Regulatory Updates_The PULSE_May 2025

SEBI Updates

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2025 

Pursuant to the applicable provisions of the Securities and Exchange Board of India Act, 1992 and the Securities Contract (Regulations) Act, 1956, SEBI has amended the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations 2015  as follows:

1. Title: These regulations shall be called the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2025.
2. Commencement: They shall come into force on the date of their publication in the Official Gazette.
3. Amendments: Regulatory Updates

• Regulation 13(2): The following is inserted as proviso clause: “Provided that in the case of securitised debt instruments, SCORES registration may be obtained at the trustee level for all Special Purpose Distinct Entities (SPDVs) under their trusteeship.”
• Schedule III, Part D – Additional Disclosures:

• • • (Clause 10): SPDVs or their trustees shall disclose, on an annual basis, any outstanding litigations or material developments relating to the originator, servicer, or any other party to the transaction that may adversely affect investor interests.
    • (Clause 11): SPDVs or their trustees shall disclose, on an annual basis, any defaults by the servicer in fulfilling servicing obligations.

Click here to access the regulation

Securities and Exchange Board of India (Issue and Listing of Securitized Debt Instruments and Security Receipts) (Amendment) Regulations, 2025

Pursuant to the applicable provisions of Securities and Exchange Board of India Act, 1992 and Securities Contract (Regulations) Act, 1956, on 5^th May, 2025, the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 as follows :

1. Title: These regulations shall be called the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) (Amendment) Regulations, 2025 Regulatory Updates
2. Commencement: They shall come into force on the date of their publication in the Official Gazette.
3. Key Amendments:

Definition of ‘Debt’ and ‘receivables’ has been amended to include all financial assets originated by an entity regulated by RBI.

Investor Meeting Provisions

• Meetings can be triggered by:
  • Requisition from ≥10% of investors
  • Trustee’s opinion or servicer default
• Meetings may be held via video conferencing, voting by electronic means
• Majority: >50% by value, unless trust deed specifies higher

Trustee Responsibilities Enhanced Regulatory Updates

• Custodian of funds & properties
• Ensure proper administration and protection of trust assets
• Comply with SEBI Code of Conduct & Act
• Submit half-yearly disclosures to SEBI

Liquidity Facility Regulations

• Provider must be regulated, act at arm’s length
• Clear contract terms; not to function as credit enhancement
• Drawdown limited, short-term only
• Strict usage conditions outlined
• Facility reclassified as credit enhancement if norms violated

Key Securitisation Conditions (New Regulation 19A)

• Max 25% exposure per obligor in asset pool
• Homogeneous asset pools
• Full upfront payment of SDIs
• 3-year operational track record for originators/obligors (some exceptions apply)

Issuance & Transfer Norms

• SDIs must be issued/transferred in demat form only
• Minimum ticket size:
  • ₹1 crore for issuance and transfer
  • Exceptions for amortization structures

Retention & Holding Requirements

• Minimum Retention:
  • 10% of book value (5% for short-term/residential MBS)
• Cannot hedge, sell, or transfer retained risk Regulatory Updates
• Retention must be maintained throughout SDI’s life

Minimum Holding Period (MHP) minimum period for which a originator shall hold the debt or receivable before the same is assigned to a special purpose distinct entity for the purpose of securitisation

• Based on loan tenure:
  • 3 months (≤2 years)
  • 6 months (>2 years)
• MHP starts from registration with CERSAI
• Different rules for real estate, project loans, acquired loans

Clean-up Call Option

• Allowed when ≤10% of assets remain
• Must be:
  • On market terms
  • At originator’s discretion
  • Not structured to act as credit enhancement

Public Issue Advertisement Norms Regulatory Updates

• Must publish digital/print ads before issue opens
• Mandatory QR code & web link if e-mode used
• Content must be:
  • True, fair, non-misleading
  • Limited to offer document details

Governance & Code of Conduct (Schedule III)

• Trustees & SPDEs must:
  • Have internal code of conduct
  • Avoid conflicts of interest
  • Ensure fair disclosure & redressal mechanisms
  • Share info with credit rating agencies
  • Maintain competency and professionalism

Other Key Amendments

• Companies Act references updated (1956 → 2013)
• SDIs must be listed within 5 days of offer closure
• Voting via e-voting instead of postal ballot
• SPDEs must clearly disclose material developments

Click here to access the regulations

Publishing Investor Charter for KYC (Know Your Client) Registration Agencies (KRAs) on their Websites.

