Cut-off timings for NAV determination updated; new 3pm and online 7pm deadlines apply for repurchases in overnight schemes.
SEBI amends paragraph 8.4.5.4 to require AMCs to apply the closing NAV of the previous business day for repurchase applications received on or before 3:00 pm, and the closing NAV of the next business day for applications received after 3:00 pm; for online applications in overnight fund schemes a 7:00 pm cut-off applies. Business Day excludes days when Money Markets are closed. The amendment, introduced to facilitate upstreaming of client funds via pledged MFOS units, takes effect June 1, 2025.

Late fee for annual return filing applies until both FORM GSTR-9 and FORM GSTR-9C are furnished.
Late fee under section 47(2) of the Haryana Goods and Services Tax Act applies to delay in furnishing the complete annual return under section 44 where FORM GSTR-9C is required. The annual return is not complete unless both FORM GSTR-9 and FORM GSTR-9C are furnished, and the late fee period runs from the due date until the date of furnishing of the complete return. Late fee is not levied separately for delayed filing of FORM GSTR-9 and FORM GSTR-9C. For financial years up to FY 2022-23, no additional late fee is payable if FORM GSTR-9C is filed on or before 31 March 2025, and no refund is admissible for amounts already paid.

Compounding of contraventions: framework allowing voluntary settlement subject to eligibility, procedure, and payment requirements.
The Master Direction consolidates RBI's framework for compounding of contraventions under FEMA, 1999 and the Compounding Rules, 2024, setting eligibility and exclusions (including non-compoundable categories such as Section 3(a), repeat contraventions within three years, unquantifiable amounts, and matters involving suspected money laundering or DoE objections). It prescribes filing and jurisdictional rules, application content and fees, required administrative corrective actions, procedures for assessment, factors influencing compounding amounts, a computation matrix with fixed and variable components and ceilings, hearing protocols, payment mechanisms, and publication of compounding orders.

Compounding of contraventions under FEMA: fresh applications not linked to prior orders; additional payment details required for reconciliation.
The amendment removes the provision linking the compounding amount payable in a subsequent application to any earlier compounding order, treating such filings as a fresh application with an independently determined compounding amount. Additionally, applicants paying electronically must provide mobile contact details, the Reserve Bank office that received payment, and the mode of application submission to aid reconciliation and expedite processing.

Mode of Export of Services introduced in eBRC format requires exporters to specify GATS modes when certifying services exports.
A mandatory Mode of Export of Services field has been added to the eBRC format for services exports (applicable to eBRCs generated on or after May 01, 2025), requiring exporters certifying IRM-linked eBRCs via the DGFT portal (API or bulk upload) to indicate the relevant GATS mode of supply to improve data granularity and align with international classification.

Trading window closure: Immediate relatives of designated persons will have automated PAN ISIN freezes during financial results periods.
The circular extends automated trading-window restrictions to immediate relatives of designated persons by requiring a Designated Depository portal to collect and confirm PANs, names and demat details; companies must specify trading-window commencement and end dates and provide details by T 2, the depository will share data with exchanges and other depositories by T 1 and daily during closure, after which depositories will freeze PANs at ISIN level to block off-market encumbrances and stock exchanges will restrict on-market transactions; additions, deletions and exemptions must be effected within two trading days.

Laboratory recognition: Foreign laboratory analyses accepted for specified imported food products while ISO accreditation remains valid.
The National Food & Feed Reference Laboratory (NFFRL), Kathmandu, Nepal, is recognised for analysis of specified imported food products and its analysis certificates (covering juice, jam, jelly, pickles, candies, ginger, fresh fruits and vegetables, and instant noodles) shall be accepted by Indian import authorities, subject to the laboratory maintaining ISO/IEC 17025 accreditation from NABL.

