Daily Updates

The SEBI has issued a circular to extend the timeline for implementing standards related to the “Safer Participation of Retail Investors in Algorithmic Trading” circular issued on February 4, 2025. New Timelines are as follows: Implementation Standards will be effective from May 1, 2025. Provisions of the Circular issued on 04.02.2025 will be applicable from …

SEBI: The SEBI has issued a circular to extend the timeline for implementing standards related to the “Safer Participation of Retail Investors in Algorithmic Trading” circular issued on February 4, 2025.(02.04.2025) Read More »

DGFT: The DGFT has issued a notification which provides that, the export of Eggs, Potatoes, Onions, Rice, Wheat Flour, Sugar, Dal, Stone Aggregate, and River Sand to the Republic of Maldives has been authorized under the bilateral trade agreement between the Governments of India and Maldives for the fiscal year 2025–26, in accordance with the …

DGFT: The DGFT has issued a notification which provides that, the export of Eggs, Potatoes, Onions, Rice, Wheat Flour, Sugar, Dal, Stone Aggregate, and River Sand to the Republic of Maldives has been authorized under the bilateral trade agreement between the Governments of India and Maldives for the fiscal year 2025–26, in accordance with the specified quantities. (02.04.2025) Read More »

FAQs to explain criteria, procedures, and GST implications for restaurant services supplied at specified premises The CBIC has issued FAQs to clarify the criteria for designating “specified premises” for restaurant services under GST, effective from 1 April 2025. The FAQs cover the definition of specified premises, eligibility criteria, applicable GST rates, and procedures for filing …

GST : FAQs to explain criteria, procedures, and GST implications for restaurant services supplied at specified premises The CBIC has issued FAQs to clarify the criteria for designating “specified premises” for restaurant services under GST, effective from 1 April 2025. The FAQs cover the definition of specified premises, eligibility criteria, applicable GST rates, and procedures for filing declarations. It also explains the ‘opt-in’ and ‘opt-out’ provisions, deadlines, and the GST treatment for services provided at specified and non-specified premises. (31.03.2025) Read More »

GST The CBIC has issued a circular clarifying key procedural aspects for availing waiver of interest and penalty under Section 128A of the CGST Act, confirming that payments made through GSTR-3B before 1st November 2024 will be treated as valid for the purpose of claiming the benefit. For notices covering both eligible and non-eligible periods, …

GST : The CBIC has issued a circular clarifying key procedural aspects for availing waiver of interest and penalty under Section 128A of the CGST Act, confirming that payments made through GSTR-3B before 1st November 2024 will be treated as valid for the purpose of claiming the benefit. For notices covering both eligible and non-eligible periods, taxpayers can partially withdraw appeals for the eligible period, with adjudication continuing for the rest. (31.03.2025) Read More »

Customs: The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 2/2025-Customs (N.T.) on 28th March 2025, amending the Sea Cargo Manifest and Transshipment Regulations, 2018. The amendment, titled the Sea Cargo Manifest and Transshipment (Second Amendment) Regulations, 2025, takes effect from the date of its publication in the Official Gazette. A …

Customs : The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 2/2025-Customs (N.T.) on 28th March 2025, amending the Sea Cargo Manifest and Transshipment Regulations, 2018. The amendment, titled the Sea Cargo Manifest and Transshipment (Second Amendment) Regulations, 2025, takes effect from the date of its publication in the Official Gazette. A key revision is the extension of the compliance deadline in FORM-XII, where the date against Sr. No. 6, Column (3) has been updated to 31st May 2025. This change is intended to provide stakeholders additional time for compliance under the Sea Cargo Manifest and Transshipment Regulations, 2018. (29.03.2025) Read More »

Customs The Central Board of Indirect Taxes and Customs (CBIC) has issued notification, amending the Sea Cargo Manifest and Transshipment Regulations, 2018. The amendment, named the Sea Cargo Manifest and Transshipment (Second Amendment) Regulations, 2025, comes into effect from the date of its publication in the Official Gazette. A key change introduced through this amendment …

