Interest and penalty waiver requires full tax payment, withdrawal of pending challenges, and compliance with prescribed electronic procedures.
Section 128A grants conditional waiver of interest, penalty, or both for eligible section 73 demands relating to financial years 2017-18 to 2019-20, subject to full payment of tax and electronic application. Applications require withdrawal of pending challenges concerning the relevant demand. Composite demands require payment of all tax, including tax for ineligible periods and erroneous refunds, although waiver remains limited to eligible-period demands other than erroneous refunds. Input tax credit no longer payable under retrospective time-limit relief may be deducted where the credit was denied solely on that ground. Failure to pay residual liabilities or additional tax determined in departmental proceedings voids the waiver.

Input tax credit time-limit relief enables retrospective claims, rectification of eligible unappealed demands, while restricting refunds of paid tax.
Retrospective extension of the input tax credit availment period permits credit for specified earlier financial years in returns filed up to 30 November 2021 and provides a later claim mechanism after revocation of cancelled registration. Pending investigation, adjudication, appeal and revision proceedings must apply the revised entitlement. Unappealed demand-confirming orders may be rectified through the special procedure where credit was denied for breach of the earlier time limit but is now eligible. No refund is available for tax paid or credit reversed under the earlier restriction, except appeal pre-deposits where the appeal succeeds.

Common adjudicating authority centralizes GST show cause notices to ensure uniform adjudication across interconnected taxpayers.
Interconnected show cause notices involving multiple taxpayers shall be adjudicated by the Joint Commissioner of Taxpayer Services with state wide jurisdiction regardless of amount; the Joint Commissioner of the district where the noticee with the highest demand has its principal place of business will adjudicate all related notices, and where involved taxpayers are in the same district but under different authorities, the district's Taxpayer Services Joint Commissioner will adjudicate all SCNs. Connected penalty notices accompanying sections 73/74/76 notices are included.

Condonation of delay in filing tax-option forms: authorities may admit applications subject to specified eligibility conditions.
The CBDT delegates power to admit and decide condonation applications for delay in filing Form No. 10-IC and Form No. 10-ID: Principal Commissioners/Commissioners for delays up to one year, and Principal Chief Commissioners/Chief Commissioners/Directors General for delays exceeding one year. Applications must show timely filing of the return, election of the relevant tax option in the ITR, and reasonable cause with genuine hardship; no application is maintainable beyond a three-year limitation and authorities should aim to dispose within six months.

Condonation of delay under section 119(2)(b) permits delegated officers to admit late Form filings subject to reasonable-cause conditions.
Condonation under section 119(2)(b) authorises Principal Commissioners/Commissioners to admit delays up to 365 days and Principal Chief Commissioners/Chief Commissioners/Director Generals to admit delays beyond 365 days for late filing of Form Nos. 9A, 10, 10B and 10BB, subject to satisfaction of reasonable cause and genuine hardship. Applications must be made within three years from the end of the relevant assessment year (for applications filed on or after the Circular), should be disposed of within six months where possible, and delay in respect of Form 10 additionally requires that accumulated amounts be invested or deposited in modes specified under section 11(5).

Harmonisation of export policy: DGFT proposes an 8 digit ITC(HS) Schedule II and invites comments by 27 Nov 2024.
DGFT proposes to replace description based export policy with a harmonised Schedule II using 8 digit ITC(HS) codes aligned to Finance Act, 2024 tariff codes; an updated draft for Chapters 01-98 is circulated for consultation, comments invited by 27.11.2024, after which the draft will be finalised and notified. The draft preserves chapter level Free/Restricted/Prohibited classifications and commodity specific policy and licensing conditions referencing CITES, Wild Life (Protection) Act, APEDA registration, pre shipment inspection, health and origin certificates, and specialised certification regimes where applicable.

Registration of foreign food manufacturers now required for specified food categories; imports permitted only from registered facilities.
Foreign facilities exporting milk and milk products; meat and meat products (including poultry, fish and their products); egg powder; infant food; and nutraceuticals must be registered on FSSAI's ReFoM portal via their Competent Authority, after which FSSAI assigns a unique registration number; imports of these categories will be permitted only from facilities registered on ReFoM, and customs officials must verify facility details in the import clearance system against the portal while FSSAI continuously updates the registry based on Competent Authority submissions.

Standard Input Output Norms notified for Clobetasol Propionate, setting input allowance of Betamethasone under chemical products.
A new Standard Input Output Norms entry SION A-3682 has been notified for Clobetasol Propionate under Chemical and Allied Products, specifying Betamethasone as the permitted input at an allowance of 0.95 kg per 1 kg of exported Clobetasol Propionate, issued under powers of the Foreign Trade Policy to govern exporter entitlement and related compliance.

Classification of clear float glass: tin layer from manufacturing does not constitute an absorbent coating, affects customs tariff placement.
Clear float glass bears an inherent tin layer from the float process, but that manufacturing residue does not qualify as an absorbent, reflecting or non-reflecting layer (a microscopically thin applied metal or metal-oxide coating). Therefore clear, non-wired, non-coloured, non-reflective, non-tinted float glass with only the inherent tin layer and no additional metal-oxide coating is to be classified as float glass without such a layer under the applicable tariff entry.

Technical Member appointment in GST Appellate Tribunal invites online applications under prescribed eligibility and selection rules.
Applications are invited for appointment to 02 posts of Technical Member (State) in the GST Appellate Tribunal State Benches for West Bengal, Sikkim and Andaman and Nicobar Islands at Kolkata. Eligibility is governed by the CGST Act and the GSTAT Rules, with selection through a Search-cum-Selection Committee and appointment by the Central Government. Candidates must apply online within the notified period, and late or incomplete applications are liable to rejection.

