Circular No. RBI/2024-25/126 DOR.ACC.REC.No.66/21.04.018/2024-25, Dated: 20.03.2025

The RBI has issued clarifications on the Financial Statements (Presentation and Disclosures) Directions, 2021, based on queries from banks and the Indian Banks’ Association (IBA). These clarifications address disclosures in the notes to accounts to financial statements and instructions for the balance sheet compilation. The instructions apply to all commercial and cooperative banks for preparing financial statements for the FY ending March 31, 2025, and onwards.

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Circular No. RBI/2024-25/127 DOR.ACC.REC.No.67/21.04.018/2024-25, Dated: 20.03.2025

Earlier, RRBs were allowed to amortize pension liability under RRB (Employees’) Pension Scheme, 2018, over five years, starting from FY and ending 31.03.2019. Now, they must implement the scheme from 01.11.1993. To ease the financial burden, they may recognise pension liability per applicable accounting standards & amortise expenditure over up to five years from FY ending 31.03.2025, ensuring a minimum of 20% of total pension liability is expensed annually if not fully charged in FY 2024-25.

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Circular No. SEBI/HO/CFD/DCR1/CIR/P/2025/0034, Dated: 20.03.2025

SEBI has introduced an online system for filing reports under Regulation 10(7) of the SEBI (Takeover Regulations) via the SEBI Intermediary Portal. Under Regulation 10(7), acquirers benefiting from exemptions specified in Regulation 10 must submit a report to the SEBI. Currently, these reports are submitted via email to SEBI’s designated address. However, from May 15, 2025, submission through the SI Portal will be the sole accepted method for filing reports under Regulation 10(7) for the specified exemptions.

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Consultation Paper; dated: 20.03.2025

SEBI has released a consultation paper on amendments to the SEBI (ICDR) Regulations, 2018, and SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. The objective is to streamline public issue requirements while clarifying existing Employee Stock Options (ESOPs) provisions. SEBI has proposed reviewing the minimum holding period for equity shares to be eligible for an ‘Offer for Sale’ in public issues. Comments may be submitted by April 10, 2025.

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Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/35, Dated: 20.03.2025

SEBI has modified the shareholding pattern disclosure norms under Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, which prescribes formats for the disclosure of holding of specified securities and shareholding patterns. The changes include disclosing Non-Disclosure Undertaking (NDU) and other encumbrances, clarifying that outstanding convertible securities include ESOPs, and adding a column for fully diluted shares. This shall be applicable from 30.06.2025.

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Consultation Paper; dated: 20.03.2025

SEBI has released a consultation paper on reviewing provisions w.r.t Electronic Book Provider (EBP) platform and Request for Quote (RFQ) Platform. SEBI has proposed making EBP mandatory for all private placements of debt securities with issue sizes above Rs 20 crore from the existing limit of Rs 50 crore. Also, SEBI has proposed extending the EBP platform to cover InvITs & REITs. For private placement of units of InvITs & REITs above Rs 1000 crore, the issuer has to access the EBP platform for issuances.

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ICMAI has released an Exposure Draft of the revised Code of Ethics for its members through the Cost Auditing and Assurance Standards Board (CAASB). The draft aims to strengthen ethical standards for Cost and Management Accountants (CMAs) and align them with international norms.

It outlines five fundamental principles—integrity, objectivity, professional competence and due care, confidentiality, and professional behavior—and introduces a framework for addressing threats to ethical compliance. Key updates include guidance on conflicts of interest, ethical issues related to technology, and non-compliance with laws (NOCLAR). ICMAI is accepting feedback until April 2, 2025, via caasb@icmai.in.

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Editorial Team – [2025] 172 taxmann.com 497 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week:

1. UK publishes revocation order to suspend tax treaty with Russia;
2. Iceland joins global crypto-asset tax reporting framework; and
3. Finland issues detailed guidance on Pillar 2 Global Minimum Tax.

Click Here To Read The Full Article

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Case Details: Rimita Mukherjee, In re - [2025] 172 taxmann.com 269 (AAR-WEST BENGAL)

Judiciary and Counsel Details

• Dr Tanisha Dutta, Member, CGST and CX
• Rajkumar Banerjee, Adv. & Ms Payel Agarwal, FCA for the Petitioner.

Facts of the Case

The applicant, engaged in designing and developing web and mobile applications, GIS mapping, digital and analog surveying, data management, analysis, documentation, and technical consultancy for water distribution networks, sought an advance ruling on GST applicability. The services were provided under work orders from the Directorate of Public Health Engineering (PHED), Government of West Bengal, for an integrated monitoring system for piped water supply schemes. The applicant contended that these services qualified as ‘pure services’ under Sl. No. 3 of Notification No. 12/2017-Central Tax (Rate) dated 28-06-2017, as they were rendered to a government entity for functions entrusted to Panchayats and Municipalities under the Eleventh and Twelfth Schedules of the Constitution, making them eligible for GST exemption.

AAR Held

The Hon’ble Authority for Advance Rulings (AAR), West Bengal, held that the services provided by the applicant constituted ‘pure services’ as they did not involve any transfer of goods. It was further observed that the Nadia and Burdwan Divisions were not independent entities but functioned as divisional offices of PHED, operating as part of the State Government. Since the services were provided to the State Government in relation to drinking water supply, a function listed in the Eleventh and Twelfth Schedules of the Constitution, they were classifiable under Sl. No. 3 of Notification No. 12/2017-Central Tax (Rate) dated 28-06-2017, thereby qualifying for exemption from GST. The ruling was issued in favour of the applicant, confirming that the services rendered to all three divisions were eligible for exemption under the said notification.

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Case Details: B Braun Medical India (P.) Ltd. vs. Union of India - [2025] 172 taxmann.com 534 (Delhi)

Judiciary and Counsel Details

• Pratibha M. Singh & Rajneesh Kumar Gupta, JJ.
• Tarun Gulati, Sr. Adv., Ms Ashwini Chandrasekaran, Mahir Chablani & Devansh, Advs. for the Petitioner.
• Shubham Tyagi, SSC for the Respondent.

Facts of the Case

The petitioner, a registered taxpayer, was subjected to a demand order alleging an excess claim of input tax credit (ITC) due to an inadvertent error in the invoices issued by the supplier. The invoices correctly mentioned the petitioner’s name; however, they reflected the GSTN and address of the petitioner’s Bombay office instead of its Delhi office, where the credit was availed. The tax authorities, relying solely on this discrepancy, denied the ITC claim. The petitioner contended that this was a clerical error on the part of the supplier and argued that such a minor error should not result in a significant financial burden, particularly when the transaction was genuine and all other details were correctly reflected.

High Court Held

The Hon’ble High Court held that the only basis for rejecting ITC was the mention of the Bombay office GSTN instead of the Delhi office GSTN. The court noted that the petitioner’s name was correctly mentioned in the invoices, and there was no dispute regarding the genuineness of the transaction. It was observed that if credit was not granted due to such an error on the part of the supplier, it would cause substantial financial loss to the petitioner. Accordingly, the court set aside the impugned order and ruled in favour of the petitioner.

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