Continuous disclosure obligations ensure timely financial reporting and escrow-based payment security for municipal debt obligations.
Amendments under the ILDM Regulations require listed municipal debt issuers to submit half-yearly unaudited and annual audited financial results within prescribed timelines with comparative information and governance body sign-off, disclose financial ratios and any material adverse changes affecting debt servicing, certify timely payment of interest or principal to stock exchanges, implement an escrow payment mechanism with specified accounts monitored by a debenture trustee, disclose quarterly escrow balances and transfer notes, permit defined investments of escrow and interim proceeds with a trustee lien, and ensure annual credit rating review and prompt dissemination of rating changes.

KYC verification for first-time exporters streamlines identity and address checks and issues a unique digital identifier after SIIB verification.
KYC verification of first-time exporters is conducted by a dedicated KYC cell at ICD-Export TKD requiring an IDC Certificate plus prescribed Category-I identity/formation documents and one Category-II document (tax return or banker's certificate). The KYC cell opens individual files, records file numbers on shipping bills, and forwards lists for zonal upload. SIIB verifies details including address checks and bank confirmation; verified exporters receive a unique Digital ID and results are maintained in a register with adverse reports escalated for preventive action.

Designated port restriction for scrap imports now includes Kattupalli; scrap consignments must enter only through listed ports.
Enlistment of Kattupalli Port as a designated port is effected by amendment to Para 2.54(d)(iv) of the Handbook of Procedure (2015-20): import of scrap is permitted only through the listed designated ports, with Kattupalli added to the list, and no exceptions are allowed including for EOUs and SEZs, under powers conferred by paragraph 2.04 of the Foreign Trade Policy.

Mandatory upload of import documents in e SANCHIT requires IRN references for invoices and bills of lading.
Mandatory uploading of specified import documents in e-SANCHIT requires that for every Bill of Entry the supporting documents required by law-specifically Invoice (Invoice or Invoice cum Packing List) and Transport Contract (various Bills of Lading and airway/waybills)-be uploaded and the generated IRN reference with the corresponding document code declared in the Bill of Entry.

Single integrated GST refund system introduced, with older ARN-based refund applications continuing under the manual process.
Implementation of a single integrated refund system under GST took effect from 26.09.2019, with necessary legal and rule changes made by the Central Government. Refund applications with ARN generated up to 25.09.2019 are to be processed under the manual system. Officers were directed to study the detailed procedures in the referenced communications and act accordingly.

Input tax credit restriction: 20% cap on unreported supplier invoices, claimant must self-assess and adjust returns.
Sub-rule (4) to rule 36 restricts ITC for invoices/debit notes not uploaded by suppliers under section 37(1): the disallowed credit in a tax period shall not exceed 20% of the eligible input tax credit attributable to invoices/debit notes that have been uploaded by suppliers as on the due date for suppliers' FORM GSTR-1; the restriction is applied across all suppliers and only to invoices otherwise eligible for ITC. Taxpayers must self-assess the cap in FORM GSTR-3B and may claim the balance ITC in later months as suppliers upload details.

Input tax credit restriction limits provisional ITC to a capped proportion where suppliers haven't uploaded invoice details, subject to self assessment.
Restriction permits provisional availment of input tax credit only up to a capped proportion of the eligible credit attributable to invoices or debit notes whose details have been uploaded by suppliers; this limit is calculated on a consolidated basis across all suppliers using the recipient's auto populated FORM GSTR 2A as on the due date for filing the supplier's FORM GSTR 1. Credits outside the upload regime remain unaffected if eligibility conditions are met, and any restricted balance may be claimed in subsequent periods when suppliers upload requisite details, with taxpayer self assessment required.

Restriction on input tax credit availability where supplier uploads are missing requires self-assessed limitation and later claim upon upload.
Restriction on availment of input tax credit applies where suppliers have not uploaded invoice details under subsection (1) of section 37; recipients must self-assess the restricted amount in FORM GSTR-3B, calculated by reference to eligible ITC shown in uploaded invoices as per auto-populated FORM GSTR-2A on the due date for filing suppliers' FORM GSTR-1. The limitation is not supplier-wise, excludes IGST on import, reverse charge supplies and ISD credits, and withheld ITC may be claimed in subsequent months once requisite supplier uploads are made.

Cross-margining facility for offsetting index futures expands margin efficiency, subject to correlation and constituent overlap requirements.
Introduction of a cross-margining facility permitting margin benefits for offsetting futures positions in highly co-related equity indices, subject to correlation, constituent overlap and weightage eligibility. Clearing Corporations must verify eligibility monthly and on constituent changes and apply to SEBI with supporting data. An initial spread margin is levied on eligible spreads, with cross-margin computed in real time at client level and passed through trading/clearing members. Exchanges and clearing corporations must update systems, rules, legal agreements for margin utilisation, notify market participants, and report implementation status to the regulator.

UPI with ASBA: Phase II implementation extended and T+6 operational timelines mandated for intermediaries and banks.
Extension of Phase II implementation of Unified Payments Interface (UPI) with ASBA is directed until March 31, 2020, retaining the T+6 listing environment and prescribing detailed operational timelines. Retail applications via intermediaries must include UPI IDs; stock exchanges, sponsor banks, issuer banks, SCSBs, registrars, merchant bankers and NPCI must perform API-based bid validation, mandate initiation, funds blocking and multilayered reconciliation. Sponsor banks and merchant bankers have specified cut-offs and daily reporting obligations to consolidate data and share it with SEBI; liability for failed transactions rests with the participant where the transaction lifecycle halts.

