Input tax credit for electronic commerce operators follows the clarification for platform-supplied services subject to operator tax liability.
Goa Goods and Services Tax administration applies, mutatis mutandis, the Central clarification on input tax credit availed by electronic commerce operators for services supplied through their platforms where tax liability rests on the operator under section 9(5) of the Central Goods and Services Tax Act, 2017. The direction seeks uniform implementation under the Goa Goods and Services Tax Act, 2017.

Input tax credit restriction: ECOs liable under section 9(5) must not use ITC to pay tax, must pay in cash.
ECOs liable to pay tax on specified services under section 9(5) are not required to reverse input tax credit on inputs and input services proportionately; nonetheless the entire tax liability for such supplies must be discharged only through the electronic cash ledger and ITC attributable to inputs and input services used to facilitate those supplies cannot be utilised to pay that tax, although such credit may be used to discharge tax on supplies made by the ECO on its own account.

Interest waiver: procedure for recovery proceedings-eligibility, exclusions, required documentation, and decision within specified timeline post-demand.
Applications for waiver or reduction of interest in recovery proceedings must be filed to the Recovery Officer with proof meeting the three Section 220(2A) conditions (hardship, circumstances beyond control, cooperation). Relief applies only for periods after service of the demand notice and only where the principal amount is fully paid. The Board has delegated decision-making to a Panel of Executive Directors for smaller interest amounts and to a Panel of Whole-time Members otherwise; specified exclusions apply and incomplete or ineligible applications are to be returned. Applicants must be heard and the Competent Authority must decide within twelve months of receipt of a complete application.

Nomination facilities in securities accounts are streamlined with stricter verification, simplified transmission, and clearer nominee rights.
Nomination facilities for demat accounts and mutual fund folios are revised to standardise transmission rules, strengthen identity verification, and reduce unclaimed assets in the securities market. The framework reiterates survivorship, simultaneous death, HUF transmission, nominee status as trustee for legal heirs, pro rata distribution among surviving nominees, and creditor discharge before transmission. It also prescribes online and physical nomination safeguards, mandatory nominee identifiers, optional nominee KYC during the investor's lifetime, and a limited-document transmission process that excludes affidavits, indemnities, undertakings, attestation, or notarisation.

Mandatory sea cargo manifest filing in SCMTR formats standardizes arrival, departure and local manifests nationwide, requiring traders to conform.
Mandatory filing of arrival, departure and local manifests is required in the specified electronic formats under the Sea Cargo Manifest and Transshipment Regulations (SCMTR), with all sea ports and ICDs nationwide moving to SCMTR compliant message formats. The notice requires stakeholders to adopt SCMTR formats for SAM, SDM, local ICD manifests and related amendment and transshipment messages, urges consultation of Message Implementation Guidelines and advisories on ICEGATE, recommends test filings, and identifies a contact point for implementation difficulties.

Mandatory use of eBKray platform required for liquidation auctions, with exclusive listing of unsold assets and deadline compliance.
Mandates insolvency professionals to use the eBKray auction platform exclusively for conducting liquidation auctions and to complete listing of all unsold assets in ongoing liquidation cases by the specified deadline, as an operational escalation of earlier directions to streamline liquidation and improve transparency, issued under the powers conferred by the insolvency law.

Extension of filing deadline for liquidation monitoring forms grants more time but requires accurate, supported submissions.
The Board extends the final filing date for liquidation and voluntary liquidation monitoring forms in response to representations about technical difficulties and provides FAQs and a support email for assistance. Insolvency professionals must ensure submitted information is accurate, truthful and consistent with supporting documents; errors like entering zero values are prohibited. The circular is issued under section 196(1) of the Insolvency and Bankruptcy Code, 2016.

Mutatis mutandis application of central GST corrigendum ensures uniform implementation within the State GST framework.
Uniform implementation under the Goa Goods and Services Tax framework is secured by extending, mutatis mutandis, the central corrigendum connected with the earlier GST clarification. The corrigendum applies for implementation of the Goa GST Act, subject to necessary contextual adaptations, to ensure consistent administration.

Voucher transactions not treated as supply; trading exempt while agent commissions and ancillary services remain taxable.
Transactions in vouchers are not a supply of goods or services: RBI recognised pre paid instruments qualify as money and are excluded; non RBI vouchers are actionable claims (not specified actionable claims) and fall under Schedule III, hence not supplies. Under principal to principal distribution, trading in vouchers is not leviable to GST; under agency/commission models, agents' commission is taxable as supply of services. Ancillary services provided to voucher issuers are taxable, while unredeemed vouchers (breakage) do not constitute consideration for any supply and are not taxable.

Place of supply rules: online service suppliers must record recipient state, making recipient location the place of supply.
Suppliers of online or digital services to unregistered recipients must record the name of the State of the recipient on the tax invoice irrespective of value; that State name is deemed the address on record for determining place of supply under section 12(2)(b) of the IGST Act, making the place of supply the recipient's location. This applies to supplies by suppliers using their own digital platform, supplies by or through electronic commerce operators, OIDAR services and online money gaming. Suppliers must collect such State details before supply, report the recipient location in FORM GSTR-1/1A, and non-compliance may attract penalties under section 122(3)(e) of the WBGST Act.

