Secondary discounts under GST clarified: input tax credit, consideration treatment, and dealer promotional services depend on the underlying supply arrangement.
Clarification on secondary or post-sale discounts under GST states that input tax credit need not be reversed where financial or commercial credit notes do not reduce the original transaction value. A post-sale discount to a dealer is generally not consideration for onward supply or for a separate service when the dealer acts on a principal-to-principal basis and no independent service is rendered. GST arises only where specific promotional or related services are expressly agreed for a defined consideration.

Entertainment sector tax audit finds inconsistent expense verification, weak Form 52A monitoring, TDS gaps and data sharing failures.
Audit identifies inconsistent AO treatment of pre operative expenses, failure to verify production reimbursements and foreign incentives, ineffective monitoring and non use of Form 52A (lacking PAN and non submission), weak inter unit and inter agency data sharing (including state entertainment tax and CBFC), absence of TDS on distribution rights under production and inconsistent withholding on foreign line producer payments, and recurring procedural and computational assessment errors; recommends CBDT instructions, Form 52A redesign and proactive enforcement, refined codes for emerging segments, centralized assessment in film circles, improved data exchange and IT based validation of tax computations.

GST circular withdrawal: procedure requiring evidence under Section 15(3)(b)(ii) is no longer required.
The State withdraws Circular No. 6/2024-GST (2 July 2024), aligning with the Central Board's withdrawal, and declares that the procedure for providing evidence of compliance with Section 15(3)(b)(ii) shall not be required; field formations must follow Central Circular No. 253/10/2025-GST to ensure uniform implementation and issue trade notices while reporting any implementation difficulties.

Post sale discounts under GST: when discounts affect input tax credit and when they form part of consideration for supply.
Where suppliers issue financial or commercial credit notes the original transaction value and tax liability remain unchanged and the recipient need not reverse Input Tax Credit. Post sale discounts from manufacturer to dealer typically reduce the dealer's sale price and are not consideration for the dealer's supply to the end customer unless the manufacturer has an agreement with the end customer that the dealer is enabled to implement, in which case the discount is includible in overall consideration. Discounts that do not pay for distinct promotional services are not taxable unless a specific agreement defines such services and consideration.

Faceless customs assessment requires complete e-Sanchit documentation, clear declarations, compliant certifications, and specific responses to assessment queries.
Faceless customs assessment requires complete, legible supporting documents to be uploaded in e-Sanchit and linked to the relevant Bill of Entry through the Image Reference Number. Importers should provide clear goods descriptions, classification particulars, value-supporting records, manufacturer details where relevant, and documents establishing compliance with exemption conditions, registrations, certifications, licences and monitoring requirements. Query replies must be specific and comprehensive. The generally required document list is non-exhaustive, and further documents may be requested based on the goods and assessment needs.

Reverse demarcation of built-up area permitted in IT/ITES SEZs subject to demarcation order and no duty refund claim.
Reverse conversion of Non-Processing Built-Up Area to Processing Built-Up Area in IT/ITES SEZs is to be decided under the general demarcation authority, which may issue demarcation orders and secure controlled entry and exit between demarcated areas; such reverse demarcation approvals are conditional and may be granted only where the applicant developer has no claim for duty refund.

Annual filings: companies may file FY2024 25 e forms without additional fees until 31 December 2025 deadline.
Companies may file specified annual e forms for FY 2024-25 (MGT 7, MGT 7A, AOC 4 variants and AOC 4 XBRL) without payment of additional fees until 31 December 2025 to accommodate deployment of revised forms. This relief does not extend statutory time for holding AGMs; noncompliance remains liable to legal action. Filings after the circular's currency will attract all fees, including additional fees, under the Companies (Registration Offices and Fees) Rules, 2014, from the original due date.

Withdrawal of GST circular rescinds the prescribed supplier procedure for evidence of compliance with valuation-related GST condition.
The Chief Commissioner of State Tax has withdrawn GST Circular No. 13/2024 (09 July 2024), rescinding the previously prescribed procedure by which suppliers were to provide evidence of compliance with the valuation-related condition under the GST law, on the stated basis of ensuring uniform implementation across field formations.

Post-sale discounts: credit notes that don't alter transaction value don't require reversal of input tax credit; inducement rules vary.
Where suppliers issue financial/commercial credit notes without reducing the original transaction value, the supplier's tax liability remains unchanged and the recipient need not reverse Input Tax Credit. Post sale discounts by a manufacturer to a dealer are not consideration for the dealer's supply when sales are independent principal to principal transactions, but are includible in consideration where the manufacturer has an agreement with the end customer and enables the dealer to supply at the agreed discounted price. Discounts that merely reduce the dealer's sale price are not taxable as separate services unless a distinct promotional service with specified consideration is contracted.

Provisional GST refunds: 90% payable for system-identified low-risk claims; detailed scrutiny permitted where reasons are recorded.
Amendment to rule 91(2) permits sanction of 90% provisional refund for refund applications categorised as low-risk by the system, subject to statutory eligibility and existing FORM GST RFD-02/RFD-03 timelines; the proper officer may, for reasons recorded in writing, decline provisional sanction and proceed to detailed examination under rule 92. Non-low-risk applications require detailed scrutiny and no provisional payment. If provisional payment exceeds final admissible amount, a show cause notice in FORM GST RFD-08 will be issued. The risk-based provisional refund regime applies to applications filed on or after 01.10.2025 and is extended as an interim measure to inverted duty structure claims.

