INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 4th February, 2025 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (BULLION MARKET) REGULATIONS, 2025 F. No. IFSCA/GN/2025/001 .- In exercise of the powers conferred by sub-section (1) of section 28 read with sub-section (1) of section 12 and sub-section (1) of section 13 of the International Financial Services Centres Authority Act, 2019; sections 4, 8A and 31 of the Securities Contracts (Regulation)... ... ...

GST classification separates operational support services for petroleum, natural gas and mining extraction under heading 9986 from geological, geophysical, consulting, mineral exploration and evaluation services under heading 9983. Extraction support includes well-related operations, test drilling connected with extraction and contract operation of extraction units. Geological and geophysical prospecting, feasibility studies, project evaluation, surveying and mineral evaluation are classified separately. Services outside these entries must be classified under their respective headings and taxed accordingly.

Donation under Part B of the Income-tax Act, 2025 means any voluntary contribution received by a registered non-profit organisation from any person.

Internal party discipline concerning a clash between an elected representative and party workers is being addressed through an inquiry report, prior suspension of two workers, and efforts to secure an amicable resolution. Consideration of a corruption case arising from an Enforcement Directorate request for registration of an FIR is subject to legal advice and a decision on lawful governmental action. The request concerns alleged evidence gathered through investigation and searches under the Prevention of Money Laundering Act.

Place of supply for a composite cross-border supply of software development or integrated-circuit design remains the recipient's location where testing on customer-provided prototype hardware or test kits is ancillary to the principal design or development service. Such validation testing is not separately subject to the performance-based rule for services involving goods physically made available by the recipient. The contracted nature of the supply must be examined on the facts, without artificial splitting of the composite supply.

Personal hearing is required before an adverse GST determination is made. Where the Revenue cannot establish that the assessee received an opportunity to be heard, the resulting order breaches the principles of natural justice and is unsustainable. The assessee must receive a fresh determination after being afforded a personal hearing.

Personal hearing before an adverse GST order is required to satisfy principles of natural justice. Where the State cannot establish that an opportunity of hearing was granted, a challenge based on procedural unfairness is sustainable. An adverse GST order issued without such hearing is liable to be quashed, while the Department may pass a fresh order only after providing a proper opportunity of hearing.

Interest expenditure on borrowings used for business purposes is deductible where industrial land serves as a storage yard for trading inventory. Transport records established business use of the land for storing bulky iron and steel goods, for which open storage was commercially necessary. Capital and interest-free loans exceeding the land investment supported the presumption that the acquisition was funded from interest-free sources. In the absence of defects in the supporting records or adverse verification, disallowance of interest expenditure was unsustainable and was deleted.

FMEs may extend a valid placement memorandum for six-month periods when the required minimum corpus is not achieved, subject to prescribed extension fees. Open-ended schemes may invest in unlisted securities only after attaining a minimum corpus of USD 3 million. Winding-up grounds include failure to achieve minimum corpus after raising investor funds without obtaining a valid extension, and voluntary closure where no investors or funds have been onboarded. A transitional period permits appointment of an independent regulated custodian in India or a foreign jurisdiction.

Third-party fund management services permit a Registered FME to launch and manage Restricted Schemes for an eligible third-party fund manager after obtaining authorisation. The FME must maintain additional net worth, appoint a dedicated Principal Officer for each scheme, strengthen compliance, and remain liable despite any contractual or indemnity arrangement. It must conduct third-party due diligence and monitoring, ensure investor disclosures and conflict-management measures, segregate funds and operations, extend complaint mechanisms, conduct periodic audits, and retain termination rights in investors' interests or on direction. Schemes managed under the arrangement remain schemes of the FME.

Job work under heading 9988 covers treatment or processing of goods belonging to another registered person and falls within item (id). Manufacturing services on physical inputs owned by others under item (iv) exclude such job work and apply where the inputs belong to persons other than registered persons under the DGST Act. The entries operate in distinct fields.

Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank-loan funds through fake or forged project-completion reports. The allegations include sale of five mortgaged properties at grossly undervalued consideration, with some buyers suspected to be benamis or proxies. These sales were allegedly intended to alienate assets and prevent their attachment under anti-money-laundering law.

Banking services at public sector banks were disrupted by a nationwide strike seeking a five-day workweek and resolution of wage-related demands. Branch operations affecting cash deposits, withdrawals, cheque clearance and administrative work were impacted, while digital banking channels remained functional. The central demand is declaration of all Saturdays as bank holidays, with other pending issues concerning pension updation, uniform dearness allowance for pensioners, and an option for National Pension System employees to move to the Old Pension Scheme.

Goodwill qualifies as an intangible asset eligible for depreciation. Applying the governing Supreme Court ruling, the contrary appellate view cannot be sustained, and depreciation on goodwill is allowable in favour of the assessee.

Eligible registered persons with aggregate turnover not exceeding two crore rupees may optionally file annual GST returns for financial years 2017-18 and 2018-19 before the applicable due date; a return not furnished by that date is deemed furnished. Eligible composition taxpayers may file FORM GSTR-9A, while other eligible registered persons may file FORM GSTR-9. The common portal will not permit filing after the due date. Taxpayers may self-assess and voluntarily pay short-paid tax or ineligible input tax credit through FORM GST DRC-03.

GST recovery from entities undergoing insolvency proceedings requires timely filing of departmental claims as an operational creditor. Admission of insolvency proceedings triggers a moratorium that bars recovery action, including bank attachment, while assessments and interest may extend only up to the moratorium date. Claims must be supported by assessment and recovery records. An approved resolution plan binds the Department; if liquidation begins, claims must be filed afresh with the liquidator. Officers must track proceedings, file claims and appeals within time, and prevent revenue loss.

US-led maritime blockade and sanctions are assessed as substantially restricting Iran's oil exports while enabling increased non-Iranian petroleum flows through the Strait of Hormuz and alternative routes. The conflict continues to disrupt a major global oil-and-gas transit corridor despite partial restoration of shipping flows. Regional proxy attacks on oil facilities and shipping near the Bab el-Mandeb extend the disruption, threatening Red Sea and Suez Canal routes and contributing to higher energy prices and inflationary pressure.

Rupee depreciation against the US dollar was attributed to elevated crude oil prices, rising global yields and net foreign portfolio equity outflows, which increased pressure through the import bill. Record foreign exchange reserves, active Reserve Bank market intervention and robust domestic growth provided countervailing support. Sustained costly crude oil and foreign portfolio outflows nevertheless remained the principal near-term pressures on currency stability.

Wrongful buyer rejection of a valid GST credit note may add the related GST amount to the supplier's output tax liability. Same-month rejection is rectified through Form GSTR-1A, Table 9, by amending the credit note with unchanged original particulars. Later-period rejection is rectified through the current unfiled GSTR-1, Table 9C, using the same historical credit-note details. A Table 9C amendment may create a zero-delta GSTR-1 entry while GSTR-3B continues to show the rejection-related tax addition. Buyer acceptance in IMS is required to remove the tax clawback and reconcile the returns.

Large-value GST refunds for zero-rated supplies require accurate application of the Rule 89(4) formula, including reconciliation of Net ITC with GSTR-2B and the electronic credit ledger, application of the domestic-value cap, and correct Adjusted Total Turnover. A deficiency memo treats an incomplete application as not filed, while a merit-based proposed rejection requires notice, written response and an opportunity of being heard. Objection-specific documentation should address ITC eligibility, export nexus, export-realisation evidence, turnover reconciliation, credit notes, Letter of Undertaking validity and exempt-supply classification.