Fake GST registrations drive: coordinated data driven verification enabling suspension, ITC blocking and inter jurisdictional recovery.
Second special All-India drive directs GSTN and DGARM to identify high risk GSTINs for time bound verification by jurisdictional officers; on finding non existent taxpayers, officers shall initiate suspension/cancellation of registration under section 29, block input tax credit under Rule 86A, identify and pursue recipients for recovery, share inter jurisdictional cases via the GSTN Initiate Enquiry module through appointed nodal officers, and submit weekly action reports and GSTIN wise feedback in prescribed annexure formats.

Valuation Report Identification Number requirement: registered valuers must generate and display VRIN before submitting IBC valuation reports.
A mandatory regime requires each valuation report under the Code to bear a unique Valuation Report Identification Number (VRIN) generated via an IBBI online module before submission; the VRIN must appear on the report front page and can be used on the IBBI website to verify authenticity. Insolvency professionals must not accept reports dated on or after the circular without a VRIN.

High-risk PAN cases on Insight portal can trigger initiation of proceedings under Section 148/148A via ITBA worklist.
High risk PAN cases from CRIU/VRU for AY 2014 15 to 2018 19 are disseminated on Insight's Verification module as "High Risk CRIU/VRU Information" (assigned to JAOs). Users may view underlying uploads via Profile View (TAS>>Uploads) or the Uploads tab and may initiate proceedings from the case detail activity panel to initiate proceedings under Section 148/148A, which creates a proceedings flag and a worklist item in ITBA for subsequent action.

SEBI issues an updated master circular consolidating registration, supervision, client protections, tech resilience and QSB obligations for stock brokers.
The Master Circular consolidates SEBI instructions to stock brokers up to August 9, 2024, superseding the May 22, 2024 circular, rescinding specified prior circulars insofar as they relate to stock brokers while preserving legal effects of past actions, and is issued under Section 11(1) of the SEBI Act. It prescribes unified rules on registration (including single registration), risk-based supervision and inspections, internal and system audit norms, client-facing requirements (KYC, Unique Client Code, running account settlement, prohibition of cash), technology and cyber-resilience obligations, an Early Warning Mechanism for diversion of client securities, and an enhanced regime for designation and obligations of Qualified Stock Brokers.

Export General Manifest compliance requires timely correction of filing errors and pending manifests to protect post-export incentive access.
Export General Manifest compliance requires delivery of the manifest before a conveyance carrying export goods departs from the customs station. Incorrect, incomplete or pending EGM filing may delay post-export benefits and incentives. Shipping Bills identified with EGM errors must be reviewed and rectified through the prescribed EGM rectification procedure, while Shipping Bills with pending EGM filing require completion of filing by the concerned parties.

Port clearance procedure requires prescribed vessel certificates and official verification before departure, ensuring customs and safety compliance.
Port Clearance is a statutory prerequisite to vessel departure requiring a prescribed application and mandatory documents: Indian Light House Dues certificate, Immigration NOC, Port Health Certificate, ship registry and safety certificates (construction, radio, equipment), Load Line Certificate, International Oil Pollution Prevention certificate, port dues/NMPT clearance, and income tax certificate for export cargo. The Deputy/Assistant Commissioner, IGM/EGM Section verifies entry records, light dues calculations and the genuineness of certificates before issuing Port Clearance; after hours clearance may be granted by the Deputy/Assistant Commissioner, Docks following equivalent verification.

Interest as foreign contribution must be credited to the FCRA utilization account; FD returns allowed if not speculative.
Interest and income earned from foreign contribution constitute foreign contribution and must be credited back into the foreign contribution account for utilization under the FCRA. Proceeds of fixed deposits or investments created from foreign contribution, on maturity or receipt of returns, may be credited into the association's FCRA utilization account with any bank provided such investments do not fall within the category of speculative activities under the Foreign Contribution (Regulation) Rules, 2011.

InvIT unitholders: nomination restriction waived if appointment right arises under debenture trustee regulation clause (e) proviso.
Paragraph 22.3.1(b) is amended to add a proviso that the restriction barring an entity from nominating a Unitholder Nominee Director-when that entity also has nomination rights as a shareholder or lender to the Investment Manager, the InvIT, its HoldCo(s) or SPVs-shall not apply if the right to appoint a nominee director is available under clause (e) of sub regulation (1) of regulation 15 of the SEBI (Debenture Trustees) Regulations, 1993.

Board nomination rights: proviso allows unitholders to nominate despite lender nomination rights under debenture trustees clause.
The Master Circular's restriction barring a unitholder from nominating a Unitholder Nominee Director when the same entity (or its associate) has director nomination rights as shareholder or lender is amended by a proviso: that restriction will not apply where the right to appoint a nominee director is available in terms of clause (e) of sub regulation (1) of regulation 15 of the Debenture Trustees regulation, permitting such unitholder nomination in those specified cases.

GST classification clarifications set rates for specified goods, exclude larger agricultural packages, and regularise eligible government-programme supplies.
Dual-energy solar cookers, all sprinklers including fire water sprinklers, and parts of poultry-keeping machinery are clarified as attracting 12% GST. Agricultural farm produce in packages exceeding 25 kilograms or 25 litres is excluded from "pre-packaged and labelled" supplies and does not attract 5% GST. Specified past-period issues are regularised on an "as is where is" basis. Regularisation for government-programme supplies of pulses and cereals requires a prescribed certificate and non-availment or reversal of Input Tax Credit.

