GST input tax credit rules: May 2021 GSTR-3B must record cumulative April-May ITC; IFF submission window extended.
The amendment makes the input tax credit condition apply cumulatively for April and May 2021, requiring FORM GSTR-3B for May 2021 to include the cumulative adjustment of input tax credit for those months; it also allows registered persons to furnish April 2021 details using the Invoice Furnishing Facility from 1 May 2021 until 28 May 2021.

Extension of GSTR-4 filing deadline permits eligible taxpayers to submit FY2020-21 returns by May 31, 2021.
The amendment mandates that persons covered by the earlier notification must furnish the return in FORM GSTR-4 for the financial year ending 31 March 2021 up to 31 May 2021. The notification is declared to have been issued on 1 May 2021 and to have come into force with effect from 30 April 2021, thereby giving the extension retrospective effect and formalizing the revised filing deadline by inserting a new proviso in the prior notification.

Late fee waiver for delayed GSTR-3B filing: class based, period specific relief following the GST notification amendment.
Amendment adds a late fee waiver for failures to furnish FORM GSTR-3B by the due date, apportioned by class of registered persons based on aggregate turnover and by specified tax periods; waiver durations are fixed day-counts from the return due date for each class and period. The notification is issued under the State GST Act and is declared to have retrospective effect, being deemed issued on the first day of May and effective from the stated date in April.

Interest rate relief for GST returns reduces default interest for eligible taxpayers during specified pandemic months.
Amends a state GST notification to provide temporary graded default interest relief for specified return periods: higher-turnover taxpayers receive a reduced interest rate for an initial grace period before the standard rate applies; smaller taxpayers and specified return categories receive an initial nil-interest window, an intermediate reduced-rate window, and the standard rate thereafter, with the relief tied to the return periods listed in the inserted Table and the amendment given retrospective effect to specified commencement dates.

GST amendment extends compliance deadlines and permits cumulative input tax credit adjustment and delayed invoice furnishing.
Amendments require the input tax credit adjustment condition to apply cumulatively for April, May and June 2021 and mandate that FORM GSTR-3B for June 2021 (or quarter ending June 2021) be filed with cumulative input tax credit adjustments; they also extend a deadline in Rule 26(1) to the end of August 2021 and allow registered persons to furnish May 2021 details via the Invoice Furnishing Facility between 1 and 28 June 2021.

ATM cash-out penalty: banks must monitor cash availability and face penalties for prolonged outages under scheme.
A penalty scheme mandates banks and White Label ATM Operators to monitor ATM cash availability and ensure timely replenishment; system-generated monthly statements of ATM downtime due to non-replenishment must be submitted to the Issue Department within five days of the following month. The Scheme imposes a flat monetary penalty for prolonged cash-outs, charges the bank meeting cash requirements for WLAs (which may recover the penalty from the WLA operator), and is administered by Issue Departments with a limited appeal process for genuine force majeure reasons.

Relief for corporate minimum tax where past-year APA or secondary adjustments increase book profit, reducing tax payable accordingly.
Relief reduces tax payable under sub-section (1) of section 115JB where past year income from an APA or secondary adjustment is included in current year book profit, using a formula that nets tax on book profit including and excluding past income and adjusts for aggregate tax on the original past years before and after inclusion; negative results are treated as zero. The relief reduces the section 115JAA tax credit by an equal amount, and must be claimed electronically in Form No.3CEEA with authorised verification and system filing procedures specified by the tax systems authority.

Interim Boards for Settlement established under section 245AA with designated headquarters to administer settlement functions.
Central Government, under section 245AA of the Income-tax Act, establishes Interim Boards for Settlement I-VII as separate entities and designates their headquarters: three in Delhi (I-III), one in Kolkata (IV), two in Mumbai (V-VI), and one in Chennai (VII).

Import-export restrictions: Notifications may impose prohibitions or restrictions to protect public interest, security, and supply chains.
DGFT is empowered to issue Notifications imposing Prohibition or Restriction on imports and exports to address critical shortages, apply trade standards and classifications, regulate fisheries imports linked to domestic production controls, safeguard the external financial position, promote domestic industry, prevent import surges injurious to domestic producers, and ensure essential supplies for domestic processing and distribution. The amendment also affirms controls for protection of public morals, health, intellectual property compliance, conservation of natural resources, prohibition of prison-labour products, protection of national treasures, restrictions related to fissionable materials and arms, emergency measures in international relations, and actions under United Nations Charter obligations.

Non-convertible securities framework: mandatory dematerialisation, trustee oversight, disclosure, security cover and enforcement mechanisms.
Comprehensive SEBI regulations govern issuance and listing of non-convertible securities-debt, non-convertible redeemable preference shares, perpetual instruments and commercial paper-applicable to public issues and private placements proposed to be listed. They prescribe eligibility exclusions (debarred persons, wilful defaulters, fugitive economic offenders), mandatory dematerialisation, debenture trustee and registrar appointments, credit rating, recovery expense fund, 100% security cover for secured debt, disclosure, filing of draft offer documents, due diligence by lead managers and trustees, timelines, interest/penalties for delays, and enforcement powers for inspection, directions, relaxations and regulatory fees.

