Process for appointment, re-appointment, termination or acceptance of resignation of specific Key Management Personnel (KMPs) of a Market Infrastructu...
Kerala State Goods & Services Tax Department - Adjudication u/s 74A of the KSGST Act, 2017 - Shifting of adjudication from Intelligence, Enforcement a...
Extension of timeline for implementation of provisions of SEBI circular dated December 17, 2024 on Measures to address regulatory arbitrage with respe...
Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and...
Page of 1502
Press 'Enter' after typing page number.
961 to 980 of 30036 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Extension of the due date for filing of Income Tax Returns for non-audited cases for the Assessment Year 2025-26
Show AI Summary
Extension of return filing due date: deadline for specified non audited assessees extended under Section 119 to mid September. The Central Board of Direct Taxes, exercising powers under Section 119 of the Income tax Act, extends the due date for furnishing the return of income under sub section (1) of section 139 for assessees referred to in clause (c) of Explanation 2 to sub section (1) of section 139 for the Assessment Year 2025 26, moving the filing deadline from 31st July, 2025 to 15th September, 2025.
Final Settlement Day (Expiry Day) for Equity Derivatives Contracts
Show AI Summary
Expiry day limitation to designated weekdays restricts equity derivatives expiries to a chosen weekday, with monthly tenors. SEBI requires exchanges to limit equity derivatives expiries to one chosen weekday (Tuesday or Thursday), permit one weekly benchmark index options contract on that weekday, and offer all other equity derivatives with a minimum one month tenor expiring in the last week of each month on the exchange's chosen weekday; changes to an existing settlement day require prior SEBI approval and exchanges must update systems and bylaws to implement the framework.
Process for appointment, re-appointment, termination or acceptance of resignation of specific Key Management Personnel (KMPs) of a Market Infrastructure Institution (MII)
Show AI Summary
Appointment process for key management personnel now requires independent search, NRC review and Governing Board final approval. Mandates a governance process for appointment and related actions for specified KMPs (Compliance Officer, Chief Risk Officer, Chief Technology Officer, Chief Information Security Officer): MIIs must engage an independent external agency to recommend candidates, the NRC evaluates recommendations and, after discussion with management, forwards recommendations to the Governing Board which makes the final appointment decision. NRC similarly evaluates re-appointments, terminations and resignations, and Governing Boards must give KMPs a reasonable opportunity to be heard before termination. Governing Boards must prescribe cooling-off periods for KMPs joining competing MIIs and record and inform SEBI when a PID is not re-appointed.
Launch of Revised Forms for Corporate Insolvency Resolution Process (CIRP).
Show AI Summary
CIRP reporting reform: consolidated CP-1 to CP-5 forms and mandatory monthly electronic filing with specified timelines. The IBBI has replaced nine CIRP reporting forms with five consolidated forms CP-1 to CP-5, established a standard monthly reporting cycle, prescribed scopes and timelines for each form, mandated electronic filing via the IBBI platform with DSC/e-signature, set transitional rules for ongoing and admitted CIRPs including extended deadlines to 30 September 2025 and first CP-5 by 10 July 2025, and allowed a no-penalty period for delayed filings during July-September 2025. The circular is issued under section 196(1)(aa) of the IBC.
Kerala State Goods & Services Tax Department - Adjudication u/s 74A of the KSGST Act, 2017 - Shifting of adjudication from Intelligence, Enforcement and Audit verticals to Taxpayer Service vertical and numbering of Show Cause Notices & Orders
Show AI Summary
Adjudication under Section 74A now to be handled by Taxpayer Services Vertical, standardising notice and adjudication timelines. All Show Cause Notices issued under Section 74A of the State GST Act shall be adjudicated by the jurisdictional adjudicating authority in the Taxpayer Services Vertical. Numbering and formats for SCNs and Adjudication Orders under Section 74A shall follow Circular No. 04/2024, using the same SCN and Order numbering formats and the existing Show Cause Notice Register and Order in Original Register. These instructions take effect from 1 November 2024.
