Fraudulent input tax credit: recipients face demand, recovery and penal action; issuers face penal liability for fake invoices.
Where tax invoices are issued without actual supply, the issuer does not create a supply and thus no tax demand under recovery provisions arises against the issuer, but the issuer is liable to penal action for issuing invoices without supply; recipients who fraudulently avail and utilize input tax credit without receipt of goods or services are liable for demand and recovery of such ITC with interest and penal action under provisions addressing fraudulent availment or utilization, and those who further pass on ITC without supply are not liable for output tax demand but are subject to penal provisions for issuance of invoices and improper use of ITC.

Inter State supply reporting must be place of supply wise, and ITC reversals/ineligible credits must follow specified GSTR table reporting.
Registered persons must report inter State supplies to unregistered persons, composition taxpayers and UIN holders place of supply wise in Table 3.2 of FORM GSTR 3B and corresponding FORM GSTR 1 tables; customer database and invoice PoS must be accurate. Table 4(A) of GSTR 3B is auto populated from GSTR 2B, but absolute non reclaimable ITC reversals and ineligible credits must be reported in Table 4(B)(1), temporary/reclaimable reversals in Table 4(B)(2), reclaimed credits in Table 4(A)(5) and Table 4(D)(1), with Net ITC in Table 4(C) credited to the Electronic Credit Ledger; time limit exclusions go in Table 4(D)(2).

Mandatory reporting of inter State supplies ensures accurate GSTR 3B/GSTR 1 disclosure and correct Input Tax Credit reversal accounting.
Suppliers must report place of supply wise inter State supplies to unregistered persons, composition taxable persons and UIN holders in Table 3.2 of FORM GSTR 3B and corresponding GSTR 1 tables; maintain accurate customer state data; and ensure GSTR 1 amendments reflect in GSTR 3B. FORM GSTR 2B auto populates Table 4(A) of GSTR 3B with total ITC, but registered persons must separately report absolute ineligible reversals in Table 4(B)(1) and temporary/reclaimable reversals in Table 4(B)(2). Net ITC credited to the electronic credit ledger is 4(A) less 4(B)(1) and 4(B)(2); time barred ITC may be shown in Table 4(D)(2). Reversals under section 17(5) must be placed in Table 4(B), not Table 4(D).

KYC Registration Agencies must report cyber incidents within six hours and provide quarterly incident reports for regulatory oversight.
KRAs must report all cyber-attacks, threats, incidents and breaches within six hours of detection and notify the national computer emergency response body; systems designated as protected must also notify the national critical information infrastructure authority. KRAs must submit quarterly reports on incidents, vulnerabilities and mitigation measures within 15 days of quarter-end using the prescribed format and dedicated e-mail, and put in place systems to implement these requirements immediately.

PIMS registration required at SEZ/FTWZ/EOU import; DTA registration only if processing alters HS code into a PIMS tariff line.
PIMS registration is mandatory at the point of import into SEZ/FTWZ or at import by an EOU for paper tariff lines covered by PIMS. No PIMS registration is required by a DTA unit on customs clearance from SEZ/FTWZ/EOU if the item registered on entry has not been processed; if processing in SEZ/FTWZ/EOU changes the 8 digit HS code and the resulting item falls under PIMS tariff lines, the DTA importer must register under PIMS.

Customs refund claims depend on prior reassessment or amendment of assessment, with post-out-of-charge procedures strictly regulated.
Refund claims for excess customs duty on Bills of Entry require prior modification of the assessment or self-assessment through the proper statutory route, and refund cannot be entertained under section 27 alone. Group officers are to re-assess Bills of Entry only as a consequence of an appellate order, not suo motu, and consequential refund is then to be processed by the Refund Section. Certain Bills of Entry, including post-out-of-charge amendments under sections 149 or 154 and cases with no revenue implication, are excluded from this restriction, subject to the stated procedural requirements.

