Accredited investor fee flexibility: advisory fees may be bilaterally negotiated, overriding standard prescribed fee modes.
SEBI exempts accredited investors from the prescribed modes and limits on Investment Adviser fees in para 2(iii) of the earlier circular; fees for accredited investors shall instead be governed by bilaterally negotiated contractual terms, while other provisions of the circular remain applicable.

Accredited investor status permits bilateral negotiation of exit loads for large value accredited investors, exempting standard exit-load rules.
The circular confirms that "accredited investor" adopts the AIF Regulations' definition and provides that for "large value accredited investors" the quantum and manner of exit load shall be governed by bilaterally negotiated contractual terms between client and portfolio manager, rendering para 3(iv) of the February 13, 2020 Circular inapplicable to such clients while other provisions remain unchanged.

DGST reimbursement for film admissions requires tax-free tickets, tax deposit, verification, and compliance with pricing conditions.
Delhi GST/SGST deposited on admission services for exhibition of the film "83" may be reimbursed where multiplexes and cinema halls do not charge SGST from viewers, retain prevailing admission fees and seating capacity, and mark tickets to show that SGST has not been charged. Operators must deposit the tax through separate challans and apply to the Proper Officer in the prescribed form with challan copies and details of admissions and tax deposited. Reimbursement follows verification, is subject to fund availability, and excludes tax already collected from viewers.

Customs Tariff correlation guidance issued: stakeholders must update classifications, publicise changes, and consult CBIC resources for transition.
CBIC issued guidance implementing alignment of the Customs Tariff with the seventh edition of the Harmonized System, noting significant six digit amendments and incorporation into the First Schedule through the Finance Act. Stakeholders are to be informed and outreach conducted to facilitate transition. A correlation guidance document is published on the CBIC website to assist with reclassification and procedural transition, and the Tariff Unit is available as a contact point for difficulties and queries.

GST classification and rates clarified: reclassification of seeds, copra, henna, reagents and packaging with specified tax treatments.
Clarifies GST classification and rates: fresh fruits/nuts exempt only if supplied unprocessed; seeds under heading 1209 taxable at 5% when not for sowing; copra excluded from coconut exemption and taxed at 5%; pure henna powder/leaves at 5%; scented sweet supari and flavored/coated cardamom products at 18%; Brewers' spent grain and analogous residues under heading 2303 at 5%; all goods under heading 3006 at 12%; all reagents under heading 3822 at 12%; original DGH essentiality certificate acceptable for inter state stock transfers; external batteries and UPS taxed separately; renewable energy projects valuation 70:30 applied for past period without refunds; fibre drums uniformly at 18% going forward.

Correction of MEIS serial number: HS code 85414012 entry revised so serial now reads 8147 under FT Policy.
Under the Foreign Trade Policy, the Directorate corrected the MEIS serial number for HS Code 85414012 in Public Notice No. 43/2015-2020 so that the previously listed MEIS serial number 8145 shall be read as 8147, effecting a clerical amendment to the MEIS column of the original notice.

E-commerce operator GST liability: ECO must pay GST on restaurant services supplied through its platform, not collect TCS.
E-commerce operators are liable to pay GST on restaurant services supplied through their platforms under section 9(5); they need not collect TCS or file GSTR-8 for such services, must issue invoices for restaurant services, and may not use input tax credit to discharge the GST on those restaurant services though they retain ITC eligibility for their own inputs. Aggregate turnover of suppliers must include supplies made through ECOs, and ECOs should report these supplies in existing GST returns as outward taxable supplies.

Investor charter requirement: custodians and DDPs must publish charters online and disclose monthly complaint data publicly.
Registered custodians and Designated Depository Participants must prominently publish the prescribed Investor Charter on their websites, which sets service timelines and investor guidance, and must disclose monthly complaint data and redressal statistics in the Annexure B format on their websites to increase transparency of grievance handling. The timelines apply where client submissions are complete and entities are required to publish monthly data by the prescribed deadline.

Commercial paper listing requirements tightened: enhanced tranche disclosure and issuers under three years limited to Qualified Institutional Buyers.
The circular tightens Commercial Paper listing and disclosure: tranche-level details (ISIN, amount, issue/maturity dates), all credit ratings including unaccepted ratings with dates, CRA name and validity, declaration of rating validity at issuance and listing, issuing/paying agent details; issues by issuers under three years must state subscription is limited to Qualified Institutional Buyers; financial information obligations vary by issuer age, requiring audited/limited review consolidated (where available) and standalone statements with auditor qualifications covering either the last three years or the years of existence. These amendments are effective immediately.

Limitation period for remand-back assessments must follow the Supreme Court's extension when framing fresh assessments.
Assessing authorities must frame fresh remand-back assessments within the one-year period after a remand direction, and must apply the Supreme Court's extension of limitation periods to that one-year timeframe where applicable, ensuring departmental practice aligns with the extended limitation regime for judicial and quasi judicial proceedings.

