Mutual fund reporting obligations revised: quarterly compliance and trustee reporting schedules and formats updated effective from specified reporting periods.
AMCs will discontinue Bi-monthly and Half-yearly Compliance Certificates and instead submit a prescribed Quarterly Report to trustees by the 21st calendar day following each quarter. AMCs must also submit a complete quarterly Compliance Test Report to the regulator on the same timetable. Trustees must file a revised Half Yearly Trustee Report to the regulator, including corrective steps for non-compliance, within two months for half-years ending September and March. QR and CTR apply from the quarter ending June 2021; HYTR applies from the half-year ended March 2021.

Delegated litigation-signing powers permit designated senior officers to execute specified tribunal filings subject to prior approval.
Delegation of litigation-signing powers authorises Special Commissioners, Additional Commissioners and Joint Commissioners to sign departmental replies, affidavits, counter-affidavits and appeals. The authority covers filings before the National Company Law Tribunal, Debt Recovery Tribunal and National Company Law Appellate Tribunal, subject to prior approval of the Commissioner (State Tax).

Form C concessional purchases are restricted to resale and manufacturing, excluding mining, electricity and telecommunications use.
Concessional Central Sales Tax purchases against Form C are available only where specified goods are intended for resale or for use in manufacture or processing for sale. Petroleum crude, high speed diesel, motor spirit, natural gas, aviation turbine fuel and alcoholic liquor for human consumption cannot be purchased inter-State against Form C for use in mining, electricity generation or distribution, or telecommunications networks. The communication is clarificatory and is not intended for legal interpretation of statutory provisions.

Late cut relief for MEIS applications: no late cut for eligible 2019-20 export claims filed by the prescribed deadline.
The Handbook of Procedures is amended to permit MEIS applications for shipping bills with Let Export dates in the 2019-20 financial year to be submitted up to a prescribed deadline without any late cut; applications submitted after that deadline will be subject to the standard late cut rules and the normal last-date mechanism for belated claims.

Deemed export refunds: recipients may claim tax refund while availing ITC, with portal debit required to avoid dual benefit.
Recipients of deemed export supplies may claim refund of tax paid and are not precluded from availing input tax credit on the same invoices; the portal, however, requires debit from the electronic credit ledger to prevent dual benefit. The earlier circular's restriction on recipients foregoing ITC when claiming refund is modified: recipients must furnish an undertaking identifying invoices and returns and declaring the supplier has not claimed refund, while supplier-filed refunds still require specified documentary undertakings.

Regulatory reporting by AIFs: quarterly activity and leverage reports required in revised formats via the regulator's online portal.
Alternative Investment Funds must submit standardized quarterly activity reports to the securities regulator in revised formats via the regulator's intermediary portal; Category III AIFs must also file quarterly leverage reports in prescribed formats. Separately, any changes to private placement memoranda and fund/scheme documents must be intimated to investors and the regulator on a consolidated basis within one month of the financial year end, with explicit reference to revised sections and pages.

Facilitation helpdesk for faceless assessment grievances provides a single escalation channel for urgent Bill of Entry clearance concerns.
The Turant Suvidha Kendra at Nhava Sheva functions as a Facilitation Helpdesk for grievances concerning clearance of Bills of Entry filed at the port within Mumbai Customs Zone-II. Stakeholders may contact the Superintendent or Appraising Officer through personal contact, email or telephone. An Additional Commissioner of Customs is designated as the nodal officer and single escalation point for urgent Bill of Entry clearance grievances. Implementation difficulties may be raised with the Additional or Joint Commissioner of the Turant Suvidha Kendra.

Jurisdiction over non-Income tax direct tax appeals allocated to designated Commissioners, to be notified by principal chief commissioners.
The Faceless Appeal Scheme, 2020 notifications apply only to the Income tax Act, 1961 and do not confer faceless appeal jurisdiction on other Direct Tax Acts. The Board has approved designation of specific Commissioners of Income tax (Appeals) in each Principal Chief Commissioner region to exercise jurisdiction over appeals under those other Direct Tax Acts; Principal Chief Commissioners must notify the designated Commissioners and forward copies to the Board. The designation is effective from 25th September 2020 or from creation of the designated post, whichever is later.

Change of office address: Regional Authority Ahmedabad notified with new contact details and territorial jurisdiction for Gujarat.
Change of office address of the Regional Authority, Ahmedabad is notified under paragraph 2.04 of the Foreign Trade Policy 2015-2020 by amendment to Appendix 1 of the Handbook of Procedure. The office is designated at 3rd floor, HUDCO Bhavan, Ishwar Bhuvan Road, Navrangpura, Ahmedabad-380009 with telephone and email provided, and territorial jurisdiction covers Gujarat State excluding areas under Rajkot, Vadodara, Surat and the Development Commissioner, KFTZ.

Parking of unutilised ECB proceeds extended as one time relief, permitting term deposit parking until March 2022.
Unutilised ECB proceeds drawn down on or before March 1, 2020 may be parked in term deposits with Authorized Dealer Category I banks for an additional period up to March 1, 2022 as a one time relaxation; all other ECB provisions remain unchanged and AD Category I banks must notify their constituents, with the Master Direction to be updated accordingly.

