Intermediary services: facilitative role between principals distinguishes intermediary status and excludes subcontracting or principal supply.
Intermediary means a broker, agent or similar person who arranges or facilitates a main supply of goods, services or securities between two or more persons and excludes anyone who supplies the main supply on their own account. Core prerequisites are a minimum of three parties, two distinct supplies (main and ancillary), and a subsidiary facilitative role. Subcontracting where the subcontractor supplies the main service on a principal-to-principal basis is not intermediary service. Place-of-supply rules for intermediary services apply only when supplier or recipient is outside India.

Extension of time for revocation of cancelled GST registration, with further extensions subject to commissioner approval.
Where the due date to file applications for revocation of cancellation of GST registration fell between March 1, 2020 and August 31, 2021 for cancellations under clauses (b) or (c) of sub section (2) of section 29, the filing deadline is extended to September 30, 2021 irrespective of whether applications are not filed, pending, rejected, on appeal, or rejected on appeal. Interaction with the proviso allowing administrative extensions is clarified: no further extension where the full 90 day period expired by August 31, 2021; Commissioner may grant 30 days where 60 days expired; Joint/Additional Commissioner and Commissioner may grant sequential 30 day extensions where only 30 days expired. Effective date: September 6, 2021.

Audit authorisation under West Bengal GST: designated tax officers empowered to conduct statutory audits across specified jurisdictions immediately.
Authorisation is granted to the named State tax officers, identified by level and designation, to undertake statutory Audit under the West Bengal GST framework within the specified circle/charge jurisdictions, including specialized units such as the Large Taxpayer Unit; the delegation of audit authority is effective immediately.

Refund of wrongly paid tax: claims allowed after reclassification if correct tax is paid and time limits are met.
Clarification treats "subsequently held" as including taxpayer-initiated reclassification and officer-led reclassification; refunds are available if the taxpayer pays tax under the correct head and files within two years from payment under that head (or, for pre-amendment payments, within two years from the amendment's commencement). Pending or disposed applications are governed by the amended rule; refunds are not available where tax was adjusted by issuance of a credit note.

Zero rating of IGST on services: labour for external cable installation qualifies for exemption as SEZ authorised operations.
The BoA at its 106th meeting approved and ratified multiple SEZ actions: extensions and refusals of LoAs; approvals of co developer status for infrastructure and services subject to SEZ Act/Rules and DoC Instruction No.98 lease periods; change of shareholding/name transfers conditioned on continuity of SEZ obligations, eligibility, disclosure to revenue authorities and tax assessment rights; ratification of procurement of restricted items subject to environmental compliance; approvals or deferrals for SEZ/FTWZ establishment, area changes and miscellaneous operational matters. The Board allowed an appeal confirming zero rating for labour services directly connected to authorised SEZ operations.

Refund of wrongfully paid tax: guidance clarifies eligibility and time limit for claiming refund after correction of tax head.
Refund is available when a supply misclassified as intra State or inter State is later reclassified either by the taxpayer or by authorities, provided the taxpayer pays tax under the correct head. Claims must be filed within two years from payment of tax under the correct head; for payments made before the relevant notification the two year period runs from the notification date. Refunds are barred if liability was adjusted by issuing a credit note. Applications are to be filed electronically and transitional provisions apply to earlier filed claims.

RFQ trading minimums: mutual funds must route a larger share of corporate bond and commercial paper trades through RFQ platform.
Mutual funds must, on a monthly basis and measured on a rolling three month average excluding Inter Scheme Transfers, execute at least 25% of corporate bond trades and at least 10% of commercial paper trades by value through one to many mode on stock exchanges' RFQ platform; other prior conditions remain unchanged and contract notes from brokers are permitted for OTO and OTM RFQ transactions.

Foreign investment in telecom services allowed via automatic route but subject to licensing and specified prior approval requirements.
Telecom services are authorised to receive 100% FDI under the automatic route for listed telecom activities, including Infrastructure Provider Category I, but investors and licensees must comply with licensing, security and other terms specified by the telecom regulator. Notwithstanding the automatic route, investments falling within the FDI policy's prior approval criteria will continue to require government approval; the amendment is effective immediately.

