Government of Goa Department of Commercial Taxes Vikrikar Bhavan, Panaji - Goa - 403001 No. CCT/26-4/2022-23/F/3302 Panaji 7th February, 2023 Subject: Ref: Circular No. 185/17/2022-GST dated 27th December, 2022 issued under Central Goods and Services Tax Act, 2017 by the GST Policy Wing, Central Board of Indirect Taxes and Customs, Department of Revenue, Ministry of Finance, GOI, New Delhi. Circular (No. 16/2022-23-GST) Central Board of Indirect Taxes and Customs (CBI... ... ...

SHRI RAMESH C. SHARMA, AM AND SHRI VIJAY PAL RAO, JM For the Assessee : Shri S.R. Sharma (CA) & Shri R.K. Bhatra (CA) For the Revenue : Smt. Runi Pal (JCIT) ORDER PER VIJAY PAL RAO, JM : This appeal by the assessee is directed against the order dated 22nd November, 2017 of ld. CIT (A)-4, Jaipur arising from penalty order passed under section 271AAB of the IT Act for the assessment year 2015-16. The assessee has raised the following grounds :- " 1. That the notice issued b... ... ...

Instruction No. 17/2026-Cus F. No. CBIC-140605/13/2024-DBK Government of India Ministry of Finance: Department of Revenue Central Board of Indirect Taxes and Customs Drawback Division New Delhi, dated the 21st September 2026 To, All Principal Chief Commissioners / Chief Commissioners of Customs / Customs (Preventive) / Customs & Central Taxes All Principal Commissioners / Commissioners of Customs / Customs (Preventive) All Principal Director Generals / Director Gene... ... ...

12. : (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority (Re-insurance) Regulations, 2018 and, circulars or guidelines issued thereunder shall cease to apply in International Financial Services Centres. (2) Notwithstanding anything contained in sub-regulation (1), anything done or any action taken or purported to have been done or taken under the regulation, circulars or guidelines mentioned in sub- regulation (1), before the commencem... ... ...

11. : (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application, received along with the specified non-refundable processing fees, the Authority, may for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

10. For the purpose of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes and manners for compliance by IIOs. =============... ... ...

9. : An IIO shall furnish information related to inward and outward re-insurance arrangements, as the case may be, to the Authority, in such manner, interval and in such form, as may be specified by the Authority. =============... ... ...

CHAPTER V MISCELLANEOUS 8. : (1) Any IIO may initiate proposal for formation of an insurance pool and submit the same with the Authority for obtaining prior approval; (2) The Authority, after examining various factors including but not limited to its objectives, basis, capacity for participation, limits of liability and terms and conditions, may permit for formation of insurance pool; (3) The Authority, wherever necessary, may also suo-moto direct IIOs to create and participate in... ... ...

7. : (1) Every IIO, before placing of re-insurance business (cession or retrocession) with the foreign insurers or foreign re-insurers, shall ensure that - (i) such foreign insurer or foreign re-insurer and its promoters, partners or controlling shareholders are not from the jurisdiction identified in the public statement of Financial Action Task Force as: (a) a jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to whic... ... ...

CHAPTER IV RE-INSURANCE AND RETROCESSION REQUIREMENTS 6. - (1) Every IIO shall formulate a segment-wise retention policy duly approved by its Board and shall maximise the retention commensurate with its financial strength and quality of risk while ensuring that the re-insurance arrangements are not fronting; (2) The Authority may require an IIO to justify its retention policy and may give such directions, as considered necessary; (3) Every IIOs shall comply with minimum retention... ... ...

Limitation periods are modified for tax recovery and refund-related proceedings. The period for issuing an order concerning tax not paid or short paid, or input tax credit wrongly availed or utilised, for the financial year 2017-18 is extended until 30 September 2023. The period from 1 March 2020 to 28 February 2022 is excluded for calculating limitation relating to recovery of erroneous refunds and filing of refund applications.