Investor Grievance Redressal: exchanges must deploy online complaint systems and continue hybrid grievance and arbitration processes.
SEBI directs Recognized Stock Exchanges, Commodity Derivatives Exchanges and Depositories to implement a 24x7 web-based investor complaints redressal system interoperable with SCORES within six months, featuring online lodging, unique registration and tracking, online movement to concerned entities, Action Taken Reports, audit trails, centralised storage and MIS, access for trading members and DPs, investor status visibility and online clarifications. SEBI mandates continuation of a hybrid mode for GRC, arbitration and appellate arbitration, and replaces clause 1.J.(iii) of its 2017 circular to exempt clients with claims up to a specified monetary threshold from arbitration fees.

MEIS scrip transfer recording resumes, withdrawing the import-utilisation arrangement created during unavailability of the mandatory recording facility.
Re-operationalisation of the DGFT Scrip Transfer Recording Module restores the facility for recording transfer details of MEIS scrips, with additional features and limitations. Public Notice No. 92/2021, concerning utilisation of MEIS scrips for imports when the mandatory transfer-detail recording facility was unavailable, is withdrawn. Stakeholders must use the re-operationalised mechanism for MEIS scrip transfers.

Export policy conditions for motor gasoline and gas oil require domestic supply commitments and quarterly reporting to MoPNG.
DGFT amended export policy for specified HS codes covering motor gasoline and gas oil to impose policy conditions: exporters must submit a self-declaration at the time of export confirming that a portion of the Shipping Bill quantity has been or will be supplied to the domestic market during the current financial year, with exemptions for exports to Bhutan and Nepal and for 100% EOUs and SEZ units; affected exporters must file quarterly returns with the Ministry of Petroleum and Natural Gas. CBIC instructed Customs officers to implement and report difficulties.

Inter-State supply reporting: report place-of-supply-wise details in returns and report ITC reversals per GSTR-3B accurately.
Registered persons must report place-of-supply-wise inter-State supplies to unregistered persons, composition taxpayers and UIN holders in Table 3.2 of FORM GSTR-3B and the corresponding tables of FORM GSTR-1; maintain correct customer state data and reflect GSTR-1 amendments in Table 3.2. ITC totals are auto-populated from FORM GSTR-2B but registered persons must record permanent ineligible reversals in Table 4(B)(1), temporary/reclaimable reversals in Table 4(B)(2), compute Net ITC as 4(C)=4(A)-[4B(1)+4B(2)] and ensure only net ITC is credited to the electronic credit ledger; time-barred credits go in Table 4(D)(2).

Refund sanction procedure requires speaking orders, documentary verification, and post-audit review for higher-value claims.
Refund claims under the Assam GST framework require a detailed speaking order with FORM GST RFD-06 setting out the factual and legal basis for sanction or rejection, including limitation, documents, return filing, pending dues, hearing details, case law, and the applicability of unjust enrichment where relevant. In refund categories such as accumulated ITC, zero-rated supplies, deemed exports, excess cash ledger, and other claims, the officer must verify ledger debit, computation, admissibility of ITC, statutory restrictions, and supporting records from GSTR forms, ICEGATE, BRC/FIRC, and SEZ documentation. Pre-audit is not required, but post-audit and review continue for refund claims of Rs. 1 lakh or more, subject to prescribed timelines.

e BRC portal migration requires authorised dealer banks to urgently migrate to the new platform to maintain export realisation services.
Migration of the electronic Bank Realisation Certificate system requires authorised dealer banks to transition to the new e BRC portal because the existing NIC hosted module will be discontinued at end of July 2022, and help resources and a DGFT helpdesk email have been provided for bank assistance.

Cyber incident reporting requirement mandates rapid notification to regulators and CERT In and quarterly disclosures to aid market resilience.
Modification requires Stock Brokers and Depository Participants to report all cyber attacks, threats, incidents and breaches to Stock Exchanges/Depositories and SEBI within 6 hours of detection or notice, and to the national computer emergency response authority and, where systems are designated protected, to the national critical infrastructure protection centre; quarterly reports on incidents and mitigations must be submitted to Stock Exchanges/Depositories within 15 days of quarter end and shared with SEBI via a dedicated e mail.

