Extension of GSTR-1 filing deadline: registered taxpayers granted additional time to submit April period returns.
The time limit for furnishing details of outward supplies in FORM GSTR-1 for the tax period April 2021 is extended for registered persons required to furnish returns to the twenty-sixth day of the month succeeding that tax period; the amendment to Notification No. 42/2021-GST is deemed issued on the first day of May 2021.

ITC 04 filing deadline extended for Jan-Mar 2021 job work declarations, granting additional time to furnish required returns.
Time limit for furnishing FORM GST ITC-04 for goods dispatched to or received from job workers during January-March 2021 is extended until 31st May 2021, with the extension taking effect from 25th April 2021.

Extension of Time Limits for GST compliances under section 168A, postponing specified filings and proceedings to a later date.
Extension of time for specified GST compliances is notified under the Maharashtra GST Act using powers conferred by section 168A: time limits falling between 15 April 2021 and 30 May 2021 are extended to 31 May 2021 for proceedings, orders, notices, approvals and filings; rule 9 actions falling between 1 May 2021 and 31 May 2021 are extended to 15 June 2021; specified exclusions and a special timeline for orders on refund rejection are set.

GSTR-4 filing deadline extended to 31 May for financial year 2020-21 with effect from 30 April.
Amends a Maharashtra GST notification to require specified persons to furnish the annual composition dealer return in FORM GSTR-4 for the financial year ending 31 March 2021 up to the 31st day of May, 2021, and declares the amendment effective from the 30th day of April, 2021.

Late fee waiver for delayed GSTR-3B filings grants short grace periods differentiated by turnover class.
Waives the late fee for failure to furnish FORM GSTR-3B for specified tax periods by inserting a proviso to the principal notification: different short grace periods from the due date are prescribed according to the class of registered person based on aggregate turnover and filing category (monthly filers above threshold, monthly filers below threshold, and small taxpayers filing quarterly), and the amendment is effective retrospectively from April 2021.

Interest relief under GST: temporary stepped reduction in late interest rates for specified return categories and months.
Amendment to the State Tax notification reduces interest for delayed GST returns for March and April 2021 by inserting turnover based and filing category entries into the existing table: an initial grace period with nil or reduced interest, a subsequent moderate rate, and the higher rate thereafter. The relief covers taxpayers above and at or below the aggregate turnover threshold across the specified return filing subsections and quarterly filers. The notification is effective retrospectively from 18 April 2021 and is promulgated under section 50 read with section 148 of the Act.

Extension of compliance deadlines: specified GST procedural and filing time limits extended due to the pandemic disruptions.
Where any time limit for completion or compliance of actions under the State and Integrated GST Acts falls between mid-April and the end of May 2021 and such action remains uncompleted, the time for completion or compliance is extended to the end of May 2021; this covers completion of proceedings, passing of orders, issuance of notices and the filing of appeals, replies, applications, reports, documents, returns or statements, subject to specified exclusions and separate rule-based extensions into mid-June for certain procedural actions.

Return filing requirement: specified persons must file FORM GSTR-4 for the 2020-21 year by the prescribed extended deadline.
The amendment inserts a proviso requiring specified persons to furnish the return in FORM GSTR-4 of the Karnataka Goods and Services Tax Rules, 2017, for the financial year ending 31st March, 2021, by the date specified in the proviso; the notification is deemed to have come into force from 30th April, 2021.

Late fee waiver for delayed GSTR-3B filings extends limited grace periods for specified taxpayers for select months.
Amendment inserts a proviso waiving the late fee under Section 47 for specified classes of registered persons who fail to furnish returns in FORM GSTR-3B, setting distinct grace periods by class and tax period for March-April 2021 and January-March 2021, and declaring the amendment effective from 20 April 2021.

Reduced interest rates for late GST returns provide short-term relief for taxpayers during specified months, easing immediate interest burdens.
Amendment inserts turnover-based entries into the principal notification, prescribing a staged interest regime for delayed tax payment for specified months: reduced initial interest for a short grace period from the due date and higher interest thereafter for larger-turnover taxpayers, and an initial nil period followed by graded interest for smaller-turnover and specified return-filing categories. The notification is effective retrospectively from 18 April 2021 and applies to monthly and quarterly filers as classified.

Online fee payment: mandating direct credit through SEBI payment gateway and prior-to-block-expiry remittance by regulated entities
Amendments mandate that specified statutory fees across multiple intermediary regulations must be paid by direct credit through an online payment gateway and establish a uniform requirement that recurring or block-period fees be remitted prior to the expiry of the block for which the fee has been paid.

Corporate governance and disclosure reforms strengthen risk committee duties, secretarial compliance and mandated hosting of earnings-call records.
Amendments update cross-references and terminology, clarify that market-capitalisation-based obligations continue to apply if entities fall below thresholds, define working days, rename Institutional Trading Platform to Innovators Growth Platform, strengthen the Risk Management Committee's composition, powers, meeting frequency and duties (including functions in Part D of Schedule II), require secretarial audits and annual secretarial compliance reports, mandate disclosure and hosting of analyst/earnings call materials and transcripts with retention periods, transition top entities to Business Responsibility and Sustainability Reports, and standardize multiple filing timelines and disclosure requirements.

