Refund of unutilised input tax credit: amended calculation and goods-based restriction apply prospectively to future claims.
Amendment to the formula for refund of unutilised input tax credit on account of inverted duty structure is prospective and applies to refund applications filed on or after the amendment's effective date, with earlier applications processed under the prior formula. The separate restriction denying refunds for certain specified goods is also prospective and applies only to refund applications filed on or after the restriction's effective date, not to applications filed before that date.

Prior approval for change in control: intermediaries must apply online with fit and proper declarations before effecting control change.
Intermediaries specified by SEBI must obtain prior approval for any change in control by filing an online application through the SEBI Intermediary Portal with prescribed disclosures and a stamped declaration from the intermediary and proposed acquirer confirming compliance with fit and proper person criteria, non change of the incumbent board until approval, commitment to honour past liabilities and resolve investor complaints; certain intermediaries must also submit exchange/clearing/depository approvals and, where change arises from a tribunal sanctioned scheme, an in principle approval process and subsequent submission of the tribunal order and approved scheme are required for final approval.

Export compliance for mobile phones requires complete declarations, manufacturer NOC, IMEI lists, and restrictions on activated devices.
Export of mobile phones requires fully completed statutory shipping bill declarations and electronic upload of invoice, purchase order, packing list, genuine IMEI list and a manufacturer/authorized dealer NOC. Used, activated or modified phones are not eligible for export benefits without MOEF clearance and a supporting NOC. Claiming any export incentive mandates uploading all supporting documents and establishing Country of Origin for Drawback/RODTEP claims.

Health certificate requirement for imported milk, pork and fish: integrated certificates accepted; implementation timeline extended.
Imports of milk and milk products, pork and pork products, and fish and fish products must be accompanied by a Health Certificate from the exporting country's Competent Authority in the prescribed format, containing shipment and product details, transport/storage conditions, and attestations on establishment approval, hygiene/HACCP implementation, compliance with Indian food product standards, microbiological criteria, residue and additive limits, authorised official signature and limited validity; an integrated sanitary/veterinary certificate is acceptable if it includes all required information.

Withholding of IGST refunds: system generated refund claims transmitted for risk verified exporters require jurisdictional verification before sanction.
Withholding of IGST refunds is effected where data analysis deems verification of exporter credentials including ITC essential; DGARM places all India alerts on ICES, transmits affected Shipping Bill data to GSTN via ICEGATE which generates system FORM GST RFD 01 claims deemed filed on transmission. Jurisdictional proper officers must process these auto acknowledged refund claims per rule 89 and section 54 timelines, verify genuineness and ITC correctness (including physical verification or supplier investigation if needed), issue detailed speaking orders with Form GST RFD 06 sanctions, and provide feedback on alert continuation or removal to DGARM.

Integration of AQCS-ICS enables online message exchange with ICEGATE for electronic NoC transmission and risk-based selectivity.
Integration of AQCS-ICS into ICEGATE migrates AQCS NoC processing from ICES to online message exchange, enabling electronic transmission of NoCs and real-time trader visibility. Customs will require upload of Veterinary Health Certificates (853AQ1), Laboratory Reports/COA (001AQ1), eSanchit IRNs for Sanitary Import Permits (911DF1) and an item-level AQ002 declaration for specified CTIs; risk-based selectivity will be introduced in stages, post-filing documents may be submitted via ICEGATE or AQCS-ICS portal until full integration, and Customs will accept electronically received Release Orders. Annexures list CTIs and leather-product exclusions.

One-time relaxation for TMA physical submissions permits delayed filing of hard copies; RAs must examine and dispose promptly.
Exporters who submitted online applications under the foreclosed TMA for Specified Agricultural Products for exports up to 31.03.2021 may submit printed ANF 7(A)A and prescribed documents with designated RAs by 31.12.2022; RAs shall examine complete applications per prescribed policy and dispose of them within 30 days of physical submission.

Transitional credit filings through TRAN 1/TRAN 2 require officer verification before electronic credit ledger posting.
Transitional credit claims filed or revised through FORM TRAN 1 and TRAN 2 during the special portal window may be credited to the Electronic Credit Ledger only to the extent allowed by the jurisdictional tax officer after statutory verification. Jurisdictional officers must verify claims using Back Office data and applicant records, coordinate with counterpart central/state officers where claims span jurisdictions, provide notice and hearing where inadmissibility is contemplated, and pass reasoned orders within the prescribed verification period, uploading orders to the portal.

Technical glitch framework requires immediate reporting and detailed RCA, plus capacity, testing, monitoring and DR obligations.
Prescribes a regulatory framework requiring immediate notification to exchanges, a next-day preliminary incident report, and a detailed Root Cause Analysis within fourteen days for any defined technical glitch. Mandates capacity planning, robust software testing and change management, API-based logging and monitoring by exchanges, and business continuity/disaster recovery arrangements including geographically separated DR sites and periodic full-day DR drills. Exchanges will publish incidents and RCAs, issue implementation guidelines, and impose financial disincentives for glitches and non-compliance.

Extension of implementation timelines: SEBI deferred two circulars and directed exchanges and depositories to notify and amend rules.
SEBI deferred the effective dates of two operational circulars: the Demat Debit and Pledge Instruction circular to take effect on or before January 20, 2023, and the Validation of Pay In Instructions circular to take effect from January 27, 2023. The earlier provisions are modified accordingly. Stock Exchanges and Depositories must notify members, amend bye laws/rules for implementation, and report implementation status to SEBI within seven working days after implementation and in Monthly Development Reports.

