Tax collection at source on cash sales applies only when cash received exceeds the statutory threshold; only cash amounts are collectible.
Tax collection at source is triggered only when the cash component of a sale exceeds the statutory threshold. The seller must collect TCS only on the cash portion; where cash received is below the threshold no TCS is collectible even if total consideration exceeds the threshold, and where cash exceeds the threshold TCS applies solely to that cash amount.

Service tax refunds will be paid by direct NEFT/RTGS to exporters' bank accounts; one time authorization required.
Service tax refunds will be paid by direct electronic credit to exporters' bank accounts via NEFT/RTGS from 1 July 2016; claimants must submit a one time original authorization by 30 June 2016. Divisions will send weekly consolidated statements and a hard copy to the designated bank with the consolidated cheque; the bank will make NEFT/RTGS transfers after deducting applicable charges and send a weekly scroll to the divisions, which will record the transfers, deface original claim documents and forward files to Headquarters Audit. Pre audit procedures remain unchanged.

Covered options permitted for resident exporters and importers to write against contracted exposures, subject to bank approvals and safeguards.
Permits resident exporters and importers to write standalone plain vanilla European covered call and covered put currency option contracts to AD Category I banks against contracted export or import exposures, treating such covered options as structured derivative products and not as hedges. AD Category I banks must obtain internal approvals, assess the writer's risk management and financial strength, treat the underlying exposures as unhedged for capital and provisioning, may require margin or collateral, report transactions to the designated reporting platform, and observe limits on maturity and permissible combinations.

Foreign currency accounts: startups may receive export proceeds abroad but must repatriate export balances within prescribed realisation period.
Indian startups meeting prescribed eligibility may open an overseas foreign currency account to receive foreign exchange from exports or sales by the startup or its overseas subsidiary, with balances representing exports to be repatriated within the export realisation period; such foreign exchange may alternatively be credited to the startup's Exchange Earners Foreign Currency (EEFC) account in India.

Reward eligibility expanded: non-CBEC government officers may receive rewards for contraband seizures subject to rank and guideline conditions.
Amendment expands reward eligibility to Government Servants of other departments/agencies (Police, Border Security Forces, Coast Guard, etc.) for seizures of contraband effected under the Customs Act, 1962 or the Narcotic Drugs and Psychotropic Substances Act, 1985 and subsequently booked/investigated by CBEC; only officers of those Departments/Agencies holding rank equivalent to the Additional Commissioner of Customs & Central Excise or lower will be considered for sanction of rewards in terms of Paras 4.2 and 4.3.

Centralised refund processing centralises filing and standardises procedures to expedite customs duty refund claims and electronic disbursement.
Centralised Refund Section reorganises refund administration into CRC I and CRC II to centralise receipt, scrutiny, processing, sanction and electronic disbursement of refund claims. The Notice prescribes serialised receipt and master register entry, initial scrutiny with first come first served processing for complete claims, issuance of deficiency memos within a week to ten days for incomplete claims, cash section verification for prior refunds, officer proposals addressing time limit, merit and unjust enrichment, and decision by Assistant/Deputy Commissioner with required speaking orders, pre audit and post audit steps where applicable.

Indirect Tax Dispute Resolution Scheme nomination enables appellants to submit Form I to designated authority for scheme benefits.
The Indirect Tax Dispute Resolution Scheme 2016 permits parties in appeal before the Commissioner (Appeals) on 1 March 2016 to file a declaration and submit the prescribed Form I to the Designated Authority to avail scheme benefits. Shri K. Kulasekaran, Assistant Commissioner (R & T), Puducherry Commissionerate, is nominated as the Designated Authority to accept Form I in that jurisdiction, and stakeholders are requested to publicize the scheme.

Position limit for currency derivatives: limits measured at opening remain binding, and increases barred until compliance with limits.
Position limits for currency derivatives are determined by open interest at the time a position is opened; a later drop in total open interest does not oblige unwinding of positions opened validly, but market participants cannot increase or create positions in that currency pair until they meet applicable limits, and exchanges may require position reductions for risk or surveillance reasons. The circular modifies the earlier para 14 and directs exchanges, clearing corporations and depositories to implement and communicate requisite procedural and rule changes.

Warehousing licence applications require a prescribed form, centralized antecedent verification, and 30 day processing with annual insurance submissions.
Prescribes a standardized application form for new bonded warehouse licences under the 2016 Warehousing Regulations, serving as an information checklist for premises, security, fire protection, types of goods, financial solvency and statutory declarations; requires bond officer inspection and report within 15 days and Principal Commissioner/Commissioner decision within the next 15 days (30 day target); mandates centralized antecedent verification with specified agencies and allows post verification; licences remain valid until surrender/cancellation while annual insurance and solvency evidence must be submitted.

Due diligence timelines under rule amendment extended for certain pre-existing reportable accounts, with U.S. accounts retaining earlier review deadlines.
The amendment extends the review deadline for pre-existing high-value individual reportable accounts and certain pre-existing entity reportable accounts from the earlier June cutoff to a later year-end date for non-U.S. reportable accounts, while preserving the earlier June deadline for U.S. reportable accounts; substantive due-diligence standards and account classification remain unchanged.