Proof of Origin replaces certificate of origin, enabling self-declaration and centralised verification with specimen seal uploads.
Amendment replaces Certificate of Origin with Proof of Origin, defined to include certificates issued by designated authorities and self-declarations as provided under trade agreements; verification requests must be directed to the designated international customs verification unit, which will upload specimen signatures and seals to the customs electronic system, circulate copies to non-electronic locations, forward copies to investigative authorities, implement an SOP to track uploads, and submit periodical reports to ensure consistent verification procedures.

Late fee on annual return applies until FORM GSTR-9 and FORM GSTR-9C are both furnished when reconciliation is required.
Late fee under section 47(2) of the APGST Act is clarified to apply for delay in furnishing the complete annual return under section 44 where FORM GSTR-9C is required along with FORM GSTR-9. The annual return is treated as complete only when both forms are furnished, and the late fee is computed from the due date until the date of furnishing of the complete return. It is not separately levied for FORM GSTR-9 and FORM GSTR-9C. For financial years up to FY 2022-23, additional late fee is waived if FORM GSTR-9C is furnished on or before 31 March 2025.

Section 128A waiver of interest or penalty clarified for GST demands, payment rules, forms, and eligibility conditions.
Section 128A of the APGST Act and Rule 164 provide waiver of interest or penalty or both for specified section 73 demands relating to FY 2017-18, 2018-19 and 2019-20, subject to full payment of the tax demanded within the notified time and compliance with prescribed procedures. The clarification covers eligible categories of notices, statements and orders, the filing of FORM GST SPL-01 or SPL-02, withdrawal of pending appeal, writ petition or special leave petition, payment through DRC-03 or the Electronic Liability Register, and the effect of retrospective section 16(5) and 16(6) on the amount payable. It also explains scrutiny, orders, deemed approval, appealability and the circumstances in which the waiver becomes void.

Input tax credit relief under APGST retrospective amendment clarified for pending demands and rectification proceedings.
Retrospective insertion of section 16(5) and section 16(6) in the Andhra Pradesh Goods and Services Tax Act, 2017 extends the time limit for availment of input tax credit in specified cases from 01.07.2017, including cases involving later revocation of cancelled registration. The clarification also states that no refund is available where tax has already been paid or input tax credit has already been reversed because of the earlier restriction under section 16(4). It further prescribes the manner in which authorities and taxpayers should proceed at different stages of investigation, adjudication, appeal, revision, and rectification.

Personal carriage facilitation for gems and prototypes enables electronic pre filing and temporary detention to streamline airport customs clearance.
Harmonised procedure mandates advance electronic filing of Bills of Entry/Shipping Bills indicating "Personal carriage" for import/export of gems and jewellery and samples/prototypes, requires passenger and flight identifiers, provides for registration, examination, sealing and temporary detention of parcels at designated airport/air cargo premises with issuance of a Detention Receipt, and permits eligible examination at factory premises; Customs will verify filings via RMS/PAG, conduct examinations at airport or Air Cargo Complex, and confirm export by matching passenger manifests.

GST registration verification: clarified permissible documentary proof and limits on additional document demands during processing.
Clarifies procedural standards for processing GST registration applications, limiting additional documentary demands to the indicative list in FORM GST REG-01. For proof of Principal Place of Business, any one prescribed document (property tax receipt, municipal khata, electricity or water bill, or equivalent) suffices; rented premises require rent/lease agreement plus one ownership document of the lessor, with consent and identity proof acceptable in specific cases. Unwarranted presumptive queries are prohibited. Physical verification is required for risk-flagged or Aadhaar-unverified cases with GPS-tagged photographs, and officers must follow prescribed forms and timelines for notices, replies and final action.

Interest and penalty waiver allows eligible pre-commencement GSTR-3B payments and partial appeal withdrawal for covered tax periods.
Section 128A permits waiver of interest, penalty, or both for specified section 73 demands relating to the eligible period. Tax paid through FORM GSTR-3B before the provision came into force may qualify where paid before the relevant demand notice or adjudication order and verified by the proper officer. For later availment, payment must follow Rule 164. Where proceedings cover both eligible and non-eligible periods, tax may be paid for the eligible period and an application filed in FORM SPL-01 or FORM SPL-02, with intimation that the appeal will not be pursued for that period.