To enhance investor awareness regarding the role of KYC Registration Agencies (KRAs) in handling Investor Service Requests, SEBI has introduced an Investor Charter for KRAs. This charter outlines the services offered to investors, their rights, key activities of KRAs, dos and don’ts, and the grievance redressal mechanism.

All registered KRAs are required to disseminate the Investor Charter to both new and existing investors by publishing it on their websites, sending it via email, and displaying it prominently at their offices. These requirements are in addition to existing SEBI disclosure norms. The circular, issued under Section 11(1) of the SEBI Act, 1992, aims to protect investor interests and promote transparency, and is effective immediately from the date of issuance.

Click here to access the circular

Simplification of the operational process relating to yield to price computation on the Request for Quote (RFQ) Platform

SEBI has introduced key amendments to simplify the yield-to-price computation and enhance cash flow transparency for non-convertible securities traded on the RFQ (Request for Quote) platform. Effective August 18, 2025, yield-to-price computation will now be based on the due dates of interest/dividend/redemption payments from the cash flow schedule, without adjusting for day count conventions. This change aims to streamline trade execution and settlement processes as per Chapter XXII of the NCS Master Circular. Regulatory Updates

Further, issuers are now required to disclose the cash flow schedule (including due date and payment date as per day count convention) for interest/dividend/redemption in a standardized format within the centralized corporate bond database at the time of ISIN activation. Any changes must be updated within one working day. This requirement applies to new debt issuances and existing listed ISINs with residual maturity. Stock exchanges are directed to notify market participants and update their frameworks accordingly to ensure uniform implementation.

Click here to access the circular

Review of provisions pertaining to Electronic Book Provider (EBP) platform to increase its efficacy and utility

SEBI has updated the provisions in Chapters VI – ‘Electronic Book Provider Platform’ and Chapter VII- ‘Standardization of timelines for listing of securities issued on a private placement basis’ of its Master circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024.  These revisions, made in response to stakeholder feedback, aim to improve the effectiveness and functionality of the Electronic Book Provider (EBP) platform for private placements.

EBP Platform –Private placements via EBP platform mandatory if:

• Single issue ≥ ₹20 crore (incl. green shoe)
• Shelf issue (cumulative FY tranches) ≥ ₹20 crore
• Subsequent issue causing FY total to ≥ ₹20 crore

EBP Platform – Optional Use if:

• Securitised debt instruments / Security receipts
• CPs / CDs
• Units of REITs, SM REITs, InvITs
• Private placements < ₹20 crore

Placement Memo & Term Sheet Submission

• Submit to EBP at least 2 working days prior to issue
• For first-time EBP users: 3 working days prior to Issue to the opening date
• Disclosures must include: Issue size and green shoe portion (max 5× base) and prior FY green shoe exercise summary

Anchor Investor Framework: Anchor Allocation Caps (of base size):

         Rating            Max Anchor Portion

• AAA to AA-     30%
• A+ to A-          40%
• Below A-         50%

Disclosure in memo & term sheet mandatory

• Anchor investors to confirm by T-1
• Unconfirmed amounts revert to base size

Allotment & Reporting Rules: Pro-rata allotment if bids tied at cut-off yield/price/spread  EBP must publish issue details (T-day/T+1) including Bidding data, pricing, yield, investor category, anchor allocation, etc.

Timelines for In-Principle Approval: In case of EBP before T-2 / T-3 (prior to memo submission) and Non-EBP before T (issue opening day). Issuer must obtain exchange approval within these timelines.

Effective Dates for Key Clauses

Clause(s)	Effective From
5.2, 8.1.2, 8.1.4, 8.1.5, 12.2 (Ch. VI) Clause 3 (Ch. VII)	3 months from the circular date
Clause 3, 7.11.3 (Ch. VI)	6 months from the circular date

Click here to access the circular

Securities Contracts (Regulation) Amendment Rules, 2025

The Central Government has amended Rule 8 of the Securities Contracts (Regulation) Rules, 1957 through G.S.R. 318(E), effective from the date of its publication in the Official Gazette. The amendment introduces proviso clauses under the existing sub-rule (1) and sub-rule (3) of clause (f) after the first proviso, as detailed below:

 “Provided further that investments made by a member shall, at all times, not be construed as business except when such investments involve client funds or client securities, or relate to arrangements which are in the nature of creating a financial liability on the broker.”

