Local Committees to review high pitched scrutiny assessments and recommend administrative follow up for fairness in assessments.
CBDT, under section 119, directs constitution of three member Local Committees in each Pr.CCIT region to examine grievances from High Pitched Scrutiny Assessment arising under Faceless and non Faceless regimes. Committees must acknowledge petitions, maintain records, examine prima facie cases of high pitched assessments or procedural lapses, call for assessment records, and submit reasoned reports to the Pr.CCIT. Committees must endeavor to dispose petitions within two months, meet regularly, and Pr.CCITs shall take administrative follow up and submit quarterly reports.

Extension of limitation applies to appeals against quasi-judicial orders, not to routine taxpayer compliances or statutory filings.
The Supreme Court's extension of limitation under GST applies only to filing appeals and proceedings for revision or rectification against quasi judicial orders before appellate authorities, tribunals and courts, and does not affect statutory timelines or notification based extensions for taxpayer compliances; applications for revocation of cancellation of registration remain subject to the time limits specified in the statute or notifications, with missed cases to be pursued by appeal before the relevant appellate authority.

Helpdesk availability extended to round-the-clock support; multiple contact channels provided for exporters to seek assistance.
Helpdesk services for exporters are available on a 24x7 basis through three contact mechanisms: toll free telephone lines for immediate support, an online ticketing service on the website allowing filing and real time tracking of requests, and a dedicated email address; stakeholders are also directed to consult online help manuals, FAQs, and instructional videos for guidance.

IGCR implementation for SEZ-to-DTA clearances requires EPC debit of EI bonds in ICES before SEZ release of goods.
Implementation of IGCR for SEZ clearances to the DTA requires filing the bill of import at SEZ Online; after SEZ assessment the SEZ transmits SEZ B/E details and duty foregone to the jurisdictional EPC/preventive officer, who debits the corresponding EI bond in ICES under the ACP role. After debiting the bond the EPC/Preventive officer notifies the SEZ officer offline to permit release of goods; this offline process continues until integration with SEZ Online.

Compensation for delayed unblocking of ASBA funds: mandatory SCSB liability and revised reporting requirements enforceable immediately.
SCSBs must compensate investors for delayed unblocking of ASBA application amounts as per the March'21 Circular; compensation applies to all ASBA applications. SCSBs must submit Annexure IV in a revised format capturing unblock dates and certify completion of unblocking on BOA+1. To claim processing fees, SCSBs must apply to merchant bankers within thirty days of basis of allotment only after completing unblocking and paying applicable compensation, and must provide detailed data files and remain liable for investor grievances and regulatory enforcement.

GST refund for wrongly paid tax arises when supply classification later changes; claim must be filed within the prescribed time.
Tax paid under an incorrect GST head due to supply misclassification (inter State vs intra State) is refundable where the taxpayer pays tax under the correct head; "subsequently held" includes reclassification by the taxpayer or by tax authorities in any proceeding. The two year limitation for filing the electronic refund application is measured from the date of payment of tax under the correct head, or from the notification date where payment preceded the notification. Refunds are barred if tax has been adjusted through issuance of a credit note.

Input tax credit timing clarified: debit note date governs eligibility, with e invoice QR accepted and export duty exclusion for refunds.
The date for determining the financial year for input tax credit on debit notes is the date of issuance of the debit note; the delinking amendment governs credits availed on or after the amendment's effective date. Where an e invoice with an embedded IRN exists, the QR code may be produced electronically in lieu of a physical tax invoice during movement of goods. The refund restriction in the proviso applies only to goods actually subject to export duty; goods with nil or exempt export duty are excluded from that restriction.

SGST reimbursement for films: registered suppliers must file GSTR returns, submit FORM AR-1 with CA certification, and meet verification checks.
Reimbursement of SGST on specified films is an executive concession, not a statutory entitlement; it excludes B2B supplies and is available only to the registered supplier who issued the invoice after filing FORM GSTR-1 and FORM GSTR-3B. Applications must be submitted in FORM AR-1 with a CA certificate in FORM AR-2; the proper officer verifies activity, return filing, B2C declaration amounts and a minimum of ten sample tickets, then forwards recommendations to the Joint Commissioner (Range) who authorises sanction, while monthly FORM AR-3 reports are sent to Head Office.

Tariff Rate Quota allocation now on first-come, first-served basis with no closing date for online applications.
Online applications for allocation of Tariff Rate Quota under the India-Mauritius CECPA will be considered on a First Come, First Served basis for the financial year, following an amendment to condition (ii)(f) of Annexure III to Appendix 2A of the Foreign Trade Policy. The DGFT, invoking powers under paragraphs 1.03 and 2.04 of the Foreign Trade Policy, has removed any end date for submission of online TRQ applications for the year while keeping other modalities unchanged.

FPI investment limits: sectoral caps retained for government, state and corporate debt; CDS notional sale restricted.
FPI investment ceilings for FY 2022-23 keep existing caps of 6% for Government securities, 2% for SDLs and 15% for corporate bonds, retain the Fully Accessible Route for specified securities, allocate G sec increments 50:50 between General and Long term sub categories and add the full SDL increment to General SDLs; revised absolute limits for the two half year tranches are published. An aggregate cap on the notional amount of CDS sold by FPIs is fixed at 5% of outstanding corporate bonds with an additional notional limit allocated for FY 2022 23.

