Assessment practice for petroleum products: second check allowed with valid PTR; otherwise first check with mandatory lab testing.
Revised assessment practice for petroleum imports under CTH 27101960 and 27101990: manufacturer importers who are actual users with an overseas manufacturer supplier and a valid PTR may obtain final assessment on second check where manufacturer and supplier credentials and PTR details are uploaded to e sanchit. Manufacturer importers with non manufacturer foreign suppliers may obtain provisional second check assessment with samples sent to DYCC/designated laboratory if a valid PTR is uploaded and declared. All other cases, including non manufacturer importers or lack of valid PTR, require first check assessment with mandatory laboratory testing.

Manufacturing in bonded warehouses: combined recordkeeping and export/domestic clearance rules with GST and duty obligations.
Applicants for manufacturing or other operations in bonded warehouses must hold a private bonded warehouse licence and use a single application process; licensees must maintain consolidated digital accounts in the Annexure B format (combining MOOWR and Warehouse Regulations data), execute the prescribed triple duty bond, and submit monthly returns. Exported resultant products require a shipping bill and warehoused removal procedures with no import duty on contained inputs; domestic clearance is a taxable supply under GST, requiring an ex-bond bill of entry, payment of GST and import duties on contained inputs, and reflection of transactions in Annexure B.

Mandatory eSANCHIT upload: digitally signed supporting documents required at filing of shipping bills; hard copies disallowed.
Mandatory uploading of digitally signed supporting documents on eSANCHIT is required at the time of filing Shipping Bills; exporters and customs brokers must submit documents electronically and hard copies will no longer be accepted.

RCMC electronic verification replaces physical submissions; single RCMC suffices and additional RCMCs remain optional for exporters.
Physical submission of RCMCs is discontinued and RCMC validity will be checked electronically from the DGFT database as uploaded by EPCs; exporters can verify upload status on the DGFT RCMC portal. An entity needs only one RCMC from its relevant EPC under Appendix 2T and may add businesses without mandatory additional RCMCs; additional RCMCs are optional. If a goods RCMC holder exports services later, a separate SEPC RCMC is not required and SEPC membership is optional.

Portfolio Managers may trade exchange-traded commodity derivatives for clients with mandatory custodian, disclosures and reporting obligations.
Portfolio Managers may participate in Exchange Traded Commodity Derivatives on behalf of clients after entering into an agreement or addendum with the client, must appoint a SEBI-registered custodian before dealing, provide disclosures in the Disclosure Document and agreement regarding risks, margins, position limits and valuation, assume responsibility for disposing of any physical goods delivered within client-agreed timelines, not onboard Foreign Portfolio Investors for such participation, and report exposures in monthly regulatory reports under "Commodity Derivatives."

Accredited investor accreditation for Innovators Growth Platform sets eligibility, verification and validity requirements and verification duties.
The circular defines Accredited Investors (AIs) for the Innovators Growth Platform and prescribes eligibility criteria (individual income and liquid net worth; corporate net worth), documentary evidence and calculation methodologies. It allocates responsibilities to Exchanges/Depositories to receive applications, verify and maintain AI records (using brokers/DPs for intake if desired) and to grant accreditation for a prescribed validity subject to notification of changed ineligibility. Merchant bankers must perform due diligence on AI eligibility at the time of listing, and Exchanges/Depositories must implement the procedure, publish the provisions and amend rules within specified timelines.

Drawback claims pending due to PFMS bank account mismatches; exporters must amend PFMS details to enable payment.
Drawback claims in the SCROLL_IN queue are pending as "PFMS rejected" due to incorrect bank account data submitted in PFMS that mismatches ICEGATE; exporters listed in Annexure A must amend their PFMS bank details so payments can be processed and may approach the Assistant Commissioner, DBK & IGST Refund Section, Air Cargo Complex, Kolkata for assistance (telephone and email provided).

Condonation of delay in filing Form 10B: certain belated filings condoned; commissioners may admit other applications.
The Board, under section 119(2), directs that delays in furnishing Form 10B are condoned where the audit report was obtained before filing the return but furnished after filing and before the statutory due date; for other belated filings prior to the cutoff, Commissioners of Income-tax are empowered to admit condonation applications under section 119(2)(b) after being satisfied of reasonable cause, and to dispose of such applications by the prescribed administrative deadline.

Mutual funds participation in commodity derivatives allowed with governance, exposure caps, valuation and disclosure obligations.
Mutual funds are permitted to participate in exchange traded commodity derivatives (ETCDs) subject to exclusions for sensitive commodities, prohibition on holding physical goods except gold via Gold ETFs with a thirty day disposal requirement, prohibition on net short positions when combining physical and ETCD positions, scheme eligibility limited to specified hybrid schemes and Gold ETFs, requirement to treat participation as a change in fundamental attributes for existing schemes with a minimum thirty day exit option, AMC governance and valuation policies, investment exposure caps including cumulative limits for gold instruments, and specified disclosure and exchange implementation obligations.

Amendment of Form No. 10B requires updated audit certification and a detailed Annexure of particulars for trusts and institutions.
The proposed substitution of rule 17B and Form No. 10B requires trusts and institutions to furnish an updated audit report certifying that accounts give a true and fair view together with a signed Annexure of particulars. The Annexure mandates detailed disclosures on registration and legal status, objects and receipts (including business activities and foreign contributions), application and accumulation of income, investments and deposits, accounting policies, inadmissible amounts, tax deduction/collection compliance, and comprehensive related party and deemed use disclosures concerning specified persons.

