Limitation period extension and GST notice form revisions broaden assessment grounds and reporting fields under state GST rules.
The amendment extends the limitation under rule 137 from four to five years effective end-November 2021 and updates FORM GST DRC-03 to include intimation via FORM GST DRC-01A. It broadens the reasons for issuance to include inspection, scrutiny, DRC-01A intimations and specified mismatches between return forms, inserts additional qualifiers in item 5, and substitutes the serial number 7 table to expand reporting columns for tax period, place of supply, tax/cess, interest, penalty, fee, ledger utilisation and debit entry details.

Input tax credit restriction: ITC only after supplier furnishes outward supplies and details are communicated to recipient.
The amendments condition availment of Input Tax Credit on supplier furnishing invoice details in the statement of outward supplies or via the invoice furnishing facility and on communication of those details to the recipient in FORM GSTR-2B. They introduce rule 144A establishing a detailed auction based procedure for recovery of penalty by sale or disposal of goods or conveyance detained or seized in transit, including notice in FORM GST DRC-10, bidder qualification, FORM GST DRC-11 notice to successful bidder, transfer via FORM GST DRC-12, and stay of recovery where a statutory appeal is pending (with exceptions for perishable or hazardous goods). Rule 154 prescribes the order of appropriation of sale proceeds: administrative costs, recovered amount/penalty, other dues under the Act, and balance credited to the owner.

Commencement of amendment: specified provisions of the Mizoram GST Amendment appointed into force under proviso to section one.
Under the proviso to section one of the Mizoram GST (Amendment) Act, 2021, the Governor of Mizoram appoints the first day of January, 2022 as the date on which sections 2, 3 and 7 to 15 of the Amendment Act shall come into force, by notification issued through the Taxation Department.

Commencement of specified GST amendment provisions notified, bringing select sub rules of the Eighth Amendment into force.
Notification brings sub-rule (2), sub-rule (3), clause (i) of sub-rule (6) and sub-rule (7) of rule 2 of the Mizoram Goods and Services Tax (Eighth Amendment) Rules, 2021 into force, issued under sub-rule (2) of rule 1 of those Amendment Rules and recorded as No. 38/2021-State Tax by the Taxation Department.

Aadhaar authentication required for registered persons to file revocation and refund claims and to receive refund credits.
A new rule mandates Aadhaar authentication of proprietors, partners, directors, trustees or authorized signatories to be eligible to file revocation of cancellation applications and refund claims (including integrated tax on exports). If Aadhaar is unavailable the enrolment ID plus prescribed identity documents may be furnished and Aadhaar must be authenticated within thirty days of allotment. Refund credit will be made only to a bank account in the applicant's name obtained on the applicant's PAN, and proprietorship PAN must be linked with the proprietor's Aadhaar.

GST notification amendment narrows eligible recipients and deletes specified conditional entries, altering applicability from January.
The notification amends the TABLE against serial number 3 by substituting the phrases in Description of Service for specified items to replace references to "a Governmental Authority" and "a Government Entity" with "Union territory or a local authority," and by omitting the Condition column entries against items (iii), (vi), (vii), (ix) and (x); the amendment supersedes an earlier notification and takes effect from the first day of January, 2022.

State tax rate amendment: low value footwear reclassified into higher state GST schedule, effective January 1, 2022.
The Governor has amended the Mizoram SGST rate notification by omitting Schedule I (2.5%) serial number 225 and inserting a new entry in Schedule II (6%) classifying footwear of sale value not exceeding Rs. 1000 per pair under the 6% schedule; the amendment is effective from 1 January 2022.

Tariff classification change: substitution of HS entries in the state GST rate schedule taking effect from the stated commencement date.
The state GST rate schedule notification is amended to substitute the tariff classification entry at serial number four and the tariff classification entry at serial number twenty nine in the TABLE of the original notification; the substitutions were effected by a formal notification issued by the Taxation Department under powers conferred by the state GST statute, and the changes take effect from the commencement date specified in the amendment.

GST rate amendment revises classifications and adds branded tender coconut water with enforceable brand claim conditions.
The notification amends the State GST Schedule by substituting tariff headings and descriptions at specified serial numbers, inserting a new S. No. 97A for tender coconut water not in unit containers that bears a registered brand name or a brand name subject to an actionable claim or enforceable right in court (conditions in ANNEXURE I), omitting S. No. 101, and substituting the goods code for S. No. 141.

GST rate amendments update tariff classifications and product descriptions, reallocating goods across state SGST rate categories.
Amends the Mizoram State Tax (Rate) notification to substitute, insert and omit tariff codes and descriptive entries across Schedules I-IV, aligning specific goods with revised SGST rate categories of 2.5%, 6%, 9% and 14%, and specifying that these amendments take effect from 1 January 2022.

