1. Income Tax

Exemptions to Baddi Barotiwala Nalagarh Development Authority: Baddi Barotiwala Nalagarh Development Authority, an Authority constituted by the State Government of Himachal Pradesh, has been notified under section 10(46) for exemption on its income arising from Government grants, Revenue receipts under HP Towns and Planning Act and interest on bank deposits.

(Link: Income Tax Notification 114/2025 Dated 14/07/2025)

Exemptions to District Legal Service Authority for Gurgaon and Mewat: District Legal Service Authority for Gurgaon and Mewat, constituted by Government of Haryana, has been notified under section 10(46) for exemption on its income arising from Grants from P&H High court, Central and State Authority, Grants or donation fro Central or State Government, Amounts received under court orders, fees and interest on bank deposits.

(Link: Income Tax Notification 115/2025 Dated 14/07/2025)

Exemptions to New Okhla Industrial Development Authority: New Okhla Industrial Development Authority, an authority constituted under the Uttar Pradesh Industrial Area Development Act, 1976, has been notified under section 10(46A) for exemption on its income, provided the authority continues to operate for the specified purposes under Section 10(46A) (a) of the Act.

(Link: Income Tax Notification 116/2025 Dated 17/07/2025)

Benami Act, Special Courts in Raipur and Jaipur: The notification relates to the designation of special courts for trial of offences under Prohibition of Benami Property Transactions Act. The designated court for Raipur is now the ‘Court of XII Additional Sessions Judge, Raipur, and for Jaipur, it is the ‘Special Court (Communal Riots), Jaipur’. 

(Link: Income Tax Notification 117/2025 Dated 17/07/2025)

Income Tax Department cracks down on Bogus Claims of deductions & exemptions: Certain tax return preparers and intermediaries have been found filing returns with fictitious claims, exploiting sections such as 10(13A), 80GGC, 80E, 80D, 80EE, 80EEB, 80G, 80GGA, and 80DDB to claim excessive refunds. IT Department has identified suspicious patterns across Maharashtra, Tamil Nadu, Delhi, Gujarat, Punjab, and Madhya Pradesh It has uncovered evidence of widespread fraud involving employees from MNCs, PSUs, government bodies, academic institutions, and entrepreneurs. Taxpayers are urged to file accurate returns and avoid unauthorized agents promising undue refunds, ensuring compliance with tax laws. 

(Link: Income Tax Press Release Dated 14/07/2025)

• GST

Advisory, GST Portal is now enabled to file appeal against waiver order (SPL 07): GST Portal has been updated to enable taxpayers to file appeals (Form APL-01) against ‘Waiver Application Rejection Orders’ (SPL-07). This facility provides a formal mechanism for taxpayers whose applications for waiver (filed in Forms SPL- 01/SPL-02) have been denied by jurisdictional authorities. To file an appeal, taxpayers must navigate to ‘Services → User Services → My Applications’, select ‘Appeal to Appellate Authority’ as the application type, and then choose ‘Waiver Application Rejection Order’ under the Order Type in the application form. It is advised that taxpayers exercise caution, as the portal does not currently offer an option to withdraw appeals filed under the waiver scheme. 

(GSTN Advisory Dated 16/07/2025)

Advisory on upcoming security enhancements: The GST System is implementing new security enhancements for taxpayers using Application Suvidha Providers (ASPs) and GST Suvidha Providers (GSPs). Soon, taxpayers will receive email and SMS notifications every time an ASP successfully obtains OTP consent to access their GST data via APIs. These notifications will detail the ASP and GSP names, the date and time of consent, and its validity period. Also, the GST Common Portal is being updated to allow taxpayers to view all current and historical access granted to ASPs/GSPs and revoke any active consents directly from their dashboard. 

(GSTN Advisory Dated 17/07/2025)

Advisory on reporting values in Table 3.2 of GSTR-3B: GST portal will reintroduce a change making auto-populated values in Table 3.2 of GSTR-3B non-editable, starting with July 2025 tax period. This table pertains to inter-State supplies to unregistered persons, composition taxpayers, and UIN holders. If any modifications are needed for these auto- populated figures, corrections must be made through Form GSTR-1A or via Form GSTR-1/IFF filed for subsequent tax periods. 