Evidence of compliance under Section 15(3)(b)(ii) withdrawn; Commissioner rescinds prescribed procedure for uniformity, report difficulties to Commissioner.
The Commissioner has withdrawn Trade Circular No. 06/2024, removing the previously prescribed procedure for suppliers to provide evidence of compliance with the relevant condition of the West Bengal Goods and Services Tax Act; the procedure shall no longer be required. The withdrawal is effected under the Commissioner's administrative powers to ensure uniform implementation, and difficulties in implementation may be reported to the Commissioner.

Non-convertible securities issuance and listing: consolidated SEBI rules on ASBA/UPI, T+3 timelines, EBP/RFQ platforms, ISIN limits and green disclosures.
This Master Circular consolidates SEBI operational directions on issuance and listing of non-convertible securities and related instruments, prescribes ASBA/UPI application mechanics, roles of SCSBs, intermediaries, stock exchanges and RTAs, standardises listing timelines with optional T+3 acceleration, sets EBP and RFQ platform rules, caps ISIN fragmentation, mandates LEI reporting, requires issuer disclosures and third-party review for green debt securities, and details governance, reporting and settlement obligations including contributions to the LPCC Settlement Guarantee Fund.

Disclosure of allocation methodology: Angel Funds must follow PPM methodology for allocations after extended compliance deadline.
Existing Angel Funds must disclose a defined allocation methodology in their Private Placement Memoranda and ensure that any investment made after the extended compliance date is allocated in accordance with the methodology disclosed in the PPM.

Permanent Trade Facilitation Committees strengthen customs clearance through fortnightly consultation, grievance monitoring, stakeholder coordination and escalation mechanisms.
Permanent Trade Facilitation Committees at each Customs station must meet fortnightly with expanded representation from Customs, trade participants, DGFT, custodians, partner government agencies, shipping lines, logistics providers, trade councils and Customs Brokers. They monitor clearance timelines, address bottlenecks and trade grievances, oversee TSKs, AEM and the ICEGATE helpdesk, and escalate unresolved matters to NACs. A Single Point of Contact must support coordinated clearance, while local issues are to be discussed with relevant agencies and trade bodies.

Faceless assessment compliance requires complete Bill of Entry documentation, clear product particulars and specific query responses for faster clearance.
Faceless assessment requires complete and properly linked e-Sanchit uploads with the Bill of Entry to support correct self-assessment, classification, valuation and duty claims. Importers should provide clear goods descriptions, technical particulars, catalogues, end-use information, value documents and manufacturer details where relevant. Exemption claims must be supported by documents demonstrating compliance with applicable conditions. Required registrations, certificates, licences and import-monitoring information should be completed before filing. Query responses must be specific and exhaustive, while provisional assessment requests must state the reason. Additional documents may be required depending on the goods and assessment needs.

Diamond Imprest Authorisation requires Mumbai-only trade, physical exports 0.25 carat, 10% value addition and customs security requirements.
Diamond Imprest Authorisation (DIA) provisions require online application in ANF 4J; imports/exports only via Mumbai Airport; exports to discharge obligation must be physical Natural Cut and Polished Diamonds 1/4 carat with no one-to-one correlation required; minimum 10% value addition realised in Freely Convertible Currency; Para 2.52(d) not applicable; deemed exports prohibited. Before customs clearance, holder must execute a Bond equal to export obligation and a performance Bank Guarantee equivalent to duty foregone. DIA validity 12 months, export obligation 18 months, one authorisation per IEC per year; fulfilment filed in ANF 4K; default regularised by duty with interest and 1% FOB shortfall payment.

Extension of KYC filing deadline allows DIR-3-KYC and DIR-3-KYC-WEB to be filed without fee.
The Ministry permits submission of e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of the filing fee for filings made up to 31st October, 2025, extending the compliance period and continuing relief from General Circular No. 04/2025, with approval of the Competent Authority.

Related Party Transactions: new tiered disclosure rules impose Annexure-13A disclosures below specified turnover and monetary thresholds.
Listed entities must supply audit committees and shareholders the Industry Standards' specified information for RPT approvals; however, transactions not exceeding the lower of 1% of annual consolidated turnover or Rs. Ten Crore shall provide the streamlined disclosures in Annexure-13A, and transactions not exceeding Rs. One Crore (individually or aggregated in a financial year) are exempt from these requirements. Annexure-13A lists required details including transaction terms, related party identity, tenure, value, turnover percentages, funding/indebtedness particulars for loans, justification of interest, and any valuation reports.

Look Out Circulars (LOC) now processed through an online portal; designated nodal offices manage access and implementation.
Look Out Circulars (LOC) are to be processed exclusively through an Online LOC Portal effective 1 March 2024; prior routing by letters or emails is discontinued. Designation-based login credentials for nodal officers will be created by specified central offices, which are responsible for user creation, coordination, procedural guidance, and overall implementation for their respective field formations. Field formations must coordinate with their designated office for access and report portal difficulties to the Board via the nodal offices.

Postal import GST reduction applies lower IGST to eligible personal-use consignments, alongside revised duty calculations and clearance documentation requirements.
Postal imports for personal use under CTH 9804, where not prohibited, are subject to reduced 18% GST from 22 September 2025. Personal imports involving a monetary transaction attract 10% basic customs duty, social welfare surcharge on that duty, and 18% IGST; gift imports attract 20% basic customs duty, the surcharge, and 18% IGST. IGST is calculated on CIF value plus basic customs duty and social welfare surcharge. Import clearance requires prescribed KYC and supporting documents, while export clearance requires commodity-specific documentation.