Timelines for dividend and redemption transfers set firm payment periods and interest for delays borne by AMCs.
Amendments fix timelines for transfers: dividends are to be paid within seven working days from a record date set two working days after public notice; redemption or repurchase proceeds must be transferred within three working days, with an extended five working day period for schemes predominantly invested in prescribed overseas investments. AMFI will publish exceptional circumstances and applicable extended time frames. Interest for delay is payable to unitholders at the prescribed annual rate and borne by AMCs, with payment details to be reported to SEBI in the prescribed compliance format and communicated to investors.

Refund of unutilised input tax credit: amended formula applies to later applications; restrictions on specified goods apply prospectively.
The amendment to the formula in sub rule (5) of rule 89 of the UPGST Rules for refund of unutilised input tax credit under inverted duty structure is prospective and applies only to refund applications filed on or after its effective date; applications filed before that date are to be dealt with under the pre amendment formula. Separately, the notification restricting refunds for specified goods under chapters 15 and 27 is also prospective and applies only to refund applications filed on or after its effective date.

Refund of unutilised ITC for export of electricity clarified; filing, documentation and calculation procedure prescribed.
Procedure for refund of unutilised Input Tax Credit on export of electricity: file FORM GST RFD-01 under "Any Other" with remark "Export of electricity- without payment of tax (accumulated ITC)", upload Statement 3B (export invoices, energy exported, tariff), the Regional Energy Account statement of scheduled energy from RPC Secretariat, agreements, and Statement-3A calculation. Relevant date is month-end per REA. Export turnover equals scheduled energy (REA) times contracted tariff; use the lower of REA and invoice quantities. Compute refund per Rule 89(4) formula, exclude domestic electricity from adjusted turnover, verify no ITC on domestic supply, and obtain electronic debit proof before issuing refund orders.

Withdrawal of circular on airport retail refund following retrospective omission of the refund rule; state tax commissioner rescinds prior guidance.
The State Tax Commissioner withdraws ab initio the earlier circular that clarified refunds for airport retail supplies because the operative refund rule was omitted retrospectively; the withdrawal is issued under Section 168 of the Uttar Pradesh GST Act and officers are directed to publicize the change by issuing trade notices.

Re-credit in electronic credit ledger after deposit of erroneous refund; officer to re-credit via FORM PMT 03A following verification.
Mechanism for re-crediting electronic credit ledger where taxpayers deposit erroneously sanctioned refunds: upon deposit of the erroneous refund with applicable interest and penalty through FORM GST DRC-03 (debited from electronic cash ledger) and submission of a written request in Annexure-A, the jurisdictional proper officer, after verification, shall re-credit an equivalent amount to the electronic credit ledger by order in FORM GST PMT-03A. Eligible refund categories include IGST refunds obtained in contravention, unutilised ITC on exports without payment, zero-rated supplies to SEZ without payment, and inverted duty structure refunds.

Advance Authorization conditions for wheat flour exports require pre-import wheat sourcing and prohibit domestic procurement and third party exports.
New Standard Input Output Norm (SION) permits export of whole wheat flour (atta) under Advance Authorization only with a pre-import condition for wheat and prohibits domestic procurement; AAs are limited to flour millers or exporters tied to millers, require Customs confirmation of Bills of Entry, mandate EDI port movement, impose a fixed export obligation period from consignment clearance with no extensions, enforce actual user restrictions and ban transfer or third party exports, and prescribe a penalty multiple of the CIF value for shortfall in export obligation.

Modification in Standard Input Output Norms updates permitted input fabric description for waist coats in textile SION.
Modification in Standard Input Output Norms (SION) J-222 changes the import input for the export item "Waist Coat" from "Nylon Fabric with polyester wadding (quilted)" to "Relevant Woven Fabric," keeping the input quantity at 1.16 sq. mtr; the amendment takes effect immediately under the Handbook of Procedures.

Refund of Unutilised Input Tax Credit: amended calculation and specified restrictions apply prospectively to later-filed applications.
Clarifies that the amended formula for refund of unutilised input tax credit under sub rule (5) of rule 89 (Notification No. 14/2022) is prospective and applies only to refund applications filed on or after its effective date, while applications filed earlier remain governed by the previous formula. It further clarifies that the restriction on refunds for specified goods introduced by Notification No. 09/2022 is prospective and applies only to refund applications filed on or after its effective date.

Reporting of OTC trades required in uniform format; compliance mandated for all persons dealing in non-convertible securities.
The circular mandates reporting of OTC trades in listed non-convertible securities by all persons dealing in such securities, irrespective of registration status, in a specified uniform format. The required fields include deal type, security and issuer details, coupon, traded price, trade yield with yield type selected at reporting, trade value in face value terms, trade date and time, settlement details and an end-of-day updated settlement status. Stock Exchanges must monitor compliance and report discrepancies to SEBI.

Green debt security: issuers of municipal debt must follow green-debt provisions and ongoing compliance requirements.
Issuers of municipal debt securities may issue instruments that qualify as green debt security if they meet the definition in Regulation 2(1)(q) of the NCS Regulations. Such issuers must comply with ILMDS Regulations and the additional provisions, initial and continuous disclosure requirements, and compliance obligations for green debt security as specified under the NCS Regulations and related circulars. Stock Exchanges and Depositories must update rules and systems, disseminate the circular, report implementation to SEBI and monitor compliance.