GST classification of services: clarified rates and exemptions for cloud kitchens, coaching grants, toll overloading and mineral licensing.
Services by cloud or central kitchens that cook and supply food, including takeaway and delivery, are covered by the restaurant service definition and attract 5% GST without ITC; ice cream parlors selling pre manufactured ice cream are supplies of goods and attract 18% GST. Government funded coaching under the Scholarships for Students with Disabilities scheme is exempt as a government funded training programme. Satellite launch services to foreign recipients qualify as export of service and are zero rated when place of supply is outside India. Overloading toll charges are treated as tolls and exempt; "giving on hire" includes renting to STUs and local authorities for exemption. Grant of mineral exploration and mining rights is classed as licensing services for right to use minerals and is subject to the standard/residuary rate (18%) for the disputed period. Admissions to casinos/race clubs or specified sporting events fall under higher entertainment rate, other amusement parks under the amusement entry; job work for manufacture of alcoholic liquor is excluded from food job work rates and taxed at 18%.

GST classification and rates clarified for specified goods, setting applicable tax treatment and valuation mechanisms for supplies.
Clarification fixes GST classification and rates: fresh fruits and nuts exempt if unprocessed; dried fruits/nuts taxable. Seeds under heading 1209 (including tamarind seeds) attract 5% if not for sowing; copra (dried coconut flesh) is classifiable under heading 1203 and attracts 5%. Pure henna powder/leaves and mehndi paste in cones attract 5%. Value-added flavored cardamom and scented sweet supari attract 18%. Brewers' residues and DDGS fall under heading 2303 at 5%. All goods under heading 3006 and heading 3822 attract 12% GST. DGH essentiality certificates suffice for inter-state stock transfers within the same company. UPS/inverter and external batteries sold together are separate supplies with distinct rates. Renewable Energy Projects may use a 70:30 goods-to-services valuation for the stated periods. Fibre drums under heading 4819 are taxed at 18%, with past supplies at 12% treated as fully paid.

GST classification rules: cloud kitchens 5% restaurant service; ice cream parlors and alcohol job work taxed at standard rates.
Clarifies GST treatment for specified services: cloud/central kitchens are restaurant service at 5% without ITC; ice cream parlors selling manufactured ice cream are supplies of goods at 18%; government funded coaching under the Disabilities Scholarships scheme is exempt; NSIL satellite launches to non residents are export of service and zero rated; overloading charges at toll plazas receive toll treatment; "giving on hire" includes renting to STUs and local authorities for exemption; grant of mining rights classified under service code 997337 and taxable at 18% for 1.7.2017-31.12.2018; amusement park admissions and distinctions with casinos/sporting events clarified; job work for alcoholic liquor attracts 18%, not 5%.

GST classification clarifications confirm distinct tax treatment for fresh versus processed produce and reclassify several commodity entries.
Circular clarifies GST classification and applicable rates for specific goods: fresh fruits and nuts remain exempt while frozen or intentionally dried variants are taxable; tamarind seeds are classifiable as seeds under heading 1209 with concessional treatment only when not for sowing; copra is excluded from coconut exemption and attracts the concessional rate; pure henna and mehndi paste are covered under tariff item 1404 and specified entries; brewers' spent grains and similar residues fall under heading 2303; all goods under heading 3006 and heading 3822 attract the rates provided in their respective entries. Administrative clarifications include acceptance of original DGH Essentiality Certificates for inter state stock transfers and separate taxation where UPS and external batteries are invoiced individually.

Export quota for syringes limited; online applications required in specified monthly windows, eligibility documentation needed, licences valid one month.
Export of Syringes with or without Needles is subject to fixed month-wise quotas and must be applied for online through DGFT's ECOM system within specified monthly windows. Applications will be examined under the Handbook of Procedures (para 2.72). Licences granted are valid for one month and are not eligible for revalidation. Eligibility requires documentary proof of manufacture, a purchase order/invoice, and an undertaking on company letterhead confirming domestic commitments are fulfilled; all documents must be self-attested and submitted with the online application, with incomplete or late submissions excluded.

