Electronic filing of RCMC/RC enables contactless submission and instant verification through a common digital platform for exporters.
A common digital platform on the DGFT portal enables electronic submission, amendment and renewal of Registration Cum Membership Certificates (RCMC) and Registration Certificates (RC) using existing exporter login credentials and Digital Signature Certificate/Aadhaar authentication; certificates issued via the portal are instantly reflected in the exporter profile and verifiable by login.

Investor Charter requirement compels debenture trustees to publish charter and monthly complaint disclosures on their websites.
SEBI requires registered Debenture Trustees to publish an Investor Charter on their websites and offices and to disclose month wise complaint data in the Annexure B format by the 7th of the succeeding month; trustees must follow prescribed timelines for disclosures, monitoring, investor communication, grievance redressal, and special circumstance steps on breach/default, with these obligations effective from January 1, 2022.

GST registration verification shifts to the UPGST Field Visit App, replacing the earlier verification app for field use.
Physical verification of GST registrations is to be carried out through the UPGST Field Visit App available on the Google Play Store with effect from 01.12.2021, replacing the earlier Android-based Abhyuthan App. The earlier instructions for verification through Abhyuthan App stand superseded to that extent, and the app is to cease functioning from the night of 30.11.2021. The enclosed process flow covers installation, login with employee ID, OTP verification, entry of GSTIN details, offline saving of data, and later synchronisation of records when network connectivity is available.

REIC information sharing system streamlines follow-up action on economic offence inputs and compliance reporting.
Exchange of information received from REIC, Lucknow is to be used for follow-up action by the Commercial Tax Department through a dedicated REIC Information Sharing System module developed at headquarters. The module makes REIC inputs available directly on the login of the concerned Proper Officer, who is required to take the necessary legal action under the relevant Acts and Rules and update the action taken in the same system. Users are directed to use the module for all follow-up action on REIC information and to report technical difficulties to the IT Section by email.

Master Circular for REITs consolidates SEBI rules on filings, public-issue procedures, financial disclosures and exit mechanisms.
Master Circular consolidates SEBI circulars on REIT regulation, mandating online filings, detailed public-issue procedures (merchant banker due diligence, draft/offer/final offer filings, ASBA bidding, anchor allocations and allotment rules), comprehensive financial and audit disclosures (three years' financials, Ind AS, NDCF framework, combined financial statements), and continuous listing and disclosure obligations including website updates, unit-holding patterns, credit-rating review, encumbrance reporting and a structured exit-option mechanism for dissenting unitholders with prescribed timelines, escrow arrangements and exit-price formulae.

Infrastructure Investment Trusts: SEBI clarifies unified filing, issuance, disclosure, NDCF calculation and exit-option procedures.
SEBI's Master Circular compiles operative InvIT circulars prescribing online filing, merchant banker due diligence and offer-document procedures; detailed financial disclosure, audit and NDCF frameworks; continuous reporting and listing obligations; issuance rules for equity and debt including pricing, lock-in and allotment timelines; encumbrance notification and disclosure duties; and a structured exit-option mechanism for dissenting unitholders with escrow, valuation- and VWAP-based exit pricing and specified timelines.

Electronic credit ledger blocking under Rule 86A requires recorded reasons, material evidence, and strict limits on ineligible input tax credit.
Guidelines are issued for disallowing debit of an electronic credit ledger under Rule 86A where input tax credit is believed to be fraudulently availed or ineligible. The power may be used only on recorded reasons based on material evidence, for specified grounds such as non-existent suppliers, non-receipt of goods or services, unpaid tax, absence of business activity, or absence of valid invoice documents. The instruction also specifies competent officers, monetary limits, procedure for blocking credit, and release of the restriction when the disqualifying conditions no longer exist, subject to a maximum period of one year.

Refunds from electronic cash ledger clarified: excess balances refundable without unjust enrichment declarations; TDS/TCS credits treated as cash.
Refunds of excess balances in the electronic cash ledger are not subject to the time limit in section 54(1), and declarations under Rule 89(2)(l)/(m) are not required because unjust enrichment does not apply; TDS/TCS credits in the electronic cash ledger are equivalent to cash deposits and unutilised balances may be refunded under the proviso to section 54(1) read with section 49(6); for deemed exports the relevant date for refund is the date the supplier files the related return under Explanation (2)(b) to section 54.

Dynamic QR Code exemption for B2C cross border service invoices when payment received in foreign exchange or RBI permitted rupees.
Suppliers issuing invoices to recipients located outside India for services whose place of supply is in India may issue such invoices without a Dynamic QR Code where payment is received through RBI-approved modes either in convertible foreign exchange or in Indian Rupees where permitted by the RBI, because a Dynamic QR Code cannot be used by an overseas recipient for payment.

Digital signature security prevents unauthorized access to trade scrips; report compromised certificates and follow secure password and network practices.
Protection of digital identities depends on secure custody and use of Digital Signature Certificates or Aadhaar e signatures; adopt strong passwords, do not share sensitive credentials, avoid public Wi Fi for official logins, beware phishing and suspicious attachments or domains, and ensure duty credit scrips and related instruments are reflected in online modules. On suspected unauthorized DSC issuance contact the licensed Certifying Authority and report to the Controller of Certifying Authorities, and industry bodies should sensitize members to prevent online theft of duty credit instruments.

