Swing pricing for open ended debt funds: optional partial swing in normal times, mandatory full swing during market dislocation.
A regulatory swing pricing framework for open ended debt mutual funds (excluding certain gilt and overnight funds) mandates a hybrid approach: AMCs may apply partial swing in normal times following AMFI prescribed thresholds and disclose the mechanism in SIDs, while SEBI declared market dislocation triggers mandatory full swing for high risk schemes identified by risk o meter and PRC matrix placement. A minimum swing factor matrix by credit and interest rate risk applies; NAVs for incoming and outgoing investors are adjusted, disclosures and AMC/trustee approved policies are required, and scheme performance is reported on unswung NAV.

Internal file routing for tax administration standardised by subject-matter, with audit and law matters assigned to designated headquarters officers.
Internal file processing under the Tax Organisation is standardised by routing specified matters through designated headquarters officers to ensure administrative uniformity. Audit, adjudication, recovery files, and all Act and Rules or law-related files, are to be processed through Sri Badal Baidya, Assistant Commissioner of Taxes-I (CDC), Headquarters, while all other files are to be routed through Sri Dibakar Chandra De, Assistant Commissioner of Taxes-II (CDC), Headquarters. Corresponding reporting responsibilities are also allocated on the same subject-matter basis, and compliance is required without deviation until further order.

GST refund oversight requires verification, zonal review, analytics, and disciplinary or criminal action against detected malpractice.
GST refund controls require verification of ward-transfer applications and review of refunds for indicators of malpractice, especially where refund volumes are unusually high. Zonal in-charges must report suspicious cases and confirm where no cases are found. Vigilance must initiate departmental and criminal action when malpractice is detected, develop safeguards with the Systems and EDP branches, and use data analytics to identify abnormal refund patterns. Zonal officers must periodically review ward-level refunds and act against detected malpractice.

Input tax credit timing for debit notes: debit note date fixes the financial year for ITC eligibility, effective from Jan 2021.
Amendment delinks debit note date from underlying invoice date: for debit notes, the debit note issuance date determines the relevant financial year for the ITC time bar; the amended rule governs ITC availment on or after January 1, 2021. E invoices: production of the QR code with the Invoice Reference Number (IRN) electronically is sufficient during movement of goods; physical tax invoice need not be carried. Refunds: restriction on refund of unutilized ITC applies only to goods actually subject to export duty at export time; goods with nil or exempted export duty are excluded.

Extension of installation deadline for radiation portal monitors and container scanners; updated compliance timeline issued for seaport operators.
The Directorate amends Para 2.54(d)(v)(ii) of the Handbook of Procedures under the Foreign Trade Policy to extend the deadline for installation and operationalisation of Radiation Portal Monitors and Container Scanners at designated sea ports, requiring port operators and responsible stakeholders to complete procurement, installation, testing and commencement of operations within the newly prescribed compliance period.

Export of services: supplies by Indian-incorporated subsidiaries to foreign parents can qualify as exports if other conditions are met.
The circular clarifies that a company incorporated in India and a foreign company incorporated outside India are separate "person" entities under the CGST Act and therefore not "merely establishments of a distinct person" under Explanation 1; accordingly, services supplied by an Indian-incorporated subsidiary/sister/group concern to establishments of the foreign-incorporated company outside India are not barred by clause (v) of the export of services definition and may qualify as export of services, subject to the other statutory conditions including supplier and recipient locations, place of supply and payment in convertible foreign exchange.

Export of services permits supplies by Indian incorporated group companies to foreign incorporated related entities, subject to statutory conditions.
Export of services excludes supplies between Indian and overseas establishments of the same person, including branches, agencies and representative offices. However, an Indian-incorporated subsidiary, sister concern or group concern and its foreign-incorporated related company are separate persons and legal entities. Services supplied by the Indian company to the foreign company's overseas incorporated establishments are therefore not barred by the distinct-establishments condition and may qualify as export of services where all other statutory conditions are met.

Input tax credit rules clarify debit-note timing, electronic e-invoice verification, and export refund eligibility for non-duty-bearing goods.
From 1 January 2021, the time limit for input tax credit on a debit note is determined by the financial year of the debit note, not that of the underlying invoice. For e-invoiced goods in transit, electronic production of the QR code with the Invoice Reference Number substitutes for a physical tax invoice. Refund of accumulated unutilised input tax credit on exports is restricted only for goods actually liable to and bearing export duty; nil-rated, exempt, or non-scheduled goods are outside that restriction.

Intermediary services require a distinct facilitation role; principal-to-principal suppliers and subcontractors performing main services remain excluded.
Intermediary service requires three parties, comprising two principals making the main supply and a third person who separately arranges or facilitates that supply in a supportive agent-like role. A person supplying the main goods, services or securities on a principal-to-principal basis is excluded. Subcontractors performing the main service, wholly or partly, are not intermediaries merely because they interact with the customer. Classification depends on the contractual terms and facts of each arrangement, while the special place-of-supply rule applies only where either service provider or recipient is outside India.

