Extension of timeline for formulation of implementation standards pertaining to SEBI Circular on “Safer participation of retail investors in Algorit...
Clarification on the position of Compliance Officer in terms of regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations...
Regularizing payment of GST on coinsurance premium apportioned by the lead insurer to the coinsurer and on ceding /re-insurance commission deducted fr...
Measures to facilitate ease of doing business with respect to framework for assurance or assessment, ESG disclosures for value chain, and introduction...
Page of 1545
Press 'Enter' after typing page number.
1241 to 1260 of 30883 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors (FPIs)
Show AI Summary
FPI investment limits updated: percentage caps on government, state and corporate debt and CDS notional sale caps. FPI investment limits for 2025-26 retain existing percentage caps on outstanding stocks for government securities, state government securities and corporate bonds; all eligible investments in specified securities are to be reckoned under the Fully Accessible Route. Allocation between General and Long term sub categories for G Secs remains 50:50; the absolute increase for SGSs is assigned to the General sub category. Revised absolute limits for two half year periods and an additional aggregate cap on CDS notional sales by FPIs are notified.
Relaxation of provision of advance fee restrictions in case of Investment Advisers and Research Analysts
Show AI Summary
Advance fee limits expanded for advisers and analysts permitting annual advance fees with client consent. SEBI permits Investment Advisers and Research Analysts to charge advance fees up to one year if agreed by the client, while fee controls (limits, payment modes, refunds, breakage and advance-fee rules) remain applicable only to individual and HUF clients who are not accredited investors. For non-individual clients, accredited investors, and institutional proxy-advice clients, fee terms are to be governed by bilaterally negotiated contracts. The circular is effective immediately and must be communicated to registered IAs and RAs.
Proper officer for various provisions under the Kerala State Goods and Services Tax Act, 2017 - Amendments
Show AI Summary
Determination of unpaid tax and credit adjustments now assigned to proper officers under amended state GST circular. A new Section 74A dealing with determination of tax not paid or short paid, erroneous refunds, and wrongly availed or utilised input tax credit (for Financial Year 2024-25 onwards) has been inserted. The Commissioner amended the delegation in Circular No. 5/2023 by inserting an entry for Section 74A as Sl. No. 5A in TABLE-1, thereby assigning functions under Section 74A to departmental officers; the amendment takes effect immediately.
Extension of timeline for formulation of implementation standards pertaining to SEBI Circular on “Safer participation of retail investors in Algorithmic trading”
Show AI Summary
Algorithmic trading safeguards extended: staggered effective dates set and exchanges directed to implement systems and amend bylaws. SEBI extended the timeline for implementation standards under the circular on safer participation of retail investors in algorithmic trading: implementation standards will come into effect from May 01, 2025 and the circular's provisions will apply from August 01, 2025. Exchanges are directed to establish systems and procedures, amend bye laws, rules and regulations, and disseminate the requirements to brokers and on their websites.
Clarification on the position of Compliance Officer in terms of regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Show AI Summary
Compliance officer position clarified: must be whole time, KMP and no more than one level below top management. Clarification that the Compliance Officer must be a whole-time employee and designated as a Key Managerial Personnel, and must be positioned no more than one organisational level below the board-interpreted as one level below the Managing Director or Whole time Director(s). Where no Managing Director or Whole time Director exists, the Compliance Officer must be no more than one level below the person heading day to day management (e.g., Chief Executive Officer or Manager).
APGST Act, 2017 - Clarifications regarding applicability of GST on certain services
Show AI Summary
GST clarifications on penal charges, payment aggregators, skilling services, and reverse charge regularisation under the state tax framework. GST clarifications cover the tax treatment of penal charges, payment aggregator settlement services, research and development services against grants, NSDC-approved skilling services, reverse charge on commercial property rent under composition levy, and incidental services of electricity utilities. Penal charges levied by regulated entities for non-compliance with loan terms are not liable to GST, while RBI-regulated payment aggregators are treated as acquiring banks only for the limited settlement exemption and not for payment gateway services. The circular also regularises GST for specified intervening periods on an "as is where is" basis.
Regularizing payment of GST on coinsurance premium apportioned by the lead insurer to the coinsurer and on ceding /re-insurance commission deducted from there insurance premium paid by the insurer to the reinsurer
Show AI Summary
GST treatment for co-insurance premium apportionment and reinsurance commission regularized on an as-is-where-is basis. GST treatment is regularized for co-insurance premium apportionment by the lead insurer to the co-insurer and for ceding or reinsurance commission deducted from reinsurance premium. These transactions are treated as neither supply of goods nor supply of services, subject to tax being paid on the full premium amounts by the lead insurer and the reinsurer. The payment of GST is regularized retrospectively on an 'as is where is' basis for the period from 01.07.2017 to 31.10.2024.
