Input tax credit time-limit relief enables reconsideration and rectification of pending delayed-credit demands, while limiting refunds of prior payments.
Retrospective input tax credit time-limit relief requires pending investigations, adjudication, appeals and revision proceedings to consider credit now made eligible. Orders confirming demand for delayed credit may be rectified through a special electronic procedure where no further appeal has been filed, supported by prescribed demand details. The issuing officer decides the request, considers other denial grounds, follows natural justice where rectification is adverse, and uploads the rectified order electronically. The special route is limited to retrospectively eligible delayed credit; unrelated matters require general rectification. Tax paid or credit reversed is not refundable, except eligible appellate pre-deposits.

GST treatment of co insurance premium apportionment and reinsurance commission regularised, subject to tax payment condition by lead insurer/reinsurer.
Apportionment of co insurance premium by the lead insurer and insurer services to reinsurer (where ceding/reinsurance commission is deducted) are treated as non supplies under Schedule III, conditional on the lead insurer or the reinsurer paying GST on the full premium/gross reinsurance premium inclusive of commission. These rules were enacted by the Uttar Pradesh GST Amendment (No. 2) Act, 2024 and GST payment on such transactions is regularized retrospectively on an "as is where is" basis for the specified earlier period.

Interest and penalty waiver under GST requires full tax payment, prescribed applications, and withdrawal of pending challenges.
Section 128A of the TNGST Act permits waiver of interest, penalty, or both on qualifying section 73 demands for the financial years 2017-18 to 2019-20, subject to full payment of tax and compliance with Rule 164. Taxpayers must file SPL-01 or SPL-02 within the applicable period, withdraw pending challenges, and use prescribed payment and adjustment procedures. Full tax payment includes tax on erroneous refund and non-covered periods within the same demand, although waiver is restricted to eligible periods and non-erroneous-refund demands. Failure to pay residual or subsequently determined amounts within three months voids the waiver.

Late fee applicability for delayed GST annual filing: fee runs until the complete return including reconciliation statement is filed.
Late fee under section 47 applies to delay in furnishing the complete annual return under section 44, comprising FORM GSTR-9 and, where required by threshold, FORM GSTR-9C. The annual return is incomplete if a required FORM GSTR-9C is not filed with FORM GSTR-9. Late fee is computed from the due date until the date the complete annual return is furnished and is not leviable separately for delayed furnishing of each form. A specified waiver covers excess late fee for certain years if FORM GSTR-9C is filed by the prescribed cutoff, with no refunds for fees already paid.

Annual RoDTEP Return filing via DGFT online module; separate returns, item thresholds, detailed tax apportionment and declarations required.
The DGFT has introduced an online module for Annual RoDTEP Return filing requiring separate submissions for DTA and SEZ/AA/EoU exports, itemised reporting by 8 digit HS Code, and returns limited to items meeting the prescribed accrued support threshold or, if none qualify, a single return for the item with highest accrued support. The ARR demands detailed entries of exporter/unit data, export quantities and FOB values, apportioned taxes and levies (transport, electricity, stamp, fuel, embedded GST), inputs with HS codes and supporting attachments, with approximations permitted if justified and a mandatory declaration against duplicate remission.

Prohibition on association: intermediaries and agents must avoid links with unregistered advisers or unauthorized performance promoters.
Persons regulated by the Board, MIIs and their agents must not directly or indirectly associate with any person who provides unregistered advice or recommendation on securities or who makes unauthorized claims about returns or performance; association includes transactions of money, client referrals, IT interactions, sharing client information, or similar linkages. Regulated entities are responsible, to the extent of their association, to ensure associated persons and agents do not engage in these prohibited activities and must take appropriate action if services are misused. Investor education is excluded only if it contains no advice or implied performance claims.

ICES budget updates suspend Bill of Entry filing while export assessments continue with manual collection of revised levies.
Budget-related ICES updates will suspend filing of Bills of Entry and section 48 approvals from 11:00 hours on 01.02.2025 until system changes are completed. Other ICEGATE services and officer functions will continue. Prior Bills of Entry must be checked for changed duty liability before out-of-charge clearance. Shipping Bill filing and assessment will continue, with altered export duty, cess or other levies manually collected until online directory updates are made. Bill of Entry processing will resume after ICES updation.

ICES budget updation temporarily suspends Bills of Entry filing while requiring manual collection of newly affected export levies.
ICES notifications and tariff directories will be updated after the Union Budget 2025-26. Bills of Entry filing and Section 48 approvals will be suspended from 11:00 hours on 1 February 2025 until system updates are completed, although other ICEGATE services will continue. Export Shipping Bills may continue to be filed and assessed; affected export levies must be tracked and collected manually pending online updates. Prior Bills of Entry require verification of revised duty liability before out-of-charge. Trade participants should schedule clearances around the update period.

GST applicability on penal charges and limited exemption for payment aggregator settlement functions clarified, with specified regularisations of past periods.
The Circular clarifies that penal charges levied by Regulated Entities under RBI directions are charges for breach of loan terms and not subject to GST; RBI regulated Payment Aggregators qualify as an acquiring bank for the limited exempt settlement function for single card transactions up to two thousand, excluding Payment Gateway services; exemptions for R&D services against grants and for NSDC approved Training Partners were addressed and certain past periods of GST liability for various supplies were regularized on an "as is where is" basis.

GST regularization on co-insurance premium apportionment and ceding reinsurance commission clarified and backdated for compliance.
Regularization addresses GST on apportionment of co-insurance premium by a lead insurer and on ceding/reinsurance commission deducted from reinsurance premium, with Schedule III treating these transactions as neither supply of goods nor services only if the lead insurer remits tax on the entire premium and the reinsurer remits tax on the gross reinsurance premium inclusive of commission; the state enacted and notified these provisions and the GST Council recommended retrospective regularization on an as-is-where-is basis.

