Input tax credit restrictions are assigned to tax officers according to the value of ineligible or fraudulent credit.
Authorisation to exercise powers under rules 86A and 86B of the Himachal Pradesh Goods and Services Tax Rules, 2017 is based on the total amount of ineligible or fraudulently availed input tax credit. Deputy Commissioners and Assistant Commissioners are authorised for the lower monetary band, Joint Commissioners for the intermediate band, and the Commissioner of State Taxes and Excise for cases exceeding the highest band. The powers include disallowing debit from the electronic credit ledger under rule 86A.

Export transshipment by rail enables ICES-based cargo movement to gateway ports with bond, seal verification, and drawback processing.
Export Transshipment through ICES permits rail movement of export cargo from Kolkata Sea Port container freight stations to Jawaharlal Nehru Port as gateway port. After Let Export Order, the transhipper files an ETP application and must maintain a registered Transshipment Bond and Bank Guarantee at the originating port. The approved permit accompanies the container and the transhipper remains responsible for safe export movement. Gateway-port officers verify container particulars and seal integrity before allowing shipment. ETP approval supports drawback processing at the originating port, while the steamer agent files the export general manifest after shipment approval.

Extension of CAVR validity: import valuation order for linear alkyl benzene extended for one year to maintain valuation controls.
The Central Board of Indirect Taxes and Customs, exercising powers under the Customs Act and the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, extends the validity of CAVR Order No. 1/2023-Customs for Linear Alkyl Benzene. The extension takes effect from 26th September 2024 and preserves the existing valuation declaration assistance and compliance regime for a further one-year period.

Market infrastructure institutions must undergo triennial independent external evaluations under a SEBI specified weighted rating framework.
SEBI requires independent external evaluation of all recognised stock exchanges, clearing corporations and depositories using Board approved weighted criteria (technology resilience 40%; investor protection 17%; regulatory role 15%; compliance 10%; governance 8%; resources 5%; fair access 5%), a common rating framework, and triennial assessments (first for FY2024-25, report by 30 Sept 2025). External agencies need SEBI NOC, market domain expertise and no conflict of interest. MD and KMP performance metrics must reflect institutional criteria with MD evaluations giving at least 50% weight to critical operations and regulatory outcomes.

UPI mandatory for retail applications through intermediaries in public issues; requires bank account linked UPI ID for fund blocking.
Individual investors applying through intermediaries in public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments must use UPI for blocking of funds and provide their bank account-linked UPI ID in the bid cum application form for applications within the retail threshold; alternative channels (SCSBs and stock exchange platform) remain available and the mandate applies to issues opening on or after the stated commencement date.

Import authorisations extended through year-end; fresh applications required for the next period subject to forthcoming guidance.
Import of specified IT hardware remains restricted; importers are permitted to apply for Import Authorisations valid up to 31.12.2024, and existing authorisations issued up to 30.09.2024 continue to be valid until 31.12.2024. All other provisions of the earlier Policy Circular remain applicable. Importers must apply for fresh authorisations for imports from 01.01.2025 subject to detailed guidance to be issued.

KYC and surveillance obligations enhanced for FTWZ and warehousing units, with mandatory ERP systems and risk based audits enforced.
Guidelines require stringent KYC for FTWZ and warehousing units and their clients, mandatory pre transaction submission of client KYC to the Development Commissioner, CCTV coverage with one year data retention and DC access, and tamper proof ERP/SAP systems accessible to DCs. Manual customs entries are prohibited; SEZ Online and ICEGATE modules must be used; transfers between FTWZs are restricted except by UAC approval; DCs must perform risk based physical verifications and audits, share information on valuation abuses, monitor high risk commodities, and cancel LoAs for sub letting violations.

SEBI master circular consolidates surveillance rules: trading restrictions, intermediary controls, PIT disclosures and PAN freezes for designated persons.
Master Circular consolidates SEBI surveillance circulars, prescribes Trade-for-Trade treatment for certain corporate events, mandates intermediaries' internal controls to prevent circulation of unauthenticated information, standardizes PIT disclosure formats and reporting of Code of Conduct violations, endorses system-driven disclosures under Regulation 7(2), and establishes a DD-mediated process to freeze PAN at security level for Designated Persons during trading-window closures with specified timelines for notification, data sharing, freezing, exemptions and reporting.

Export General Manifest compliance requires timely correction of EDI errors and pending filings to safeguard post-export incentives.
Export General Manifest compliance requires the person in charge of an export conveyance to deliver the EGM before departure from the Customs station. EDI records identified Shipping Bills with EGM errors and separate cases where EGM filing remains pending. Incorrect, incomplete, or unfiled EGMs may delay post-export benefits and export incentives. Exporters, Customs Brokers, Shipping Lines, custodians, and other concerned stakeholders must rectify recorded EGM discrepancies under the prescribed process or complete pending EGM filing, as applicable.

Laboratory chemicals classification now limited to own-use small packings, others classifiable under appropriate tariff headings.
Qualifying laboratory chemicals must be imported and intended only for own use (excluding trading, resale or further sale), be in packings not exceeding 500 grams or 500 millilitres, and be identifiable by purity, markings or other features as meant solely for laboratory use; goods imported for trading or in packings exceeding those limits are classifiable under their appropriate chapter/heading.

Recovery of drawback: exporters must repay drawback with interest if export proceeds are not realised or face recovery action.
ICES 1.5 data disclose non realisation of export proceeds for specified shipping bills; under Rule 18 and Section 75A(2) exporters must produce evidence of realisation or repay the drawback with interest. If evidence is not produced after notice, the customs officer shall order recovery and require repayment within thirty days; proportionate recovery applies where partial proceeds are realised. Exporters may return drawback with interest by pay order or inform customs by e mail if proceeds were realised or extensions obtained; failure to respond by the stated deadline may lead to recovery or show cause proceedings.

