IGCR Intimation Number: obtain a fresh IIN at ICEGATE for use in Bills of Entry for the new fiscal year.
Generation and use of the IGCR Intimation Number (IIN) at ICEGATE is required for IGCR imports for the new financial year; IINs issued in or before the prior year expire at year-end and importers must generate fresh IINs at ICEGATE to populate Bills of Entry filed from the start of the new fiscal period. The notice operates as a standing order for department staff and provides ICEGATE contact points for operational issues.

Telecom equipment: importers must declare alphanumeric product codes for specified tariff items from 01.04.2023 onward.
Importers of goods classifiable under tariff items 85176290 and 85176990 must, from 01.04.2023, declare the prescribed alphanumeric product identifier from Annexure 2 in the Bill of Entry at filing; Annexure 1 illustrates the covered telecom product categories (optical transport, packet optical transport, IP radios, VoIP systems, carrier Ethernet/MPLS/PTN, and LTE/5G MIMO elements) to enable consistent identification under the amended notification.

Revenue recognition under Ind AS: measure revenue and trade receivables at transaction price unless significant financing exists.
Non-compliance concerns arise where companies state revenue is measured at fair value of consideration received or receivable, whereas Ind AS 115 requires revenue to be recognised at the transaction price allocated to performance obligations. Similarly, trade receivables are often incorrectly described as initially recognised at fair value, but Ind AS 109 provides that trade receivables without a significant financing component are initially measured at the transaction price defined in Ind AS 115. Companies and auditors must align policies and disclosures with these Ind AS measurement requirements.

Appeal filing date rule: provisional acknowledgement treated as filing date when order is on portal; otherwise submit self certified copy promptly.
Amendment to Rule 108(3) provides that if the decision or order appealed against is uploaded on the common portal, the provisional acknowledgement date shall be the date of filing; if not uploaded, the appellant must submit a self certified copy within seven days of filing FORM GST APL-01, after which the Appellate Authority issues a final acknowledgement in FORM GST APL-02 and the provisional acknowledgement date is treated as the filing date, while late submission makes the submission date the filing date.

GST classification of Rab: rate for pre-packaged and labelled supplies and nil for others, effective from March.
Effective 1 March 2023, Rab sold in pre-packaged and labelled form attracts a GST rate, whereas Rab sold in any other form attracts nil GST; past-period treatment is regularized on an "as is" basis and implementation difficulties are to be reported to the Chief Commissioner of State Tax.

Mandatory electronic filing transition for Non Preferential Certificate of Origin extended, online use optional until the extended deadline.
Extension of the mandatory electronic filing transition for Non Preferential Certificates of Origin on the Common Digital Platform to 31 December 2023; use of the e CoO system remains optional until that date and manual/paper processing is permitted. Designated issuing agencies must sensitize and encourage exporters to register for and use the online platform; guidance and Help Manual & FAQs are available on the e CoO landing page.

Scheme of arrangement filings by unlisted infrastructure institutions require SEBI observation before court filing, with prescribed disclosures and fees.
Unlisted Market Infrastructure Institutions proposing a scheme of arrangement must file the draft scheme with SEBI for an observation or no-objection letter before approaching any Court or Tribunal. Filings must include board approval, a registered valuer's report with a recent undertaking, an Audit Committee recommendation addressing need, rationale, synergies and shareholder impact, a SEBI-registered merchant banker fairness opinion, audited financials, auditor certification of accounting treatment, disclosures on defaults and litigation, lender NOCs where applicable, a complaints report, and a certified compliance report; the draft must be disclosed on the MII's website upon filing.

Nomination requirement for mutual fund holders gets extended, delaying folio freezing and requiring repeated compliance reminders.
Existing individual mutual fund unit holders were required to either provide nomination or opt out of nomination, with non-compliant folios originally liable to be frozen for debits. The freezing date was extended to September 30, 2023, while AMCs and RTAs were directed to send fortnightly emails and SMS guidance to non-compliant unit holders. All other provisions of the earlier nomination circulars remained unchanged.

Electronic filing requirement for Form 10F relaxed for certain non-residents; manual submission permitted until 30 September 2023.
Notification 03/2022 mandated electronic furnishing of Form 10F. Non-resident taxpayers without PAN who are not required to obtain PAN were exempted from mandatory electronic submission until 31 March 2023; that partial relaxation is extended to permit manual filing of Form 10F by that category until 30 September 2023.

Return scrutiny automated module notifies taxpayers of annual-return discrepancies for online compliance and resolution.
An online module has been deployed to operationalize annual-return scrutiny: proper officers will use system-generated notices to inform taxpayers of discrepancies, quantify tax-related impacts where possible, and seek explanations within the prescribed period; acceptable explanations end further action, while unsatisfactory or unrectified discrepancies may trigger adjudicatory or recovery proceedings. The module supports attachment of additional officer-entered discrepancy points, automated PDF notice generation, transmission via the GST portal, and MIS-based monitoring by zonal and divisional authorities, with technical support routed to the headquarters IT/GST section.