(GSTN Advisory Dated 19/07/2025)

Advisory regarding GSTR-3A notices issued for non-filing of form GSTR 4 to cancelled Composition Taxpayers:  As per Section 39(2) of the CGST Act, and Rule 68 of the CGST Rules, notices in Form GSTR-3A are meant to be issued in cases of non-filing of Form GSTR-4. However, due to a system-related error, such notices have been inadvertently sent to taxpayers whose GST registrations were cancelled prior to the Financial Year 2024–25. GSTN has acknowledged the issue and its technical team is working on implementing corrective measures to prevent such occurrences in the future. In the interim, taxpayers who have already filed the required returns or whose registrations were cancelled before FY 2024–25 are advised to disregard these notices as no further compliance action is necessary. 

(GSTN Advisory Dated 20/07/2025)

GSTN Clarification on Table‑12 (HSN Summary) in GSTR‑1 for B2C Only Filers: Table 12B is not mandatory. It can be left blank or filled with any value. If there are no B2B supplies, you still need to have one entry in Table 12A. For this, you can enter any HSN code and any UQC in Table 12A, and fill all other fields with “0” in order to proceed. This way, the system will not show any error. The system is expected to be upgraded shortly to further simplify this step for filing GSTR-1 when there is only B2C supply. 

(Link: GSTN Twitter Clarification Dated 12/07/2024)

HC, CGST Act allows maximum three adjournments, not minimum three hearings: Case of SS Enterprises vs Commissioner Central Tax, HC Delhi Judgement Dated 1^st May 2025. HC has clarified the interpretation of Section 75(5) CGST Act, ruling that the provision allows for a maximum of three adjournments in proceedings, rather than guaranteeing a minimum of three personal hearings. 

(Link: HC Delhi judgement Dated 01/05/2025)

• Central Excise

No Notifications/ Circular during the week.

• Custom Duty

Duty-free import of horses for polo allowed under strict eligibility and licensing norms: The CBIC notifies new entry 10A, regarding the duty free import of horses intended for polo, by eligible polo teams and individual players under certain conditions. 

(Link: Customs 33/2025 Notification (T) Dated 18/07/2025)

Withdrawn of custom duty exemption on import of Polo Horses: The notification amends earlier Notification No. 146/94 dated 13^th July 1994, by omitting the Serial No. 10A from its table. This entry had allowed duty-free import of polo horses by eligible polo teams and individual players under certain conditions, including certification and quantity limits. The deletion effectively withdraws this exemption, meaning such imports will now be subject to regular customs duties and applicable licensing rules.

(Link: Customs 34/2025 Notification (T) Dated 19/07/2025)

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 16^thJuly 2025. The tariff value for crude palm oil is set at USD 998 per metric ton, while gold and silver have tariff values of USD 1078 per 10 grams and USD 1259 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 6970 per metric ton.

(Link: Customs Notification 46/2025 (NT) Dated 15/07/2025)

CBIC Appoints Common Adjudicating Authority: The notification appoints a common adjudicating authority to handle two show cause notices issued to M/s. Ammega Belting India Pvt. Ltd. (formerly M/s. Helicord Transmissions Pvt. Ltd.), located in Ambattur, Chennai.

(Link: Customs Notification 47/2025 (NT) Dated 16/07/2025)

Anti-Dumping Duty on HFC Component R-32 Exporter, CBIC notifies name change of exporter: Anti-dumping duties on Hydrofluorocarbon (HFC) Component R-32, imported from China was imposed by notification 76/2021 dated 22^nd December 2021. The current notification formalizes a name change for one of the implicated exporters. The name ‘Shandong Dongyue Chemical Co. Ltd’ has been replaced with ‘Shandong Dongyue Refrigerants Co. Ltd’. 

(Link: Customs Notification 23/2025 (ADD) Dated 15/07/2025)

Anti-Dumping Duty on HFC Blends Exporter, CBIC notifies name change of exporter: Anti-dumping duties on Hydrofluorocarbon (HFC) Blends specifically excluding 407 and 410, imported from China was imposed by notification 76/2021 dated 22^nd December 2021. The current notification formalizes a name change for one of the implicated exporters. The name ‘Shandong Dongyue Chemical Co. Ltd’ has been replaced with ‘Shandong Dongyue Refrigerants Co. Ltd’. 