Financial disincentive policy limited to market infrastructure institutions; MIIs given opportunity to respond before penalty.
SEBI limits automatic monetary penalties for technical glitches to Market Infrastructure Institutions (MIIs), removing separate disincentives on MDs and CTOs. SEBI will invite the concerned MII to submit facts before imposing any disincentive; MIIs must conduct internal examinations for individual accountability and may take personnel actions, while SEBI may still initiate enforcement against individuals if warranted. MIIs must file a compliance report within ninety days detailing computation and payment, and disclose such payments on their websites and in annual reports.

Credit Default Swaps flexibility expands mutual funds' ability to buy and sell CDS with tightened cover, disclosure, and risk rules.
SEBI permits Mutual Funds to buy and sell Credit Default Swaps (CDS) with risk management limits: buy CDS only to hedge credit risk on held debt (not exceeding protected security exposure), close positions within fifteen working days after selling the protected security, and attribute exposure to the higher rated of reference entity or CDS seller for concentration limits. Funds may sell CDS only as synthetic debt securities backed by earmarked Cash/G Sec/T bills with cover, buffer and daily review; such synthetic positions count as notional exposure for issuer, group and sectoral limits and gross exposure, and schemes must comply with operational, disclosure, and valuation rules.

Audit completion deadline extended for WBGST cases delayed by holiday schedules and document-production requests.
Extension of the period for completion of audit under section 65 of the WBGST Act, 2017 for the period from 1 April 2020 to 31 March 2021, where the audit commenced between 1 July 2024 and 30 July 2024. The extension is granted under the proviso to sub-section (4) of section 65 because the audits could not be completed within the normal three-month period from commencement, including delays linked to the Durga Puja holidays and requests for additional time to produce books of account. The period is extended up to 30 October 2024 and takes effect immediately.

EPCG reporting shifted to block period certified submissions, easing compliance and streamlining export obligation evidence.
Reporting under the Export Promotion Capital Goods (EPCG) Scheme is changed from an annual online submission to a report after the first four year block period and continuously until expiry of the export obligation period; reports must include Shipping bill/Invoice/Bill of Export/FIRC details, as applicable, and be certified by a Chartered Accountant, Cost Accountant, or Company Secretary to evidence fulfilment of specific and average export obligations.

GST classification clarifications confirm rates, packaging threshold treatment, and conditional past-period regularisation for specified supplies.
Dual-energy solar cookers, fire water sprinklers, and parts of poultry-keeping machinery attract 12% GST under the stated classifications. Agricultural farm produce in packages exceeding 25 kilogram or 25 litre is excluded from "pre-packaged and labelled" treatment and does not attract 5% GST. Specified past-period issues are regularised on an "as is where is" basis. Regularisation for eligible government-programme supplies of pulses and cereals requires a prescribed certificate and denial or reversal of related input tax credit.

GST exemptions and regularization clarify railway services, insurance reinsurance, digital-payment subsidies, regulatory collections and qualifying long-term accommodation.
GST exemptions apply from 15 July 2024 to specified public-facing and internal railway services, SPV infrastructure-use arrangements with the Ministry of Railways, and qualifying long-term accommodation services. Earlier liability for identified railway, SPV, reinsurance and qualifying accommodation supplies is regularized on an "as is where is" basis. Statutory collections by the Real Estate Regulatory Authority fall within the governmental-authority exemption. Specified digital-payment incentive sharing is treated as non-taxable subsidy, while reinsurance includes retrocession for the relevant exemption.

CSD GST refund processing requires electronic filing, supplier return matching, input tax credit reversal, and quarterly eligibility verification.
CSD refund claims for fifty per cent of applicable taxes on eligible inward supplies must be filed electronically in FORM GST RFD-10A and are processed electronically. Claims are available for goods received for subsequent supply to Unit Run Canteens or authorised customers, subject to invoice-wise validation, supplier return compliance, and reversal of related input tax credit. Applications are ordinarily quarterly, may be clubbed, and must be filed within two years from the last day of the relevant quarter. Refund is capped at fifty per cent of applicable taxes, and previously claimed or unmatched invoices are excluded.

Additional IGST refund for revised export prices requires electronic claims, payment verification, foreign-exchange proof, and prescribed supporting records.
Additional IGST paid following an upward revision in the price of exported goods may be refunded through an electronic FORM GST RFD-01 claim processed by the jurisdictional GST officer. Pending a dedicated portal category, the claim is filed under "Any other" with specified remarks, Statements 9A and 9B, and supporting proof. Eligibility requires verification of export and debit-note reporting, payment of additional IGST and interest, revised value, and additional foreign-exchange remittance. Claims are subject to the statutory minimum threshold and applicable two-year filing period.

Related-party corporate guarantee valuation applies annually on guaranteed amounts, with invoice value accepted where full input tax credit exists.
Corporate guarantees supplied between related persons to banking companies or financial institutions are taxable services, with valuation under Rule 28(2) applying to guarantees issued or renewed on or after 26 October 2023. Value is one per cent per annum of the guaranteed amount or actual consideration, whichever is higher, and is based on the amount guaranteed rather than loan disbursal. Domestic guarantees attract forward charge, while guarantees by overseas related entities to Indian recipients attract reverse charge. Full input tax credit permits invoice value to be deemed the supply value.