Customs : The Central Board of Indirect Taxes and Customs (CBIC) has issued notification, amending the Sea Cargo Manifest and Transshipment Regulations, 2018. The amendment, named the Sea Cargo Manifest and Transshipment (Second Amendment) Regulations, 2025, comes into effect from the date of its publication in the Official Gazette. A key change introduced through this amendment is the revision of the deadline mentioned in FORM-XII, where against Sr. No. 6, Column (3), the previous deadline has been replaced with 31st May 2025. This modification primarily aims to extend the compliance timeline for certain provisions under the Sea Cargo Manifest and Transshipment Regulations, 2018. (29.03.2025) Read More »

Income Tax: The government has announced the interest rates for Small Savings Schemes for Q1 of FY 2025-26 (April 1, 2025, to June 30, 2025), keeping them unchanged from the rates notified for Q4 of FY 2024-25 (January 1, 2025, to March 31, 2025). Notification F.No. 1/4/2019-NS dated 28.03.25

Income Tax : For the purpose of section 10(46), the Central Government has notified ‘Karnataka Urban Water Supply & Drainage Board, Bangalore, a trust established by the State Government, in respect of the specified income. Notification No. 24 /2025 dated 28.03.25

Income Tax:  CBDT has notified a revised Form 3CD, effective from April 1, 2025, through the Income-tax (8th Amendment) Rules, 2025. The form introduces Clause 36B to disclose buyback receipts under Section 2(22)(f). Further, clauses 28 and 29 have been removed, and Clause 31 now requires reporting loan or deposit details along with their nature …

Income Tax : CBDT has notified a revised Form 3CD, effective from April 1, 2025, through the Income-tax (8th Amendment) Rules, 2025. The form introduces Clause 36B to disclose buyback receipts under Section 2(22)(f). Further, clauses 28 and 29 have been removed, and Clause 31 now requires reporting loan or deposit details along with their nature codes. (29.03.2025) Read More »

Income Tax The CBDT received representations about technical glitches in TDS/TCS payments, causing delays in crediting the Central Government despite timely debits. Taxpayers have received interest notices under sections 201(1A)(ii)/206C(7). The board has directed CCIT to reduce or waive such interest. Circular No. 5/2025 dated 28.03.25

GST CBIC has amended Rule 164 to support implementation of Section 128A, allowing taxpayers to partially withdraw appeals for the eligible period (1 July 2017 to 31 March 2020) by simply intimating the appellate authority. Notification No. 11/2025–Central Tax dated 27.03.2025

 DGFT The Director General of Foreign Trade (DGFT) has amended Appendix-4J of the Handbook of Procedures (HBP) in which they have removed the entry for “Walnut in any form” from Serial No. 13 in Appendix-4J (Export Obligation Period for Specified Inputs with Pre-import Condition). Public Notice No. 52 /2024-2025 dated 27.03.25

DGFT The Director General of Foreign Trade (DGFT) has amended the declarations in ANF-4J (Application for the issue of Diamond Imprest Authorisation) for the issuance of Diamond Imprest Authorisation (DIA) under the Handbook of Procedures 2023. The amendment introduces four additional declarations requiring applicants to confirm their Two Star or higher status, compliance with Income …

DGFT : The Director General of Foreign Trade (DGFT) has amended the declarations in ANF-4J (Application for the issue of Diamond Imprest Authorisation) for the issuance of Diamond Imprest Authorisation (DIA) under the Handbook of Procedures 2023. The amendment introduces four additional declarations requiring applicants to confirm their Two Star or higher status, compliance with Income Tax and GST return filings, adherence to Pre-Import and Actual User Conditions, and confirmation that this is their first application for the financial year. Additionally, the existing declaration number ‘7’ has been renumbered as ‘11’. (28.03.2025) Read More »

Income Tax  The Central Board of Direct Taxes (CBDT) has amended Form 26Q and Form 27Q to include the furnishing of details of TDS on the payment of salary, remuneration, commission, bonus, or interest to a partner of a firm under section 194T. Notification No. 22/2025 dated 27.03.25

Customs  Advisory for EOU/STPI and EHTP A new advisory on the generation of IIN on the ICEGATE portal has been issued, stating that the requirement to generate fresh IINs/Bonds for each financial year has been eliminated. It has now been decided to allow the same IIN and Bond for subsequent years as well. Advisory dated …