Click here to access the rules

Accessibility and Inclusiveness of Digital KYC to Persons with Disabilities

Following the Hon’ble Supreme Court’s judgment dated April 30, 2025, SEBI has underscored the importance of inclusive and accessible digital KYC processes for persons with disabilities, including those with visual impairments.

In line with this, SEBI has updated its FAQs on account opening for persons with disabilities, available on its website under:

FAQs → Know Your Client Requirements → Demat/Trading Account Opening.

All SEBI-registered intermediaries are now mandated to ensure digital accessibility in their KYC and account opening processes and adhere to the revised guidance provided in the updated FAQ.

Click here to access the circular

Process for appointment, re-appointment, termination or acceptance of resignation of specific KMPs of an MII and Cooling-off period for KMPs of an MII joining a competing MII and provisions relating to re-appointment of PIDs

To enhance governance in stock exchanges, clearing corporations, and depositories, collectively referred to as Market Infrastructure Institutions (MII), SEBI has mandated a structured process for appointment, re-appointment, termination, and resignation of key management personnel (KMPs) namely Compliance Officer, Chief Risk Officer, Chief Technology Officer, Chief Information Security Officer, engaged in critical areas of operations such as compliance, risk, technology, and information security. The circular will be effective from the 90^th Day of issuance of Circular.

The process of appointment of KMP shall be as under:

• MII to engage external agency to identify candidates for role of KMP and recommend to Nomination and Remuneration Committee ( NRC)
• NRC to evaluate the recommendation and submit to Governing Board
• Governing Board shall make the final decision

The process of reappointment/termination/resignation of KMP shall be as under:

• NRC to evaluate the recommendation and submit to Governing Board of MII
• Governing Board shall make the final decision
• In case of termination, KMP to be given reasonable opportunity of being heard
• The appointment, reappointment, termination or acceptance of resignation of KMPs other than MD or above mentioned KMPs, shall be with NRC. However, MII are free to implement the above mechanism for all KMPs.

Cooling off period:

• 1 year for Public Interest Directors (PIDs) under SECC and D&P Regulations amended via Gazette Notifications No. SEBI/LAD-NRO/GN/2025/246 & 245 (dated April 30, 2025).
• Cooling off period for non-independent Directors and Public Interest Directors to be prescribed by Governing Board. They are also required to report reasons if a Public Interest Director (PID) is not reappointed after their first term
• Governing Board to prescribe mechanism for cooling off of KMPs (including MD) moving to competing MII. Competing MII defined as per SECC & DP Regulations

Click here to access the circular

Final Settlement Day (Expiry Day) for Equity Derivatives Contracts

SEBI, under its mandate to protect investors and regulate the securities market, has amended the final settlement day (Expiry Day) for Equity Derivatives Contracts as follows:

1. Uniform Expiry Days
   • All equity derivatives must expire on either Tuesday or Thursday (per exchange’s choice).
2. Weekly Benchmark Index Options
   • Exchanges allowed only one benchmark index options contract per week on chosen expiry day.
3. Monthly Expiry Rules
   • All other equity derivatives (futures & options) must:
     • Have a minimum 1-month tenor
     • Expire on the last Tuesday or Thursday of the month

4. Change in Expiry Day
   • Any modification to existing expiry days requires prior SEBI approval

This move aims to balance risk concentration while providing product differentiation and curbing excessive expiry day activity that could threaten market stability. To ensure smooth implementation, exchanges must seek SEBI’s prior approval before changing their chosen expiry day and submit their proposals by June 15, 2025.

Click here to access the circular

Measures for Enhancing Trading Convenience and Strengthening Risk Monitoring in Equity Derivatives

SEBI has introduced key regulatory enhancements in the equity derivatives segment to improve trading convenience and strengthen risk monitoring. Notably, SEBI will mandate a Delta-Based Open Interest (OI) calculation model that better reflects actual risk exposure by factoring in option price sensitivity. Additionally, Market-Wide Position Limits (MWPL) for index futures and options are being redefined to align with market dynamics and reduce concentration risks. New trading restrictions during ban periods will curb speculative excesses and potential manipulation, while eligibility criteria for derivatives on non-benchmark indices ensure only robust and liquid indices are allowed for trading.