(Link: Customs Notification 24/2025 (ADD) Dated 15/07/2025)

Anti-dumping Duty on Aniline originating  in or exported from China: Anti-dumping Duty has been imposed on imports of Aniline originating in or exported from China and imported into India. The anti-dumping duty shall be effective for a period of five years.

(Link: Customs Notification 25/2025 (ADD) Dated 18/07/2025)

Ensuring adherence of Indian Standard of respective Input material of Steel and Steel, notified in QCO and SIMS portal: CBIC has modified previous guidelines regarding the mandatory adherence to Indian Standards for imported steel and steel input materials. Imported steel products with a Bill of Lading indicating a ‘shipped on board’ date on or before 15^th July 2025, are exempt from the mandatory input steel adherence requirement. Final products supplied by Integrated Steel Plants (ISPs) are exempt from the mandatory input steel adherence, subject to verification of their licenses by the Bureau of Indian Standards (BIS). 

(Link: Customs Instructions 23/2025 Dated 15/07/2025)

• Directorate General of Foreign Trade (DGFT)

Corrigendum to Notification No. 21/2025 on Port restriction on import of certain goods from Bangladesh to India: The correction pertains to notification 21/2025 dated 27^th June 2025, relating to import policy regarding the port restriction on imports from Bangladesh. It corrects the HS Code listed in Para 19(2)(ix) of the general notes, replacing ‘HS Code 530010’ for ‘Unbleached woven fabrics of jute or of other textile bast fibers’ with the correct code ‘HS Code 531010’. 

(Link: DGFT Notification 21/2025 Corrigendum Dated 17/07/2025)

Clarification regarding export of Organic Textiles: Following the notification of the Eighth Edition of the National Programme for Organic Production (NPOP) on 5^th January 2025, questions arose concerning its applicability to organic textile exports. Agricultural and Processed Food Products Export Development Authority (APEDA), the implementing body for NPOP clarified that the NPOP’s scope of accreditation, as per Clause 4.1 of Chapter 4, is limited to specific categories such as crop production, livestock, food processing, and aquaculture, among others. Crucially, organic textiles are not included within these prescribed accreditation categories. Therefore, the requirement for a Transaction Certificate (TC) from a NAB-accredited body under the NPOP Public Notice does not apply to organic textile product exports. 

(Link: DGFT Circular 01/2025 Dated 15/07/2025)

DGFT seeks Input on Dual-Use export compliance: DGFT has released a draft document for a standardized Internal Compliance Programme (ICP) for industries involved in exporting dual-use (SCOMET) items. It outlines management system requirements for ICPs, covering aspects from organizational context and leadership to operational control, performance evaluation, and continuous improvement. The feedback/ comments from stakeholders are invited.

(Link: DGFT Trade Notice 08/2025 Dated 14/07/2025)

• Securities and Exchange Board of India (SEBI)

Amendment to SEBI Certification of Associated Persons in the Securities Markets Regulations: The updated Regulation 3(1) states that SEBI now has broader authority to specify the categories of associated persons who need to obtain certifications, the types of intermediaries they work with, and the timeframe within which these certifications must be acquired. Further, Regulation 3(2), has been omitted entirely. Consequential amendments have also been made to Regulation 3(4) and Regulation 4(3) to align with these changes.

(Link: SEBI Notification Dated 14/07/2025)

Master Circular for Portfolio Managers: The Securities and Exchange Board of India (SEBI) has released an updated Master Circular for Portfolio Managers, dated July 16, 2025. The Master circular consolidates all relevant guidelines and directions issued to Portfolio Managers up to 31^st 2025, for simplified access and compliance. It has been clarified that actions taken under previous circulars, such as registrations or investigations, remain valid under the corresponding provisions of this updated circular. 

(Link: SEBI Master Circular Dated 16/07/2025)

Renewal of recognition of Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL): Sebi has renewed the recognition of Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL) to act as a clearing corporation for three years beginning 31^st July 2025 ending on 30^th July 2028. The Clearing Corporation shall comply with the conditions specified by the Securities and Exchange Board of India from time to time. 

