The Deputy Commissioner of State Tax (GST) is authorised to approve physical verification of an applicant's place of business before registration is granted. This delegated approval power operates under Rule 9(1)(b) of the Goa Goods and Services Tax Rules, 2017, read with Section 25 of the Goa Goods and Services Tax Act, 2017.

Section 75(2) of the Central Goods and Services Tax Act, 2017 is to be applied in Goa GST administration consistently with central GST clarification concerning its effect on limitation. The clarification is adopted mutatis mutandis for implementation under the Goa GST Act, 2017, with appropriate contextual application within the State framework. The measure is clarificatory, and implementation difficulties may be brought before the Commissioner of State Taxes.

Penalty under section 271AAB requires a notice identifying the alleged undisclosed income, the specific statutory charge, and the applicable clause and rate, so the taxpayer has a meaningful opportunity to respond. A notice framed only in terms of concealment or inaccurate particulars does not communicate the required charge. Diary entries recording unverified payments described as land advances, without details of property, recipients, transactions or a corresponding asset, indicate an outflow and do not alone establish undisclosed income. A search disclosure or surrender cannot replace material establishing income within the statutory definition.

Section 28AAA proceedings require Customs and DGFT to act according to the nature of the alleged fraud. Shipping Bill misdeclaration cases must first be investigated and adjudicated by Customs, with consequential amendment where warranted, before DGFT considers cancellation. Policy interpretation, eligibility and entitlement issues must first be determined by DGFT, whose view governs Customs proceedings. Where DGFT cannot cancel an instrument or scrip because of technical or legal constraints, adjudication may proceed on merits. In other cases where cancellation action has begun, adjudication awaits DGFT cancellation.

The earlier re-insurance regulations, together with related circulars and guidelines, cease to apply in International Financial Services Centres from commencement of the 2023 framework. Actions taken or purportedly taken before commencement are preserved through a deeming provision and treated as taken under corresponding provisions. IIOs operating before commencement must meet any additional requirements within three months, subject to an Authority-specified extension.

The Authority may address difficulties in applying or interpreting the International Financial Services Centres Authority (Re-Insurance) Regulations, 2023 by issuing clarifications through guidance notes or circulars. On an application accompanied by the specified non-refundable processing fee, it may relax strict enforcement of any regulatory provision for reasons recorded in writing.

Implementation and compliance procedures may be specified by the Authority for giving effect to the re-insurance regulatory framework and matters incidental to it. IIOs must comply with the norms, procedures, processes and prescribed manners so specified.

Regulation 9 requires an IIO to furnish information concerning inward and outward re-insurance arrangements, as applicable. Reporting must be made to the Authority in the prescribed manner, at prescribed intervals, and in the prescribed form. The reporting framework is governed by specifications issued by the Authority for the relevant re-insurance arrangements.

Insurance pool formation may be proposed by any IIO, but requires prior approval. Permission is determined after consideration of the pool's objectives, participation basis and capacity, liability limits, and applicable terms and conditions. IIOs may be directed to establish and participate in insurance pools where necessary. Pool constitution, administrator appointment, and submission of returns, re-insurance arrangement details, and performance statements must follow prescribed directions.

Every IIO must, before ceding or retroceding re-insurance business to a foreign insurer or foreign re-insurer, verify that the counterparty and its promoters, partners or controlling shareholders are not from jurisdictions identified for specified anti-money-laundering or terrorist-financing deficiencies. The counterparty must be home-country authorised for re-insurance, have conducted that business for the immediately preceding three continuous years, and be located in a country having a Double Taxation Avoidance Agreement with India.

Every IIO must adopt a Board-approved, segment-wise retention policy that maximises retention according to financial strength and risk quality and prevents re-insurance arrangements from operating as fronting. IIOs must comply with minimum retention requirements specified by the Authority. The Authority may require justification of a retention policy and issue necessary directions concerning it.

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.

Regulation 3 defines the participants, risk-transfer mechanisms and contractual records used in re-insurance business conducted by International Financial Services Centre Insurance Offices. It covers cession, retention, retrocession, fronting, Alternate Risk Transfer and insurance pools, and defines re-insurance contracts, treaties, re-insurance slips and cover notes. Insurance business is classified into specified segments, including life, health, marine, engineering, aviation, liability and miscellaneous business. Undefined expressions adopt meanings assigned under applicable legislation and related instruments.

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.

International Financial Services Centres Authority (Re-insurance) Regulations, 2023 establish the regulatory framework for re-insurance in International Financial Services Centres. Commencement occurs on publication in the Official Gazette, and the regulations apply to all International Financial Services Centres Insurance Offices unless otherwise specified.

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.