These measures aim to enhance risk assessment, market integrity, and investor protection, fostering a more efficient and transparent derivatives market aligned with global best practices.

Click here to access the circular         

Norms for Internal Audit Mechanism and composition of the Audit Committee of Market Infrastructure Institutions

Stock Exchanges, Clearing Corporations, and Depositories—collectively called Market Infrastructure Institutions (MIIs)—play a critical role in capital markets by providing trading, clearing, settlement, and securities record-keeping infrastructure. MIIs operate uniquely as both commercial entities and first-line regulators empowered to oversee their members. To ensure transparency, accountability, and robust governance, MIIs are required to maintain a strong internal audit mechanism covering all critical functions, including compliance, risk management, and business development. Regulatory Updates

In light of the above, to further strengthen the guidelines for the internal audit mechanism at MIIs have been prescribed:

• MII shall conduct Internal Audit of all functions and activities of the MII at least once in a financial year (Vertical 1- Critical Operations, Vertical 2- Regulatory Compliances, risk management and investor grievances and Vertical 3- Other functions including business development)
• Internal Auditor shall be an independent audit firm and the MIIs shall have a policy for appointment of Internal Auditor approved by Audit Committee and the Governing Board Regulatory Updates
• Internal Auditor shall report to Audit Committee alone and the observations shall be forwarded to respective Head of Departments for their response in time bound manner. Thereafter, the Internal Auditor will forward the final report to Audit Committee. Regulatory Updates
• Terms of reference of the Audit Committee (AC) amongst others involves approval of related party transactions, scrutiny of financial statements, evaluation of internal financial controls and  risk  management  systems,    which  requires  objective  evaluation  of  the functioning and decisions of the management
• Composition of Audit committee: The Committee cannot include any Executive Director, including MD. The Auditors and KMP(including MD) have the right to be heard at the meeting of Audit Committee, subject to the approval of the Chairman of the Committee, wherein the Audit Report is considered.

MIIs are required to implement these norms within 90 days, amend their byelaws accordingly, and communicate the changes to market participants through their websites. Regulatory Updates

Click here to access the circular

Rating of Municipal Bonds on the Expected Loss (EL) based Rating Scale

Para 5.6.1 of the Master Circular for Credit Rating Agencies (CRAs) (“Master Circular”) dated May 16, 2024 provides that in addition to the standardized rating scales prescribed for various instruments, an Expected Loss (EL) based rating scale may be used by CRAs for rating of projects and instruments associated with Infrastructure Sector.

Based on discussions with stakeholders, including the Corporate Bonds and Securitisation Advisory Committee (CoBoSac), it is felt that using Expected Loss (EL) ratings alongside standardized rating scales and probability of default ratings would provide a more accurate reflection of the recovery prospects of Municipal Bonds. Urban Local Bodies (ULBs) or Municipalities primarily issue bonds to fund the creation and development of infrastructure. Accordingly, Credit Rating Agencies (CRAs) are required to provide Expected Loss (EL) based ratings in addition to the standardized rating scale when assessing Municipal Bonds issued for infrastructure financing. The circular is applicable with immediate effect. Regulatory Updates

Click here to access the circular

MCA Updates

The Companies (Indian Accounting Standards) Rules, 2025

On 7^th May, 2025, the Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 291(E), introducing the Companies (Indian Accounting Standards) Amendment Rules, 2025. These amendments primarily focus on updating Indian Accounting Standard (Ind AS) 21, “The Effects of Changes in Foreign Exchange Rates,” to address challenges related to non-exchangeable currencies.

Key Highlights:

• Non-Exchangeable Currencies: The amendments provide guidance on accounting for transactions involving currencies that are not freely exchangeable. Entities are required to estimate the spot exchange rate using observable rates or other estimation techniques when exchangeability is lacking.
• Enhanced Disclosure Requirements: Companies must disclose detailed information about transactions involving non-exchangeable currencies, including the estimation method used and the financial impact of using estimated rates.
• Alignment with IFRS: The amendments align Ind AS 21 more closely with International Financial Reporting Standards (IFRS), facilitating comparability of financial statements for Indian companies with global peers. Regulatory Updates

 Effective Date:

The amendments are applicable for annual reporting periods beginning on or after April 1, 2025. Companies preparing financial statements for the financial year 2025-26 onward must comply with the updated provisions. Regulatory Updates

