Winding up and disclosure reforms: mandatory trustee notice, unitholder voting requirement, and IND AS-based financial reporting.
The amendments require trustees to notify the Board and publish reasons within one day when a scheme is to be wound up, and where trustees initiate winding they must obtain unit holder consent by simple majority (one vote per unit) and publish results within forty-five days; failure to secure consent necessitates reopening the scheme. Financial statements must be prepared in accordance with IND AS subject to regulatory primacy. Ninth and Eleventh Schedules are revised to mandate mark-to-market valuation, recognition of realised and unrealised gains in revenue accounts (excluding unrealised appreciation from distributable income), permit dividend equalization reserves, specify transaction-price accounting excluding transaction costs, and tighten valuation and disclosure norms for non-traded and real estate investments.

Export restriction on human hair: raw human hair exports now require authorization under the revised policy.
The export of human hair in unworked or raw forms, including waste, has been reclassified from free to restricted under the ITC (HS) Export Policy, effective immediately; exporters must comply with applicable authorisation and procedural requirements for restricted exports under the Foreign Trade Policy.

Sovereign Wealth Fund exemption clarified with strict non inurement, anti borrowing, vesting and mandatory audit disclosure requirements.
The amendment requires that a Sovereign Wealth Fund's earnings be credited to a government-designated account so no benefit inures to private persons (except certain creditor or depositor payments), prohibits loans or borrowings to finance investments in India, provides that assets vest in the foreign government on dissolution subject to limited exceptions, and bars day-to-day participation in investees while allowing monitoring and director appointment rights. It replaces the Annexure with a mandatory audited report and detailed disclosure schedule certifying compliance, listing investments, early sales, ownership and control, intimation compliance, borrowings, and maintenance of segregated accounts.

Presidential Awards for Specially Distinguished Service conferred under the statutory awards scheme to CBIC officers.
Presidential appreciation certificates and medals for Specially Distinguished Record of Service were conferred on CBIC officers and staff by official notification, naming recipients across Directorates and Zones. The awards are granted under Clause (a)(ii) of Para 1 of the statutory Scheme published in Notification No. 12/139/59-Ad.III.B (5 November 1962), as amended, and issued by the Department of Revenue, Ministry of Finance, for administrative recording and implementation.

Regulatory scope of credit rating agencies broadened to include Board specified activities as conditions of registration.
Regulation 9(f) of the 1999 Credit Rating Agencies Regulations is amended to insert wording that a credit rating agency may be subject to conditions concerning "carrying out any activity as may be specified by the Board or" the existing restriction regarding rating of financial instruments, thereby enabling the Board to prescribe additional activities or conditions as part of a CRA's registration and oversight.

Special situation funds allow Category I alternative investment funds to invest in specified stressed assets and act as resolution applicants
The Regulations introduce special situation funds as a Category I AIF, define special situation assets (including specified stressed loans, security receipts, securities of stressed investee companies and insolvency subject borrowings), permit such funds to act as resolution applicants, and require registration under Chapter II. Schemes must meet Board specified corpus and investor investment size thresholds; investments are limited to special situation assets, barred from investing in associates or non special situation AIFs, and certain stressed loan acquisitions are subject to a Board specified lock in.

Clearing corporation recognition granted, limited to repo and reverse repo settlement in exchange traded debt, subject to compliance.
Recognition granted to AMC Repo Clearing Limited for one year from 17 January 2022 to 16 January 2023, subject to regulatory conditions and ongoing compliance, and limited strictly to clearing and settling repo and reverse repo transactions in debt securities traded on a recognised stock exchange; the limitation was inserted by a subsequent notification with retrospective effect.

Dematerialisation requirement: transfers, issuances and transmissions must be effected only in dematerialised form, tightening compliance.
Regulation 17 requires prior shareholder approval for appointment or re appointment of any person earlier rejected by shareholders, with the notice including detailed justification by the Nomination and Remuneration Committee and the Board. Operational amendments shift reconciliation to a quarterly basis, require issuance and transfers to be effected in dematerialised form within prescribed periods, prohibit processing transfer requests unless securities are dematerialised, and mandate that transmission or transposition be effected only in dematerialised form; Schedule VI provisions permitting re materialisation and physical certificate delivery are removed.

Internal recruitment priority revised, capped deputation and contract appointments limit external fills under amended staff composition rules.
The amendment substitutes the Schedule entry to specify that two thirds of posts are to be filled from internal candidates and the remaining one third may be filled by deputation or contract, with a ceiling that not more than three posts may be filled by deputation/contract, thereby limiting external fills and maintaining internal recruitment priority.

Extension of compliance deadline and cumulative input tax credit adjustment required in GSTR-3B for the stated months.
Amendments extend a deadline in rule 26 and revise rule 36(4) to require that the specified condition apply cumulatively for April, May and June, 2021, with FORM GSTR-3B for June furnished with the cumulative adjustment of input tax credit for those months. Rule 59(2) is further amended to allow a registered person to furnish May details using the Invoice Furnishing Facility during a specified window in June.

