Treatment of statutory dues under IBC clarified: reduced GST demands must be intimated and recovery adjusted accordingly.
Where insolvency proceedings under the IBC result in reduction of statutory dues owed by a corporate debtor, the jurisdictional Commissioner must issue an intimation reducing the demand to the taxable person and the authority handling recovery; where a recovery summary has been issued, the intimation must be issued in the prescribed form and recovery proceedings may continue only in relation to the reduced amount. Adjudications under the IBC are treated as other proceedings for purposes of post-decision adjustment of government dues, and such amounts are treated as operational debt for claim processes before insolvency authorities.

No Claim Bonus not treated as consideration; permissible invoice deduction reduces taxable insurance premium under GST valuation rules.
No Claim Bonus does not amount to consideration from the insured to the insurer and is not a supply; where NCB is pre disclosed in the policy and recorded in the invoice, it is an admissible deduction from the value of insurance services for GST valuation, and GST is leviable on the premium after NCB deduction. Exemption from mandatory e invoicing for specified sectors applies to the entity as a whole, covering all supplies made by that entity.

Re-determination of tax under section 75(2) requires issuance within the prescribed limitation period and follows non-fraud assessment rules.
When a fraud-targeted show cause notice is held unsustainable and is to be treated as issued under the non-fraud assessment provision, the proper officer must issue the re-determination order of tax, interest and penalty within the two-year period from communication of the appellate direction. Re-determination is confined to amounts for which a show cause notice could validly have been issued under the non-fraud procedure within its limitation window; amounts outside that window are time-barred and must be dropped.

Place of supply: foreign destination for export transport, IGST chargeable and recipient eligible for input tax credit.
Where transportation of goods is to a place outside India, the place of supply of the transportation service is the foreign destination; such supplies are inter State and IGST is chargeable. The recipient located in India may claim input tax credit of the IGST charged, subject to fulfilment of input tax credit eligibility, apportionment and blocked credit conditions. The supplier must report the place of supply in GSTR 1 as a foreign country.

Input tax credit reconciliation: require supplier or chartered accountant verification to substantiate ITC claimed when not reflected in purchase statements.
Clarification prescribes procedure for reconciling ITC claimed in Form GSTR 3B but not reflected in Form GSTR 2A: tax officers must obtain invoice details, verify section 16 conditions (tax invoice, receipt, payment), assess reversals under sections 17/18 and timeliness under section 16(4), and require verification of supplier tax payment via auditor certificate with UDIN for larger discrepancies or supplier certificate for smaller ones; guidance applies to bona fide errors in FY 2017 18 and 2018 19 and to ongoing or pending proceedings only.

Faceless Assessment: Standard Examination Orders phased into RMS across assessment groups, harmonizing examination orders nationwide.
Faceless Assessment through the Risk Management System is being expanded to deploy Standard Examination Orders across additional Assessment Groups on a phased, NAC-wise schedule covering specified commodity chapters and effective dates, thereby harmonizing examination orders and moving second check examinations into the RMS framework; implementation issues are to be reported to the Board.

Assistance in value declaration: new rules require specified importer obligations and checks to verify declared import values.
The Rules create a staged institutional process-receipt of prescribed written references, Screening Committee confirmation and deficiency rectification, Evaluation Committee detailed examination and report-by which the Board may designate classes as identified goods. For such goods importers must make specified declarations at bill-of-entry and comply with system-mandated additional obligations and checks to demonstrate value accuracy; only where reasonable doubt persists will proceedings continue under rule 12 of the Customs Valuation Rules, 2007. An electronic application and Customs Automated System changes will support implementation, with specified review, withdrawal and exception mechanisms.

Derivatives on corporate bond indices permitted, enabling futures with prescribed index, trading and risk management safeguards.
Permits cash settled futures on indices of corporate debt securities rated AA+ and above, subject to SEBI approval of index methodology, contract specifications, trading, clearing and settlement mechanisms, and a clearing corporation defined risk management framework. Index composition rules impose issuer level aggregation, concentration caps, minimum issuers and periodic review. Contract design requirements cover minimum contract value at introduction, trading hours, tenors, quotation and settlement conventions, position limits by participant category, price bands, and margining based on a one day 99.9% VaR with additional extreme loss and spread margins.

Offer for Sale framework: standardized eligibility, disclosure, allocation and settlement rules for exchange-based share sales.
SEBI issues a comprehensive OFS framework detailing eligibility for promoters, companies and non-promoter sellers; required disclosures including floor price, offer size, allocation methodology and green shoe; defined cooling off periods by liquidity; retail reservation and discounting mechanisms; separate T day/T+1 day bidding windows; margin, deposit and risk management obligations including 100% cash margin for retail; allocation and settlement processes with reserved quotas for certain institutional categories and retail investors; default penalties and withdrawal/cancellation rules; equivalent application to listed REITs/InvITs; and rescission of prior OFS circulars.

Change in control of portfolio managers: investors must be informed and given at least 30 days exit without exit load.
Once prior approval for a change in control is granted, the portfolio manager must inform existing investors/clients before effecting the change and provide an option to exit without any exit load for at least 30 calendar days from the date of communication; for co investment portfolio management services, the portfolio manager must ensure compliance with the second proviso of Regulation 22(2). All other prior circular requirements remain unchanged.