Click here to access the rules

The Companies (Accounts) Amendment Rules, 2025

On 19^th May, 2025, the Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 317(E), pursuant to the applicable provisions of the Companies Act, 2013, the Central Government has amended the Companies (Accounts) Rules, 2014 as follows:

• These Rules may be called the Companies (Accounts) Amendment Rules, 2025 Regulatory Updates
• In the Companies (Accounts) Rules, 2014, in rule 12, in sub-rule (1B), in the fourth proviso, for the words, figures and letters “on or before 31st March, 2025”, the words, figures and letters “on or before 30th June, 2025” shall be substituted. Regulatory Updates

Click here to access the circular

The Companies (Accounts) Second Amendment Rules, 2025

Effective July 14, 2025, the Central Government hereby makes the following rules further to amend the Companies (Accounts) Rules, 2014:

• These Rules may be called the Companies (Accounts) Second Amendment Rules, 2025
• Terminology Update:

1. • “Form AOC-1” and “Form AOC-2” were replaced with “e-Form AOC-1” and “e-Form AOC-2” respectively.

• Rule 8 Enhancements:

1. • Annual board reports must now include:
     • Number of sexual harassment complaints received, resolved, and pending over 90 days.
     • Compliance statement on the Maternity Benefit Act, 1961.

• New Filing Requirement (Rule 12):

1. • Companies must file e-Forms for:
     • Extract of Board Report
     • Extract of Auditor’s Report (Standalone and Consolidated)
   • Signed financial statements must be attached in PDF format with XBRL filings.

• Form Substitution:

1. • Existing forms (AOC-1, AOC-2, AOC-4 series, CSR-2) have been replaced with updated e-Forms, as provided in the respective circular.

Click here to access the circular

The Companies (Management and Administration) Amendment Rules, 2025

On 30^th May, 2025, the Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 358(E), through which the Central Government, in accordance with the relevant provisions of the Companies Act, 2013, amended the Companies (Management and Administration) Rules, 2014 as detailed below:

• These Rules may be called the Companies (Management and Administration) Amendment Rules, 2025 and is effective from 14^th day of July, 2025
• In the Companies (Management and Administration) Rules, 2014, in the Annexure, for Form No. MGT-7, MGT-7A and MGT-15 shall be substituted as provided in the respective circular

 Click here to access the circular

The Companies (Audit and Auditors) Amendment Rules, 2025

On 30^th May, 2025, the Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 359(E), through which the Central Government, in accordance with the relevant provisions of the Companies Act, 2013, amended the Companies (Audit and Auditors) Rules, 2014 as detailed below:

• These Rules may be called the Companies (Audit and Auditors) Amendment Rules, 2025 and is effective from 14^th day of July, 2025
• The following shall be substituted below Rule 13, sub-rule
  (2), (a) for clause (d): ‘(d) the report shall be filed electronically in form ADT-4’
• In the Annexure of the Companies (Audit and Auditors) Rules, 2014, for Form No. ADT-1, ADT-2, ADT-3 and ADT-4 shall be substituted as provided in the respective circular

 Click here to access the circular

The Companies (Cost Records and Audit) Amendment Rules, 2025

On May 30, 2025, the Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 361(E), through which the Central Government, in accordance with the relevant provisions of the Companies Act, 2013, amended the Companies (Cost Records and Audit) Rules, 2014 as detailed below:

• These Rules may be called the Companies (Cost Audit and Record) Amendment Rules, 2025 and is effective from 14^th day of July, 2025
• In the Companies (Cost Audit and Record) Rules, 2014, in the Annexure, for Form No. CRA-2 and CRA-4 shall be substituted as provided in the respective circular

 Click here to access the circular

The Companies (Registration Office and Fees) Amendment Rules, 2025

On May 30, 2025, the Ministry of Corporate Affairs (MCA) issued Notification G.S.R. 360(E), through which the Central Government, in accordance with the relevant provisions of the Companies Act, 2013, amended the Companies (Management and Administration) Rules, 2014 as detailed below:

• These Rules may be called the Companies (Registration Office and Fees) Amendment Rules, 2025 and is effective from 14^th day of July, 2025
• In the Companies (Registration Office and Fees) Rules, 2014, in the Annexure, for Form No. GNL-1 shall be substituted as provided in the respective circular

 Click here to access the circular

Income Tax Updates

Excel Utilities of ITR-1 and ITR-4 for AY 2025-26 are available for filing. 