Revision In Eligibility Criteria For Industrial Entreprenuers Memorandum (IEM) Acknowledgement
Show AI Summary
IEM eligibility revised: higher investment and turnover thresholds required for large-scale enterprises; applications via G2B portal. Revisions raise the eligibility criteria for Industrial Entrepreneur Memorandum (IEM) acknowledgment by increasing investment in plant and machinery and annual turnover thresholds, effective 1 April 2025. IEM acknowledgment applies to large-scale industries not subject to compulsory industrial licensing and to enterprises whose investment or turnover exceed the revised MSME limits. Eligible enterprises should apply for IEM acknowledgment through the G2B portal in accordance with the updated criteria.
Amendment in Order No. 2832/GST-II, dated 08.12.2017
Show AI Summary
GST officer designation amendment revises the Schedule and inserts a new entry for Section 74A. The Schedule to Order No. 2832/GST-II, dated 08.12.2017, is amended by omitting the words "Assistant Excise and Taxation Officer of State Tax" from serial numbers 37 and 38 and inserting a new serial number 38A for Section 74A, naming the Deputy Commissioner of State Tax and the Excise and Taxation Officer of State Tax as the relevant officers.
Important Guidelines for Proper Document Submission and Compliance with the Faceless Assessment Process.
Show AI Summary
Faceless Assessment compliance: upload complete supporting documents and use specific e Sanchit codes for faster customs clearance. Trade must upload all supporting documents on e Sanchit at the time of filing the Bill of Entry-product data, regulatory approvals, proof for duty benefits, correct unique quantity codes and sufficient bond/license balance-and provide reasons and evidence for any amendments; use specific predefined e Sanchit codes, indicate priority end use where applicable, and seek redress or facilitation through the Turant Suvidha Kendra or the Principal Commissioner for implementation difficulties to expedite assessment under the Faceless Assessment regime.
Implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) -reg.
Show AI Summary
Sea Cargo Manifest compliance extended; stakeholders urged to file mandated electronic declarations under interim non penalty facilitation. The transitional facilitation for implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) is extended until 31.05.2025 to enable mandatory electronic filing of Sea Arrival Manifests and export/transhipment messages. Stakeholders including carriers, shipping lines and freight forwarders are urged to test and file declarations in the prescribed electronic format. Officers are instructed not to commence penal action under Regulation 13 during the interim period where stakeholders show efforts to comply; the SCMTR Cell will monitor filings and organise weekly outreach sessions for issue resolution.
Extension of transitional provisions for the SCMTR till 31.05.2025
Show AI Summary
Sea cargo manifest obligations extended to permit filing electronic declarations without penalties, easing implementation and testing requirements. Transitional relief under the Sea Cargo Manifest and Transhipment Regulations, 2018 is extended to 31.05.2025 to allow stakeholders to test systems and file prescribed electronic arrival, export and transshipment messages without incurring penalties; the notice cautions that regulation 13 prescribes a penalty for contraventions and requests stakeholders to report difficulties to the SCMTR Cell at the Chennai Preventive Commissionerate.
Various issues related to availment of benefit of Section 128A of the CGST Act, 2017
Show AI Summary
Waiver of interest and penalty under Section 128A clarifies eligibility, payment modes and appeal withdrawal requirements. Clarifies that taxpayers who paid tax via FORM GSTR-3B before 1 November 2024 are eligible for the waiver of interest and penalty under Section 128A for demands relating to the specified period, provided payments were intended for those demands and subject to officer verification; payments after that date must follow Rule 164 modes including FORM GST DRC-03 and electronic liability register entry. For notices/orders covering both covered and uncovered periods, taxpayers may pay tax for covered periods, file FORM SPL-01/02, inform the appellate authority of intent to avail the waiver and withdraw appeals for covered periods, whereupon the authority will adjudicate remaining periods appropriately.
Standard Operating Procedure for clearance of duty-free Containers, imported temporarily (As per Public Notice 07/2018 dated 23.01.2018)
Show AI Summary
Duty-free containers must be re-exported within six months under bond; extensions may be granted with recorded reasons. Steamer agents must execute a Continuity Bond undertaking to re-export duty-free containers within six months; the Container Cell accepts bonds, records movements in a Key Register, and allows same-day landing formalities. Extensions may be granted by Deputy/Assistant Commissioner for up to three months and by the Commissioner for up to six months at a time for recorded reasons. Monthly re-export statements are filed by the 5th, entries verified, import records closed, and Cancellation Certificates issued; defaults trigger action under the Customs Act, 1962.
Intraday Monitoring of Position Limits for Index Derivatives
Show AI Summary
Intraday position monitoring instituted for index derivatives; breaches flagged to members but penalties paused pending further directions. Exchanges shall implement intraday monitoring of equity index derivative position limits with at least four randomly timed snapshots per trading day and extend end-of-day monitoring mechanisms to intraday checks. Exchanges must prepare a joint SOP to notify trading members and clients of intraday notional position breaches for risk monitoring. Intraday breaches of existing notional limits will not attract penalties or be treated as violations until further directions.