Authorisation for physical verification of place of business delegated to Central Registration Unit officers, enabling approval for GST registration checks.
Authorisation is conferred to the Joint Commissioner/Deputy Commissioner, Central Registration Unit, State Tax, Jaipur to give approval for physical verification of place of business to the proper officers under the Rajasthan Goods and Services Tax Rules, 2017, by exercise of powers in the provisos to sub rule (1) and sub rule (2) of rule 9.

State legislative competence upheld: state tax on lotteries applies to out of state promoters, prompting assessments and recoveries.
Supreme Court upheld the Karnataka Tax on Lotteries Act, 2004 as within State legislative competence and deemed effective from 10 December 2003. Assessing authorities must complete pending assessments, rectify or reassess orders that granted exemptions under the earlier High Court Division Bench decision, and recover assessed tax, penalties and other dues. Joint Commissioners must personally monitor compliance, ensure divisional officers identify all connected cases, submit case wise and year wise reports within three months, and use the departmental upload of the Act and promoter list as a non exhaustive reference.

Export Promotion Capital Goods Scheme amended to relax extension timelines, require online EO reporting, and streamline EODC procedures.
Amendments to the Export Promotion Capital Goods Scheme extend timelines for extension and regularisation of export obligation periods, introduce structured late fees and composition fees for shortfalls, require online annual reporting of EO fulfilment with late filing penalties, and modernise issuance and electronic forwarding of Export Obligation Discharge Certificates to ICEGATE. Automatic proportional enhancement of authorizations for limited excess imports is retained with obligation to pay additional fee at EODC application, and defaults entail payment of customs duties, taxes, cess and interest.

Scrip transfer controls introduced: timed transfer windows, daily transfer caps, automated unlinking and flagged IEC restrictions.
Re-operationalisation of the Scrip Transfer Recording Module reinstates the IT mechanism with added controls: staged time-lags for initial and successive transfers and after IEC modification, daily limits on transfers per IEC, mandatory registration of original duty scrip at the Port of Registration, automated Email/SMS alerts to IEC contacts, automatic de-linking of Users and DSC/Aadhaar registrations at set intervals, and blocking of flagged IECs from using the module until rectified.

Risk value of commodities: volatility based scoring now determines risk o meter levels for mutual fund commodity investments.
Mutual fund investments in commodities must receive a risk o meter score derived from the commodity's annualized volatility computed quarterly using the past 15 years of the commodity's benchmark index. Volatility bands map to risk values: 20% = 6 (Very High). The rule modifies the earlier Annexure A provision for gold and related instruments and takes immediate effect, requiring AMCs and trustees to apply the volatility based scoring.

Risk management framework for Electronic Gold Receipts mandates VaR, extreme loss margins, collateral rules and T+1 settlement.
The circular mandates a risk management framework for the EGR segment requiring members to deposit liquid assets with the Clearing Corporation to cover MTM losses, a 99.9% VaR margin and a minimum Extreme Loss Margin, with daily valuation, prescribed asset haircuts, concentration limits, and rules for upfront collection on gross open positions. It sets operational rules for early pay-in, T+1 rolling settlement, auctions and close-out pricing, reporting and penalties for short/non-collection of client margins, segregation and pledge of EGR, a dedicated Core Settlement Guarantee Fund and stress-testing and default waterfall obligations for Clearing Corporations.

Container scanning procedure at the port sets out holds, movement controls, seal checks, and clearance only after clean scanning.
Commissioning of a Mobile X-ray Container Scanner at Syama Prasad Mookerjee Port, Kolkata is accompanied by a detailed procedure for containers selected for scanning. The notice sets out the role of the Container Scanning Division, the method of selection and intimation, insertion of system holds for CMAO and CTAO containers, movement only through Gate No. 4 to the scanner yard, record-keeping, seal verification, scanning, mandatory re-entry through Gate No. 8, communication of scan results, issuance of customs documents for containers found Scanned Clean, and segregation of Not Clean containers for 100% examination.

Temporary surrender of professional membership ceases to exist, replaced by Authorisation for Assignment under IBBI model bye laws.
Temporary surrender of professional membership under the model bye laws no longer operates following substitution of the relevant bye law provision; the introduced Authorisation for Assignment replaces that mechanism as the governing regulatory arrangement for insolvency professionals.

Stock exchange arbitration for listed company-shareholder disputes; exchanges must adopt SOPs and publish procedures for investor service issues.
Stock exchange arbitration is mandated for disputes between listed companies and shareholders/investors concerning investor services and entitlements; exchanges must adopt SOPs to resolve transfer, demat/remat, duplicate share, transposition and corporate benefit disputes, apply the mechanism to RTAs acting for companies, notify listed issuers and publish the SOPs on their websites, and implement the directive under the regulator's statutory investor-protection powers with immediate effect.

Omnibus approval validity for material related party transactions clarified, with AGM approvals lasting until the next AGM within fifteen months.
The circular clarifies that omnibus approvals by an audit committee are subject to the one year limit under Regulation 23(3)(e). Shareholder omnibus approval for material related party transactions given at an Annual General Meeting is valid only until the next AGM and in no case for more than fifteen months. Omnibus approvals obtained in general meetings other than an AGM shall not exceed one year. Stock exchanges must notify listed entities and publish the circular.