Access to road or bridge service remains non-taxable despite third-party payment for tolls during the demonetisation period.
Access to a road or bridge on payment of toll charges is in the Negative List and not taxable. The service remained the same throughout the period 8-11-2016 to 1-12-2016; payment by the project authority instead of the user did not change the service. A declared service under section 66E does not override the Negative List to make such a service taxable.

Innovation sandbox enables controlled testing of fintech solutions with anonymized market data under strict eligibility and governance.
Creates an Innovation Sandbox providing phased access to historical, anonymized securities-market datasets via published APIs and virtual test environments; access is conditioned on confidentiality/end-user agreements prohibiting resale or sharing. Participation requires contractual acceptance of rights and obligations, cybersecurity compliance, and demonstrated testing readiness, need and post-testing strategy. A Steering Committee of MIIs and QRTAs will issue operating guidelines, evaluate and onboard applicants, monitor testing and maintain oversight; the sandbox lifecycle must transition to a fully digital process within a prescribed timeframe.

Customs jurisdiction change creates new preventive and export facilitation unit and directs exporters to apply for self sealing.
The Customs Preventive Unit at Sullurpet is merged into the Customs Preventive Unit, Nellore, which will handle preventive, anti smuggling and coastal patrolling for SPSR Nellore District. A new Customs Preventive Unit at Kurnool is established with jurisdiction over Kadapa, Kurnool and Ananthapur Districts and is designated as an Export Facilitation Unit for those districts; its office address is provided. Exporters in those districts are requested to apply to the Kurnool unit to avail the self sealing export procedure under the procedures set out in the Trade Facilitation Circulars.

Refund of unutilized input tax credit: Portal calculations and prescribed order of debiting electronic ledgers must be followed.
Refunds of unutilized input tax credit must be the least of three amounts: statutory maximum under rules 89(4)/89(5) on consolidated ITC, ledger balance at the end of the tax period after filing the return, and ledger balance at time of filing; the electronic credit ledger must be debited first towards Integrated Tax, then equally to Central and State/UT Tax with shortfalls met from the other head. Until portal automation is available taxpayers must manually compute and debit accordingly before ARN generation and filing FORM GST RFD-01A; illustrative allocations are provided and no adverse action will be taken for past non-conforming filings.

Authorised Sea Carrier registration required; ICEGATE filing of arrival/departure manifests and inland manifest enables e seal cargo tracking.
The Sea Cargo Manifest and Transhipment Regulations, 2018 require Indian representatives to register as Authorised Sea Carriers (ASC) and their agents as Authorised Sea Agents (ASA), and to submit electronic Arrival and Departure Manifests via ICEGATE prior to departures. ICEGATE now accepts registration and applications routed through ICES to the Appraising Officer (EDI) for verification and approval. The Customs Inland Manifest (CIM) is operational for e Sealed export cargo and must be filed before cargo leaves exporter premises; CIM data on vehicles, containers and e seals will be shared with RMS and verified by preventive officers to support tracking and risk based facilitation.

Affordable housing GST eligibility clarified for Mumbai Metropolitan Region projects under amended rate notifications.
Lower GST rate of 1% applies to construction services of affordable residential apartments where the project commences on or after 1 April 2019 or is ongoing without the promoter exercising the prescribed option; eligibility requires carpet area not exceeding 60 square metres in metropolitan cities (90 square metres elsewhere) and the gross amount charged within the Notification's ceiling. "Mumbai Metropolitan Region" for applying the metropolitan threshold comprises the areas listed in Schedule I of the Mumbai Metropolitan Region Development Authority Act, 1974, as amended.

GST exemption on upfront lease premium applies when the amount is determined upfront, even if paid in instalments.
GST exemption on the upfront amount payable for long term leases of industrial or financial infrastructure plots is admissible provided the amount is determined upfront, irrespective of whether that upfront amount is paid in one or more instalments; the exemption covers amounts labeled in any manner and applies where the leases are for thirty years or more and granted by State industrial development bodies or entities with majority public ownership.

GST exemption for seed testing and certification treats tags supplied by agencies as exempt; outsourced tags taxable.
Supply of seed certification tags by State Seed Certification Agencies is an element of the integrated, multistage composite supply of seed testing and certification, exempt under Notification No. 12/2017 - State Tax (Rate) Sr. No. 47. When tags are procured from external departments or manufacturers, that supply to the agencies is a taxable supply of goods and must be classified according to the tags' predominant material.

Revocation of GST registration: applications allowed subject to outstanding returns being filed before or within the prescribed period after revocation.
Clarifies procedural conditions for revocation of GST registration cancelled for failure to furnish returns: where cancellation is from the cancellation order date, all returns due up to that date must be filed before applying for revocation; where revocation is ordered, returns for the period between the cancellation order date and the revocation date must be furnished within a prescribed period after revocation; and where cancellation is retrospective and portal restrictions prevent filing, an application may be accepted provided returns for the period from the effective cancellation date to revocation are filed within the prescribed post revocation period.

Input tax credit utilization: Integrated tax credit must be exhausted first, then may be apportioned to central and state liabilities.
Clarifies that input tax credit attributable to Integrated tax must be completely exhausted before Central or State/Union Territory input tax credit can be used; after Integrated liabilities are met, the Integrated tax credit may be apportioned in any order and proportion towards Central and State/Union Territory liabilities. Illustrations demonstrate permissible apportionments. Until the common portal is updated to reflect this allocation rule, taxpayers may continue using the portal's existing functionality. The circular is clarificatory and implementation difficulties may be reported to the Commissioner of State Tax.