Refund of excess electronic cash ledger: statutory time limits and unjust enrichment certification not required; TDS/TCS credits refundable.
The Board clarifies that the time limit for filing refund applications does not apply to refunds of excess electronic cash ledger balances; certification to guard against unjust enrichment is unnecessary for such refunds. TDS/TCS amounts credited to the electronic cash ledger are treated as cash, may be utilised or refunded, and unutilised balances can be refunded per the refund proviso and related ledger provisions. For deemed export supplies, the relevant date for refund of tax paid is the date of the return furnished by the supplier, since the supplier pays the tax in his return.

Dynamic QR Code applicability clarified: invoices to recipients outside India paid via RBI approved payment modes may be issued without QR.
The Board clarifies that where services supplied to a recipient located outside India have their place of supply in India, invoices issued to such recipients may be issued without a Dynamic QR Code if payment is received by the supplier through RBI approved modes of payment, including convertible foreign exchange or Indian rupees where permitted; Circular No. 156/12/2021 GST is modified accordingly.

Investor Charter publication and monthly complaint disclosure by RTAs increases transparency and investor grievance accountability.
SEBI requires all registered RTAs to publish an Investor Charter on their websites and disseminate it to shareholders, and to disclose monthly complaint data on their websites in the prescribed Annexure B format by the seventh day of the succeeding month; these obligations supplement existing disclosure requirements and aim to enhance transparency in investor grievance redressal, with specified service timelines and escalation procedures outlined in the Charter.

Merchant bankers must publish Investor Charter and monthly complaints data on their websites from Jan 1, 2022.
SEBI directs registered merchant bankers in the debt market to publish on their websites an Investor Charter for public debt issues, NCRPS and private placements detailing services, rights, timelines and grievance mechanisms, and to disclose monthly complaints data in a prescribed Annex B format by the seventh day of the succeeding month; Charters require hosting draft/final offer documents, inviting seven working days public comments, disclosing track record and basis of allotment, providing grievance resolution timelines (indicatively T+30 days), and other operational disclosures; effective January 1, 2022.

Merchant Bankers must publish Investor Charter and monthly investor complaint data for REITs and InvITs public offers.
SEBI requires registered merchant bankers handling public offers by REITs and InvITs to publish an Investor Charter on their websites (Annexure A) and to disclose monthly investor complaints data-received, resolved and pending-by source and category in the Annexure B format, separately for each category and collectively, with specified timelines and grievance resolution benchmarks to enhance transparency in the primary market.

Merchant Bankers must publish an investor charter and monthly complaint data online for municipal debt private placements.
Merchant Bankers must publish an Investor Charter for private placements of municipal debt securities on their websites and disclose monthly complaint data and redressal, separately and collectively, in the prescribed format by the 7th of the succeeding month; the requirements take effect from January 1, 2022 and are issued under Section 11(1) of the SEBI Act and applicable municipal debt securities regulations.

Refund of excess electronic cash ledger balances exempt from refund time limits and unjust enrichment certification requirements.
The time limit for filing refund applications does not apply to refunds of excess electronic cash ledger balances, and unjust enrichment certifications under the refund rules are not required for such refunds. TDS/TCS amounts credited to the electronic cash ledger are equivalent to cash and may be used at the registered person's choice; any unutilised balance after discharge of dues is refundable as excess. For deemed export supplies, the relevant date for refund is the date the return relating to those deemed exports is furnished, and this applies regardless of who files the claim, with the supplier's return being the operative date.

Dynamic QR Code requirement relaxed when recipient abroad and payment made via RBI approved convertible foreign exchange or permitted rupees.
Where a supplier issues an invoice to a recipient located outside India for services whose place of supply is in India, and payment is received by the supplier in convertible foreign exchange or in Indian rupees where permitted by the RBI, the invoice may be issued without a Dynamic QR Code, and Serial Number 4 of the earlier circular is substituted accordingly.

GST rate classification clarified: cloud kitchens deemed restaurant service; ice cream parlors treated as goods; mining rights standard rated.
Services by cloud/central kitchens are covered under restaurant service (including takeaway and delivery) and attract the concessional restaurant service rate without input tax credit. Ice cream parlors selling pre manufactured ice cream are supplying goods, not restaurant services. Government funded coaching under the disability scholarship scheme is exempt as a government funded training service. Satellite launch services to foreign customers qualify as export of service and are zero rated. Overloading fees at toll plazas receive the same treatment as toll charges and are exempt. Renting/giving on hire to STUs and local authorities is included in the exemption. Grant of mineral exploration/mining rights classifies under licensing for right to use minerals and was taxable at the residuary standard rate for the disputed period. Job work for manufacture of alcoholic liquor is excluded from the reduced food job work rate and attracts the standard job work rate.

GST classification updates: fresh produce exemptions, seed and copra reclassification, and uniform rates for specified headings.
Clarification distinguishes exempt fresh fruits and nuts from dried or frozen variants which attract GST; tamarind seeds and other seeds under heading 1209 supplied for non sowing uses attract 5% while seeds for sowing remain nil rated; copra is classified under heading 1203 and not exempt as coconut; pure henna powder and leaves without additives fall under heading 1404 and attract the concessional rate; brewers' spent grain and similar residues are under heading 2303 and attract the specified rate; all goods under heading 3006 and all reagents under heading 3822 are covered by their respective concessional entries; procedural clarifications address essentiality certificates for inter state transfers, separate taxation of UPS and batteries, deemed 70:30 valuation for specified renewable projects retrospectively, and uniform treatment of fibre drums under heading 4819.