Refunds for deemed exports: recipients can claim while availing ITC but portal debits credit ledger to prevent double benefit.
Recipients of deemed export supplies may claim refund while availing input tax credit, subject to an undertaking that the refund pertains only to invoices listed for the period, does not exceed ITC availed in the filed return, and that the supplier has not claimed refund; the portal will require debit from the electronic credit ledger equal to the refunded ITC to avoid dual benefit. The relaxation for filing refunds where zero-rated supplies were misreported in GSTR-3B is extended to the specified cutoff, subject to aggregate validation across relevant GSTR-3B columns. For refund computation, the amended definition capping zero-rated goods turnover at one and a half times like domestic supplies applies when calculating adjusted total turnover for the refund formula.

Deemed export refund: portal debit of input tax credit required; circular removes ITC prohibition and clarifies adjusted turnover calculation.
Recipients of deemed export supplies may claim refund of tax paid although the portal requires debiting equivalent input tax credit from the claimant's electronic credit ledger to prevent dual benefit; the circular removes a prior prohibition on availing ITC for invoices with refund claims and requires an undertaking identifying invoices and confirming supplier non claim. The circular also extends relaxation for mis declared zero rated supplies in GSTR 3B to allow filing of refund applications under specified aggregate limits, and directs that the amended definition of turnover of zero rated goods applies when calculating adjusted total turnover for the refund formula.

Custodianship extension under customs law requires bond, insurance, indemnity, and continued regulatory compliance for cargo handling
Extension of custodianship of CONCOR CFS, Majerhat, Kolkata, as a Customs Cargo Service Provider under Section 45 of the Customs Act, 1962 and the Handling of Cargo in Customs Areas Regulations, 2009, for a further period of five years from 01.03.2021. The custodian must execute a bond of Rs. 20 Crore, maintain insurance coverage, indemnify the customs authorities, and comply with the Customs Act, the HCCAR, 2009, and all applicable regulatory conditions, subject to review, suspension, revocation or cancellation for non-compliance.

Central KYC expansion to legal entities requires registered intermediaries to upload LE KYC records and use KYC Identifiers.
Extension of the Central KYC Records framework to legal entities mandates Registered Intermediaries to upload legal-entity KYC records using the prescribed Legal Entity template, retrieve client records via KYC Identifier with client consent, communicate generated KYC Identifiers to clients, and migrate legacy KYC records to current Client Due Diligence standards when updated information is obtained. The requirements exclude Foreign Portfolio Investors.

Investment limits on special-feature debt restrict mutual fund exposures and require segregation and adjusted valuation after triggers.
Limits are prescribed for mutual fund investments in debt instruments with special features such as loss-absorbing subordination or conversion triggers; excess holdings as of the circular date are grandfathered but no fresh investments are permitted until within limits. Schemes must provide for creation of segregated portfolios and may transfer affected instruments on a trigger event, with valuation reflecting issuer stress from the trigger date. Perpetual bonds shall be valued with a notional maturity of one hundred years and close-ended debt schemes are barred from investing in perpetual bonds.

Authorised Officers designation for imported food testing assigned; FSSAI officials to conduct testing at notified ports, Customs to coordinate.
Designation of FSSAI officials as Authorised Officers has been expanded by a partial modification of an earlier notification to enable named regional FSSAI officials to carry out imported food clearance processes at specified Points of Entry under the FSS Act and FSS (Import) Regulations; Customs has been directed to take necessary action and coordinate with the notified officers and laboratories for testing and clearance at the listed ports.

GST audit procedure revised with new committee structure, trader categorisation, notice timelines, and consolidated post-verification audit findings.
GST audit procedure was revised to align field-level review, team constitution, taxpayer categorisation, notice timelines, and post-verification objection handling with the Tax Audit Manual. A zonal audit review committee remains under the Zonal Additional Commissioner, but a local audit review committee is also created under the Joint Commissioner (Tax Audit), and both committee formations must be reported to headquarters within the prescribed time. The amendment reorganises the audit framework by requiring audit teams to be formed separately for Category 'A', Category 'B', and Category 'C' traders through the relevant zonal or local committee structure, with the stated leadership levels assigned to each category.

Mandatory Unique Client Code and PAN verification required for commodity derivatives trading ensuring client identity verification and e PAN acceptance.
Members trading on commodity derivatives segments must use Unique Client Code for all clients and may not execute trades without uploading UCC details. Members must collect and verify PAN copies for existing and new clients; for e PAN they must verify authenticity on the Income Tax Department website and retain a soft copy. Exchanges must ensure upload of PAN or e PAN as part of the UCC, verify documents against the unique code and retain copies.

GST appeal filing must use the DSR appeal module on the GST Portal under the statutory appeal mechanism.
Filing of GST appeals must be effected through the Dispute Settlement and Resolution (DSR) module on the GST Portal; the Bangalore Zonal Unit has developed the Appellate Authority module and the appeal-filing functionality is now available for use by appellants, representatives, and departmental officers, who are advised to file appeals via the Portal in accordance with the statutory appeal mechanism.

Voting obligations for mutual funds require compulsory voting on specified corporate and related-party resolutions and thereafter on all resolutions.
Mutual funds must compulsorily cast votes on specified corporate governance matters and related party transactions; thereafter, voting on all other resolutions will also be compulsory from the specified later date. Funds with no economic interest on the record date may be exempted. Voting should be at the mutual fund level except where scheme-level voting is justified with a recorded rationale. Fund managers must provide quarterly declarations to trustees that votes were cast in unitholders' best interests, and trustees must confirm this in their half-yearly report to the regulator.