Extension of timelines for submission of offsite inspection data
Show AI Summary
Portfolio managers must submit quarterly offsite inspection data within 15 days, including day-wise client AUM and holdings. Clauses 5.4.3 and 5.4.4 are modified: portfolio managers must submit quarterly data in specified formats within 15 calendar days from quarter end, with day-wise data for "Client Folio AUM" and "Client Holding Master." The submission requirement is declared applicable from an earlier specified date and the circular is effective immediately.
Extension of timelines for submission of offsite inspection data
Show AI Summary
Submission timelines for offsite inspection data extended to fifteen days after quarter end; RTAs must submit data on an ongoing basis. The circular amends Clause 5.27.2 of the Master Circular for Mutual Funds to require Mutual Funds to submit daily data in monthly files on a quarterly basis within fifteen calendar days from the end of the quarter, while Registrars to an Issue and Share Transfer Agents must submit the said data on an ongoing basis; the provisions take effect immediately under the regulator's statutory powers to protect investors and regulate the market.
Amendment to Master Circular for Infrastructure Investment Trusts (InvITs) dated May 15, 2024
Show AI Summary
InvITs: preferential issue lock in aligned with sponsor holding rules; inter sponsor transfers allowed; follow on offer framework set. The circular amends preferential issue lock in rules to require 15% of sponsor allotted units to be locked for three years where the project manager is the sponsor or its associate (otherwise 25% locked for three years), with remaining sponsor allotted units locked for one year; sponsors must comply with Regulation 12(3) and 12(3A). It permits inter se transfers of locked in units within a sponsor's group while preserving the original lock in period and allows transfers on change of sponsor or conversion to self sponsored manager subject to meeting minimum unitholding obligations. It also prescribes procedures and disclosure, filing, listing, fee, dematerialisation and due diligence requirements for follow on offers, including a 25% minimum public unitholding post issue.
Amendment to Master Circular for Real Estate Investment Trusts (REITs) dated May 15, 2024
Show AI Summary
Lock-in requirement for preferential issue clarified: core sponsor holdings remain long-locked, transfers limited to sponsor group with conditions. Amendments align preferential-issue lock-in mechanics with the REIT Regulations by prescribing a core portion of sponsor allotments to be locked for a longer period while remaining allotments face a shorter lock-in, require ongoing compliance with minimum sponsor unitholding, permit intra-group transfer of locked-in units subject to inheriting the remaining lock-in and restrictions on onward transfer, and allow transfer to incoming sponsors or self-sponsored managers conditioned on continued compliance with minimum unitholding. Separately, a comprehensive follow-on offer framework prescribes filing, listing, dematerialization, fee payment, disclosure rules, timelines, minimum public unitholding, restrictions during the offer process, and merchant banker due diligence requirements.
Measures to facilitate ease of doing business with respect to framework for assurance or assessment, ESG disclosures for value chain, and introduction of voluntary disclosure on green credits.
Show AI Summary
ESG reporting obligations updated with BRSR Core assessment or assurance option and mandatory green credits disclosure framework. Revisions require listed entities to adopt a BRSR Core subset for ESG reporting and permit third party assessment or assurance of core KPIs per Industry Standards Forum standards; boards must ensure provider expertise and absence of conflicts, reporting formats are updated to combine data and assessment approach and to capture assessor identity and type, and a new leadership indicator mandates disclosure of green credits by the entity and top value chain partners, while value chain ESG disclosures are deferred and made voluntary initially with optional retrospective reporting.
GST registration verification tightened with mandatory physical checks, risk-based scrutiny, and measures against non-genuine taxpayers. Strengthening GST registration verification under the UPGST Act, 2017 is directed by requiring enhanced scrutiny of registration applications, mandatory ... Summary
GST registration verification tightened with mandatory physical checks, risk-based scrutiny, and measures against non-genuine taxpayers.
Strengthening GST registration verification under the UPGST Act, 2017 is directed by requiring enhanced scrutiny of registration applications, mandatory cross-verification of identity, address, PAN, mobile number, email, third-party data and risk-score inputs, and strict jurisdictional transfer of applications where necessary. Assistant Commissioners must examine documents carefully and process applications within the prescribed time limits while treating repeated identifiers, cancelled registrations, PDS/DBT status and other red flags with heightened caution. All new GST registrations are to undergo mandatory physical verification through the UPGST Field Visit App or GSTN Tax Officer App immediately after registration, with selfie-based geo-tagged verification, interview of the registrant, comparison of uploaded documents with originals, and prompt action on adverse reports. Newly registered firms must also be monitored through scrutiny of early returns, e-way bill consistency, bank account validation, risk scoring, six-month re-verification, witness statements, stock and business activity checks, chain analysis of beneficiaries, and mandatory feeding of NGTP data on the NGTP portal. The circular also requires structured training in cybersecurity, cyber audit, forensic examination, GSTN AI and analytics tools, and identification of NGTP indicators, with APAR consequences for non-participation or non-use of analytics tools. Timely verification failures may attract disciplinary action, while Joint Commissioners (Executive), Zonal Additional Commissioners and Deputy Commissioners are assigned monthly reporting, monitoring and review responsibilities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 1545 