Regulatory relaxation power allows Board to grant procedural or technical exemptions subject to conditions and investor market safeguards.
The amendment authorises the Board to grant relaxation from strict enforcement of any provision of the Foreign Portfolio Investors Regulations, 2019 suo motu or on application for reasons recorded in writing, when non-compliance arises from factors beyond the entity's control or is procedural or technical, subject to conditions in the interests of investors and securities market development; applications must include a non-refundable fee payable to the Board by RBI permitted modes into the Board's designated account.

Settlement proceedings reform expands condition precedent enforcement and allows market access restrictions as settlement terms.
Amendments revise settlement procedure by adding express condition precedent requirements, expanding rejection grounds for applications including non-compliance with Internal Committee timelines, authorising temporary restrictions on market access as settlement terms, directing payment through a dedicated payment gateway, reframing invalidation grounds to defects in procedure or determination of settlement terms, clarifying recoverable amounts include profits gained or losses avoided, and materially revising Schedule conversion factors and base amounts for calculating settlements.

Non institutional investor allocation rules clarified; reserved sub categories, minimum allotment, pricing cap and valuation safeguards introduced.
Amendments impose caps on proceeds used for general corporate purposes and unidentified acquisitions-35% generally and 25% where targets are not identified unless specific targets and disclosures exist; prescribe non institutional investor allocation in book building with one third reserved for smaller non institutional applications and two thirds for larger ones plus minimum allotment and proportionate allocation rules; require valuation by an independent registered valuer for preferential issues causing change in control or large post issue holdings, and mandate publication and director committee recommendation where control may change.

Computation of exempt income clarified for offshore banking unit investment divisions; electronic annual filing and audited accounts required.
Rules prescribe computation of income of a specified fund attributable to an offshore banking unit's investment division for exemption under clause (4D) and taxation under sub-section (1B) of section 115AD by aggregating defined categories of capital gains, securities income and securitisation trust receipts. Expenditure incurred to earn those items is expressly disallowed as a deduction from other activities. The eligible investment division must maintain separate audited accounts, specified documentation and electronically file Form No. 10-IK and auditor verification in Form No. 10-IL within prescribed timelines, with systems standards set by the Director-General of Income-tax (Systems).

Tariff value fixation updated for specified edible oils, metals and areca nut, altering customs valuation and import assessment.
Amendment substitutes revised tariff value tables under section 14(2) of the Customs Act, 1962, specifying updated per metric tonne values for listed edible oils and brass scrap, per unit values for defined forms of gold and silver with scope explanations, and an entry for areca nut; the revised TABLE 1, TABLE 2 and TABLE 3 replace the earlier tables and the notification takes effect the day after publication.

Tax exemption for regulatory commission: specified income exempt subject to non commerciality, unchanged activities and filing conditions.
The Assam Electricity Regulatory Commission is notified as entitled to exemption for specified income consisting of government grants, license fees, petition fees and fines, and interest on those amounts when kept as deposits or fixed deposits with banks, subject to conditions that it shall not engage in commercial activity, that activities and the nature of the specified income remain unchanged, and that it files its return of income in accordance with the referenced filing provision.

Terminology correction: notification wording amended to replace 'Assessment' with 'Financial', with retrospective effect certified harmless.
Corrigendum to Notification No.142/2021 amends the Gazette text: in paragraph 3 of Subsection (ii), Section 3, Part II, replace "Assessment" with "Financial"; the corrigendum states retrospective effect is given and certifies no person is adversely affected.

Anti-dumping duty rescission removes ADD on colour coated flat steel from specified origins under Customs Tariff Act authority.
The Central Government, under section 9A of the Customs Tariff Act, 1975 and rules 18 and 23 of the 1995 Anti-dumping Rules, rescinds Notification No. 49/2017-Customs (ADD) thereby removing the anti-dumping duty on colour coated / pre-painted flat products of alloy or non-alloy steel originating in or exported from China PR and the European Union, with the rescission not affecting things done or omitted before its issuance.

GST schedule amendment revises commodity classifications and conditions, adding branded tender coconut water subject to actionable brand criteria.
The State GST schedule is amended to substitute specified commodity codes and descriptive entries, omit one schedule entry, and insert a new entry 97A establishing that tender coconut water not in unit containers is subject to special treatment only when it bears a registered brand name or a brand name with an actionable claim or enforceable right, subject to annexed conditions; the amendment is effective from the first day of January, 2022.

Commencement of section 56 appointed to 1 July 2022 by central government notification under Companies (Amendment) Act.
Commencement of section 56 of the Companies (Amendment) Act, 2020 is effected by a Central Government notification under sub section (2) of section 1 of the Amending Act, appointing a specific date for that provision to come into force and thereby activating its statutory commencement mechanism.