Flying squad oversight strengthens surprise inventory checks, AE-II field monitoring, and review of duty-related complaints.
Flying squads are deployed to conduct cross-checks and surprise verification of inventories prepared by GSTIs and GSTOs, and to inspect AE-II teams working in the field or at parking locations. They will examine complaints against AE-II teams, deal with issues or complaints relating to assessment proceedings, and undertake other AE-II duty-related work assigned by higher authorities. The squads report to the Special Commissioner (Vigilance).

Dynamic QR Code compliance for eligible B2C invoices permits payment cross-references, while post-invoice payments require the code.
Dynamic QR Code requirements apply to eligible B2C tax invoices issued by registered persons exceeding the prescribed turnover threshold, subject to specified supplier, OIDAR and export exclusions. The code must contain supplier, invoice, payment and tax details and support digital payment. Compliance is deemed where payment details are cross-referenced on the invoice for prepaid supplies or where electronic payment facilities capture transaction details. Each eligible supplier remains responsible for compliance on e-commerce supplies; where payment is made after invoice issuance, a Dynamic QR Code must be provided on the invoice.

Mutual fund regulation updated: gross exposure capped to net assets and governance, disclosure, and procedural reforms introduced
The circular revises multiple MF circulars to cap cumulative gross exposure across equities, debt, derivatives, repos and other permitted assets to the net assets of the scheme; prescribes updated investment pattern disclosures with minimum/maximum allocations and defensive reallocation flexibility; replaces the procedure for change in control of AMCs with conditions including trustees' and board approvals, unitholder communication and a minimum 30 day exit option, undertakings by incoming sponsors/trustees and revision of offer documents; and mandates electronic filings, quarterly voting disclosures, revised reporting timelines, updated dividend and SID/KIM procedures, and treatment of NCPS as debt.

Filing of stakeholder lists: liquidators must upload and update stakeholders on the IBBI electronic platform for public dissemination.
The amendment mandates that the liquidator shall file the list of stakeholders on the Board's electronic platform for dissemination, applicable to ongoing and new liquidations; the Board has provided a prescribed format and portal at www.ibbi.gov.in allowing multiple filings and updates. Insolvency professionals must file or update the stakeholder list in that format within three days of preparation/modification, with filings outstanding as of the circular due within 15 days, and are advised to use the same format when filing with the Adjudicating Authority.

Interest waiver scheme implementation assigned recovery, outreach, and help desk duties to boost trader participation and compliance.
Interest Waiver Scheme-2021 was implemented in Uttar Pradesh for a three-month period, providing waiver of pending interest and penalty arising from demands created up to 31.12.2020 under the specified tax laws. The circular assigns a coordinated recovery and outreach framework, requiring field staff to inform defaulters, maintain detailed registers, transfer recovery certificates, coordinate with traders and revenue officials, monitor performance, establish help desks, assist online applications and promote scheme participation.

Consequential assessment orders required after Vivad se Vishwas determination; assessing officers must implement settlement orders.
Where the designated authority has passed orders under subsections (1) and (2) of section 5 of the Direct Tax Vivad se Vishwas Act, the Assessing Officer shall pass consequential orders under the Income-tax Act to give effect to the determination order and the full and final settlement.

Prevention of market abuse: MIIs must implement codes, internal controls and whistleblower protections to monitor trading and inquiries.
MIIs must adopt a Code of Conduct and Institutional Mechanism to prevent fraud and market abuse, including framing codes by the MD/CEO, appointment of a compliance officer, designation of persons with access to unpublished price sensitive information, implementation of internal controls, Board and Regulatory Oversight Committee review, written inquiry procedures for suspected misconduct, prompt initiation and reporting of inquiries, and an effective whistleblower policy with protections; listed MIIs must follow specified schedules for trading in own and other securities.

Jurisdiction amendment clarifies and reallocates assessing responsibility among income tax commissionerates for classes of assessees.
Corrigendum amends Jurisdiction Order No. 3/2020 by replacing and inserting column six entries to allocate classes of persons and assessees to specified Principal Commissioner/Commissioner jurisdictions, including replacement of certain entries, insertion of new numbered jurisdictional entries, and deletion of a sub entry, thereby clarifying which assessees are assessed or assessable within designated commissionerates.

Interest waiver scheme implementation directed for outstanding dues, with online monitoring, publicity measures, and trader facilitation.
Interest Waiver Scheme-2021 was to be implemented for waiver of interest and penalty on outstanding dues created up to 31.12.2020 under several Uttar Pradesh tax laws. Officers were directed to publicise the scheme widely, guide subordinate staff, contact traders and trade bodies, and promote participation. The scheme was to operate online through the departmental portal, with monitoring through the portal and help desks for small traders.

Interest waiver scheme for outstanding tax dues offers structured relief on interest and penalty with portal-based compliance.
Interest Waiver Scheme-2021 grants waiver of pending interest and penalty on outstanding tax dues created up to 31.12.2020 under the specified Uttar Pradesh tax laws. The scheme operates for three months, applies separately to each demand created under each order, and covers demands arising from admitted tax, assessed tax, and pending or decided disputes. It requires payment of the principal outstanding tax, allows partial payment and waiver of interest according to the slab of dues, and fully waives penalty imposed only for non-payment of outstanding dues.