Place of supply clarified for port cargo-handling and temporary-import services; contract terms and export condition determine location.
Place of supply for port ancillary cargo-handling services is not tied to immovable property and is to be determined under the place-of-supply rules applicable to such services based on the contract between supplier and recipient. For services performed on goods temporarily imported for treatment or process (e.g., cutting and polishing of unpolished diamonds) that are exported without being put to any use in India beyond that process, the place of supply follows the special rule for temporarily imported goods rather than the general rule for where services are performed.

Tariff rate quota for crude soya oil under India Mercosur PTA allows imports subject to origin and pre purchase requirements.
A tariff rate quota of 30,000 MT for Crude Soya Oil (HS 1507 10 00) from Paraguay under the India Mercosur PTA is established and incorporated into Appendix 2A. Imports under the TRQ must comply with Customs Notification No. 57/2009, require a pre purchase agreement with an eligible Paraguayan exporter, and a Certificate of Origin for clearance. Import authorizations must be filed electronically in prescribed ANF forms by 28 February for allocation in the next financial year, with allocation divided equally among eligible applicants and the quota measured by the Indian financial year (1 April-31 March).

Segregated portfolio creation for unrated issuer defaults permitted, subject to SID disclosures and AMC discretion.
Segregated portfolios may be created for unrated debt or money market instruments of an issuer without outstanding rated instruments only upon actual default of interest or principal; AMCs may do so at their discretion if the SID contains enabling provisions and adequate disclosures, must notify the industry association immediately upon default, and otherwise follow the existing circular's terms.

Place of supply in composite semiconductor design services follows recipient location when prototype testing remains ancillary.
For composite supplies of electronic software development and integrated-circuit design to recipients in non-taxable territory, prototype hardware testing that only validates or improves the core software or design remains ancillary. Place of supply is determined by the service recipient's location under section 13(2) of the IGST Act. The physical-availability rule for services concerning goods does not separately govern that ancillary testing, and the contractual supply must be characterised on its facts.

Securities lending arrangements attract GST because temporary lending for a fee constitutes a taxable service.
Temporary lending of securities under the Securities Lending Scheme, 1997 is a taxable service rather than a transaction involving disposal of securities. The lending fee is consideration, while intermediary facilitation for commission or fee is separately taxable. The service is classified under heading 997119 and taxed at 18%. For the earlier period, the lender bears IGST under forward charge, without further IGST where CGST, SGST, or UTGST was already paid. From 1 October 2019, the borrower bears IGST under reverse charge mechanism.

Retrospective operation of GST explanations excludes government and local authority activities from business under concessional-rate entry.
Explanation to concessional-rate entry 3(vi) excludes activities or transactions undertaken by Government and local authorities from the meaning of "business" for that entry. Inserted within one year under section 11(3) of the Goa GST Act, the explanation is treated as forming part of the entry from its inception on 21 September 2017. A stated later commencement date does not alter that operation.

Liquor licence fees: State grants of alcoholic liquor licences are treated as non-supplies, unlike other taxable licensed privileges.
Licence fees and application fees paid for State Government licences relating to alcoholic liquor for human consumption are not subject to GST. State grants of such licences are treated as neither a supply of goods nor a supply of services. The corresponding service of granting liquor licences was exempt from service tax for the pre-GST period from 1 April 2016 to 30 June 2017. This special treatment is limited to liquor licences; other governmental licences, privileges and rights granted for consideration remain taxable, generally under reverse charge.

GST classification clarifications define tax treatment for leguminous vegetables, lease imports, solar components, and medical-device parts.
GST classification treats merely heat-treated, unseasoned dried leguminous vegetables under HS heading 0713; branded goods in unit containers attract 5% GST and other cases are exempt, while mixtures with oil or salt or namkeens fall under subheading 2106 90. Almond milk falls under a residual beverage entry and attracts 18% GST. Mechanical sprayers of all types attract 12% GST. Imported stores for use in Indian Navy ships are exempt from GST. Lease-import IGST exemption applies to qualifying service arrangements, subject to bond, non-transfer, re-export and breach-payment conditions.

GST classification of petroleum exploration services distinguishes operational extraction support from professional consulting and evaluation services.
GST classification distinguishes petroleum exploration, mining and drilling support under heading 9986 from professional, technical and business services under heading 9983. Operational oil and gas extraction support includes well-related and extraction-unit activities, but excludes geological, geophysical and related consulting. Geological and geophysical consulting and mineral exploration or evaluation fall within heading 9983. Services outside these specified entries must be classified under their respective headings and taxed accordingly.

Airport levy GST: Airlines exclude PSF and UDF from ticket value when acting as qualifying pure agents.
PSF and UDF are consideration for airport services supplied to passengers and are subject to GST payable by airport operators. Airlines collect those charges as pure agents only if the pure-agent requirements are satisfied, including authorised payment, separate invoice disclosure, lack of title or own use, and recovery limited to actual amounts. Such charges and GST are excluded from airline supply value; airlines cannot claim related input tax credit. Registered passengers may claim input tax credit based on the airline's pure-agent invoice. Airline collection charges remain subject to GST under forward charge.