Daily Updates

Income Tax: The Central Board of Direct Taxes (CBDT) has exempted the deduction of tax under section 194EE on the payment of the amount referred to in clause (a) of sub-section (2) of section 80CCA by an individual assessee from his account. [Notification No. 27/2025 dated 04.04.2025]

Income Tax: The CBDT has amended Rule 114 to provide that every person who has been allotted permanent account number on the basis of the Enrolment ID of the Aadhaar application form filed prior to the 1st day of October 2024, shall intimate his Aadhaar number on or before the 31st day of December 2025 [Notification …

Income Tax: The CBDT has amended Rule 114 to provide that every person who has been allotted permanent account number on the basis of the Enrolment ID of the Aadhaar application form filed prior to the 1st day of October 2024, shall intimate his Aadhaar number on or before the 31st day of December 2025 (08.04.2025) Read More »

SEBI SEBI has introduced a standardized format for the System and Network Audit Report for Market Infrastructure Institutions (MIIs), including Stock Exchanges, Clearing Corporations, and Depositories. This aims to improve data quality, ensure uniform reporting, enhance compliance monitoring, and streamline regulatory oversight. The new format will help in better traceability of audit observations by assigning …

SEBI: SEBI has introduced a standardized format for the System and Network Audit Report for Market Infrastructure Institutions (MIIs), including Stock Exchanges, Clearing Corporations, and Depositories. (07.04.2025) Read More »

Central Excise The CBIC has issued a notification to revise excise duty rates under Notification No. 5/2019-Central Excise. The Special Additional Excise Duty (SAED) on petrol is increased to Rs. 13 per litre (from Rs. 8), and on high-speed diesel (HSD) to Rs. 10 per litre (from Rs. 2). The notification will be effective from …

Central Excise: The CBIC has issued a notification to revise excise duty rates under Notification No. 5/2019-Central Excise. The Special Additional Excise Duty (SAED) on petrol is increased to Rs. 13 per litre (from Rs. 8), and on high-speed diesel (HSD) to Rs. 10 per litre (from Rs. 2). The notification will be effective from 08.04.2025.(07.04.2025) Read More »

Customs The CBIC has issued a circular which clarifies the classification and Basic Customs Duty (BCD) applicable to Interactive Flat Panel Displays (IFPDs) and other monitors under tariff item 85285900. In the 2025-26 Budget, BCD on IFPDs was increased from 10% to 20%, while other monitors remained at 10% with an IGCR condition under Notification …

Customs: The CBIC has issued a circular which clarifies the classification and Basic Customs Duty (BCD) applicable to Interactive Flat Panel Displays (IFPDs) and other monitors under tariff item 85285900. (07.04.2025) Read More »

GST: GSTIN has issued advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration starting April 1, 2025, a new biometric-based Aadhaar authentication and document verification process has been implemented for GST registration applicants in Assam. Based on risk analysis, applicants may be required to either: Complete OTP-based Aadhaar authentication, or Book an appointment …

GST:GSTIN has issued advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration starting April 1, 2025,(05.04.2025) Read More »

GST  GSTIN has issued an advisory on Case Sensitivity in IRN Generation To ensure consistency and avoid duplication, invoice numbers reported in any format (e.g., “abc”, “ABC”, or “Abc”) would be automatically converted to uppercase before IRN generation. This change is applicable starting from 1st June 2025 and aligns with the treatment of invoice numbers …

GST:GSTIN has issued an advisory on Case Sensitivity in IRN Generation To ensure consistency and avoid duplication, invoice numbers reported in any format (05.04.2025) Read More »

Customs: The CBIC has issued a circular to implement functionality for post export changes in shipping bills with following salient features: Electronic processing of amendments under section 149 of the Customs Act Electronic processing of provisional assessment in exports Re-transmission of relevant details to the agencies concerned Further, the fields in shipping bills as mentioned …

Customs: The CBIC has issued a circular to implement functionality for post export changes in shipping bills (05.04.2025) Read More »

Customs: The CBIC has issued a notification to notify Export Entry (Post export conversion in relation to instrument-based scheme) Regulations, 2025. [Notification No. 21/2025-Customs(N.T.) dated 03.04.2025]

Customs The CBIC has issued a notification to amend Notification No. 50/2017-Customs which removes Condition No. 9 from Serial No. 515C. This change eases the import conditions for certain electronic goods classified under HS Code 8528 59 00, excluding Interactive Flat Panel Displays (IFPD). [Notification No. 23/2025-Customs dated 04.04.2025]

SEBI  The SEBI has issued a circular to allow Investment Advisers (IAs) and Research Analysts (RAs) to charge advance fees for up to one year (previously restricted). Key Changes: Fee restrictions apply only to individual and HUF clients (excluding accredited investors). Non-individual, accredited, and institutional investors can negotiate fees contractually. [Circular No. SEBI/HO/MIRSD/ MIRSD-PoD/P/CIR/2025/48 dated …

SEBI:The SEBI has issued a circular to allow Investment Advisers (IAs) and Research Analysts (RAs) to charge advance fees for up to one year (previously restricted).(03.04.2025) Read More »

DGFT: The DGFT has issued a notification which provides that LCS Darranga has been included in List “A” of Appendix – V to schedule-I (Import Policy), ITC(HS), 2022 and the general notes regarding import policy under schedule-I (Import Policy), ITC(HS), 2022 have been amended, to update relevant details regarding Food Import Entry Points in sync …

DGFT: The DGFT has issued a notification which provides that LCS Darranga has been included in List “A” of Appendix – V to schedule-I (Import Policy), ITC(HS), 2022 and the general notes regarding import policy under schedule-I (Import Policy), ITC(HS), 2022 have been amended, to update relevant details regarding Food Import Entry Points in sync with the relevant FSSAI notifications. (03.04.2025) Read More »

DGFT: The DGFT has issued a public notice to update list of banks authorized to import gold/silver under Appendix 4B of Procedures,2023. [Public Notice No. 01/2025-26 dated 03.04.2025]

SEBI: The SEBI has issued a circular to clarify that under Regulation 6(1) of the LODR Regulations, the Compliance Officer of a listed entity must be in whole-time employment, one level below the Board of Directors, and designated as Key Managerial Personnel. “One level below” means directly below the Managing Director (MD) or Whole-Time Director(s). …

SEBI: The SEBI has issued a circular to clarify that under Regulation 6(1) of the LODR Regulations, the Compliance Officer of a listed entity must be in whole-time employment, one level below the Board of Directors, and designated as Key Managerial Personnel.(02.04.2025) Read More »

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 »