Territorial jurisdiction assignment for GST intelligence officers under Assam tax law across the State of Assam.
Exercise of power under section 4(2) of the Assam Goods and Services Tax Act, 2017 assigned territorial jurisdiction to officers posted in the Economic Intelligence Unit. Joint Commissioners, Deputy Commissioners, Assistant Commissioners and Superintendents of State Tax, being members allotted duties in the EIU by the Principal Commissioner of State Tax, Assam, were authorised to exercise their powers within the State of Assam, with headquarters at Guwahati.

E way bill discrepancies: clarified penalty framework for mismatched delivery details and requirements to avoid penalties.
Substitution of paragraph 11 prescribes an issue based penalty framework for Roving Squad detections under the TNGST Act, clarifying that production of a predated ARN or valid rental/lease proof of an additional place of business avoids penalty, whereas absence of such proof attracts prescribed penalties. The amendment addresses varied "bill to-ship to" scenarios, deliveries to construction sites, transporter warehouses, exhibitions, job worker premises and work site stretches, sets lower penalties where consignments are otherwise properly documented, and escalates to higher or maximum penalties for cross locality mismatches or repeated offences, while detailing acceptable proof for place of business.

Exchange outage protocol requires prompt notification and coordinated extension of trading hours to enable orderly intraday position closure.
Standardised operational rules define stock exchange outage and require the affected exchange to immediately notify market participants and the regulator, provide periodic updates, conduct a pre-opening session before resumption, and follow Business Continuity and Disaster Recovery protocols. Automatic, coordinated extension of trading hours across exchanges is triggered by specified timing cutoffs to permit orderly closure of intraday positions, with rules for cessation on the affected exchange if normalcy is not restored. Exchanges must adopt a uniform close-out policy and MIIs must update and board-approve their BCPs.

Settlement mechanism flexibility: authorised bank and payment-aggregator channels may be used to settle RFQ platform trades immediately.
SEBI permits, alongside Real-Time Gross Settlement, payment mechanisms provided by banks and payment aggregators authorised by the Reserve Bank of India to be used for settlement of trades executed on the RFQ platform; Stock Exchanges and Clearing Corporations must put in place necessary infrastructure, amend relevant bye-laws and disseminate the changes, with immediate effect.

Treatment of statutory GST dues requires intimation when insolvency proceedings under IBC reduce assessed GST demands.
Where government dues under RGST Act are reduced by appeal, revision or other proceedings, including adjudication under IBC, intimation of such reduction must be given by the Commissioner to the person and to the authority with whom recovery proceedings are pending; where a confirmed demand with a summary in FORM GST DRC-07/DRC-07A exists and IBC proceedings have been finalised, the Zonal Additional Commissioner (Adm.) shall issue intimation in FORM GST DRC-25 reducing the demand and enabling recovery to continue only in respect of the reduced amount.

Registration authority inclusion: MEDEPC now authorised to issue RCMC for specified mobile and electronic device items.
The Directorate General of Foreign Trade amends Appendix 2T to add Mobile and Electronic Devices Export Promotion Council (MEDEPC) as an authorised body to issue Registration Cum Membership Certificates (RCMC) for a specified list of final products and parts, including smartphones, mobile phones, smart watches, displays, multifunction devices, ADP machines and related parts, batteries, PCBAs, semiconductors and other electronic components; RCMCs issued by the Telecom Equipment and Services EPC or Electronics & Computer Software EPC remain valid until expiry.

Filing of prospectus documents permitted physically during portal migration, with later electronic submission and fee compliance.
Companies may submit Forms GNL-2 and MGT-14 in physical form to the Registrar when MCA-21 portal filing is unavailable; such physical submissions must be signed, accompanied by an electronic copy, and include an undertaking to later file the same forms electronically on MCA-21 with payment of prescribed fees, and the Registrar will provide an acknowledgement in the prescribed annexure.

Filing extension: 15 day extension without additional fees for specified company e forms during MCA21 system upgrade.
Because 45 specified company e Forms will be unavailable in MCA21 Version 2 from 07.01.2023 to 22.01.2023 during rollout of MCA21 Version 3.0, stakeholders with filing due dates in that period are granted an automatic additional 15 day extension without levying additional fees; the extension applies only to the enumerated forms covering director filings, incorporation and conversion matters, share capital and buyback returns, Nidhi and foreign company returns, dormant company status filings, and other Registrar/Regional Director submissions.

Pecuniary limits for adjudication set allocation of officers' authority for issuing show cause notices and passing orders.
Pecuniary limits are prescribed by officer tier for issuance of show cause notices and adjudication orders concerning unpaid or wrongly availed input tax under the State, Central and Integrated GST laws, with penalty and interest excluded from the threshold calculation. The Joint Commissioner has no pecuniary limit. Multiple notices on the same issue for different periods are to be adjudicated by the authority handling the highest-value notice. Intelligence, Enforcement and Audit officers may only issue notices or close proceedings prior to notice issuance. The instructions commence in January 2023.

Proper officer designation under Kerala SGST Act assigns statutory powers to specified officers; delegation to subordinates permitted.
The Commissioner assigns specific officers as proper officers for enumerated sections and rules of the Kerala State Goods and Services Tax Act, 2017, mapping statutory and rule-based powers to designated ranks in a tabulated schedule. The circular confirms that an officer may exercise powers of any subordinate officer under the Act's delegation provision, rescinds inconsistent prior circulars, and declares the assignments effective from the 10th day of January, 2023.