Deemed receipt of goods under GST permits claiming input tax credit when supplier hands goods to transporter on recipient's direction.
The circular explains that under clause (b) of sub section (2) of section 16, goods delivered by the supplier to a transporter at the supplier's premises on the direction of the recipient are deemed to have been received; accordingly, for EXW contracts where property passes at the supplier's factory gate, the recipient may claim input tax credit upon such handing over, subject to other conditions in sections 16 and 17 and exclusion where goods are diverted or disposed for non business purposes.

Input tax credit: ECOs must pay notified platform service tax from cash ledger and cannot use ITC for that liability.
ECOs liable to pay tax as supplier for notified platform services are not required to reverse ITC proportionately for such supplies; the principle applicable to restaurant services extends to other specified services. Full tax liability on those supplies must be paid only through the electronic cash ledger, and ITC relating to inputs and input services used to facilitate those supplies cannot be utilised to discharge that special levy, though such ITC can be used for the ECO's own supply tax liabilities.

Research analyst compliance: new certification, deposit, disclosure, segregation and audit obligations require phased implementation and client protections.
SEBI's guidelines require research analysts and entities to obtain prescribed NISM certifications, maintain specified bank deposits with lien to RAASB tied to client counts, segregate research and distribution activities at client level, disclose terms and AI usage, furnish model portfolio disclosures, comply with KYC and five year record retention, conduct annual compliance audits reporting adverse findings and publish audit status on websites, and observe specified phased timelines for bringing existing and new RAs into compliance.

Investment adviser compliance: new SEBI rules tighten deposits, fees, AI disclosures, audit and recordkeeping obligations.
SEBI's circular implements amendments to the Investment Advisers Regulations, 2013 by prescribing tiered deposit requirements tied to client counts with lien to IAASB, conditions for dual registration of research analysts as investment advisers with arms length segregation, criteria and disclaimers for part time IAs, principal officer and entity form transition deadlines for partnership firms, appointment and certification requirements for independent compliance officers, mandatory disclosures and client undertakings for advice on non SEBI products and AI usage, revised fee modes and ceilings with flexibility to change modes, client level segregation rules, standardised MITC in agreements, timestamped call recording retention for execution consents, enhanced annual compliance audit and publication obligations, and website reporting requirements, with specified phased compliance dates.

Revision of timelines to working days for credit rating processes streamlines rating reviews and press-release obligations.
CRAs must treat specified procedural periods in the Master Circular as working days, immediately converting press-release publication, rating-review dissemination after issuer statements, INC migration after NDS non-submission, and follow-up/press-release triggers for missing debenture trustee confirmations into working-day timelines, to ensure uniformity in handling rating actions and disclosures.

GST treatment of vouchers excludes voucher transactions and unredeemed breakage, while taxing agency commissions and separate support services.
Transactions in vouchers are neither supplies of goods nor services where the voucher qualifies as money or as a non-specified actionable claim; GST may nevertheless apply to the underlying goods or services obtained on redemption. Principal-to-principal voucher trading, involving autonomous ownership and resale, is not taxable. Commission or fees received by agents for distribution and related obligations are taxable as services, as are separately supplied promotional, technology, customisation or support services. Breakage on unredeemed vouchers is not taxable where no underlying supply occurs and no agreement makes non-redemption a taxable act or forbearance.

Place of supply for online services must follow the unregistered recipient's State recorded on the tax invoice.
For online money gaming, OIDAR services and all online supplies of services to unregistered recipients, suppliers must record the recipient's State name on the tax invoice irrespective of supply value. That State name is deemed to be the recipient's address on record, making the recipient's location the place of supply. The place of supply must be declared accordingly in outward-supply details. Suppliers must obtain the recipient's State details before supply, and omission of mandatory invoice particulars may attract penal action.

Input tax credit on Ex-Works supplies may arise upon handover to the recipient's transporter when title passes at supplier premises.
Under an Ex-Works contract, a registered person is regarded as having received goods when the supplier hands them to a transporter at the supplier's business premises for onward transmission on the recipient's behalf, where property in the goods passes at that time. Physical arrival at the recipient's premises is not required for input tax credit under clause (b) of sub-section (2) of section 16. Credit remains subject to other conditions, including business use, and is unavailable for non-business diversion, loss, theft, destruction, write-off, gifts, or free samples.

Input tax credit for electronic commerce operators need not be reversed, but specified-service tax must be paid in cash.
Electronic commerce operators paying tax on specified services supplied through their platforms need not reverse input tax credit proportionately for those supplies. The full tax liability under the special tax-payment mechanism must be paid through the electronic cash ledger, and input tax credit cannot be used for that liability. Such credit may, however, be used to discharge tax on the operator's own platform-related services, including services supplied for platform fees or commissions.

Settlement of inactive client funds shifted to monthly running account settlement cycle; trading before that restores client settlement preference.
For clients with a credit balance who have not traded in the thirty calendar days since their last transaction and whose funds remain with the Trading Member beyond that period, the entire credit balance shall be returned to the client on the upcoming settlement date of the monthly running account settlement cycle as notified by exchanges, irrespective of the settlement cycle preferred by the client; if the client trades after thirty calendar days but before that upcoming monthly settlement date, settlement will follow the client's indicated quarterly or monthly preference.