Refund for unregistered persons: temporary registration and portal claims allowed for tax borne on cancelled advance contracts or policies.
Enables unregistered recipients who bore GST on advance payments for cancelled construction contracts or terminated long-term insurance to obtain temporary registration via PAN, complete Aadhaar authentication, provide PAN-linked bank details, and file FORM GST RFD-01 under 'Refund for unregistered person' uploading Statement 8 and the supplier's certificate. Refunds cannot exceed tax declared on invoices, are subject to the minimum statutory threshold, require separate applications per supplier/state, and rely on the supplier's cancellation letter as the relevant date where no receipt date exists; proper officers will process and issue FORM GST RFD-06 with a speaking order.

GST exemption for government-supplied mess accommodation and non-taxability of government subsidies to acquiring banks clarified.
Accommodation services supplied by armed forces and similar messes to personnel qualify as government-supplied services and are covered by the exemption for services provided by government entities when supplied to persons other than business entities. Incentives from the Ministry of Electronics and Information Technology to acquiring banks for RuPay debit card and low-value BHIM-UPI transactions are subsidies linked to the price of the service and are not consideration; accordingly they do not form part of the taxable value and are not taxable.

GST classification clarified: key goods reclassified and rates fixed affecting tariffs, cess applicability, and import rate eligibility.
Rab is classifiable under Tariff Heading 1702 attracting 18% GST. By-products of dal/pulses milling (Chilka, Khanda, Churi/Chuni) are fully exempt irrespective of end-use and interim transactions are regularized on an "as is" basis. Carbonated fruit drinks with fruit juice classify under HS 2202 99 and attract 28% GST plus Compensation Cess; snack pellets made by extrusion fall under tariff item 1905 90 30 with 18% GST. Compensation Cess higher rate applies to SUVs meeting all four specified specifications. Importers may claim lower IGST rates where eligible.

Inoperative PAN triggers refund denial, no interest, and higher TDS/TCS until PAN is made operative.
Failure to intimate Aadhaar causes PAN to become inoperative, which prevents payment of any tax refund and interest thereon for the specified period, and triggers higher rates of tax deduction and tax collection at source; these consequences operate from 1 July 2023 until PAN is made operative by intimating Aadhaar, with a fee required to restore operability and statutory exemptions preserved.

Digital payment requirement mandates electronic-only fee remittance for the securities lending scheme, with receipts upon payment realization.
Payments of fees, penalties and recoveries under the Securities Lending Scheme must be made only by electronic modes (NEFT/RTGS/IMPS, SEBI payment gateway or other SEBI specified digital modes); approved intermediaries shall be sent receipts after realization of such payments. Stock exchanges and clearing corporations must implement system changes, amend bye laws, disseminate the change to members and confirm compliance. Other provisions of the 1997 scheme remain in force; the amendment is effective from April 1, 2023.

Nomination compliance timeline extended for trading and demat accounts, with freezing provisions now deferred and reporting duties strengthened.
The timeline for existing eligible trading and demat account holders to furnish nomination details or a declaration opting out of nomination has been extended, and the freezing provisions will now take effect from September 30, 2023 instead of March 31, 2023. Stock brokers and depository participants must send fortnightly email and SMS communications to clients where nomination details are not captured, while stock exchanges and depositories must amend relevant rules, disseminate the circular, and submit monthly reports on implementation efforts.

FPI onboarding streamlined: scanned applications, digital signatures, SWIFT-certified attestations and PAN verification enabled for faster registration.
Registration may be provisionally granted on the basis of scanned, certified CAFs and supporting documents, with PAN allotment processed via the CAF module and KYC uploaded to KRAs; custodians must block account activity until physical documents are verified and, following verification, apply for CP Codes to enable FPI market access. Digital signatures compliant with the Information Technology Act are permitted for CAF execution, authorised bank officials may certify copies via SWIFT messages, and FPIs may submit a unique investor group ID in lieu of full constituent details. Timing references in the Master Circular are clarified and the changes are effective immediately.

Telecom equipment imports must include alphanumeric product identifiers in bills of entry from 01.04.2023.
Specific telecommunication product categories are mapped to identifying codes in Annexures to facilitate consistent classification; importers are required to declare the corresponding alphanumeric identifier in the Bill of Entry for affected tariff headings under the Electronic Integrated Declaration framework, effective 01.04.2023, and the notice functions as a standing order for the Customs office with consultation from the Department of Telecommunications.

Electronic Cash Ledger implementation requires ICEGATE registration and mandates all customs payments through the e cash ledger.
Implementation of an Electronic Cash Ledger (ECL) requires all customs payments to be made from the e cash ledger once operational; authorized couriers must register on ICEGATE to avail the facility, and the Regulations prescribe maintenance, payment mechanics and discrepancy resolution, with designated helpdesk contacts for implementation issues.

Vigilance-led anti-smuggling investigations must be handled by the Central Intelligence Unit, otherwise by the Special Intelligence unit.
Anti-smuggling matters presenting a vigilance angle must be investigated by the Central Intelligence Unit (CIU), while matters that involve only revenue loss or prohibition/restriction violations without a vigilance aspect are to be handled by the Special Intelligence and Investigation Unit (SIIB). Cases discovered to fall within the other unit's remit after initial assessment must be transferred accordingly. Custom Houses are advised to establish CIUs, place them under senior Commissioner-level oversight, maintain registers and periodic reports, and ensure liaison with other enforcement agencies.