Exit option enhancements require expedited notices, Letter of Offer filing, escrow, tender timetable, and enhanced price for dissenting unit holders.
Amendments prescribe that where an open offer triggers Regulation 22(6A) or 22(8), the relevant date is the public announcement date; establish a two notice regime with strict timelines for Manager notifications, unit holder voting, intimation of dissenting unit holders, dispatch of a Letter of Offer by the Lead Manager, creation of an escrow prior to the tendering period, a seven day post intimation start and five day tender period, payment within three working days of tender close, and reporting obligations; and require the exit option price to be enhanced at ten per cent per annum for the period between the first and second notice.

Exit option price enhancement and prescribed timeline apply where an open offer triggers an acquisition affecting dissenting unit holders.
Amendments specify that where an acquisition or sponsor change under Regulation 22(5C) or 22(7) is triggered by an open offer, the relevant date is the public announcement date and a detailed timeline applies: first notice with the public announcement, immediate exchange intimation by the investment manager, a second notice seeking unit holder approval with confirmation to provide an exit option, convening and concluding voting within prescribed cut-offs, issuance of a Letter of Offer and creation of an escrow prior to tendering, a defined tendering window, payment to accepted dissenting unit holders shortly after tender closure, and reporting obligations. The exit option price is enhanced by an annualised ten percent for the period between first and second notices.

Quarterly financial disclosure requirement mandates revised reporting formats and prompt disclosure of reasons for delayed financial results.
Issuers of listed non convertible securities must file quarterly financial results in revised formats reflecting Schedule III profit and loss items and security details for secured debt; half yearly statements of assets and liabilities and cash flows (indirect method) are required with current and corresponding period columns, and entities must disclose reasons for any delayed or non submission of results to stock exchanges within one working day.

Intimation of arrest reporting: arrests must be notified in prescribed format to investigation authorities and compiled monthly by email.
Every arrest must be intimated promptly to the investigation member and zonal authority in the prescribed format; zonal offices must send a monthly zone-wise report of arrested persons to central investigation headquarters for compilation and onward transmission to the Board, and all reports must be submitted only by electronic mail, discontinuing hard-copy submissions.

Discontinuation of pooling: mutual fund transactions must use direct investor pay in/pay out and direct unit crediting.
Pooling of funds and units by stock brokers/clearing members for mutual fund transactions is discontinued; pay in/pay out must be received from and made to investor accounts directly by the clearing corporation, and units must be credited/debited directly to/from investors' demat or folio accounts. Stock brokers/clearing members must not accept or handle investor funds or units in proprietary or pool accounts nor accept mandates or payments in their own name, while AMCs remain responsible for PMLA compliance and may use clearing corporations to validate investor source bank accounts.

Prohibition on fund pooling: mutual fund platforms must ensure direct investor-to-scheme payments and direct unit transfers.
Transactions in mutual fund units through platforms other than stock exchanges require service agreements with AMCs and prohibit any intermediate pooling of investor funds or units; subscriptions and redemptions must be credited directly between investors' bank accounts and mutual fund scheme accounts, or routed through authorized payment aggregators/recognized clearing corporations, with units credited/transferred directly in demat and non-demat modes and system-generated, secured information sharing among stakeholders while limiting payment data to aggregators.

Disclosure of complaints requirement increases market transparency by mandating monthly public reporting and complaint-resolution data.
SEBI mandates all Recognized Stock Exchanges and Clearing Corporations with Commodity Derivatives segments to publicly disclose, by the seventh of the succeeding month, standardized monthly data on complaints received (by source), carried forward complaints, resolutions, pending complaints with ageing categories, and average resolution time, effective January 1, 2022, requiring amendments to bye laws and reporting implementation status via the Monthly Development Report.