New Delhi, Sep 12 (PTI) BRICS leaders on Saturday called for a sweeping reform of the global financial architecture to give emerging markets and developing economies a greater voice in the IMF and World Bank, while strongly criticising unilateral tariffs, trade restrictions and economic sanctions. In the New Delhi Declaration, the grouping delivered a pointed warning on the global trading system, saying rising protectionism and unilateral trade measures threaten global commerce and supply cha... ... ...

Professional-services TDS treatment concerns determination of the applicable tax-deduction rate and threshold for an invoice issued for Chartered Accountant services under Income Tax 2025. The issue concerns withholding obligations associated with professional fees, without stating a rate, threshold, statutory provision, or substantive response.

GST compliance considerations arise where a Chennai-based registered person imports quality-testing equipment for use at customer locations across India. The equipment is intended for quality-assurance certification and must be transported from Tamil Nadu to customer sites outside the State. The article also raises whether imported equipment may be delivered directly to a customer location in Gujarat for testing and then moved back to Tamil Nadu, with appropriate documentation and compliance precautions for direct delivery, interstate movement, customer-site use, and return transportation.

E-way bill generation from a location other than the registered place of business is considered for a GST-registered business that purchases goods from farmers across villages and dispatches them directly to customers. Clarification is sought on whether billing and e-way bill details should use the "Bill From-Dispatch From" transaction type or a regular transaction type showing the actual dispatching address.

Taxation of a private discretionary trust is considered where beneficiaries' shares are indeterminate or unknown and other income is taxed at the maximum marginal rate. Capital gains were treated as special-rate income in the return, with the special rate applied separately. Return processing instead applied the maximum marginal rate to all income, including capital gains, resulting in a demand. The issue concerns the appropriate response to that demand.

Provisional attachment powers and recovery-related functions under the Delhi Goods and Services Tax Act, 2017 may be exercised by all Assistant Commissioners and Goods and Services Tax Officers only after obtaining prior case-specific approval from the Commissioner, State Tax. The arrangement partially modifies earlier delegation orders and takes effect immediately.

Timely issuance of show cause notices is required to preserve the statutory period available for GST adjudication. In non-fraud cases, notices must be issued at least three months before expiry of the three-year period for issuing an adjudication order. In fraud, wilful misstatement, or suppression cases, notices must be issued at least six months before expiry of the five-year order-making period. Ward and zonal in-charges should identify cases requiring action and ensure time-bound completion of proceedings.

Bullion exchanges, clearing corporations and depositories must maintain legal compliance, due diligence, risk management, governance, fair dealing, customer or investor protection, and prompt reporting of relevant violations. Governing boards must oversee critical operations, technology, compliance, risk, audit and grievances; maintain an independently functioning three-lines-of-defence structure; establish measurable risk-appetite controls; and review products and revenue streams for compliance and risk. Directors, committee members and key management personnel must act with integrity, protect confidential information, disclose interests, avoid conflicts and misuse of position, and ensure regulatory compliance.

Regulation 79 repeals the earlier bullion exchange framework and supersedes specified circulars on governance, securities-dealing disclosures, and net-worth requirements. Repeal and savings preserve prior registrations, approvals, proceedings, investigations, pending applications, accrued rights, liabilities, penalties and remedies through corresponding provisions. References to the repealed framework are construed as references to the corresponding provisions, and prior circulars and guidelines continue unless specifically superseded or modified, except for circulars expressly superseded.

Implementation of the International Financial Services Centres Authority (Bullion Market) Regulations, 2025 may be supported by norms, procedures, processes, manners or guidelines specified by the Authority through circulars, including for matters incidental to implementation of the regulatory framework.

The Authority may relax strict enforcement of Bullion Market regulatory requirements on its own motion or upon an application by a covered entity, where written reasons support the interests of developing and regulating the financial services market in an International Financial Services Centre. Applications must state relevant details and grounds, be accompanied by the prescribed non-refundable fee, and be processed within thirty days once complete. Reasons for acceptance or refusal must be recorded, and rejection reasons must be communicated to the applicant.

Power to remove difficulties authorises the Authority to issue directions through guidance notes or circulars where difficulties arise in interpreting or applying the International Financial Services Centres Authority (Bullion Market) Regulations, 2025. The mechanism facilitates interpretation and application of those regulations.

Prior approval of the Authority is required for bullion exchanges and bullion clearing corporations to make or amend bye-laws and constitutional documents concerning regulated matters. Proposed amendments require governing board approval, shareholder approval where applicable, submission for regulatory approval, and Gazette and State publication where applicable. Applications must include board minutes, shareholder resolutions and public consultation. Amendments pursuant to regulations, circulars or similar instruments issued by the Authority are exempt from shareholder approval and public criticism.

Every bullion exchange, bullion clearing corporation, bullion depository and intermediary must pay regulatory fees as specified by the Authority. They must also provide further information or clarification required in relation to fees payable, creating a compliance obligation for regulatory-fee assessment and verification.

Bullion exchanges, bullion clearing corporations, bullion depositories and vault managers must furnish returns, statements and particulars in the specified manner. Bullion exchanges and bullion clearing corporations must also report information prescribed under the applicable rules. Annual financial statements and records for the preceding financial year must be submitted by 30 September each year.

Bullion exchanges and clearing corporations must preserve prescribed books, documents and operational records in electronically retrievable form for the applicable retention period. Clearing-corporation records include governance minutes, clearing-member and settlement details, transactions, security and margin deposits, client margin collections, ledgers, journals, cash books and bank statements. Bullion depositories, vault managers and other prescribed intermediaries must preserve books of account and documents electronically for at least eight years.

Annual net worth certification requires every bullion exchange, bullion clearing corporation and bullion depository to submit an audited net worth certificate issued by its statutory auditor. The certificate must be furnished annually by 30 September for the preceding financial year.

Bullion exchanges, bullion clearing corporations, bullion depositories and vault managers must maintain a website or other universally accessible electronic information repository. The repository must publish information required under the regulations, host applicable rules, regulations, bye-laws, guidance and amendments, explain procedures for membership or association applications, and provide material information about the entity's functions.

Listing of securities by a bullion exchange or bullion depository on a recognised stock exchange requires three years of continuous operations immediately before the application and prior approval of the Authority. The Authority may impose market-interest conditions, including conditions governing transfer of shares held by any person in the bullion exchange or bullion depository.

Authority appointment of auditor enables inspection or investigation of the books of account, records, documents, infrastructure, systems, procedures and affairs of bullion exchanges, bullion clearing corporations, bullion depositories, vault managers, bullion trading members and bullion clearing members. Expenses incurred for the audit or investigation, including auditor fees, may be recovered from the relevant regulated entity.