of supply for HAM road services: invoice date or payment receipt determines tax liability for construction and O&M.
For HAM contracts treated as a single continuous supply covering construction and O&M, the time of supply is the earlier of invoice date or receipt of payment where invoices are issued on or before the contract-specified due date or event-completion date. If invoices are not issued by that date, the time of supply is the earlier of the date of provision of the service (which may be the contract due date) or receipt of payment. Interest included in installments/annuities is includible in the taxable value.

Place of supply for custodial services: treat as non-account holder supplies, apply default recipient location rule under GST.
Custodial services by banks to FPIs-consisting of safekeeping and maintenance of securities accounts-are not services provided to an account holder for the supplier-location rule. By analogy to prior Service Tax guidance, custodial, depository and trust services are excluded from the account-holder category and therefore the place of supply must be determined under the default place-of-supply rule, i.e., by reference to the recipient's location where ascertainable and otherwise the supplier, within the IGST framework.

Input tax credit on ducts and manholes in optical fiber networks allowed as plant and machinery, ITC not barred.
Ducts and manholes used in optical fiber cable networks serve as necessary conduits and network nodes for transmission of telecommunication signals and, under the Explanation to Section 17, fall within the definition of plant and machinery. They are not specifically excluded as land, building, other civil structures, telecommunication towers or certain pipelines. Consequently, input tax credit on such ducts and manholes is not barred by the immovable-property exclusions in sub-section (5) of Section 17 and is available to taxable persons providing telecommunication services.

Related party loan interest exemption affirmed; processing fees for loan facilitation attract GST as taxable consideration when charged.
Loans or advances between related persons are supply under Schedule I, but services of extending loans are exempt insofar as consideration is only interest or discount; processing/administrative/service fees charged in addition to interest constitute taxable consideration for facilitation/processing services and attract GST, whereas absence of such fees between related parties does not give rise to a deemed taxable processing service or obligation to apply open market valuation.

Input tax credit entitlement for insurers affirmed where insurer bears approved repair liability despite reimbursement to the insured.
Where an insurer reimburses an insured for approved motor vehicle repair costs, the insurer is the liable party for the approved repair cost and therefore constitutes the recipient of the repair service to that extent; input tax credit on such repair services is available to the insurer. If two invoices are issued-one to the insurer for the approved cost and one to the insured for the excess-credit may be taken on the invoice to the insurer subject to reimbursement mechanics. If a single invoice is issued to the insurer but only the approved cost is reimbursed, credit is available only to the extent of the reimbursed approved cost. Credit is not available where the invoice is not in the insurer's name.