GST on milling services: exemption may apply when goods component is minor; otherwise job work rate for registered recipients.
Where milling and fortification supplied as a composite supply to a government entity for PDS has goods component not exceeding 25% of total value, the supply is exempt under entry No. 3A. If the goods component exceeds that threshold, the activity is taxable as a job work service when supplied to a registered person and attracts the concessional job work rate; persons registered solely for tax deduction are treated as registered persons for this purpose.

Revocation of registration cancellation timelines extend for eligible cases, with further statutory extensions depending on elapsed periods.
The deadline for applying for revocation of cancellation of registration is extended until 30 September 2021 where the original due date falls between 1 March 2020 and 31 August 2021 for specified cancellation grounds. The benefit applies to unfiled, pending, rejected and appellate-stage matters, with fresh applications permitted in stated rejected cases. Further statutory extensions beyond the extended deadline depend on the period elapsed and the satisfaction of the competent officer.

Suspension of special inspection campaign during transportation to permit officer deployment for GST Council liaison duties.
Headquarters directed a statewide special inspection campaign to monitor transportation of pan masala, supari and their raw materials and packing materials, and separately mentha oil and menthol; due to officer deployment as liaison for the GST Council meeting, the special inspection campaign is suspended with immediate effect until further orders.

Extension of time to apply for revocation of cancelled GST registration expands filing window and clarifies processing rules.
The notification extends the due date for filing applications for revocation of cancellation of registration to an extended date for all cases where cancellation occurred under specified statutory clauses and the original due date fell within the covered period. The clarification applies whether no application was filed, applications are pending, were rejected, or are pending/decided on appeal; officers and appellate authorities must treat the extended filing deadline as applicable and process or admit fresh applications accordingly.

Extension of time for revocation of cancelled GST registration grants affected taxpayers an additional opportunity to file or refile applications.
The time limit to apply for revocation of cancellation of GST registration for cases where the due date fell between March 2020 and August 2021 is extended to 30th September, 2021 for registrations cancelled under the provisions addressing non-compliance. The extension applies regardless of application status (not filed, pending, rejected, or appealed); officers must process or accept fresh applications accordingly. The circular clarifies how this extension interacts with the statutory proviso allowing additional administrative extensions, specifying when further discretionary extensions by senior officers may or may not be available.

Position limits for currency derivatives revised: client-level caps across major INR pairs updated with immediate effect.
Revision of client-level position limits prescribes per-stock-exchange gross open position ceilings for USD INR, EUR INR, GBP INR and JPY INR, measured as a percentage of total open interest or specified minimum notional thresholds. The revised limits apply to Non Resident Indians and Category II FPIs that are individuals, family offices, and corporates; Category I FPIs and other Category II FPIs continue under prior limits. Stock exchanges and clearing corporations may impose additional safeguards. The modifications take effect immediately.

T+1 rolling settlement optionality allows exchanges to adopt or revert settlement cycles with notice and mandatory continuity.
Stock exchanges may place selected securities under T+1 rolling settlement after giving at least one month's advance notice to stakeholders; once adopted for a security the exchange must continue T+1 for a minimum of six months and any subsequent switch between T+1 and T+2 requires one month's notice and observance of the same minimum continuity. There will be no netting between T+1 and T+2 settlements, the settlement option applies to all transaction types in the security on that exchange, and exchanges, clearing corporations and depositories must amend systems, procedures and rules to implement the optional T+1 regime.

Extension of revocation filing deadline allows late applications and reconsideration despite earlier rejections under procedural conditions
The notification extends the final date to apply for revocation of cancellation of registration to 30th September 2021 for cases with original filing due dates between 1st March 2020 and 31st August 2021 where cancellation occurred under specified clauses of section 29, and it applies regardless of whether applications are unfiled, pending, rejected, or on appeal. The circular instructs officers and appellate authorities to process or decide cases in light of the extension and clarifies how officer granted extensions operate depending on whether initial statutory extension periods have lapsed by the reference date.

Tariff Rate Quota expansion permits specified imports under India Mauritius CECPA with prescribed import procedure and quota allocation.
The amendment adds specified items to the Tariff Rate Quota under India Mauritius CECPA with identified HS codes, in quota tariffs and quantities, establishes a 7.5 million piece apparel TRQ with a requirement that at least 5 million pieces be manufactured from yarn/fabric sourced from India, and prescribes Annexure III procedures: pre purchase agreement, Certificate of Origin at clearance, electronic application in prescribed ANFs by the annual deadline, equal allocation among eligible applicants, electronic issuance of TRQ authorisations by DGFT and electronic debiting in Customs ICES.

Faceless assessment scope updated to exclude cases with ITBA technical pendency and no PAN, expanding existing exclusions.
Order specifies that the Faceless Assessment regime under Section 144B applies to defined classes of assessment proceedings, while excluding Central Charges and International Taxation Charges; it further excludes cases where pendency could not be created on the ITBA due to technical reasons and cases lacking a PAN, with the modification effective immediately.