Member transactions as taxable supplies reshape input credit, delayed-payment interest, annual returns, recovery powers, and detention penalties under Bihar GST.
Bihar GST provisions treat transactions for consideration between a person other than an individual and its members or constituents as supplies between separate persons, retrospectively from 1 July 2017. Input tax credit requires supplier-furnished invoice or debit-note details to be communicated to the recipient. Interest on delayed returns applies to tax paid through the electronic cash ledger, subject to proceedings-related exclusion. The framework also revises annual-return compliance, self-assessed tax recovery, provisional attachment, detention-and-seizure penalties, appeals, confiscation, information powers, and confidentiality safeguards.

GST return compliance and refund withdrawal procedures impose filing restrictions, permit ledger re-credit, and revise withheld-refund release mechanisms.
GST registration revocation applications may be filed within an extended period authorised by the competent Commissioner-level officer. Corporate registered persons receive temporary EVC verification flexibility, while input tax credit conditions for specified months apply cumulatively. FORM GSTR-1 and invoice furnishing facility filing is barred for taxpayers with prescribed pending FORM GSTR-3B returns. Refund claims may be withdrawn through FORM GST RFD-01W before specified stages, with debited ledger amounts re-credited. The refund limitation period excludes time spent awaiting deficiency communication where a corrected fresh claim is filed.

GST compliance timelines extend, cumulative input tax credit adjustment applies, and May details may be furnished through Invoice Furnishing Facility.
Tripura SGST compliance timelines and input tax credit adjustment were amended with effect from 1 June 2021, subject to specified provisions. The period under the fourth proviso to rule 26(1) was extended until 31 August 2021. The input tax credit condition under rule 36(4) applies cumulatively for April, May and June 2021, requiring cumulative adjustment in the relevant June return or quarterly return. Registered persons may furnish May 2021 details through the Invoice Furnishing Facility between 1 June and 28 June 2021.

Computation of exempt income: formula allocates specified fund income to non resident unit holders for tax treatment.
Rules prescribe formulae allocating specified fund income to non resident unit holders (excluding permanent establishments in India) using ratios based on aggregate daily or point in time assets under management for categories including capital gains on transfers in International Financial Services Centres, transfers of securities, income from non resident issued securities not accruing in India, and securitisation trust income. Annual electronic filing of verified statements in Form No.10IG and Form No.10IH is mandated, with procedural and systems responsibilities assigned to the Principal Director General/Director General of Income tax (Systems).

Anti-dumping duty on Phthalic Anhydride imports applies through origin, export-country and producer-specific rates for a fixed period.
Definitive anti-dumping duty applies to Phthalic Anhydride imports from China PR, Indonesia, Korea RP and Thailand through a schedule based on origin, export country and producer. Specified producers receive separate rates, with residual rates for other producers and coverage for exports routed through other countries. For certain Korean imports receiving identified customs-duty treatment, anti-dumping duty is limited to the difference between the scheduled amount and applicable customs duty. The duty is effective for five years unless earlier changed, payable in Indian currency, and converted at the exchange rate applicable on the bill-of-entry presentation date.

IEC updation extension: annual IEC update period extended and modification fees waived for updates completed in August.
The annual requirement to update and confirm IEC details electronically, normally during April-June, is extended for the compliance year so updates and online confirmations may be completed through the end of August; modifications effected during August will attract no fee. The amendment revises Para 2.05(d) of Chapter 2 of the Foreign Trade Policy, 2015-2020, and preserves the requirement to confirm electronically where no changes are made.

Import policy amendment extends CHIMS trial period and fixes online registration to commence after the trial, affecting specified IC HS codes.
Amendment modifies paragraph 3 of Notification No. 05/2015-2020 to confirm online CHIMS testing availability from 01.05.2021 on a trial basis, extends the CHIMS trial until 30.09.2021, and provides that CHIMS and online registration will be effective for Bills of Entry filed on or after 01.10.2021 for the listed IC HS codes.

Commencement date revised: provisions now set to come into force on January 1, 2022 under corrigendum.
Corrigendum substitutes the words in regulation 2 of the earlier notification so that the phrase "They shall come into force on the date of their publication in the Official Gazette" is to be read as "They shall come into force on January 1, 2022", thereby fixing the effective date of the provisions.

Non-repatriation investments by NRIs excluded from indirect foreign investment calculation under amended FEMA non-debt rules.
The amendment to Rule 23(7)(i) of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 states that an investment made by an Indian entity owned and controlled by NRIs on a non-repatriation basis shall not be considered for calculation of indirect foreign investment, thereby excluding such non-repatriation investments from indirect investment aggregation under the non-debt instruments rules.

Extension of applicability period adjusts the notification date and gives the amendment retrospective effect for the prior measure.
Amendment substitutes the terminal date in the earlier State Tax notification, replacing "31st day of May, 2021" with "30th day of June, 2021", thereby extending the period referenced in the principal notification. The amendment is declared deemed to have come into force from the originally cited commencement date, giving the substitution retrospective effect and modifying the operative temporal scope of notification No. 11/2021-State Tax.