(Link: SEBI Notification Dated 14/07/2025)

Consultation Paper, Draft Circular on Categorization and Rationalization of Mutual Fund Schemes: It proposes to revise existing guidelines, which standardized mutual fund categories to enhance uniformity and investor understanding. A key aspect is to address the issue of significant portfolio overlap among various mutual fund schemes. It proposes clear limits to prevent schemes from holding excessively similar portfolios. The feedback/ comments from stakeholders are invited.

(Link: SEBI Consultation Paper Dated 18/07/2025)

Consultation Paper on review of valuation of physical gold and silver held by gold and silver Exchange Traded Funds (ETFs): Presently, gold and silver ETFs value their physical holdings based on London Bullion Market Association (LBMA) AM fixing prices, adjusted for currency conversion, customs duties, taxes, and a notional premium/discount to match Indian bullion prices. This method creates complexities, including duplication of effort for Asset Management Companies (AMCs) and inconsistencies due to varied domestic benchmark sources and application frequencies for premiums/discounts. Also, while physical holdings use LBMA-derived prices, Exchange Traded Commodity Derivatives (ETCDs) on gold/silver within mutual fund schemes are valued at domestic commodity exchange futures closing prices, leading to different valuation sources for the same asset class within a single scheme. SEBI proposes mandating the direct use of spot prices published by SEBI-regulated domestic commodity exchanges for valuation, arguing this would reduce subjective adjustments, ensure uniformity, and better reflect local market conditions. The feedback/ comments from stakeholders are invited.

(Link: SEBI Consultation Paper Dated 16/07/2025)

• Ministry of Corporate Affairs (MCA)

No Notifications/ Circulars during the week.

• Insolvency and Bankruptcy Board of India (IBBI)

Withdrawal of Form IP-1 for assignments under IBC Processes: The Form IP-1 was for reporting assignments under the Insolvency and Bankruptcy Code (IBC) to facilitate monitoring of appointments such as Interim Resolution Professional, Resolution Professional, Liquidator, and Bankruptcy Trustee. The Board has since transitioned to a more structured and digitized reporting mechanism. It is mandated that Insolvency Professionals (IPs) report appointments under various IBC processes—Corporate Insolvency Resolution Process (CIRP), Liquidation, Voluntary Liquidation, personal guarantor resolution, bankruptcy, and proceedings related to Financial Service Providers, via the Assignment Module on its electronic portal. 

(Link: IBBI Circular Dated 14/07/2025)

NCLAT, Court records are presumed accurate unless properly disputed: Case of Anil Kumar vs Majinder Singh Sandhu, NCLAT Delhi Judgement Dated 2^nd June 2025. The appellant tribunal dismissed an appeal that sought to challenge recorded proceedings without a formal correction application. The ruling reinforces the principle that court records are presumed accurate unless properly disputed.

(Link: NCLAT Delhi Judgement dated 02/06/2025)

NCLAT, Capital investment under reseller agreement doesn’t qualify as financial debt under IBC: Case of Rajesh Alfred vs Ketsaal Retail LLP, NCLAT Delhi Judgement Dated 3^rd July 2025. The appellant tribunal held that the capital investment under the reseller agreement lacks the essential ingredients of financial debt under Section 5(8) (f) of the Insolvency and Bankruptcy Code. Accordingly, dismissal of petition is justified. 

(Link: NCLAT Delhi Judgement dated 03/07/2025)

NCLAT, Contribution to assets of Corporate Debtor directed, as business carried with fraudulent intention: Case of  Gopal Kalra vs Akhilesh Kumar Gupta, NCLAT Delhi Judgement Dated 3^rd July 2025. The appellant tribunal held that direction of making contribution to the assets of Corporate Debtor upheld as person knowingly carried on the business of Corporate Debtor with intent to defraud creditors or for fraudulent purpose. 