Directions Regarding Immediate Upload of GST Orders in Light of Hon’ble High Court Observations
Show AI Summary
GST portal compliance requires same-day upload of orders, with strict action for delayed or incomplete posting. Same-day upload of orders passed under the Goods and Services Tax Act is mandated for all field officers in Uttar Pradesh, following judicial concern over delayed uploading of appellate orders on the GST portal. Officers are instructed to ensure that every order is uploaded on the GST portal on the very day it is passed. Strict compliance is required, and non-observance may lead to strict action against the concerned officer.
Accessibility and Inclusiveness of Digital KYC to Persons with Disabilities
Show AI Summary
Digital KYC accessibility required for intermediaries to enable inclusive digital account opening for persons with disabilities. The circular requires that the digital KYC process be made accessible to persons with disabilities, including visual impairments, and directs intermediaries to implement digital accessibility measures and follow the revised FAQ on Account Opening by Persons with Disabilities published on the regulator's website, issued under the regulator's statutory regulatory powers.
Imposition of Anti-Dumping Duty on imports of "Titanium Dioxide" originating in or exported from China PR-System Changes
Show AI Summary
Anti-dumping duty exemption for titanium dioxide imports when declared for specified excluded end uses at clearance. Imposition of Anti-Dumping Duty on Titanium Dioxide from China PR is limited to specified end uses and excludes use in food, pharma, skin-care, textile, fibre, and Nano/ultra-fine TiO2. The customs system is enabled to avoid ADD collection for excluded uses where the importer files declaration STMT_CODE CUA01 in the Bill of Entry (for tariff headings including 28230010, 32061110 and 32061190), undertaking to pay ADD with interest if goods are supplied for non-excluded uses; officers will receive system messages during assessment.
Minutes of the 128th meeting of the Board of Approval for SEZs held on 16th May, 2025
Show AI Summary
SEZ approvals and area conversions reshape multiple development projects, with extensions, co-developer changes, denotifications and a new SEZ cleared. Extension of validity of Letters of Approval for SEZ developers and units was considered in multiple cases, including approvals for a further year and one regularised extension after the non-extension gap. The Board also approved co-developer status, expansion of built-up area, additional land inclusion and surrender of land, subject to SEZ Act and Rules compliance, related co-development agreements, and taxability scrutiny by the Assessing Officer. Requests for conversion of processing area into non-processing area, partial de-notification, and new SEZ approval were also acted upon, while some appeals were deferred or remanded for reconsideration.
Reporting on FIRMS portal – Issuance of Partly Paid Units by Investment Vehicles
Show AI Summary
Reporting requirement for partly paid units: transitional window for prior issuances and ongoing thirty day filing obligation. Issuance of partly paid units to persons resident outside India must be reported in Form InVI on the FIRMS portal within 30 days; prior issuances may be reported within 180 days from the circular date without late fees, and issuances on or after the circular date remain subject to the 30 day reporting timeline.
Container Scanning Status - Procedure for Status Verification
Show AI Summary
Container scanning status verification enables stakeholders to check selection, scanning and examination status online after manifest finalisation. Container scanning status verification is available through the Customs Scanning Division, Chennai online portal. Users may check whether a container has been selected for scanning, scanned, examined, and whether examined images have been uploaded. Verification requires the container number, Import General Manifest number and Import General Manifest date. Status is available only after the Import General Manifest is finalised by the Container Scanning Module of the National Customs Targeting Centre.
Implementation of the Export Entry (Post export conversion in relation to instrument-based scheme) Regulations, 2025 - Reg.