InvITs: Exemption for employee benefit trust units, standard quarterly reporting, and aligned distribution timelines with unclaimed funds process.
Units allotted to an employee benefit trust for a unit based employee benefit scheme are exempt from the lock in and preferential allotment restrictions in Chapter 7, per new paragraph 7.6.4 and a proviso to 7.7.1; BIA will specify the standardized quarterly report and compliance certificate formats for Investment Managers and trustees; distributions timelines are aligned with Regulation 18(6)(c), and unclaimed distributions must be transferred to an Escrow 'Unpaid Distribution Account' within seven working days of expiry of the distribution timeline.

Relaxation for employee benefit trust units exempts lock in and allotment restrictions, with reporting and unclaimed distribution rules aligned.
Units allotted to an employee benefit trust for a unit based employee benefit scheme are exempted from the preferential issue lock in and allotment restrictions if compliant with Chapter IVA of the REIT Regulations. Indian REITs Association, with the regulator, shall specify a uniform format for quarterly reports and compliance certificates that managers must submit to trustees. Where distributions made within prescribed timelines remain unpaid or unclaimed, the manager must transfer such amounts to an Unpaid Distribution Account within seven working days of expiry of the distribution timeline.

Extension of validity of CAVR Order for Stainless Steel J3 grade preserves valuation-assistance under Customs Rules.
The Central Board of Indirect Taxes and Customs extends CAVR Order No. 2/2023-Customs so that its application to Stainless Steel of J3 grade under the specified HS codes continues for the period commencing 29 November 2024 and ending 28 November 2025, invoking powers under the Customs Act and the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023 to maintain the valuation-assistance framework for the listed tariff lines.

Port of export amendment: Amritsar Airport added as authorised export point for gold, silver and platinum jewellery shipments.
Amendment adds Amritsar Airport to the authorised ports of export in Para 4.71 of the Handbook of Procedures, 2023 for exports under schemes of gold, silver and platinum jewellery; airfreight and Foreign Post exports may be effected through Amritsar Customs House in addition to the previously listed Customs Houses, while courier exports through specified Custom Houses remain permitted up to the existing FOB value per consignment.

Refund processing after appellate reassessment: sanctioned refunds must trigger ICES amendment and reassessment procedures.
Where appellate or higher forum orders re-assess Bill(s) of Entry, refund claims for excess duty shall be processed within prescribed time limits upon acceptance of that order by the competent authority; following sanction, the Refund Section (Port) will forward the refund order to the Appraising Group to make required amendments or re-assessment in the ICES in compliance with the appellate or higher forum order and after observing due procedures.

Simplified FPI registration: abridged CAF option with auto-population of data and applicant consent to reused details.
SEBI permits eligible FPI applicants to use an abridged Common Application Form where only fields unique to the applicant are filled while other fields are auto-populated or disabled from the depositories' CAF module, subject to explicit applicant consent and confirmation of unchanged details; DDPs must update and maintain complete CAF records and pilot custodians with the Standards Setting Forum will specify implementation standards and auto-populatable fields.

Sea Cargo Manifest Regulations require mandatory use of new e-manifest format, affecting filing practices and cargo clearance.
Implementation of the Sea Cargo Manifest and Transshipment Regulations (SCMTR) at Tuticorin Customs requires phased adoption of new e-manifest formats by the notified effective date; stakeholders must commence parallel filing immediately as continued use of old formats is allowed only temporarily under the transitional provision in Regulation 15(2). Allocated ASC/ASA/Transhippers must report filing success/failure and repetitive errors to the Deputy/Assistant Commissioner before vessel arrival and escalate unresolved system errors to DG Systems via the Deputy Director with intimation to the Joint Commissioner (EDI).

Low Voltage Switchgear and Controlgear now subject to phased EEQCO compliance with staged testing and identification rules.
The Second Amendment Order, 2024 to EEQCO substitutes a Table prescribing phased implementation dates and specific conformity requirements for Low Voltage Switchgear and Controlgear by reference to IS/IEC 60947 parts. It classifies products by category and rating bands, specifies which tests of the referenced standards are immediately mandatory and which (notably electromagnetic compatibility and application specific tests) are deferred to later dates, and in some deferred cases conditions transitional compliance on a manufacturer declaration to BIS. Appendix A provides product identification guidance for customs enforcement.

Trading supported by blocked amount via UPI block or three in one accounts expands client choice and fund protection.
SEBI requires Qualified Stock Brokers to offer clients either trading in the cash segment supported by blocked amounts via the UPI block mechanism or a three in one trading account integrating trading, demat and bank accounts with fund and security blocking at order placement and post market upstreaming of pay ins to the Clearing Corporation; clients may continue pre funding or choose either facility and Stock Exchanges and Clearing Corporations must amend bye laws and notify participants. Effective February 01, 2025.

SEBI issues a consolidated master circular updating LODR compliance, disclosures, enforcement and reporting frameworks.
Master Circular consolidating SEBI circulars on compliance with the LODR Regulations, 2015 (updated to September 30, 2024) providing a chapter wise compliance framework with prescribed formats and procedures for listing agreements, periodic and annual disclosures (shareholding pattern, corporate governance reports, financial results, RPTs, IDRs, BRSR), event based disclosures (material events, defaults, auditor resignations, divergence in banks' asset classification), methods to achieve Minimum Public Shareholding, e voting facilitation, and a uniform enforcement regime including fines, freezing of promoters' holdings, 'Z' category trading, suspension, revocation and possible compulsory delisting; accompanied by annexures and an appendix of rescinded and consolidated circulars.