Transfer of faceless assessments enables jurisdictional officers to complete cases electronically while preserving unit oversight.
Transfer of assessments and penalties to the jurisdictional assessing officer under Section 144B(8) and clause 5(2) of the Faceless Penalty Scheme permits case-by-case PAN-based transfer; JAOs must complete transferred matters taking prior faceless proceedings into account, conduct processes electronically where technically feasible (including registering taxpayers for e-filing when needed), allow personal hearings with Range Head approval preferably by video conference, consider use of faceless units for verification and technical inputs, and involve the Range Head in finalisation of assessments and penalties as required.

Faceless Assessment: additional exception allows off-platform assessments where ITBA pendency failed or PAN is absent.
The Central Board adds an exception to the faceless assessment regime permitting assessments outside the national faceless mechanism where ITBA pendency could not be created for technical reasons or where the assessee lacks a PAN, and clarifies that cases transferred by senior officials in charge of the national faceless mechanism are to be handled as per the specified procedural letter.

Import quota for Myanmar pulses requires certified Certificate of Origin and DGFT NOC before customs clearance.
Bilateral MoU imports of Myanmar-origin Urad and tur are subject to an annual import quota admitted through private trade, permitted only via five specified ports and conditional on a Certificate of Origin certified by Myanmar authorities and emailed to DGFT. Indian importers must submit the scanned certificate plus IEC details to DGFT at the prescribed email; DGFT will verify against the issuing authority's copy and, if matched, issue an NOC enabling Customs clearance.

Import quota for pigeon peas: imports permitted subject to Certificate of Origin and receipt of NOC for customs clearance.
Imports of 50,000 MT of tur (pigeon peas) from Malawi for 2021-22 are authorised only through five specified ports and require a Certificate of Origin certified by Malawi's Customs and Excise Division with Government stamps. The Malawi designated authority must send a scanned certificate to DGFT's email; the Indian importer must send the scanned certificate and its IEC to the same address. DGFT will compare documents and issue an NOC, upon which Customs may clear the consignments.

Extension of time to apply for revocation of cancelled registration extended to 30 September 2021 for eligible SGST cases.
The time limit to file applications for revocation of cancellation of registration where due dates fell between 1 March 2020 and 31 August 2021 is extended to 30 September 2021 for cancellations under clause (b) or (c) of sub section (2) of section 29; this extension applies regardless of whether an application is not filed, pending, rejected, or pending/decided on appeal. Interaction with the proviso to section 30 is clarified: cases whose initial 30 day period lapsed before 1 January 2021 get only the notification benefit to 30 September 2021, while cases with remaining 30/60/90 day windows as of 31 August 2021 have specified possibilities for further administrative extensions by Joint/Additional Commissioners and the Commissioner.

Extension of time for revocation of cancelled GST registration allows filing and reconsideration during the extended period.
The Circular clarifies that Notification No. 34/2021 extends the due date for filing applications for revocation of cancellation of registration to 30 September 2021 for cases whose original due date fell between 1 March 2020 and 31 August 2021, applies to cancellations under clause (b) or (c), covers unfiled, pending, rejected and appealed matters, and explains interaction with administrative proviso extensions by Additional/Joint Commissioners and Commissioners.

Revocation of cancelled GST registration window extended; clarifies applicability and conditions for further 30-day statutory extensions.
Where the due date to apply for revocation of cancellation of registration fell between 1 March 2020 and 31 August 2021 for registrations cancelled under clause (b) or (c), the filing deadline is extended to 30 September 2021. The extension applies regardless of application status (not filed, pending, rejected, on appeal, or rejected on appeal), and officers and appellate authorities must process or decide matters taking the extended timeline into account. The circular further clarifies how this extension interacts with the statutory proviso permitting additional administrative extensions of the initial filing period.

Investor Protection Fund interim relief updated, exchanges to release phased payments and permit arbitration venue shifts.
Amendments allow arbitration venue shifts to a metro at a party's request with costs borne by the requester; require exchanges to refund deposits to parties favoured by awards when claims are filed beyond prescribed timelines and to transfer additional late-filing fees from trading members to the IPF; mandate defaulter-member claims be sanctioned by the Member Core Settlement Guarantee Fund Committee and sent to the IPF Trust for disbursement; and prescribe staged interim relief releases from the IPF with an annual cap, while preserving investors' right to seek external fora for balance claims.

AMC investment alignment with unitholders: mandatory risk based holdings to be maintained and publicly disclosed.
SEBI requires AMCs to maintain a minimum investment in each mutual fund scheme proportional to scheme risk as per the risk-o-meter, using the immediately preceding month's risk value and measured against assets under management. AMCs must maintain this investment for the scheme's tenure or until wind-up, conduct quarterly compliance reviews (except for closed-ended schemes), cure shortfalls within seven days, and may fund the obligation from net worth or sponsor funding subject to net-worth replenishment rules; Trustees monitor compliance and non-compliance must be reported, with scheme-level disclosures on AMC and AMFI websites.

Liquidity enhancement scheme governance tightened: board approval annually with quarterly monitoring; schemes may cover any security and be reintroduced.
SEBI requires stock exchanges to obtain prior Governing Board approval for each Liquidity Enhancement Scheme, valid for one year and renewable annually, with quarterly monitoring of implementation and outcomes; schemes may be introduced on any security and reintroduced after discontinuation; exchanges must implement systems, amend bye laws and notify trading members and public via their websites.