India and Canada have accelerated negotiations for a Comprehensive Economic Partnership Agreement to establish a bilateral trade framework for goods and services. A United States law concerning sanctions on Russia and Iran authorises tariffs of up to 100 per cent on imports from leading purchasers of Russian crude oil or natural gas, creating potential tariff exposure for Indian exports. The India-European Union trade pact contemplates immediate duty elimination on 90 per cent of Indian goods and phased elimination on a further three per cent over seven years, subject to ratification.

State GST amendments revise registration, electronic ledgers, interest and refund procedures. Registration suspension for specified grounds is deemed revoked when pending returns are filed if cancellation has not already occurred. Erroneous refunds repaid through the electronic cash ledger may be re-credited to the electronic credit ledger. UPI and IMPS are added as payment modes, and cash-ledger balances may be transferred to a distinct person under the same PAN where no unpaid liability exists. Interest rules distinguish delayed return filing, unpaid tax and wrongly availed and utilised input tax credit. Export refund procedures address electricity exports, export-value determination, return mismatches and risk-based withholding.

Re-insurance contracts must meet risk-transfer requirements and protect the ceding insurer or retrocessionaire from negative financial effects arising from ceded insurance business. In alternative risk transfer arrangements combining re-insurance and financing, separable components must be accounted for individually. Where they are inseparable, the entire arrangement must be treated as a financial transaction. Accounting must follow substance over form and applicable accounting standards.

Every IIO must develop and document an RSRP as part of its underwriting strategy and risk management philosophy. It must address re-insurance selection and monitoring, management controls, risk concentrations, and cession or retrocession limits aligned with risk appetite. Senior management or the Parent Entity must implement relevant procedures, evaluate retention, re-insurer diversification, concentration, broker involvement, and credit, liquidity and legal risks, supported by internal controls and reporting. The Board must approve the accounting-year-wise RSRP, which must be submitted to the Authority when directed.

Re-insurance terminology distinguishes cedants, cessions, retention, retrocession, fronting and Alternate Risk Transfer arrangements. A legally binding re-insurance contract may be evidenced by a re-insurance slip, cover note or other suitable document; treaties govern technical and financial terms for defined business classes or segments. Re-insurers include IIOs, Indian insurers, foreign insurers and foreign re-insurers conducting re-insurance business. Insurance pools allocate predetermined shares of written business among participating IIOs, while insurance segments cover specified non-life and life classes, additional material miscellaneous sub-segments, and segments specified by the Authority.

Regulation 2 identifies the objective of providing a framework for oversight and control of inward and outward re-insurance arrangements conducted by International Financial Service Centre Insurance Offices (IIOs). The framework concerns arrangements for re-insurance business entering and leaving the International Financial Services Centre, encompassing both directions of re-insurance activity undertaken by those insurance offices.

The Regulations take effect on publication in the Official Gazette and generally apply to all International Financial Services Centres Insurance Offices (IIOs). Their application remains subject to any provision that expressly specifies a different scope or exception. The Regulations are made under powers conferred by the International Financial Services Centres Authority Act, 2019, read with the Insurance Act, 1938.

IIOs must notify proposals capable of changing control, obtain prior approval before issuing or allotting capital, and ensure that ownership, portfolio or management changes do not affect the priority of policyholder and creditor claims. Mergers, amalgamations and transfers require prior approval, adequate solvency, legal compliance and protection of policyholders' interests. IIOs must also maintain Board-approved policies for expenses of management, commissions, places of business, outsourcing and policyholder protection. Outsourcing requires risk oversight, due diligence, data privacy and contractual confidentiality safeguards. Advertising must be truthful, clear, substantiated and consistent with issued insurance policies.

Semiconductor ecosystem development in India is centred on converting expanding domestic demand into local manufacturing, innovation and supply-chain resilience. A predictable fiscal and regulatory environment, alignment of central and state semiconductor policies, integrated manufacturing clusters and talent-certification programmes are important to project viability and commercialisation. Advanced packaging, compound semiconductors, photonics and chip-to-system integration offer high-potential areas, requiring policy certainty, streamlined approvals and long-term support for research, talent and supplier development.