Demat Debit and Pledge Instruction extension delays implementation; exchanges must notify members and update websites under regulatory powers.
SEBI extends the implementation timeline for the Demat Debit and Pledge Instruction (DDPI) regime for transfers of securities for deliveries/settlement obligations and pledging/re pledging, postponing the prior commencement date to allow depositories additional time to complete system changes. Stock Exchanges and Depositories must notify members/participants and publish the extension on their websites; the directive is issued under SEBI's statutory powers to protect investors and regulate the securities markets.

Disclosure of public shareholding requires named large shareholders and concert parties; revised shareholding and foreign ownership formats mandated.
Amendments require listed entities to name shareholders holding significant public stakes and disclose persons acting in concert where available; revised formats for public and non promoter non public shareholding disclosures (Table III and Table IV) are prescribed, and a new Table VI format captures foreign ownership limits. Stock exchanges and depositories must implement systems, notify listed entities and disseminate the formats; changes take effect from the quarter ending September 30, 2022.

E commerce jewellery export framework streamlines courier exports and sets electronic declaration, documentation and re import conditions.
A simplified framework requires electronic filing of Courier Shipping Bill (CSB V) on ECCS with seller as exporter and consignee as buyer, amended CSB V fields for e commerce identifiers and jewellery specifications, and mandatory upload of supporting documents (invoice, packing list, product and packaging photos, product listing image, payment confirmation). Customs assessment is risk based with X ray scanning, CCTV monitored examination, sealed openings and ECCS recording; LEO issued after regulatory checks. Re imports of returned jewellery are enabled subject to strict matching, documentation, temporal and value limits, 100% examination and neutralisation of any tax benefits.

Late filing of Bills of Entry receives conditional late-fee waiver where ICES disruption prevented timely electronic filing.
Late fee for delayed filing of Bills of Entry is waived for 25 and 26 June 2022 where timely filing was prevented by ICES disruption during a disaster-recovery drill and maintenance period. The waiver applies to late fee otherwise chargeable under the Bill of Entry (Forms) Amendment Regulations, 2017, subject to submission of a negative acknowledgement or other proof that a Bill of Entry number could not be generated.

GST Council approves key reforms on refunds, registration for e-commerce sellers, returns, rate rationalisation and system upgrades.
The GST Council approved Law Committee clarifications and rule changes on inverted duty refunds (admissible where input and output goods are same and rate differential arises from concessional notifications) and directed amendment of Rule 89(5) to proportionately account for ITC utilisation on inputs and input services. It sanctioned procedural rules for cross-jurisdiction enforcement actions, approved a Circular on fake invoice consequences, authorised re-credit via FORM GST PMT-03A, endorsed Centre notification of Finance Act provisions with new rule insertions, and accepted measures on e commerce registration waivers (PAN based intra state supplies without registration), GSTR 3B reforms, Rule 96 IGST refund handling, suspension thresholds with automatic revocation, system reforms, consent based data sharing, and multiple Fitment and GoM rate rationalisation recommendations.

Form eleven filing relief permits LLPs to file annual return without additional fees within an extended timeline.
Limited Liability Partnerships may file their Annual Return (Form 11) for FY 2021-2022 without payment of additional fees if filed by the extended deadline of 15 July 2022; this extension continues earlier relief and is issued with competent authority approval.

Derivative contract adjustment threshold revised; adjustments now triggered only for sufficiently material dividend declarations.
Adjustment in single stock futures and options will be carried out only where dividend declarations meet or exceed a specified market value threshold; earlier circulars are modified to that extent while other provisions remain applicable. Exchanges and clearing corporations must implement systems, amend rules and bye laws as needed, disseminate the circular to members and confirm implementation to the regulator; the revision applies to announcements on or after the circular's effective date.