GST exemption clarified for railway, SPV, RERA, reinsurance and digital payment incentive treatments with retrospective regularisation.
Supplies by Ministry of Railways to the public and between zones, SPV services to Indian Railways for concessioned infrastructure, statutory collections by RERA, specified sharing of digital payment incentives as subsidy, reinsurance (including retrocession) of certain exempt insurance schemes, and accommodation services meeting prescribed value and duration thresholds are clarified as exempt or regularised for past periods on an "as is where is" basis.

Refund entitlement for Canteen Stores Department: electronic filing required; portal validation and quarterly claim conditions govern processing.
CSD is entitled to fifty per cent refund of applicable State tax on inward supplies for subsequent supply to Unit Run Canteens or authorized customers; claims must be filed electronically in Form GST RFD-10A once per quarter (or for multiple quarters/FYs) with supplier and CSD GSTINs on invoices, accompanied by an undertaking and declaration, and are subject to portal validation of supplier GSTR-1/GSTR-3B reporting and invoice-level checks before sanction.

Refund mechanism for additional IGST enables exporters to claim post-export price revision tax recovery via GST RFD-01 portal.
A mechanism is prescribed for claim and processing of refund of additional IGST paid where export prices are revised upward after shipment. Exporters must file Form GST RFD-01 on the common portal (use "Any other" category with specified remarks until a separate category is available). Jurisdictional GST officers will process claims using submitted documentary proof-including shipping bills, invoices, debit notes, proof of IGST payment and FIRCs-and GSTN-provided validated shipping-bill and IGST details. Proper officers will verify GSTR-1/GSTR-3B reporting, scrutinize eligibility, and issue sanction and payment orders where appropriate.

Valuation of corporate guarantee services: GST due annually by guarantor based on prescribed rate or actual consideration.
Clarification explains that services of providing corporate guarantees between related persons were taxable prior to the insertion of rule 28(2) and that guarantees issued or renewed on or after the retrospective effective date must be valued under rule 28(2). The value of supply is the higher of actual consideration and the prescribed annual benchmark of the guaranteed amount, applied pro rata for shorter periods and multiplied for multi year guarantees. Valuation is independent of loan disbursal; domestic intra group guarantees follow forward charge while overseas guarantors attract reverse charge; assignment of loans does not itself trigger GST.

Pre-deposit mechanism mapped in Electronic Liability Register stays recovery pending filing of appeal before Appellate Tribunal.
Where appellate tribunal is not operational, taxpayers may pay an amount equal to the required pre deposit via Services Ledgers Payment towards demand, mapping it in the Electronic Liability Register Part II to the specific order; on providing an undertaking to file appeal when the Tribunal is constituted, such payment will be treated as the statutory pre deposit and the remaining confirmed demand will be stayed. Payments inadvertently made via Form GST DRC 03 may be adjusted against pre deposit once Form GST DRC 03A is filed, and until that portal functionality exists taxpayers should intimate the proper officer to avoid recovery.

Monetary thresholds for departmental appeals in legacy indirect tax matters preserve challenges involving constitutional validity and ultra vires instruments.
Departmental appeals in legacy Central Excise and Service Tax matters are governed by revised monetary thresholds for CESTAT, High Court and Supreme Court proceedings, with application to pending cases. Adverse judgments must nevertheless be contested where constitutional validity is challenged or a notification, instruction, order or circular is held illegal or ultra vires. Non-filing under these thresholds does not amount to departmental acceptance of the issue and does not bar proceedings in another matter involving the same or similar question of law.

Yield to Call valuation: Mutual funds must value AT 1 bonds on YTC basis under regulatory guidance.
Mutual funds must value Additional Tier 1 bonds on a Yield to Call basis, consistent with NFRA's view that market practice and Ind AS 113 market based measurement support YTC. This valuation mandate is confined to valuation only; deemed maturity for other regulatory purposes and the capture of liquidity risk for perpetual bonds remains governed by clause 9.4.2 of the Master Circular.

Market abuse deterrence mechanism required for asset managers to detect alerts, process investigations and report regulatory actions.
AMCs must implement an institutional mechanism to identify and deter market abuse, including front running and fraudulent transactions, combining alert based surveillance, internal controls and escalation processes. Accountability lies with the CEO/MD (or equivalent) and Chief Compliance Officer. Procedures must provide for timely alert generation and processing, review of recorded communications, access logs and CCTV, board approved SOPs, personnel actions on suspicious activity, an escalation route to board and trustees, a documented whistle blower policy and periodic system reviews. Exchanges and depositories shall enable data sharing; AMCs must report examined alerts and actions in the Compliance Test Report and Half yearly Trustee Report.

Exchange Rate Automation Module automates SBI-derived exchange rate publication on ICEGATE, effective from the following midnight.
ERAM on ICEGATE automates receipt of SBI card rates, adjusts them to the nearest five paise, integrates them into ICES and publishes them online at prescribed times; published rates take effect from midnight of the following day and are retained for historical reference, while designated nodal officers and contingency procedures govern failures, with the last updated rates remaining in force until corrected.

Higher TDS/TCS non-applicability: deductor/collector not liable where deductee/collectee died before PAN-Aadhaar linkage, normal provisions apply
Higher rate of TDS/TCS under section 206AA/206CC will not be applied where higher deduction/collection related to transactions entered up to 31.03.2024 and the deductee/collectee died on or before 31.05.2024 before PAN-Aadhaar linkage; the deductor/collector shall not be liable to apply those higher rates and normal deduction/collection under Chapter XVII-B or Chapter XVII-BB shall apply.