Annual filings: companies may file FY2024 25 e forms without additional fees until 31 December 2025 deadline.
Companies may file specified annual e forms for FY 2024-25 (MGT 7, MGT 7A, AOC 4 variants and AOC 4 XBRL) without payment of additional fees until 31 December 2025 to accommodate deployment of revised forms. This relief does not extend statutory time for holding AGMs; noncompliance remains liable to legal action. Filings after the circular's currency will attract all fees, including additional fees, under the Companies (Registration Offices and Fees) Rules, 2014, from the original due date.

Withdrawal of GST circular rescinds the prescribed supplier procedure for evidence of compliance with valuation-related GST condition.
The Chief Commissioner of State Tax has withdrawn GST Circular No. 13/2024 (09 July 2024), rescinding the previously prescribed procedure by which suppliers were to provide evidence of compliance with the valuation-related condition under the GST law, on the stated basis of ensuring uniform implementation across field formations.

Post-sale discounts: credit notes that don't alter transaction value don't require reversal of input tax credit; inducement rules vary.
Where suppliers issue financial/commercial credit notes without reducing the original transaction value, the supplier's tax liability remains unchanged and the recipient need not reverse Input Tax Credit. Post sale discounts by a manufacturer to a dealer are not consideration for the dealer's supply when sales are independent principal to principal transactions, but are includible in consideration where the manufacturer has an agreement with the end customer and enables the dealer to supply at the agreed discounted price. Discounts that merely reduce the dealer's sale price are not taxable as separate services unless a distinct promotional service with specified consideration is contracted.

Provisional GST refunds: 90% payable for system-identified low-risk claims; detailed scrutiny permitted where reasons are recorded.
Amendment to rule 91(2) permits sanction of 90% provisional refund for refund applications categorised as low-risk by the system, subject to statutory eligibility and existing FORM GST RFD-02/RFD-03 timelines; the proper officer may, for reasons recorded in writing, decline provisional sanction and proceed to detailed examination under rule 92. Non-low-risk applications require detailed scrutiny and no provisional payment. If provisional payment exceeds final admissible amount, a show cause notice in FORM GST RFD-08 will be issued. The risk-based provisional refund regime applies to applications filed on or after 01.10.2025 and is extended as an interim measure to inverted duty structure claims.

Evidence of compliance under Section 15(3)(b)(ii) withdrawn; Commissioner rescinds prescribed procedure for uniformity, report difficulties to Commissioner.
The Commissioner has withdrawn Trade Circular No. 06/2024, removing the previously prescribed procedure for suppliers to provide evidence of compliance with the relevant condition of the West Bengal Goods and Services Tax Act; the procedure shall no longer be required. The withdrawal is effected under the Commissioner's administrative powers to ensure uniform implementation, and difficulties in implementation may be reported to the Commissioner.

Non-convertible securities issuance and listing: consolidated SEBI rules on ASBA/UPI, T+3 timelines, EBP/RFQ platforms, ISIN limits and green disclosures.
This Master Circular consolidates SEBI operational directions on issuance and listing of non-convertible securities and related instruments, prescribes ASBA/UPI application mechanics, roles of SCSBs, intermediaries, stock exchanges and RTAs, standardises listing timelines with optional T+3 acceleration, sets EBP and RFQ platform rules, caps ISIN fragmentation, mandates LEI reporting, requires issuer disclosures and third-party review for green debt securities, and details governance, reporting and settlement obligations including contributions to the LPCC Settlement Guarantee Fund.

Disclosure of allocation methodology: Angel Funds must follow PPM methodology for allocations after extended compliance deadline.
Existing Angel Funds must disclose a defined allocation methodology in their Private Placement Memoranda and ensure that any investment made after the extended compliance date is allocated in accordance with the methodology disclosed in the PPM.

Permanent Trade Facilitation Committees strengthen customs clearance through fortnightly consultation, grievance monitoring, stakeholder coordination and escalation mechanisms.
Permanent Trade Facilitation Committees at each Customs station must meet fortnightly with expanded representation from Customs, trade participants, DGFT, custodians, partner government agencies, shipping lines, logistics providers, trade councils and Customs Brokers. They monitor clearance timelines, address bottlenecks and trade grievances, oversee TSKs, AEM and the ICEGATE helpdesk, and escalate unresolved matters to NACs. A Single Point of Contact must support coordinated clearance, while local issues are to be discussed with relevant agencies and trade bodies.

Faceless assessment compliance requires complete Bill of Entry documentation, clear product particulars and specific query responses for faster clearance.
Faceless assessment requires complete and properly linked e-Sanchit uploads with the Bill of Entry to support correct self-assessment, classification, valuation and duty claims. Importers should provide clear goods descriptions, technical particulars, catalogues, end-use information, value documents and manufacturer details where relevant. Exemption claims must be supported by documents demonstrating compliance with applicable conditions. Required registrations, certificates, licences and import-monitoring information should be completed before filing. Query responses must be specific and exhaustive, while provisional assessment requests must state the reason. Additional documents may be required depending on the goods and assessment needs.

Diamond Imprest Authorisation requires Mumbai-only trade, physical exports 0.25 carat, 10% value addition and customs security requirements.
Diamond Imprest Authorisation (DIA) provisions require online application in ANF 4J; imports/exports only via Mumbai Airport; exports to discharge obligation must be physical Natural Cut and Polished Diamonds 1/4 carat with no one-to-one correlation required; minimum 10% value addition realised in Freely Convertible Currency; Para 2.52(d) not applicable; deemed exports prohibited. Before customs clearance, holder must execute a Bond equal to export obligation and a performance Bank Guarantee equivalent to duty foregone. DIA validity 12 months, export obligation 18 months, one authorisation per IEC per year; fulfilment filed in ANF 4K; default regularised by duty with interest and 1% FOB shortfall payment.