(Link: NCLAT Delhi Judgement dated 03/07/2025)

IBBI Suspends IP Mr Kairav Anil Trivedi for acceptance of new assignment despite disciplinary proceedings: Section 97 of IBC requires the Adjudicating Authority to confirm, no disciplinary proceedings are pending against an RP before appointment. Mr. Trivedi failed to disclose his AFA suspension, thereby suppressing crucial information. IBBI suspended his registration for a period of two years.

(Link: IBBI DC Order Dated 15/07/2025)

1. Reserve Bank of India (RBI)

Inclusion of NSDL Payments Bank Limited in the Second Schedule of the Reserve Bank of India Act: NSDL Payments Bank Limited has been included in the Second Schedule of the Reserve Bank of India Act.

(Link: RBI Notification 67/2025 Dated 17/07/2025)

Formation of new district in Arunachal Pradesh, Assignment of Lead Bank responsibility: For two newly created districts i.e. Keyi Panyor and Bichom, the Lead Bank responsibility has been assigned to State Bank of India.

(Link: RBI Notification 68/2025 Dated 18/07/2025)

Draft Directions related to Closure of Shipping Bills in the Export Data Processing and Monitoring System (EDPMS):  EDPMS automates the reconciliation of export funds against shipping bills, with data inflows from Customs Authority (ICEGATE), Express Cargo Clearance System (ECCS) since 2022, and postal exports from 2025. Recognizing a substantial increase in transactions, the RBI aims to simplify compliance, particularly for small-value exporters. The draft directions propose that Authorized Dealer (AD) banks can reconcile and close shipping bills valued up to Rs 10,00,000 based on a quarterly declaration from the exporter, affirming fund realization and accepting declared value reductions. The feedback/ comments from stakeholders are invited.

(Link: RBI Press Release Dated 11/07/2025, Draft Directions)

Draft RBI Novation of OTC Derivative Contracts Directions: These Directions will govern novation, i.e. the substitution of one party in an over-the-counter (OTC) derivative contract with another, except in cases involving central counterparties or court-approved mergers. Key terms like ‘market-maker’, ‘transferor’, ‘transferee’, and ‘novation’ are defined, aligning with existing RBI master directions. The guidelines mandate that novation requires the remaining party’s consent, must occur at market rates, and should adhere to the applicable governing directions. A tripartite agreement is required between the transferor, transferee, and the remaining party to extinguish the original contract and create a new one with identical terms, except for the change in counterparty. 

(Link: RBI Press Release Dated 09/07/2025, Draft Directions)

• Miscellaneous

SC, Partnership continues on partner’s death if deed allows, Heirs’ consent not needed: Case of Indian Oil Corporation Ltd vs Shree Niwas Ramgopal, SC Judgement Dated 14^th July 2025. The apex court rules that partnership does not dissolve on partner’s death if deed provides continuity, and legal heirs’ consent not mandatory for reconstitution of firm.

(Link: SC Judgement Dated 14/07/2025)  

SC, Entities at same location can be clubbed under Provident Fund: Case of Torino Laboratories Pvt ltd vs Union of India, SC Judgement Dated 15^th July 2025. The apex court held that two different juristic entities functioning from same premises, can be clubbed for the applicability of PF Act. The court in this case was dealing with a situation where two units which were owned by same management were functioning from a premises manufacturing different pharmaceutical products. This judgement will be relevant for all entities who are resorting to avoid PF liability by resorting to different entities concept. 

(Link: SC Judgement Dated 15/07/2025)  

SC, Health Services interpretation and extended limitation period invocation: Case of Stemcyte India Therapeutical Pvt Ltd vs Commissioner of Central excise and Service Tax, SC Judgement Dated 14^th July 2025. The apex court held that the activity of enrolment, collection, processing, and storage of umbilical cord blood stem cells fell within the scope of exempted “Healthcare Services” and therefore, was not liable to service tax. in the absence of fraud, collusion, wilful misstatement, or suppression of facts with an intent to evade payment of service tax, the invocation of the extended period of limitation, is wholly unwarranted. Mere non-payment of service tax, by itself, does not justify the invocation of the extended limitation period. 

(Link: SC Judgement Dated 14/07/2025)  

Compiled by:-

CMA Yash Paul Bhola, 

MBA, FCMA.

Former Director (Finance), 

National Fertilizers Limited.

Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)

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