Registration Fee for Import Monitoring Systems introduced under FTP framework, with payment, refund, exemption and adjustment procedures clarified.
Appendix 2K is amended to introduce a Registration Fee for Import Monitoring Systems and to revise the Scale of Application Fee for various DGFT services. Payments must be made online via the DGFT payment gateway or eMPS using authorised methods. Exempt classes under the Foreign Trade (Regulation) Rules, 1993 are not liable for fees. Refunds are permitted only where fees were paid in excess, paid without an application, or paid in error by an exempt applicant, subject to a one year claim limitation and prescribed verification and sanction procedures; sanction orders lapse after three months.

Global Tariff and Trade helpdesk for addressing import surges, dumping, EXIM clearance and trade compliance issues.
Operationalisation of a Global Tariff and Trade Helpdesk by DGFT to receive and coordinate trade-related issues including import and export challenges, import surges or dumping, EXIM clearance, logistics and supply chain challenges, financial or banking issues, regulatory and compliance matters, and other suggestions; submissions to be made via the DGFT Helpdesk Service, email or toll-free call, with status tracked online and notifications sent by email and SMS.

Section 128A benefit clarified: prior GSTR 3B payments accepted; DRC 03 mandated thereafter; mixed period appeals adjusted.
Adoption of CBIC Circular clarifies that taxpayers who paid tax via FORM GSTR 3B before 1 November 2024 may avail the waiver benefit if payment was intended for the demand, while payments made on or after that date must follow Rule 164 using FORM GST DRC 03 or electronic liability register crediting. For notices/orders spanning both covered and uncovered periods, taxpayers may pay tax for covered periods, file FORM SPL 01 or FORM SPL 02, notify the appellate authority of withdrawal for covered periods, and the appellate authority will adjudicate remaining periods; eligibility is subject to proper officer verification.

Specialized Investment Funds (SIF) now require standardised application forms and a prescribed ISID disclosure format for launch and approval.
Registered mutual funds must apply to establish a Specialized Investment Fund using the Annexure I application format and meet eligibility under Route 1 (sound track record) or Route 2 (alternate route relying on specified CIO and fund manager experience/AUM) with prescribed supporting documents and undertakings. The Investment Strategy Information Document (ISID) format in Annexure II mandates front-page product labelling, PRC disclosure for debt strategies, concise Section I highlights (objective, benchmark, frequencies, NAV, loads, expenses, timelines) and Section II detailed disclosures (asset allocation tables with specified instrument exposures, investment approach, benchmark justification, fund manager credentials, holdings and governance disclosures), together with due diligence and trustee confirmations and specified operational, disclosure and investor-protection timelines.

Site reconfiguration separating clustered customs sites and remapping officer roles, causing temporary system outage and operational interruption.
The DG Systems will separate INTUT1 and INTUT6 from the consolidated INKAR6 and establish INTUT1 as master and INTUT6 as child, requiring a complete Tuticorin Port systems shutdown that will cause a temporary outage affecting trade. Roles assigned to officers at INTUT1 and INTUT6 will be removed during reconfiguration and officers will be remapped to the master INTUT1 and child INTUT6; during the interregnum none of the officers' roles will be active.

Non-Processing Area demarcation and SEZ approvals shape multiple approvals, extensions, de-notifications, and co-developer permissions in one meeting.
The Board of Approval for Special Economic Zones considered extensions of Letters of Approval, co-developer approvals, demarcation of processing built-up areas as Non-Processing Area under Rule 11B, restricted-item procurement, partial de-notification, area enhancement, appeals, and supplementary agenda matters. Several LoA extensions and co-developer requests were approved subject to standard SEZ terms, taxability examination by the Assessing Officer, and lease-period conditions. Multiple requests for Non-Processing Area demarcation were permitted, one relaxation was granted under the applicable instruction, and certain appeals were deferred or remanded for reconsideration.