Investment concentration limits: AIFs now face caps on allocations, governance duties, and startup investment rules.
Amendments redefine eligible investee categories by inserting a startup definition and revising the venture capital undertaking definition, set investment concentration limits (Category I & II capped at twenty five percent per investee; Category III capped at ten percent), prohibit AIFs authorised to invest in other AIF units from offering their units to other AIFs, and require seventy five percent investor approval for investments in associates or related-fund units. The substituted regulation 20 and new Fourth Schedule impose a detailed Code of Conduct, expand manager and Investment Committee responsibilities, mandate custodianship requirements, require Board notification or approval for control changes, and annual audited accounts.

Special procedure for expulsion: expedited cancellation process with written submissions and no personal hearing, plus investor protection conditions.
A special procedure allows the Board, upon intimation of expulsion or termination by all relevant exchanges, clearing corporations or depositories, to issue a notice for written submissions and documentary evidence within a limited period and to decide on cancellation of the certificate of registration without granting any personal hearing. The Board shall endeavour to pass an order promptly, may impose investor-protection conditions, require demonstration of arrangements for record preservation, client fund and securities transfer, grievance redressal and continuity of service, and will notify the noticee and the relevant market entities.

Acquisition thresholds for Innovators Growth Platform revised; committees must disclose voting pattern when recommending open offers.
SEBI amends the Takeover Regulations to substitute "Innovators Growth Platform" for "Institutional Trading Platform" and to read specified threshold references differently for entities listed on that platform, thereby adjusting acquisition-trigger thresholds and related obligations for such listed entities. The amendments also require the committee that provides reasoned recommendations on open-offer proposals to disclose the voting pattern of the meeting where the proposal was discussed. These changes take effect on publication in the Official Gazette under the Board's statutory power.

Innovators Growth Platform rules allow discretionary pre-allocation to eligible investors with minimum application and pricing parity.
The amendment renames the Institutional Trading Platform as the Innovators Growth Platform, restricts issuers with SR equity shares to offering only ordinary shares in an IPO on that platform while maintaining SR equity share compliance, shortens certain eligibility timelines from two years to one year, and replaces "Accredited Investors" with "Innovators Growth Platform Investors." It expands eligible investor classes, adds family trusts meeting a net worth threshold to the investor definition, excludes promoter pre-issue capital from the 25% eligibility requirement, permits discretionary pre-allocation up to sixty per cent to eligible investors with pricing parity and a minimum application value, imposes continued lock-in for SR equity shares until conversion or specified period, and adapts delisting and migration conditions to the platform with tailored approval and shareholding thresholds.

Customs tariff amendment adds an additional tariff classification code to an existing exemption table for clarity.
A corrigendum to Notification No. 29/2021-Customs amends the Table at serial number 4, column (2) by replacing the previously listed tariff classification with an expanded listing of two classification codes, thereby modifying the classifications referenced in that table entry.

Anti-Profiteering Standing Committee constituted to recommend utilization of Consumer Welfare Fund and oversee fund allocation.
A Standing Committee on Anti-Profiteering is constituted under the GST framework to recommend appropriate utilization of monies credited to the Consumer Welfare Fund for consumer welfare. The committee's composition is specified: a senior Excise and Taxation officer as Chair, the State Taxes and Excise Commissioner as Vice-Chair, designated senior finance and tax officials as members, and the Deputy Controller (F&A) as Member Secretary, thereby creating an administrative governance structure to advise on fund allocation.

Sovereign wealth fund exemption specified for tax relief subject to reporting, audit, ownership and non borrowing conditions.
Chiswick Investment Pte. Ltd. is specified as a specified person under clause (23FE) of section 10 for investments in India from publication until the stated terminal date, conditional on compliance with: filing returns by due dates; statutory audit and submission of the prescribed Audit Report; quarterly Form II electronic statements; maintenance of segmented accounts; continued ownership and control by the Government of Singapore and regulation under Singapore law; earnings credited to the Government or its designated account; no borrowings for making investments in India; vesting of assets in the Government on dissolution; and non participation in investee day to day operations.

Sovereign wealth fund exemption: specified fund qualifies only if strict ownership, reporting, audit and non participation conditions are met.
Stretford End Investment Pte. Ltd. is specified as a sovereign wealth fund eligible for exemption under clause (23FE) of section 10 provided it remains owned and controlled by the Government of Singapore, is regulated under Singapore law, credits earnings to government designated accounts, maintains segmented accounts, files timely returns, undergoes prescribed audits with the annexed audit report, furnishes quarterly Form II investment statements, avoids loans/borrowings for Indian investments, does not participate in investee day to day operations, and complies with the notification's conditions or risk losing the exemption.