Shareholding limits for IFSC stock exchanges tightened; parent exchanges must retain majority ownership and certain entities need board approval.
An amendment requires that any Indian or foreign recognised stock exchange may form a subsidiary to operate in an IFSC with the parent exchange retaining majority paid-up equity; remaining equity may be offered to others subject to limits on individual or concerted holdings and applicable law. Certain market and financial institutions may acquire larger stakes only with prior approval of the Board, and recognised exchanges must comply with Regulation 19 and Regulation 20 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.

Contactless customs reform: Turant Customs enables electronic document submission, same-day approvals and automated bond debit for traders.
A contactless, faceless and paperless Customs framework requires establishment of Turant Suvidha Kendras at all Customs formations for single-point document handling with electronic verification via e-Sanchit and limited physical submission; ICEGATE enhancements permit online registration/modification of Authorised Dealer codes and bank accounts with same-day Customs approvals, automated bond debit after assessment when bond details are supplied, and simplified importer/exporter registration linked to GSTIN to expand access to portal services.

GST filing relief revises interest periods and makes late-fee waiver conditional on timely return furnishing.
COVID-19 GST relief measures revise the interest and late-fee treatment for delayed FORM GSTR-3B and FORM GSTR-1 filings. Eligible delayed filings receive nil interest for notified periods, reduced interest for subsequent specified periods, and normal interest thereafter, with calculation based on the portion of delay within each applicable period. For small taxpayers, the reduced-interest relief extends to additional tax periods. Late-fee waiver for FORM GSTR-3B remains conditional on filing by notified dates; otherwise, late fee runs from the original due date until filing.

Detention and seizure procedure for goods in transit: online, time bound steps for inspection, demand, provisional release and seizure.
This circular prescribes an online, time bound procedure for detention, inspection, release, provisional release, demand for tax and penalty, payment, and seizure of goods and vehicles during transit for alleged violations of the State GST Act and Rules. It mandates use of specified online MOV and DRC forms for case registration, inspection summaries, release orders, notices of demand, provisional release on security, electronic ledger debit for payments, and seizure actions, and requires suo moto registration where a liable person is unregistered; proceeds from disposal are to be applied against outstanding dues.

Turant Suvidha Kendra centralises customs trade facilitation through a single-point interface, defined procedures, staffing, and operational monitoring.
Turant Suvidha Kendra is to be established as a single-point trade interface under the Trade Facilitation Cell within centralised and other sections. A committee of Commissioners must determine procedures for location, document handling and electronic maintenance, functions, staffing and training. Commissioner of Customs, Nhava Sheva-III must specify the Kendra's functions, location, timings, contacts and staffing, guide importers and Customs Brokers, issue staff directions, and monitor operational efficiency. Staffing changes require competent-authority approval.

Faceless, contactless customs reform expands Turant Suvidha Kendras and digitises AD registration, bond debit and ICEGATE access.
Instituting a technology driven, Faceless, Contactless and Paperless customs regime by extending Turant Suvidha Kendra (TSK) to all formations, mandating electronic document submission via e Sanchit with physical submissions restricted to exceptional validation at TSKs, enabling online AD code and bank account registration through ICEGATE with same day approval when complete, automating bond debit after assessment if bond details are provided, and encouraging simplified ICEGATE registration for importers/exporters to access portal functionalities.

Contactless customs modernization enables faceless, paperless procedures to speed clearances and reduce physical contact for exporters.
Turant Suvidha Kendras (TSKs) are extended to all Customs formations as single point interfaces for phased pan India Faceless Assessment, relying on documents uploaded to e Sanchit for assessment and Customs Compliance Verification and restricting any exceptional physical submission to TSKs. ICEGATE enhancements permit online registration/modification of Authorised Dealer codes and bank accounts with electronic submission of passbook or bank authorisation, same day processing if complete, automated bond debit in ICES when bond details accompany the Bill of Entry, and simplified ICEGATE registration tied to GSTIN verification to enable access to portal functionalities.

Contactless customs: online AD code and bank account registration plus automated bond debit to reduce physical interactions.
Contactless Customs measures require exporters to use ICEGATE for online registration/modification of Authorised Dealer (AD) Codes and bank accounts with e Sanchit document submission; Customs officers must approve or report deficiencies the same working day if requirements are met. ICES will automatically debit bonds after assessment when bond details accompany the Bill of Entry, and traders are encouraged to use continuity bonds. Importers/exporters are advised to complete simplified ICEGATE registration based on GSTIN verification to access portal functionalities such as bank account management, ledger view and IGST refund status.

Relaxation of ILDM compliance extended: reporting timelines for municipal debt issuers moved to a new July deadline.
The circular modifies clause 7 of SEBI's earlier March 23, 2020 circular to extend timelines for submission of the investor grievance report, financial results and accounts maintained by issuers under the ILDM Regulations, setting a new deadline of July 31, 2020, and directs stock exchanges to notify listed municipal debt issuers and disseminate the circular, effective immediately under SEBI's regulatory powers.

Contactless customs procedures: automated bond debits and streamlined electronic workflows to reduce physical visits and delays.
Implements Contactless Customs measures: ICES will automatically debit bonds when bond details and sufficient balances are provided at filing, eliminating physical bond debits; importers should use continuity bonds. Importers are urged to complete simplified ICEGATE registration to access electronic functionalities. First-check Bill of Entry workflow is streamlined so Bills automatically reach assessing officers after import-shed completion, allow return to examiners when incomplete, and handle CFS code routing by marking entries as 'NOCFS' for SUP correction.

