Special procedure for specified commodity manufacturers clarified on machine records, engineer certification, SEZ exclusion, and job work compliance.
The circular clarifies the revised special procedure for manufacturers of specified commodities under the January 2024 notification, including practical reporting requirements in FORM GST SRM-I and FORM GST SRM-II, treatment of machine details and electricity consumption ratings, qualification of the Chartered Engineer, and exclusions for SEZ units and manual packing operations. It also states that in job work or contract manufacturing, the procedure applies to all persons involved, while an unregistered job worker or contract manufacturer shifts compliance responsibility to the principal manufacturer.

Monetary limits for government appeals restrict departmental appeals to reduce litigation, with specified thresholds and exclusions.
The Chief Commissioner prescribes monetary thresholds below which State tax officers shall not ordinarily file appeals before GSTAT, High Courts or the Supreme Court; principles for computing the disputed amount (tax, interest, penalty, late fee, refunds) and application to composite orders are specified. Specified exclusions require appeal on merits regardless of amount, including constitutional vires, recurring interpretive issues (valuation, classification, refunds, place of supply), adverse comments or costs, and other cases deemed necessary by the Board. Non-filing on monetary grounds carries no precedent value and must be recorded and communicated to forums.

SCMTR transitional extension permits parallel filing; stakeholders must migrate to the new sea cargo manifest format.
The transitional provisions of the Sea Cargo Manifest and Transshipment Regulations have been extended to 31st August 2024 to permit continued acceptance of old manifest formats while stakeholders migrate to the new format. Stakeholders must commence parallel filing: amendments may be filed in the old format, complete details must be filed in the new format, and old and new filings will be matched for completeness. DGoS and ICEGATE 2.0 will support registration, testing, error analysis and will issue location-wise mandates and guidance; amendments to IGM during parallel filing are allowed until vessel arrival without officer approval.

Time of supply clarified for deferred spectrum payments: GST under reverse charge payable when instalments are due or paid.
Clarifies that spectrum allocation supplied by DOT to telecom operators is taxable on a reverse charge basis and, where payment is by deferred instalments, constitutes a continuous supply of services. For such reverse-charge continuous supplies, time of supply is the earlier of payment date recorded in recipient's books or the date immediately following sixty days from issue of the supplier's invoice/document; where the contract specifies ascertainable payment due dates, a tax invoice must be issued on or before each due date. GST is payable when instalments are due or paid, whichever is earlier.

Proportionate reversal of input tax credit: suppliers must secure CA/CMA certificates or recipient undertakings as proof of ITC reversal.
Suppliers issuing tax credit notes for post-supply discounts may exclude those discounts from taxable value only if recipients have proportionately reversed the attributable input tax credit. Pending a portal verification facility, suppliers must obtain either a CA/CMA certificate (with UDIN) detailing credit notes, related invoices, ITC reversal amounts and the return/form evidencing reversal, or, for discounts below the prescribed monetary threshold in a financial year, an undertaking from the recipient. Such documents are admissible evidence for compliance and must be produced when required.

Reverse charge input tax credit follows the financial year of the recipient issued invoice; tax, interest and penalties may apply.
Where a registered recipient must pay tax under reverse charge for supplies from an unregistered supplier, the recipient must issue the invoice and pay tax in cash; input tax credit is claimable only on the basis of that invoice and the relevant financial year for the timing limit to claim ITC is the financial year in which the recipient issues the invoice. Delayed issuance after time of supply attracts interest on late tax payment and potential penal consequences, and ITC remains subject to the general conditions and restrictions under the law.

Valuation of import of services: invoice value deemed open market value where recipient is eligible for full input tax credit.
Where a registered person in India imports services from a related overseas person and is eligible for full input tax credit, the value declared in the invoice shall be deemed to be the open market value; if no invoice is issued by the foreign affiliate the recipient may deem the value declared as nil and treat that nil value as the open market value. Tax on such import of services is payable by the Indian recipient under the reverse charge mechanism, and the recipient must issue a self-invoice and pay tax accordingly.

Special procedure compliance clarified for manufacturers: machine identification, energy certification, applicability, and job work liability specified.
The circular clarifies that in FORM SRM-I make and model are optional while machine number is mandatory (manufacturers may assign a number if none exists); the machine used for final packing must be reported. Electricity consumption must be declared from records or, if absent, certified per-hour by a Practicing Chartered Engineer using FORM SRM-III and uploaded with FORM SRM-I. A Practicing Chartered Engineer holding a certificate of practice from the Institute of Engineers, India qualifies to certify. The procedure excludes SEZ units and manual packing/sealing; job workers are covered but the principal is liable if they are unregistered. Goods without MRP must report sale price in FORM SRM-II.

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.

Automated customs exchange rates will replace manual notifications, with online publication, effective-date rules, and technical-failure safeguards.
Exchange Rate Automation Module (ERAM) automates the transmission, adjustment, integration and publication of customs exchange rates used to value imported and exported goods. Rates will be transmitted electronically to ICEGATE, adjusted to the nearest five paise and integrated with ICES. They will be published online at 6:00 p.m., take effect from midnight of the following day, and remain operative until revision. Where transmission or integration fails, the last updated rates continue temporarily, followed by revision or manual intervention under the prescribed contingency process.

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.