Show AI Summary
Post-export conversion: electronic amendment framework limits sensitive shipping bill changes to senior customs approval. The regulations create an electronic post-export amendment mechanism for shipping bills as an Export Entry, permitting conversion into instrument-based schemes and drawback modes subject to fulfilment of all scheme conditions, reversal of inadmissible benefits, absence of contraventions, and compliance with presentation requirements. Sensitive fields-including ports, destination country, invoice AD code and value, HS code, description, and quantity-may be amended only with Additional or Joint Commissioner approval. A uniform one-year conversion time-limit applies with transitional computation rules, and applicants must submit a declaration and evidence; single deficiency memos will be issued after preliminary scrutiny.
Procedure to be followed in the case of undelivered articles/Return to Sender (RTS) parcels imported through Foreign Post Office- Chennai (Air)-Reg.
Show AI Summary
Return to Sender procedures: cancellation of customs duty and inspection steps for returning undelivered postal parcels. Procedure requires the Foreign Post Office to submit a monthly list of RTS/undelivered parcels in Annexure-A format for verification and cancellation of customs duty under the Universal Postal Convention. Customs inspectors must inspect received parcels under Section 17(2) of the Customs Act within one day to confirm intactness and absence of tampering, submit inspection reports to the Superintendent/Appraiser, who may perform a random check before forwarding recommendations to the Principal Commissioner to enable return to origin.
Disposal of Red Sanders seized by DRI and Customs field formations
Show AI Summary
Red Sanders seized by DRI and Customs must be disposed by jurisdictional Customs under CITES-compliant export quota procedures. Disposal of seized Red Sanders must be undertaken by Disposal units of jurisdictional Customs formations, including DRI seizures, following prescribed procedures: engage designated public trading agencies, undertake grading and tendering, obtain DRI authorisation for DRI-origin lots, secure Certificate of Origin, DGFT export license and MoEFCC/CITES NoC per SOP, maintain registers and reconcile stocks with MoEFCC/CITES MA, and ensure domestic disposals proceed via State Forest Departments through auction/sealed tender with proceeds handled as directed.
Transfer of jurisdiction of certain taxpayers from different Charges to Large Taxpayer Unit
Show AI Summary
Transfer of taxpayer jurisdiction to Large Taxpayer Unit centralises GST and coal cess compliance under state statutes. Jurisdiction of specified registered taxpayers under the WBGST Act is transferred from various existing charges to the Large Taxpayer Unit; the annexure lists taxpayers and present and new jurisdictions. The transfers apply to all GST matters and to compliances relating to the coal cess under the applicable West Bengal statutes. Difficulties in implementation are to be reported to the Commissioner of Commercial Taxes.
Norms for Internal Audit Mechanism and composition of the Audit Committee of Market Infrastructure Institutions
Show AI Summary
Internal audit standards require independent auditors to report to the audit committee, strengthening MII governance and oversight. Internal audit standards require MIIs to conduct an annual, institution wide internal audit across critical operations, regulatory/compliance/risk functions and other activities by independent audit firm(s); the internal auditor shall report exclusively to the Audit Committee, follow time bound procedures for obtaining HoD comments and include dropped observations with justifications, and appraise the Audit Committee at least semi annually in the absence of management.
Port restriction on import of certain goods from Bangladesh to India – Insertion of a new Para 19 under ‘General Notes Regarding Import Policy’ under ITC (HS), 2022 Schedule 1 (Import Policy)
Show AI Summary
Port restriction on imports from Bangladesh: specified goods confined to designated seaports and certain land crossings prohibited. A new Para 19 to ITC (HS), 2022 Schedule 1 imposes immediate port-specific restrictions on imports from Bangladesh: ready-made garments only via Nhava Sheva and Kolkata seaports (no land ports); fruit/flavoured and carbonated drinks prohibited through specified LCSs/ICPs in Assam, Meghalaya, Tripura, Mizoram and Changrabandha and Fulbari in West Bengal; processed food, cotton waste, plastic/PVC finished goods (excluding certain inputs), and wooden furniture similarly regulated. Exceptions exclude fish, LPG, edible oil and crushed stone, and do not apply to Bangladesh exports transiting to Nepal or Bhutan. Customs authorities are to implement and report difficulties.
