GOVERNMENT OF GOA Department of Finance Office of the Commissioner of Commercial Taxes No. CCT/26-4/2024-25/G/1626 Subject: -reg. Ref .: Circular No. 226/20/2024-GST dated 11th July, 2024 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, Government of India, New Delhi. Circular (No. 19/2024-25-GST) The GST Policy Wing, Central Board of Indirect Taxes and Cu... ... ...

9. If the Applicant fails to rectify such deficiencies to the satisfaction of the Authority within the specified time, the Authority may refuse to grant registration and shall communicate the same to the Applicant, giving reasons for such refusal. Provided that no such refusal shall be made by the Authority without giving the Applicant an opportunity to make written submissions on the grounds on which the registration is proposed to be refused. =============... ... ...

8. If, after considering the application, the Authority is of the opinion that registration cannot be granted, it shall communicate the deficiencies to the Applicant giving it thirty days' time to rectify them. =============... ... ...

7. (1) After considering the application the Authority, if satisfied may grant certificate of registration in the relevant FORM as specified at FOURTH SCHEDULE of these Regulations, to the Applicant subject to the conditions as specified under these Regulations or such other additional conditions as it may deem fit. (2) The registration granted under sub-regulation (1) shall remain valid unless it is revoked or cancelled by the Authority. =============... ... ...

CHAPTER III PROCEDURE FOR REGISTRATION 6. An Applicant including Lloyd's seeking registration as an IIO may make an application in the relevant FORM as specified in the FIRST SCHDULE of these Regulations; =============... ... ...

Eligibility for registration of an IFSC Insurance Office requires applicants to satisfy conditions based on their legal form and jurisdiction. Indian applicants need IRDAI registration and no-objection clearance, satisfactory compliance records, reporting structures, and board undertakings on liabilities, capital and solvency. Foreign applicants require home-jurisdiction licensing and regulatory clearance, compliance records, reporting arrangements, financial security standards, and relevant board undertakings. Registration also depends on fit-and-proper assessment, jurisdictional anti-money-laundering and counter-terrorist-financing compliance, and fulfilment of any additional conditions or information requirements.

Prior registration with the Authority is mandatory before any person may commence insurance or re-insurance business in an IFSC. Applicants, including Lloyd's, must apply using the forms in the First Schedule and in the manner specified by the Authority. The Second Schedule governs provisions concerning Lloyd's, Lloyd's IFSC and registration of a Service Company of Lloyd's IFSC. The Third Schedule governs registration-related provisions for an MGA and the relevant foreign insurer or foreign re-insurer.

Regulation 3 defines eligible applicants for IFSC insurance business registration, including Indian and foreign insurers, reinsurers, Lloyd's, specified companies, co-operative societies, foreign body corporates, and MGAs acting under binding agreements. It defines an IIO as a registered financial institution undertaking permissible activities and specifies that a binding agreement authorises an MGA to act for and enter insurance contracts on behalf of a foreign insurer or reinsurer. Net Owned Fund is based on the last audited balance sheet and excludes subsequently raised capital.

Registration and operational processes for insurers and reinsurers in an International Financial Services Centre are intended to be established under the regulatory purview of the International Financial Services Centres Authority. The framework concerns insurance and reinsurance business registration and operations within such centres pursuant to the International Financial Services Centres Authority Act, 2019.

Insurance business registration in International Financial Services Centres is regulated under the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021. The framework is made pursuant to the Authority's power under section 28(1), read with sections 12 and 13, of the International Financial Services Centres Authority Act, 2019. Its legal operation begins on publication in the Official Gazette.

Warrants in summons cases may issue in lieu of or in addition to summons only where recorded reasons establish that the accused has absconded, is unlikely to obey summons, or has failed to appear after due service without reasonable excuse. An exemption from personal appearance must be assessed independently and cannot be refused based on assumptions concerning a co-accused. In complaints for cheque dishonour, applications seeking recall of the summoning order or dropping of proceedings should be decided promptly. Until determination, courts should not compel personal appearance or issue coercive process; if the application fails, attendance must first be sought through summons, with any warrant complying with the statutory safeguards.

Authorized Economic Operator status facilitates customs compliance for eligible importers and exporters with robust internal controls. Benefits include Direct Port Delivery, Direct Port Entry, deferred duty payment, faster drawback, expedited refunds and adjudications, paperless declarations, self-certified clearance certificates, and request-based inspection. Eligible AEO exporters may seek Advance Authorisation on self-declaration and self-ratification in specified norm-related circumstances. Existing certified entities receive AEO-T2 or AEO-LO status subject to continued compliance with prescribed standards and guidelines.

Registered persons may electronically seek rectification of unappealed demand orders concerning input tax credit previously denied for breach of the time-limit condition, where the credit has become available under the extended eligibility provisions. The application, with prescribed demand details and declarations, must be filed within six months. The issuing authority decides the application and, as far as possible, issues the rectified order within three months. Rectification is limited to the now-eligible credit demand, and principles of natural justice apply where the rectification adversely affects the applicant.

Recognition of NSE Clearing Limited as a clearing corporation is renewed for three years under the Securities Contracts (Regulation) framework. Renewal is based on satisfaction that it serves the interests of trade, the securities market and the public. Continued recognition is subject to applicable conditions, and NSE Clearing Limited must comply with conditions specified from time to time, including conditions subsequently prescribed or imposed.

Classification of agricultural land as a capital asset depends on whether it was held as an investment or acquired and dealt with for trading. The resulting receipts may be assessed as capital gains or business income based on the overall facts and circumstances. The Supreme Court found no ground to interfere with the High Court's determination and dismissed the special leave petition.

Direct Port Delivery (DPD) guidelines for Authorised Economic Operator (AEO) status holders are modified by omitting paragraph 11(i) of the earlier framework. All remaining conditions governing DPD for AEO status holders continue unchanged. Implementation difficulties may be raised with the Commissioner of Customs (Port), Kolkata.

Recognition under section 4 of the Securities Contracts (Regulation) Act, 1956 is renewed for Metropolitan Stock Exchange of India Limited in respect of contracts in securities for one year, from 16 September 2026 to 15 September 2027. The Exchange must comply with conditions prescribed or subsequently imposed by the Securities and Exchange Board of India.

GST tax-deduction-at-source obligations are extended to any registered person receiving supplies of metal scrap, classified under Chapters 72 to 81 of the First Schedule to the Customs Tariff Act, 1975, from another registered person. The exclusion for supplies between specified persons does not apply to the newly inserted metal-scrap recipient category. The amendment takes effect immediately.

Section 107 of the Madhya Pradesh Goods and Services Tax Act, read with Rule 109A, authorises designated State Tax officers to act as Appellate Authorities for GST appeals. Territorial jurisdiction is allocated across Bhopal, Jabalpur, Gwalior, Indore, Ujjain, Khandwa, Satna, Sagar and Chhindwara divisions, including specified Anti-Evasion Bureaux. Indore assignments are divided among its divisions, designated circles, the Pithampur Circle and Anti-Evasion Bureau Indore-A and Indore-B. Earlier departmental authorisations for these appellate assignments are superseded.

Customs tariff values are revised for specified edible oils, brass scrap, gold and silver through substituted valuation tables. The revised framework covers designated palm oils, palmolein, crude soybean oil and brass scrap, while prescribing values for eligible gold imports, specified gold bars and coins, gold findings, and specified forms of silver. Gold and silver entries remain subject to stated purity, form and import-mode exclusions. Areca nut tariff value remains unchanged. The substituted tariff-value tables take effect from 16 September 2026.