Co-developer approvals and extension of SEZ permissions require continuity, compliance, PAN reporting and tax scrutiny.
Extensions of formal and in-principle approvals and of Letter of Permission (LoP) validity were granted, typically for one year; co-developer statuses were approved subject to SEZ Act and Rules with conditions such as lease-period reduction to 30 years and prohibition of tax benefits for co-developers in specific cases. Corporate changes and transfers were permitted subject to seamless continuity, compliance with eligibility and revenue laws, immediate financial disclosure to CBDT, PAN reporting, and Assessing Officer scrutiny of taxability. Appeals were deferred where DGEP consultation was required; one formal approval was cancelled subject to certification on tax benefit non-availment or refund.

Withdrawal of appeals: Departments must file applications to withdraw identified cases and report compliance promptly.
The Board directs immediate filing of applications to withdraw departmental appeals identified before High Court and CESTAT, freezes the zonal figures shown in the annexed chart as final, and requires zones to report compliance to the Board by the prescribed deadline, ensuring recorded counts match filed withdrawal applications and outcomes.

Tariff rate quota allocation for sugar to USA increases export allocation under TRQ, subject to reporting and certification requirements.
An additional 1,146 MT of raw cane sugar (98 degree pol) is allocated from the non-levy (Free Sale) quota for export to the USA under the Tariff Rate Quota, increasing the total TRQ allocation for the referenced US fiscal year. Exports under this allocation are free but subject to the Nature of Restrictions and reporting requirements in the cited notification. Certificate of Origin for preferential sugar exports to the USA will be issued by the Additional Director General of Foreign Trade, Mumbai, and other prescribed certification requirements remain applicable until the end of the specified fiscal period.

Reverse charge for arbitral services places service tax liability on recipient business entities located in taxable territory exceeding turnover threshold.
Service tax on services provided by an arbitral tribunal, including individual arbitrators, is payable by the service recipient under the reverse charge mechanism when the recipient is a business entity located in the taxable territory whose turnover in the preceding financial year exceeds the prescribed threshold; services to non business persons or business entities below the threshold remain exempt under the exemption notification.

Indirect Tax Dispute Resolution Scheme: declarants may suspend appeals by declaration and obtain discharge on compliance with deposit requirements.
The scheme permits parties with appeals before the Commissioner (Appeals) at the cut-off date to file a Form-1 declaration with a designated authority; the authority issues Form-2 acknowledgement which suspends the appeal. Declarants must deposit required sums within a fortnight and report deposits in Form-3. The designated authority issues a Form-4 discharge order; the Commissioner will reconcile Form-4 and remove the appeal from pendency as disposed of, with such disposal carrying no binding precedent.

Indirect Tax Dispute Resolution Scheme enables declarants in pending appeals to file for settlement and obtain discharge after payment.
The Indirect Tax Dispute Resolution Scheme, 2016 permits persons with appeals pending before the Commissioner to file a declaration with the designated authority using prescribed forms, obtain an acknowledgement that stays appellate proceedings for a statutory period, deposit required tax, interest and penalty within prescribed timeframes and, upon submission of proof of payment, receive a discharge order from the designated authority. The scheme specifies categories of impugned orders that are excluded from its application and identifies the rank and appointment of the designated authority for filing and processing declarations.

Export certificate for travellers enables duty-free re-entry of personal high-value items when presented with proof at departure.
Passengers carrying jewellery or other high-value personal items may obtain an export certificate by presenting the items to Customs at Mangaluru International Airport for valuation or by submitting purchase invoices or an authorized valuer's certificate; a downloadable export-certificate format is available on the Commissionerate website and must be completed in duplicate and presented at the designated departure counter to enable duty-free re-import.

IGST on imports: importers must declare GSTIN or PAN; customs will validate payments with GSTN for credit/refund.
Imports will be liable to IGST and applicable compensation cess in addition to customs duties, with valuation rules amended to include customs duties while excluding IGST and cess; Bills of Entry and Shipping Bills have been modified and Customs EDI/EDT will reconcile declarations with GSTN so importers claiming IGST credit must declare GSTIN (or PAN and state code if not registered) and exporters must provide GSTIN, invoice and item-wise values to enable customs validation for refunds or proof of export.

Trade facilitation committee reconstitution establishes monthly stakeholder meetings to address common customs clearance issues and representation rules.
Re-constitution of the Permanent Trade Facilitation Committee (PTFC) establishes a multisector stakeholder forum including customs officers, technical and NIC representatives, customs house and ship agent associations, CFS representatives, banks, warehousing managers, import/export associations and industry bodies. The committee will meet monthly (last Thursday at 11:30 a.m., adjusted for holidays), restrict attendance to members and invitees, encourage consistent association representation, focus on common systemic customs clearance issues rather than isolated individual problems, and may invite individuals when issues have wider implications.

Import quota allocation for rough marble expanded with revalidation, verification and penalties for misdeclaration.
Revalidation and amendment of import authorisations for rough marble and travertine blocks is allowed with a 25% increase in import quantity under Notification No.11; an annexure lists 472 beneficiaries and their additional quotas. Regional Authorities must verify applicants are not on the DEL list before revalidation. Beneficiaries must file monthly import returns by the 15th of the succeeding month. False or erroneous information, mis declaration or misrepresentation will lead to forfeiture of allocation, debarment from future allocations and penal action under the Foreign Trade (D&R) Act, 1992.