Declaration of synthetic diamond qualifiers voluntary for exports of lab-grown diamonds below set weight threshold, others remain mandatory.
Declaration of additional qualifiers for synthetic or reconstructed diamonds remains mandatory generally to aid identification and assessment; however, for exports of lab-grown diamonds (HPHT/CVD) below the small-diamond weight threshold the Board has made such additional qualifiers voluntary, while mandatory qualifiers continue to apply in all other cases as per prior circular, and a public notice will be issued for trade guidance.

Technical glitch reporting requirement centralized via iSPOT portal, mandating MIIs to submit preliminary and RCA reports online.
SEBI requires Market Infrastructure Institutions to submit the preliminary and RCA report of technical glitches via the web based portal iSPOT, integrated with the SEBI Intermediary portal and accessible with existing SI credentials. The circular amends relevant Master Circular clauses to mandate iSPOT use, takes effect February 3, 2025, and directs MIIs to update systems and bye laws to ensure timely submission and centralized recordkeeping for monitoring and compliance.

Due diligence certificate requirement: debenture trustees must submit prescribed certificates at draft filing and at listing application.
SEBI requires Debenture Trustees to provide prescribed due diligence certificates for unsecured debt securities at two stages: at draft offer document/placement memorandum filing (Annex A) confirming disclosures, covenants and undertaking to execute the debenture trust deed before listing application; and at listing application filing (Annex B) confirming execution of the debenture trust deed as per the offer document/placement memorandum and that the issuer's disclosures and ongoing obligations to security holders are true, fair and adequate.

Export proceeds realisation: exporters must submit e BRCs or face drawback recovery with applicable interest and repayment obligations.
The notice requires exporters listed on the Chennai Customs portal to submit electronic Bank Realisation Certificates (e BRCs) for shipping bills recorded as unrealised, warns that drawback amounts will be recoverable with interest where export proceeds are not realised within the permitted period, and directs repayment via ICEGATE with proof of payment to the BRC Cell; ICEGATE and RBI EDPMS facilities are available for verification and rectification and the BRC Section will prioritise verification and case closure for valid submissions.

Concessional duty eligibility: IGCR benefits may be availed alongside MOOWR when prescribed conditions and timelines are complied with.
Units operating under MOOWR may concurrently avail IGCR concessions if the scheme permits and the importer complies with additional conditions in the Concessional Notification and IGCR Rules, including time-limits and MOOWR stipulations. The phrase "for use in manufacture of cellular mobile phones" requires that a component be used in the manufacturing process; intermediate MOOWR manufacturers who import components, add value, and supply final manufacturers are eligible for IGCR concessional rates provided all documentation, transfer procedures and conditions are met.

Orders under section 201 not treated as assessment orders; appeals to be decided under the e Appeals Scheme.
Orders under section 201 are not to be regarded as assessment orders for the exceptions to the e-Appeals Scheme, 2023; appeals against such orders shall be decided by the Joint Commissioner (Appeals) under the e Appeals Scheme, 2023.

GST on penal charges: penal charges by regulated entities are not subject to GST; sectoral exemptions and regularizations follow.
Penal charges levied by Regulated Entities in compliance with RBI directions are treated as charges for breach of contract and not consideration; hence no GST is payable on such penal charges. RBI regulated Payment Aggregators that handle settlement into escrow qualify as "acquiring bank" for the exemption on settlement of amounts up to two thousand rupees per card transaction, limited to settlement functions; Payment Gateways are excluded. Various historical GST liabilities on specified services by government research providers, skilling training partners, renting to composition taxpayers, electricity ancillary services, and cultural institutes are regularized on an "as is where is" basis for identified intervening periods.

GST regularisation on co insurance premium apportionment and reinsurance commission treated as non supply, regularised retrospectively.
Specified insurance transactions are treated as neither supply under Schedule III where (a) lead insurer apportionment of co insurance premium is conditional on the lead insurer paying all applicable central, state/UT and integrated taxes on the full premium, and (b) ceding/reinsurance commission deducted from reinsurance premium is conditional on the reinsurer paying all applicable central, state/UT and integrated taxes on the gross reinsurance premium inclusive of such commission; GST payment for these transactions is regularized retrospectively from 01.07.2017 to 31.10.2024 on an "as is where is" basis.

Transshipment Bonds for bonded warehouse transfers require physical acceptance, ICES bond generation, and continuing owner-surety liability for customs duties.
Bond-to-bond transfer of warehoused cargo requires physical submission and acceptance of a Transshipment Bond at the source warehouse before its particulars are generated in ICES. Importers or authorised Customs Brokers must submit the accepted TP Bond to the dedicated TSK cell, which creates a job number and, after approval, generates the bond number in ICES. The bond secures safe removal, re-warehousing or satisfactory accounting of goods and payment of applicable customs duties, with joint and several liability of the owner and surety.

eCertificate of Origin implementation: Non Preferential CoO must be applied online with prescribed documents and attestation fee.
Implementation of an eCertificate of Origin requires exporters seeking Non Preferential Certificates to apply online via the designated portal to agencies listed in Appendix 2E, upload invoice and packing list, and pay the applicable attestation fee. Issuing agencies must verify Indian origin criteria and issue eCoOs in the prescribed format; corrections may be requested online as in lieu CoO applications. Agencies may apply for enlistment under Appendix 2E per Annexure I. Back to Back Non Preferential Certificates for non Indian origin goods for re export or trans shipment require documentary evidence and explicit notation on the certificate.