Custom : Advisory for EOU/STPI and EHTP : A new advisory on the generation of IIN on the ICEGATE portal has been issued, stating that the requirement to generate fresh IINs/Bonds for each financial year has been eliminated. It has now been decided to allow the same IIN and Bond for subsequent years as well. (27.03.2025) Read More »

DGFT:  The Directorate General of Foreign Trade (DGFT) has proposed making GST e-invoices received through GSTN on the DGFT BO portal mandatory for claiming deemed export benefits under the Foreign Trade Policy (FTP) 2023. This initiative is part of the ongoing integration between DGFT and GSTN, aimed at enhancing transparency, streamlining processes, and improving compliance. …

DGFT : DGFT has proposed making GST e-invoices received through GSTN on the DGFT BO portal mandatory for claiming deemed export benefits under the Foreign Trade Policy (FTP) 2023. This initiative is part of the ongoing integration between DGFT and GSTN, aimed at enhancing transparency, streamlining processes, and improving compliance. (25.03.2025) Read More »

Custom:  The Central Board of Indirect Taxes and Customs (CBIC) has issued circular, providing clarification on the classification and concessional duty applicability for camera modules used in mobile phone manufacturing under Notification No. 57/2017-Customs. The circular confirms that a camera module comprises essential components such as lens, sensor, FPCB assembly, bracket/holder, connectors, and mechanical parts, …

Custom : CBIC has issued circular providing clarification on the classification and concessional duty applicability for camera modules used in mobile phone manufacturing under Notification No. 57/2017-Customs. (25.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of Roller Chains (tariff item 7315 11 00) originating in or exported from China PR. The notification imposes an anti-dumping duty of 6.34% on imports from producers other than Zhejiang Bakord Machinery Co. Ltd., Jiangxi Hengjiu Chain Transmission Co. …

Custom : The Ministry of Finance (Department of Revenue) has issued notification, imposing anti-dumping duty on imports of Roller Chains (tariff item 7315 11 00) originating in or exported from China PR. The notification imposes an anti-dumping duty of 6.34% on imports from producers other than Zhejiang Bakord Machinery Co. Ltd., Jiangxi Hengjiu Chain Transmission Co. Ltd., Anhui Huangshan Hengjiu Transmission Co. Ltd., and Zhejiang Hengjiu Transmission Technology Inc. Ltd., who are exempted. The duty will be effective for five years, unless revoked or amended earlier. (25.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification imposing definitive anti-dumping duty on imports of Poly Vinyl Chloride (PVC) Paste Resin, also known as Emulsion PVC Resin, originating in or exported from China PR, Korea RP, Malaysia, Norway, Taiwan, and Thailand. The imposed duties range from USD 89 to USD 707 per …

Custom: The Ministry of Finance (Department of Revenue) has issued notification imposing definitive anti-dumping duty on imports of Poly Vinyl Chloride (PVC) Paste Resin, also known as Emulsion PVC Resin, originating in or exported from China PR, Korea RP, Malaysia, Norway, Taiwan, and Thailand. The imposed duties range from USD 89 to USD 707 per metric ton (MT), depending on the country and producer, with an exemption granted to Hanwha Solutions Corporation, Korea RP. Additionally, Kaneka Paste Polymer SDH BHD, Malaysia, has submitted a price undertaking, which has been accepted. (24.03.2025) Read More »

Custom: The Ministry of Finance (Department of Revenue) has issued notification, amending Notification No. 27/2011-Customs to exempt customs duty on the import of onions (HS Code: 0703 10). This amendment revises S. No. 1, Column (4) of the original notification, replacing the existing duty rate of 20% with “Nil”, thereby making onion imports duty-free. The …

Custom: The Ministry of Finance (Department of Revenue) has issued notification, amending Notification No. 27/2011-Customs to exempt customs duty on the import of onions (HS Code: 0703 10). This amendment revises S. No. 1, Column (4) of the original notification, replacing the existing duty rate of 20% with “Nil”, thereby making onion imports duty-free. The revised duty structure will come into effect from April 1, 2025. (24.03.2025) Read More »