Review of provisions pertaining to Electronic Book Provider (EBP) platform to increase its efficacy and utility
Show AI Summary
Electronic Book Provider platform: mandatory for specified private placements with enhanced disclosure, allocation and anchor investor rules. Revisions require specified private placements of debt, NCRPS and municipal debt to be conducted through the EBP platform while allowing elective EBP use for securitised instruments, money-market instruments and REIT/InvIT units; smaller issues may opt in. Issuers must provide the Placement Memorandum and term sheet to the EBP within prescribed lead times, disclose issue size and green shoe portion (green shoe capped at five times base size) and anchor investor details; anchor allocations are capped by credit-rating bands and must be electronically confirmed by T 1 day. Allotment at cut-off uses pro-rata rules; EBPs must publish detailed issuance data by defined timelines. Certain clauses have staggered effective dates.
Extension of timeline for implementation of provisions of SEBI circular dated December 17, 2024 on Measures to address regulatory arbitrage with respect to Offshore Derivative Instruments (ODIs) and FPIs with segregated portfolios vis-à-vis FPIs
Show AI Summary
Extension of implementation timeline for ODI and segregated portfolio disclosure requirements delays compliance obligation and systems readiness. SEBI has extended the deferred implementation date for paragraphs 2.2 to 2.7 of its December 17, 2024 circular-covering additional disclosure obligations for ODI subscribers and FPIs with segregated portfolios-to November 17, 2025; all other provisions of that circular remain unchanged and depositories must complete necessary systems and procedures to ensure compliance by the revised date.
Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and Services Tax Act, 2017 are supplied through their platform
Show AI Summary
Input tax credit restrictions: ecommerce operators cannot use ITC to discharge platform service tax liability; must pay from cash ledger. The Board clarifies that an electronic commerce operator liable to pay tax in respect of specified services notified as taxable on the operator is not required to reverse input tax credit on inputs and input services proportionately; nevertheless, the full tax liability on those specified services must be discharged only through the electronic cash ledger and ITC cannot be utilized to pay that liability, though such ITC may be used to discharge tax on supplies made by the operator on its own account.
GST registration verification tightened with mandatory physical checks, risk-based scrutiny, and measures against non-genuine taxpayers. Strengthening GST registration verification under the UPGST Act, 2017 is directed by requiring enhanced scrutiny of registration applications, mandatory ... Summary
GST registration verification tightened with mandatory physical checks, risk-based scrutiny, and measures against non-genuine taxpayers.
Strengthening GST registration verification under the UPGST Act, 2017 is directed by requiring enhanced scrutiny of registration applications, mandatory cross-verification of identity, address, PAN, mobile number, email, third-party data and risk-score inputs, and strict jurisdictional transfer of applications where necessary. Assistant Commissioners must examine documents carefully and process applications within the prescribed time limits while treating repeated identifiers, cancelled registrations, PDS/DBT status and other red flags with heightened caution. All new GST registrations are to undergo mandatory physical verification through the UPGST Field Visit App or GSTN Tax Officer App immediately after registration, with selfie-based geo-tagged verification, interview of the registrant, comparison of uploaded documents with originals, and prompt action on adverse reports. Newly registered firms must also be monitored through scrutiny of early returns, e-way bill consistency, bank account validation, risk scoring, six-month re-verification, witness statements, stock and business activity checks, chain analysis of beneficiaries, and mandatory feeding of NGTP data on the NGTP portal. The circular also requires structured training in cybersecurity, cyber audit, forensic examination, GSTN AI and analytics tools, and identification of NGTP indicators, with APAR consequences for non-participation or non-use of analytics tools. Timely verification failures may attract disciplinary action, while Joint Commissioners (Executive), Zonal Additional Commissioners and Deputy Commissioners are assigned monthly reporting, monitoring and review responsibilities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1502
Join Channel
TaxTMI 