Auto-debiting of bonds enables automatic debiting after assessment, reducing physical customs interaction and streamlining first-check routing.
System changes mandate auto-debiting of bonds declared in Bills of Entry after assessment, obviating manual debiting where a valid bond and sufficient balance are declared at filing; officer intervention is required only if no bond is declared or balance is insufficient. First-check Bills of Entry will automatically route to assessing officers after shed officers mark examination complete, with assessing officers able to return BEs to examiners by entering "N" until they enter "Y" to complete assessment. First-check BEs sent to the supervisor queue will carry a 'NOCFS' code so supervisors can enter the correct CFS code and forward to inspection.

GST on director remuneration: non employee fees taxable with company liable under reverse charge; salaries excluded as employment consideration.
Remuneration paid to directors who are not employees, including independent directors, is taxable and the company must pay GST under reverse charge; remuneration to directors who are employees is exempt when recorded and taxed as "Salaries" (in course-of employment under Schedule III), but any portion characterized and taxed as professional or technical fees is taxable and subject to reverse charge by the company.

Refund of Input Tax Credit restricted to invoices reflected in GSTR-2A; imports, ISD and reverse-charge credits remain unaffected.
Refund of accumulated Input Tax Credit is limited to ITC supported by invoices uploaded by the supplier in FORM GSTR-1 and reflected in the applicant's FORM GSTR-2A; refunds previously allowed on applicant-uploaded missing invoices are thereby modified. The restriction does not impact refund treatment for ITC on imports, ISD invoices, or inward supplies subject to reverse charge, which continue under the prior practice.

Faceless contactless customs: Turant Suvidha Kendras and ICEGATE digital measures extended to streamline customs processes nationwide.
The Board requires establishment of Turant Suvidha Kendras at all Customs formations to handle exceptional physical document submission while relying on e Sanchit for ordinary verification, and directs wide publicity of TSK details. ICEGATE has been enabled for online registration/modification of Authorised Dealer codes and bank accounts with electronic submission and dashboard tracking, automatic ICES debit of bonds post assessment when bond details accompany the Bill of Entry, and promotion of simplified ICEGATE registration tied to GSTIN to unlock portal functionalities.

Filing deadline extension for NFRA-2 compliance provides additional time from form deployment to complete reporting obligations for financial year.
The Ministry prescribes that the time limit for filing Form NFRA-2 for the reporting period is 270 days from the date of deployment of the form on the NFRA website, thereby creating a clear compliance trigger and finite filing window for that reporting period.

GST classification of petroleum exploration services distinguishes operational extraction support from geological, geophysical, and mineral evaluation services.
GST classification separates operational support services for petroleum, natural gas and mining extraction under heading 9986 from geological, geophysical, consulting, mineral exploration and evaluation services under heading 9983. Extraction support includes well-related operations, test drilling connected with extraction and contract operation of extraction units. Geological and geophysical prospecting, feasibility studies, project evaluation, surveying and mineral evaluation are classified separately. Services outside these entries must be classified under their respective headings and taxed accordingly.

Grievance Redressal Committee for GST issues ensures structured referral, quarterly review and time bound IT resolution processes.
Constitution of a Grievance Redressal Committee for Lakshadweep to address GST taxpayer grievances: co-chaired by senior Central GST officials, including GSTN, trade and tax professional representatives; two-year terms; quarterly meetings; Secretary to place stakeholder grievances before the Committee and submit quarterly reports. Functions include resolving procedural and IT grievances, referring policy or legal changes to GST Council Secretariat/CBIC Policy Wing, and referring portal issues to GSTN. GSTN will provide a portal for recording and tracking grievances and disposals with time-bound resolution and public status display.

Input tax credit blocking under Rule 86A was streamlined through SOP for non-existent firm invoices and prompt enforcement action.
Standard Operating Procedure was prescribed for blocking and unblocking of Input Tax Credit under Rule 86A in cases where credit had been claimed on the basis of invoices or other documents issued by non-existent firms. Deputy Commissioners and Assistant Commissioners in Vigilance/Enforcement units and Range Offices were authorised to act under Rule 86A(1) and 86A(2), with prompt analysis of returns and E-Way Bill data, identification of taxpayers, reporting to supervisory authorities, communication of reasons to the registered person, and compliance with the prescribed monetary threshold and one-year limit.

MSME classification change: composite investment-and-turnover criteria now govern category, triggering reclassification and reporting obligations.
Revisions require use of a composite criterion of investment in plant and machinery or equipment and turnover to classify enterprises; aggregation applies to all units sharing a PAN by combining GSTIN-linked figures. Investment calculation is linked to prior Income Tax Returns, with self-declaration permitted for new enterprises until first ITR, excluding GST and specified exempt items; turnover excludes exports and must be linked to tax and GST data, with temporary self-declaration allowed for entities without PAN until a specified date. Transitional rules preserve existing status for defined post-change periods and the circular supersedes earlier guidance except delayed-payment provisions.

Paperless Customs enables electronic Shipping Bill and e-Gatepass transmission, replacing printed export documents and physical dockets.
Paperless Customs requires electronic transmission of the digitally signed PDF of the Shipping Bill bearing the Final LEO and an e-Gatepass PDF to registered exporters and customs brokers, replacing routine printing and physical dockets; PDFs include encrypted QR codes with key shipment data and a version number for authenticity verification, and custodians must integrate with ICEGATE for electronic LEO receipt while all supporting documents must be uploaded to e-Sanchit.