Daily Updates

GST: GSTN Advisory: Implementation of Phase-III Changes in Table-12 of GSTR-1/GSTR-1A (Effective April 2025 Tax Period) The Goods and Services Tax Network (GSTN) has initiated Phase-III changes in Table-12 of GSTR-1 and GSTR-1A, applicable from the April 2025 tax period. Key highlights: Structural Bifurcation: Table-12 has been split into two distinct tables for B2B and …

GST: The Goods and Services Tax Network (GSTN) has initiated Phase-III changes in Table-12 of GSTR-1 and GSTR-1A, applicable from the April 2025 tax period.(14.04.2025) Read More »

Income Tax: The Central Board of Direct Taxes (CBDT) has notified Rule 12AE and the Income-tax Return (ITR) Form ITR-B for persons required to furnish a return of income under Section 158BC(1). The notified form shall be applicable for search initiated under Section 132 or requisition made under Section 132A on or after 01-09-2024. [Notification …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified Rule 12AE and the Income-tax Return (ITR) Form ITR-B for persons required to furnish a return of income under Section 158BC(1).(10.04.2025) Read More »

Income Tax: The Central Board of Direct Taxes (CBDT) has notified 30-04-2025 as the last date for filing a declaration under the Vivad Se Vishwas Scheme. The date has been notified in exercise of the powers conferred by clause (l) of sub-section (1) of section 89 of the Finance (No. 2) Act, 2024. [Notification No. …

Income Tax: The Central Board of Direct Taxes (CBDT) has notified 30-04-2025 as the last date for filing a declaration under the Vivad Se Vishwas Scheme. (10.04.2025) Read More »

Income Tax: The Central Board of Direct Taxes has notified the bonds redeemable after 5 years issued by Housing and Urban Development Corporation Limited (HUDCO) as a “long-term specified asset” for the purposes of section 54EC. [Notification No. 31/2025 dated 07.04.2025]

SEBI: SEBI has issued clarifications on the regulatory framework for Specialized Investment Funds (SIFs) based on industry feedback: Interval Investment Strategies under SIFs are exempt from maturity restrictions applicable to interval schemes in mutual funds. The minimum investment threshold for investors across all SIF strategies is set at INR 10 lakh per PAN. This threshold …

SEBI: SEBI has issued clarifications on the regulatory framework for Specialized Investment Funds (SIFs) based on industry feedback (09.04.2025) Read More »

SEBI SEBI has amended the FPI Master Circular to increase the disclosure threshold for Foreign Portfolio Investors (FPIs) from INR 25,000 crore to INR 50,000 crore of equity AUM in Indian markets. The amendment applies to FPIs and Offshore Derivative Instrument (ODI) subscribers. Several paragraphs of the FPI Master Circular have been modified accordingly. The …

SEBI: SEBI has amended the FPI Master Circular to increase the disclosure threshold for Foreign Portfolio Investors (FPIs) from INR 25,000 crore to INR 50,000 crore of equity AUM in Indian markets.(09.04.2025) Read More »

Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as follows: Table 1   Sl. No. Chapter/ heading/sub-heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) 1 1511 10 00 Crude Palm Oil 1158 (No change) 2 1511 90 10 RBD …

Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver (09.04.2025) Read More »

Customs  The CBIC has issued a circular to rescind Circular No. 29/2020-Customs dated 29.06.2020, which allowed the transshipment of export cargo from Bangladesh to third countries via Land Customs Stations (LCSs) to Ports and Airports in India. The rescission is effective immediately. Cargo that has already entered India may exit as per the existing procedure …

Customs: The CBIC has issued a circular to rescind Circular No. 29/2020-Customs dated 29.06.2020, which allowed the transshipment of export cargo from Bangladesh to third countries via Land Customs Stations (LCSs) to Ports and Airports in India.(09.04.2025) Read More »

Central Excise The CBIC has issued a notification to constitutes Interim Boards for Settlement to facilitate dispute resolution. These boards will operate from four headquarters across India: Interim Board for Settlement-I – Delhi Interim Board for Settlement-II – Kolkata Interim Board for Settlement-III – Mumbai Interim Board for Settlement-IV – Chennai [Notification No. 02/2025 dated …

Central Excise : The CBIC has issued a notification to constitutes Interim Boards for Settlement to facilitate dispute resolution.(09.04.2025) Read More »

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 »