Extension of KYC filing deadline allows DIR-3-KYC and DIR-3-KYC-WEB to be filed without fee.
The Ministry permits submission of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of the filing fee for filings made up to 31st October, 2025, extending the compliance period and continuing relief from General Circular No. 04/2025, with approval of the Competent Authority.

Single unified electronic customs bond replaces transaction-specific bonds through digital execution and linked electronic bank guarantees.
Single Unified Multi-Purpose Electronic Bonds permit importers and exporters to use one All-India electronic customs bond for selected obligations instead of separate transaction-specific bonds at different ports. Applications are created through ICEGATE, scrutinised by jurisdictional customs officers, and electronically stamped and signed through NeSL using Aadhaar-based authentication. e-Bank Guarantees issued by integrated banks may be validated and linked online to electronic or physical bonds. Manual bonds and guarantees for specified scenarios cease to be accepted from 31 October 2025, subject to exceptional prior approval; existing manual bonds continue until expiry.

Electronic CSD GST refunds require validated supplier filings, quarterly claims, invoice checks, and reversal of related input tax credit.
CSD must file section 55 refund claims electronically in FORM GST RFD-10A for qualifying inward goods supplied onward to Unit Run Canteens or authorised customers. Claims may be quarterly or combined for multiple quarters, must be filed within two years from the relevant quarter, and require supplier-reported invoices, supplier return compliance, an undertaking on intended use, and a no-prior-refund declaration. Portal validation limits the claim to fifty per cent of eligible tax and prevents enhancement of auto-populated amounts. The proper officer verifies compliance, invoice eligibility, and reversal of related input tax credit before issuing FORM GST RFD-06.

Additional IGST refund claims after export price increases must be filed electronically with evidence of revised consideration.
Refund of additional IGST paid after an upward revision of export-goods price must be claimed electronically in FORM GST RFD-01 and is processed by the jurisdictional GST officer under rule 89. Pending a separate portal category, the claim is filed under "Any other" with specified remarks, statements 9A and 9B, and supporting evidence. Eligibility requires proof of revised contractual price, payment of additional IGST and interest, reporting in GSTR-1 and GSTR-3B, and receipt of corresponding additional foreign exchange remittance.

Corporate guarantee valuation under GST follows annual guarantee value rules, while full credit and export exceptions alter treatment.
Corporate guarantee services supplied to related recipients remain taxable, with valuation based on the amount guaranteed rather than actual loan disbursement. Rule 28(2) prescribes a value of one per cent per annum of the guaranteed amount or actual consideration, whichever is higher, with proportionate treatment for co-guarantors and shorter guarantee periods. Domestic guarantees operate under forward charge, while guarantees supplied by foreign related entities to Indian recipients are subject to reverse charge. Invoice value is accepted where the recipient has full input tax credit, and the special valuation rule excludes guarantees supplied to recipients outside India.

Pre-deposit for tribunal appeals temporarily stays GST recovery when taxpayers undertake to appeal after tribunal operations commence.
Pending operationalisation of the Appellate Tribunal, a taxpayer seeking to challenge a first appellate order may pay the Tribunal-equivalent pre-deposit through the Electronic Liability Register against the selected demand and give the proper officer an undertaking to file the appeal when the Tribunal operates. Satisfaction of both conditions stays recovery of the balance confirmed demand. Failure to pay, furnish the undertaking, or subsequently file the appeal within the applicable period permits recovery under the JGST Act.

GST time of supply for spectrum usage follows payment due dates or actual payments under reverse charge.
Spectrum allocation services supplied for a right to use spectrum are subject to reverse charge in the hands of the telecom operator. Deferred instalment arrangements constitute continuous supply of services where spectrum usage extends beyond three months with periodic payment obligations. The Frequency Assignment Letter is a bid-acceptance and allotment instrument, not a document issued in lieu of an invoice. GST is payable on an upfront amount when payment is made or becomes due, whichever is earlier; for deferred instalments, liability arises separately when each instalment is made or becomes due, whichever is earlier.

Continuous supply of services determines GST timing for hybrid annuity highway contracts, including construction, maintenance, and interest components.
A HAM concession arrangement for highway construction and operation and maintenance is treated holistically as a continuous supply of services and cannot be split according to staggered payment terms. For payments due on specified dates or completion of events, time of supply is the earlier of invoice issuance and payment receipt where the invoice is timely issued. If not timely issued, it is the earlier of service provision, treated as the contractual payment due date for continuous supplies, and payment receipt. Interest included in annuity instalments forms part of taxable value.

Custodial services to foreign portfolio investors fall under the default place-of-supply rule, not account-holder services.
Custodial services supplied by banks or financial institutions to Foreign Portfolio Investors are not services supplied to an "account holder" for determining place of supply. Although custodial arrangements involve maintaining accounts of securities held by FPIs, they are distinct from services linked to deposit accounts bearing interest to the depositor. Custodial services must therefore be governed by the default place-of-supply rule under section 13(2) of the Integrated Goods and Services Tax Act, 2017, rather than the special rule for account-holder services under section 13(8)(a).

Input tax credit for optical-fiber network ducts and manholes remains available because they qualify as plant and machinery.
Input tax credit on ducts and manholes forming part of an optical fiber cable network used to provide telecommunication services is not restricted under the blocked-credit provisions concerning construction of immovable property. Ducts housing optical fiber cables and manholes serving as network nodes are treated as plant and machinery because they facilitate signal transmission and are necessary for laying, upkeep and maintenance of the network. They do not fall within the specified exclusions for land, buildings, civil structures, telecommunication towers or external pipelines.