Due date extension for Form GSTR-4: filing for 2020-21 extended to 31 July 2021, effective retrospectively.
Extension of the filing deadline for Form GSTR-4 for financial year 2020-21 by substituting the earlier due date with a later date; the amendment is effected by state notification and is deemed to have come into force from the original deadline, thereby altering the compliance timeline for taxpayers required to file the return.

Extension of GST compliance due dates: multiple May and June deadlines shifted to later dates, with retrospective effect.
Amendment revises a prior notification to substitute end May dates with end June dates and to replace a fifteenth of June deadline with the fifteenth of July, applying those substitutions across specified clauses and a proviso, and declares the notification to be effective from the stated late May 2021 commencement date.

Exclusion from e invoice requirement: government departments and local authorities exempted from issuing e invoices, applied retroactively.
Inserts the words "a government department, a local authority," after "notifies registered person, other than" in Notification No. FTX.56/2017/Pt-II/545 to exclude those entities from the e invoice issuance requirement; the amendment is declared to have retrospective effect from the earlier commencement date and is issued under the Assam GST Rules' delegated rule-making power.

Late fee waiver for delayed GSTR 7 returns: excess penalty beyond nominal daily charge and cumulative threshold waived.
Waiver of late fee is granted for registered persons required to deduct tax at source who failed to furnish FORM GSTR-7 for June 2021 onwards by the due date: the portion of late fee under section 47 exceeding twenty-five rupees per day is waived, and the total late fee shall stand waived to the extent it exceeds one thousand rupees; the notification is effective from 1 June 2021 and applies to liabilities arising under the section 51 TDS provisions.

Late fee waiver for delayed GSTR-4 returns: excess fees waived where central tax is nil or for other registrants.
Waiver of late fee is provided for delay in furnishing returns in FORM GSTR-4 for the financial year 2021-22 onwards. The amendment waives specified portions of the late fee payable under section 47 where returns are not filed by the due date: where total central tax in the return is nil, the waiver removes late fee amounts above a lower threshold; for other registered persons, it removes late fee amounts above a higher threshold. The amendment is effective from June first, 2021.

Late fee waiver for GSTR 1 filings: excess late fees waived for specified classes failing to file outward supplies.
Waives, for tax periods from June 2021 onward, the portion of late fee under section 47 in excess of the amounts specified in column (3) of the Table for the corresponding classes of registered persons in column (2) who fail to furnish details of outward supplies in FORM GSTR 1 by the due date; the classes include registered persons with nil outward supplies and two turnover-based categories, and the proviso is effective from 1 June 2021.

Late fee waiver for delayed GSTR-3B filing is rationalised through graded thresholds and conditional relief for specified return periods.
Late fee for delayed filing of FORM GSTR-3B is rationalised through a revised waiver structure for specified tax periods and classes of registered persons. The notification provides conditional waiver for returns from July 2017 to April 2021 filed between 1 June 2021 and 31 August 2021, including lower waiver thresholds where the state tax payable is nil. It also prescribes graded late fee limits for delayed FORM GSTR-3B returns for June 2021 onwards based on turnover and tax liability, with retrospective effect from 1 June 2021.

Interest liability under GST revised with staggered rates for delayed tax payment across specified return periods.
Interest liability under the Assam Goods and Services Tax framework is revised for delayed payment of tax for specified tax periods by amending the existing notification issued under section 50 read with section 148 of the Assam Goods and Services Tax Act, 2017. The amendment substitutes the first proviso to apply to taxpayers who are liable to pay tax but fail to do so, and also replaces the table heading "Tax period" with "Month/Quarter". The revised table prescribes differential interest rates for delayed payment according to aggregate turnover and return-filing category for March, April and May 2021, and for the quarter ending March 2021, with the notification deemed to have come into force from 18 May 2021.

Commencement of Amendments: specified sections of the Nagaland GST Amendment Act appointed to commence, with an earlier deemed effective date.
Under the enabling power in clause (c) of section 1, the State Government appoints the 1st day of January 2022 as the date on which sections 2, 3 and 7 to 15 of the Nagaland Goods and Services Tax (Fifth Amendment) Act, 2021 shall come into force, and provides that the notification shall be deemed to have come into force from the 21st day of December 2021.

Commencement of GST amendment: Sections 4 and 5 of Nagaland GST (Fifth Amendment) Act brought into force with retrospective effect.
The State Government, under clause (c) of section 1 of the Nagaland Goods and Services Tax (Fifth Amendment) Act, 2021, appoints 1 August 2021 as the date on which the amendment's provisions (sections 4 and 5) shall come into force and declares the notification to be deemed to have come into force from 30 July 2021, thereby giving the commencement retrospective effect.