The Income Tax Department has recently released Excel-based utilities (version 1.0), along with a JSON schema and validation tools, for the financial year 2024-25 (assessment year 2025-26). These tools include the ITR-1 (Sahaj) and ITR-4 (Sugam) forms. Taxpayers can download the offline utilities from the official 2.0 e-filing portal. Since the Excel utilities have only just been released, the option to file ITRs online is not yet available

Click here

Extension of the due date

The Central Board of Direct Taxes (CBDT) has extended the due date of furnishing of Return of Income under originally due on 31st July, 2025 to 15th September, 2025, on account of significant revisions in the ITR forms.

Refer Circular

CBDT’s Central Action Plan (CAP) sets a target of 2 lakh appeal disposal for 2025-26

The appeals before CIT(A) have been pending disposal for a long time after migration to the faceless scheme. The CBDT has now come up with a target of disposing of 2 lakh pending appeals including compulsory disposal of the top 1500 appeals in terms of disputed demand by 2025-26.  

CBDT sets strict timelines for the disposal of pending cases by the Dispute Resolution Panel (DRP)

The Central Action Plan of the CBDT for 2025-26 has set a target mandating disposal of the total of the cases brought forward as on 1.4.2025, 30% of cases to be disposed of by June 30, 2025 and the remaining 70% of cases by September 30, 2025.

The CBDT further sets targets for APA requiring that of the total number of cases brought forward as on 1.4. 2025, at least 40 cases per CIT(APA) charge (both Unilateral and Bilateral APA) to be disposed of in the current financial year.

GST Updates

Guidelines on withdrawing appeals under the waiver scheme:

An advisory has been issued to assist taxpayers in withdrawing appeals when opting for the waiver scheme. This initiative aims to streamline pending litigation by facilitating the smooth withdrawal of eligible cases. Regulatory Updates

Click here to read the update

Changes in the refund process for deemed export recipients: 

The refund procedure for taxpayers claiming refunds as recipients of deemed exports has been updated. These revisions are designed to simplify the filing process and enhance the accuracy of refund applications in these cases.

Click here to read the update

Updates to refund procedures across various categories: 

GSTN has introduced comprehensive changes to the processing of multiple refund types to improve efficiency and minimize errors. Businesses submitting any refund claims are advised to review the latest procedures and system updates. Regulatory Updates

Click here to read the update

Instructions on record submission during audits: 

GST Instruction No. 05/2025 outlines clear guidelines for businesses on submitting records and documents during GST audits. Maintaining updated documentation and staying audit-ready has become increasingly important.

Click here to read the update

GST collections for April 2025 total ₹2.37 lakh crore: 

The government announced a strong GST collection of ₹2.37 lakh crore for April 2025, indicating healthy economic activity and compliance at the beginning of the financial year. Regulatory Updates

Click here to read the update

Grievance redressal mechanism for registration issues: 

A dedicated guideline has been issued to assist taxpayers in raising and resolving grievances related to GST registration. This mechanism provides a structured process to address delays or rejections in registration applications.

Click here to read the update

Advisory on reporting auto-filled values in Table 3.2 of GSTR-3B: 

GSTN has issued a new advisory detailing how taxpayers should manage auto-populated figures in Table 3.2 of GSTR-3B, which pertains to interstate supplies. Taxpayers are advised to carefully cross-check and verify these values to prevent discrepancies during return filing.

Click here to read the update

Advisory on HSN code reporting in GSTR-1/1A: 

A new guideline mandates reporting a minimum of 4 or 6 digits of the HSN code in Table 12 of GSTR-1/1A, based on the taxpayer’s annual turnover. This requirement aims to improve consistency and enable more accurate data analysis by the department. Regulatory Updates

Click here to read the update

Biometric Aadhaar authentication activated in Sikkim:

GST registration for taxpayers in Sikkim now requires biometric verification through Aadhaar. This measure is implemented to strengthen security and improve verification processes for new registrations. Regulatory Updates

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New GSTR-7 advisory mandates invoice-wise reporting: 

The latest advisory for GSTR-7, filed by TDS deductors, requires reporting at the invoice level rather than using consolidated figures. This enhances traceability and facilitates accurate credit flow to deductees.

Click here to read the update