Contribution basis for AMC capital revised to average AUM of debt-oriented schemes for the latest financial year; other terms unchanged.
SEBI modifies its prior circular so that AMC contributions to the LPCC's share capital shall be calculated in proportion to the Average AUM of specified debt-oriented schemes for the 2020-21 financial year; scheme scope and all other terms and conditions of the earlier circular remain unchanged.

Quarterly Return Monthly Payment Scheme allows quarterly GSTR-3B with monthly tax payments, subject to eligibility and payment rules.
QRMP permits taxpayers with up to five crore turnover to file quarterly GSTR-3B while making monthly tax deposits for the first two months; eligibility is GSTIN-wise and subject to turnover thresholds and specified opt-in/opt-out windows. Outward supplies are reported quarterly in GSTR-1 with an optional IFF for selected invoices in the first two months. Monthly payment may be by a system Fixed Sum Method (pre-filled PMT-06) or Self-Assessment, deposits reserved to offset quarterly liability on filing GSTR-3B, with interest and late-fee consequences where prescribed.

Amnesty scheme offers waiver of interest and penalties and conditional settlement of pre GST arrears by taxpayers.
Amnesty Scheme 2021 permits electronic opt in settlement of specified pre GST arrears by granting full waiver of interest and penalties and a reduction of principal for lump sum or installment payment, subject to exclusion of certain KGST era dues from reduction. Taxpayers must withdraw pending appeals, receive credit for earlier tax or amnesty payments (excluding penalty payments), and complete payments within prescribed timelines; default on installments revokes relief and restarts recovery. Assessing authorities verify options electronically and permit e payment, with provisions for representation and district level outreach.

Electronic issuance of Preferential Certificate of Origin via e CoO requires DSC registration and enables electronic and wet ink certified copies.
Electronic issuance of Preferential Certificates of Origin for exports to Mauritius under IMCECPA will be implemented via the DGFT e CoO platform from 1 April 2021, producing Original, Duplicate, Triplicate and an electronic copy with the officer's image signature and issuing agency stamp; exporters may obtain wet ink signed paper copies. Use requires registration and a Class III Digital Signature Certificate embedding the exporter's Importer Exporter Code, with IEC details auto populated from the DGFT database and maintainable via IEC Profile Management; platform guidance and helpdesk support are provided.

Dynamic QR Code requirement on B2C invoices: QR content and payment cross reference rules determine compliance.
Clarifies that the Dynamic QR Code requirement applies to B2C tax invoices by registered persons above the turnover threshold, subject to specified exclusions and excluding supplies treated as B2B for e invoicing (including exports). The QR Code must include supplier identifiers, payment details, bank account/IFSC, invoice number/date, total value and GST breakup and be scannable for digital payment. An invoice that displays the QR Code or records a cross reference to the payment (transaction id, date/time, amount and mode) is deemed compliant; post invoice payments require provision of the QR Code on the invoice.

Unblocking and refund timelines for application money reduced, accelerating ASBA account unblocking and refund processing for investors.
SEBI shortens refund and unblocking timelines for application monies in public issues by substituting a reduced four-day period into the specified SEBI (ICDR) Regulations for cases of non-receipt of minimum subscription and for failure to obtain listing or trading permission, reflecting ASBA and UPI operational arrangements and intermediary responsibilities for investor compensation.

Assessment scope under section 144B specified: designated classes of pending and new assessments to be completed under that provision.
The order specifies that assessments pending on the cutoff and those initiated thereafter, excluding central charges and international taxation charges, which fall within four categories - notices issued by NeAC/NaFAC, returns filed under section 139 or in response to section 142(1)/148(1) with a section 143(2) notice by the Assessing Officer or Prescribed Income tax Authority, failure to file after a section 142(1) notice, and failure to file after section 148(1) where a section 142(1) notice was issued - shall be completed under section 144B.

Faceless Assessment hierarchy: Pr. CCsIT regions made cadre controlling authority; NaFAC to frame guidelines and oversight.
Pr. CCsIT of each region is designated as Cadre Controlling Authority for all regional field formations including ReFACs and is responsible for jurisdictional hierarchy, administrative functioning and completion of Faceless Hierarchy targets; CCsIT (ReFAC) reports to the regional Pr. CCIT for APAR purposes while Pr. CCIT (NaFAC) may provide inputs.

Suspension of registration for return discrepancies: affected taxpayers must respond timely or face cancellation proceedings.
Sub-rule (2A) permits suspension of registration where comparison of returns, GSTR 1 outward details, or supplier derived inward supplies reveal significant differences indicating contravention and immediate threat to revenue; affected taxpayers are to be intimated electronically (FORM GST REG 31 or, pending portal functionality, FORM GST REG 17 on dashboard) and must explain within the prescribed reply period why their registration should not be cancelled, submitting responses via FORM GST REG 18 for proper officer examination leading to either FORM GST REG 20 (drop/revocation) or FORM GST REG 19 (cancellation).

Certificate of Origin (Preferential) updated: specified agencies authorised to issue CoO under India-Mauritius CECPA.
Director General of Foreign Trade amends Appendix 2B of the Foreign Trade Policy to list the agencies authorised to issue Certificate of Origin (Preferential) for the India-Mauritius CECPA, naming product specific certification authorities (export inspection agencies, marine products authority, textile and silk bodies, spices and coir boards, tobacco board, APEDA), specified SEZs and EOUs within their jurisdictions, and regional certification offices as authorised issuers.