Settlement application relief allows eligible taxpayers to file late applications and have them treated as pending for processing.
Administrative relief permits certain settlement applications filed after the statutory cut-off to be admitted by the Commissioner who was Secretary to the Settlement Commission and treated as pending applications before the Interim Board, provided the assessee was eligible on the cut-off date and relevant assessment proceedings are pending.

Extension of Handbook of Procedures validity under FTP provision through substitution of expiry date references.
The Public Notice amends the Handbook of Procedures, 2015-20 by substituting existing expiry references in specified paragraphs so that the operative end date in para 1.01 is replaced with 31.03.2022, and corresponding date references in paras 3.20(a) and 4.12(vi) are similarly replaced, thereby extending the validity of the Handbook until the revised date.

Alternative reference rate permitted to replace LIBOR for interest on export and import transactions, with other instructions unchanged.
Authorised Dealer Category I banks are permitted to adopt any widely accepted Alternative reference rate in the relevant currency in place of LIBOR for interest payable on export and import transactions, with all other operational instructions remaining unchanged; enabling amendments to FEMA export regulations have been notified and AD banks should notify their constituents.

Risk Management Framework requires AMCs to implement board approved governance, CRO oversight, risk metrics and periodic reporting.
SEBI mandates a comprehensive RMF requiring AMCs to implement board approved, documented risk policies with distinct governance: a CRO plus CXO risk owners, separate Risk Management Committees at AMC and trustee levels, three lines of defence structures, scheme and AMC level risk metrics, RCSA, stress testing, internal audit with a rectification index, monthly reporting to management and quarterly reporting to boards and trustees, and detailed mandatory measures across investment, credit, liquidity, operational, compliance, technology, outsourcing and other key risk categories.

Refund of wrongly paid tax available when a supply is subsequently held inter or intra state, subject to filing and time limits.
The term "subsequently held" includes both taxpayer self reclassification and tax authority findings; refund is available if the taxpayer pays tax under the correct head and files FORM GST RFD 01 within the prescribed limitation period, which for payments made before the rule amendment runs from the rule's commencement. Refund is not available where the tax was adjusted by issuing a credit note; pending applications are to be governed by the amended rule.

Cost audit report filing deadline extended; timely board submission under the revised date will not be treated as non compliance.
If the cost auditor submits the cost audit report to the Board of Directors by the revised deadline, such submission will not be treated as a violation of Rule 6(5) of the Companies (Cost Records and Audit) Rules, 2014; thereafter the company must file e form CRA 4 within thirty days of receipt of the auditor's report, except where an AGM extension permits filing under the proviso to Rule 6(6).

Extension of time for revocation of cancelled registration clarifies eligibility, processing and limited further administrative extensions.
Clarification confirms that the executive notification extends the filing deadline for revocation of cancellation of registration to a specified final date for cases whose original due date fell within the affected period, applying to cancellations under the relevant clauses and to applications at any procedural status; officers and appellate authorities must process, admit or reconsider applications accordingly, and the interplay with the proviso permitting incremental administrative extensions is clarified so that in some scenarios the notification deadline is final while in others further limited extensions may be granted by competent officers.

Refund for wrongly classified intra State or inter State supplies: claim after correcting tax head and filing within prescribed period.
Clarification states that "subsequently held" covers taxpayer initiated and authority initiated reclassification of supplies; refund is available if the taxpayer pays tax under the correct head and files FORM GST RFD 01 within two years from payment under the correct head, with transitional rule providing a two year window from the sub rule's commencement for earlier correct head payments; refunds are barred where liability was adjusted by issuance of a credit note.

Revocation of cancelled GST registration: filing deadline extended; further extensions available under the proviso on time limits.
The notification extends the due date for filing applications for revocation of cancellation of registration to 30th September, 2021 for cases where original due dates fell between 1 March, 2020 and 31 August, 2021, for cancellations under clause (b) or clause (c) of sub section (2) of section 29. The benefit applies irrespective of whether applications are unfiled, pending, rejected, or at appeal, and officers must process applications considering the extended timelines. The circular clarifies how this extension interacts with the proviso to sub section (1) of section 30 and when further discretionary extensions by Revenue officers may be available.

GST system reforms: ministerial group to recommend IT-based checks and data-driven measures to curb evasion and boost compliance.
Constitution of a Group of Ministers on GST System Reforms to consolidate earlier GoMs and guide IT-driven measures. The GoM will review IT tools and officer interfaces, recommend business-process and IT changes to improve efficiency, identify and plug revenue leakage, promote data analysis for compliance and revenue augmentation, propose mechanisms for central-state and inter-state tax administration coordination, suggest implementation timelines, submit recommendations to the Council periodically, and monitor implementation with GSTN providing secretarial support.

Export of services: supplies from Indian-incorporated affiliates to foreign-incorporated related entities can qualify as export.
Supplies by a company incorporated in India to establishments of a foreign company incorporated outside India are not treated as merely establishments of the same person under Explanation 1 to section 8, and therefore such supplies are not barred by condition (v) of section 2(6) of the IGST Act and may qualify as export of services, subject to fulfilment of the other conditions in section 2(6).