Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 CCT/ 26-4/2017-2018/D/2485 Dated: 20th December, 2019 CIRCULAR (No. 34 / 2019-20 - GST) Subject: Kind attention is invited to Circular No. 15/2019-20-GST dated 26/07/2019 wherein certain clarifications were given in relation to various doubts related to supply of Information Technology enabled Services (ITeS services) under GST. 2. Thereafter, numerous representations were received... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 5th January, 2026 F. No. IFSCA/GN/2026/003.- In exercise of the powers conferred by sub-section (1) of Section 28 read with Section 12 and 13 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, further to amend the International Financial Services Centres Authority (Registration of Insurance B... ... ...

Performance Review Committee composition is amended to require at least two independent experts from relevant fields, replacing the earlier provision permitting up to two such experts. The amendment modifies the International Financial Services Centres Authority (Performance Review Committee) Regulations, 2022 and takes effect upon Official Gazette publication.

SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER For the Appellant : Shri H Guruswamy, I.T.P & Shri Ravi Kiran, C.A For the Respondent : Shri IC Prabhakar, JCIT(DR) ORDER Per Chandra Poojari, Accountant Member This Misc. Petition is filed by the assessee wherein assessee is seeking clarification on the finding given by the Tribunal in para 7 at page 15 of its order dated 16/4/2021. The assessee herein came in appeal before the Tribunal and raised the ... ... ...

13. . (1) On and from the commencement of these regulations, the International Financial Services Centres Authority (Procedure for making Regulations) Regulations, 2021, shall stand repealed. (2) Notwithstanding such repeal, anything done or any action taken or purported to have been done or taken under the repealed regulations, shall be deemed to have been done or taken or commenced under the corresponding provisions of these regulations. (3) Subsidiary instructions issued prior to com... ... ...

Regulation 12 excludes the prescribed regulatory procedure from internal organisational matters, procedural measures or subsidiary instructions not involving substantive policy changes, coordinated decisions, and specified market integrity or national security interventions. It also covers measures required to meet international agreements or similar arrangements where public consultation serves no meaningful purpose. The Authority must be informed whenever the prescribed procedure is not applied.

11. . (1) Each regulation made under regulation 3 shall be reviewed every five years unless a review is warranted earlier, keeping in view: (a) its objectives; (b) its outcome; (c) experience of its implementation; (d) experience of its enforcement and the related litigation; (e) global best practices, if any; (f) its relevance in the changed environment; (g) the scope for reducing redundancies; (h) promoting ease of doin... ... ...

Amendments to existing regulations and subsidiary instructions made under regulation 4(2) must comply with the procedural requirements prescribed in Chapter III, subject to regulations 6 and 9. The amendment process therefore applies to both regulations and subsidiary instructions.

9. . Where the Authority is of the opinion that it is expedient in the interest of development and regulation of the financial services market that the time to be taken for public consultation process would defeat the purpose of the proposed regulations or may cause undue delay in redressing the problem or market failure, the Authority may dispense with the public consultation process specified under these regulations. =============... ... ...

The Authority may engage stakeholders through additional mechanisms considered appropriate, establish and consult expert or advisory committees for recommendations on drafting or reviewing regulations and subsidiary instructions, and constitute Independent Thematic Review Committees. Independent Thematic Review Committees may conduct focused, independent evaluations of high-priority regulatory themes, including for Regulatory Impact Assessment, on terms considered fit.

7. . (1) The Authority shall ordinarily provide a minimum of 21 calendar days for receiving public comments. Provided that the Chairperson may, for the reasons to be recorded in writing, dispense with the process of public consultation or reduce the time period of it; Provided further that every such decision of the Chairperson shall be placed before the Authority for information. (2) Public comments received on the proposed subsidiary instruction shall be reviewed and where necessar... ... ...

Public comments on proposed regulations must ordinarily be invited for at least 21 calendar days. The Chairperson may, for recorded reasons, reduce or dispense with consultation, subject to placing that decision before the Authority. Proposed regulations and public comments must be considered by the Authority, with written reasons for substantial deviations in an approved revised draft. Comment summaries, responses, and justified substantial changes must be published before notification, and substantive changes differing materially from the consultation paper may require repeated consultation.

CHAPTER III PROCEDURE OF PUBLIC CONSULTATION, APPROVAL OF REGULATIONS AND SUBSIDIARY INSTRUCTIONS 5. . Public comments shall be sought, prior to making regulations or subsidiary instructions specified under sub- regulation (2) of regulation 4, by publishing the consultation paper on the website of the Authority, which shall include:- (a) a statement carrying norms advocated by international standard setting agencies and the international regulatory best practices, if any, relev... ... ...

Subsidiary instructions may implement the Act and regulations made under it by prescribing requirements for financial products, services or institutions, explaining or clarifying provisions, establishing procedures, and addressing implementation needs. Public consultation under the prescribed process is mandatory before issuing instructions that impose requirements for financial products, services or institutions or outline the meaning, scope or intent of a provision.

CHAPTER II MAKING OF REGULATIONS AND SUBSIDIARY INSTRUCTIONS 3. . The Authority may make regulations for carrying out the purposes of the Act, in compliance with regulations 5 and 6 hereunder. =============... ... ...

Defined terms govern the procedure for making regulations and subsidiary instructions. Public comments include consultation responses on proposed regulations, subsidiary instructions, and amendments from persons and market participants. Subsidiary instructions include circulars, guidelines, frameworks, and other instruments approved by the Authority or an authorised delegate. Expressions not defined carry the meanings assigned under the International Financial Services Centres Authority Act, 2019, including statutory modifications or re-enactments.

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 21st July, 2025 International Financial Services Centres Authority (Procedure for making regulations and subsidiary instructions) Regulations, 2025. IFSCA/GN/2025/006-. In exercise of the powers conferred by sub-section (1) of section 28 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regulations, namel... ... ...

TechFin and Ancillary Service Providers in the IFSC must comply with applicable governmental and regulatory requirements, and inform the Authority of material changes affecting their certificate of registration. They must report a promoter's or significant beneficial owner's high-risk FATF-listed home jurisdiction within ten business days, maintain manpower and infrastructure commensurate with operations, and obtain separate registration or authorisation for regulated IFSC activities.

TechFin and Ancillary Service Providers cannot provide non-outsourcable core functions, activities separately regulated under the applicable framework, facility-management services, transport and logistics, construction-related services, or physical-asset management. Facility management includes building maintenance, security, housekeeping, civil, mechanical, electrical and plumbing maintenance, and related outsourced manpower. Other services may be prohibited where they do not constitute arrangements for carrying on specified financial services.

Permitted TechFin Services include cloud computing, cybersecurity, data-centre services, IT infrastructure, regulatory and supervisory technology, payment-system technology, and solutions supporting trade finance and digital banking. Services using artificial intelligence, digital identity and KYC/AML/CFT tools, fraud prevention, distributed ledger technology, internet of things, metaverse technology, quantum technology and Web 3.0 are included. Outsourced services may qualify when permitted for a home-jurisdiction regulated entity, and further services may be permitted from time to time.