Transitional credit filing directions clarify physical TRAN-1/TRAN-2 verification, correction, and GSTN transmission for glitch-affected taxpayers.
Direction for implementation of the High Court's order on late filing of TRAN-1/TRAN-2 by taxpayers affected by technical glitches. Jurisdictional Authorities must receive physical TRAN-1/TRAN-2, prepare a report under section 140 and Rule 117, allow a single correction opportunity where objections arise, and forward the verified papers to GSTN within the prescribed timelines. The mechanism is to be used only once, and filings made under it are not to be treated as time-barred.

GST registration suspension requires electronic notice, taxpayer response, and officer review before cancellation or restoration of registration status.
Suspension of GST registration applies where return comparisons or other analysis disclose significant discrepancies or anomalies indicating contraventions that may lead to cancellation. The taxpayer receives electronic intimation and must reply online within thirty days in FORM GST REG-18, explaining the discrepancies and evidencing compliance. After examining the reply or upon expiry of the response period, the proper officer may drop the proceedings in FORM GST REG-20 or cancel registration in FORM GST REG-19. Suspension may be revoked on a prima facie satisfactory reply while verification and recovery action continue.

GST liability on restaurant service now rests with e-commerce operators, who must pay tax in cash and issue invoices.
From 1 January 2022, GST on restaurant service supplied through an e-commerce operator is payable by the ECO in cash under section 9(5). ECOs paying this tax need not collect TCS or file GSTR-8 for those services, may not use ITC to discharge the cash liability, and must issue the invoice for such restaurant services. ECO liability covers supplies by unregistered restaurants, and restaurants must include ECO-mediated supplies in their aggregate turnover; ECOs should report and pay these taxes in GSTR-3B and the appropriate tables of GSTR-1 for the time being.

E-commerce operators liable to pay GST on restaurant service; TCS collection ceases for those supplies and ITC cannot be used.
E-commerce operators must pay GST in cash on Restaurant Service under section 9(5) supplied through their platforms from 1 January 2022; they need not collect TCS or file GSTR-8 for those restaurant services, but TCS continues for other supplies. ECOs already registered need not obtain separate registration; ECOs are liable even for services supplied by unregistered restaurants. The supplier must include such supplies in aggregate turnover, ECOs must issue invoices for restaurant services, and report them as outward taxable supplies in GSTR returns for the time being.

GST liability on restaurant services through e-commerce operators shifts tax payment to the operator, changing TCS and ITC treatment.
ECOs are liable to pay GST on restaurant service supplied through their platforms and will not collect TCS or file GSTR-8 for those services; TCS continues for other non-notified supplies. No separate registration is required for ECOs already registered. ECOs must pay GST on services supplied through them even if the supplier is unregistered, and such supplies count towards the supplier's aggregate turnover. The ECO issues the invoice for restaurant services, may continue to claim ITC on its inputs, but cannot use ITC to discharge GST on restaurant services and must pay that GST in cash. Reporting may be done in GSTR-3B and relevant GSTR-1 tables.

Input tax credit time bar: debit note date determines financial year for ITC eligibility; e invoice QR replaces physical invoice.
For ITC time bar purposes the date of issuance of a debit note determines the relevant financial year and the amended rule governs ITC availment on or after its effective date; production of an e invoice QR code with the embedded IRN electronically suffices instead of carrying a physical tax invoice during movement; and the refund restriction on unutilized ITC applies only to goods actually subject to export duty at the time of export, excluding goods with nil or exempted export duty.

Dynamic QR Code applicability clarified: invoices to foreign recipients with payment via RBI approved modes may omit QR codes.
Where an invoice is issued to a recipient located outside India for services whose place of supply is in India, and the payment is received by the supplier in convertible foreign exchange or in Indian rupees where permitted by the RBI, such invoice may be issued without a Dynamic QR Code because the recipient located outside India cannot use the Dynamic QR Code for payment.

Merchant bankers must publish an Investor Charter and monthly complaints data on their websites for InvIT private placements.
Registered merchant bankers arranging private placements of units by InvITs must publish an Investor Charter on their websites detailing services, timelines, investor rights, application and allotment procedures, do's and don'ts, grievance redressal routes and investor responsibilities; and must disclose monthly investor complaint data in the prescribed Annexure format (by source, receipts, resolutions, pending items, average resolution time and trends), updated by the 7th of the succeeding month, effective January 1, 2022.

Margin collection timing updated: continuous use of risk parameter files and additional snapshot verification for extended trading hours.
The circular withdraws the prior 5:00 PM cut-off for determining client margin thresholds, directing clearing corporations to use Risk Parameter Files to generate margin obligations throughout trading hours. Clearing corporations must send additional snapshots-minimum two for contracts traded until later evening and minimum three for contracts traded into the night-with margins and end-of-day margins determined as per the relevant RPFs.

Assessment transfers to Central Charges for cases arising from search-and-inquiry action, ensuring centralised completion irrespective of impounded material.
All assessment proceedings (excluding international taxation) pending or initiated as a consequence of action under the search-and-inquiry provision, or where such action is conducted in ongoing assessments, shall be transferred to the Central Charges for jurisdictional control irrespective of presence or absence of impounded material, and Central Charges shall complete such assessments.