No objection letter for schemes of arrangement: prior stock exchange clearance required before filing the scheme with the adjudicatory authority.
Amendments require listed entities with listed non-convertible debt securities or non-convertible redeemable preference shares to file a draft scheme of arrangement with stock exchange(s) and pay a prescribed fee to obtain a No-objection letter before filing the scheme with the adjudicatory authority; the No-objection letter is valid for six months. Stock exchanges must forward drafts to the Board, assess compliance with securities laws and issue No-objection Letters within Board-specified timelines, and place objections before the adjudicatory authority at sanction. Upon sanction, entities and exchanges must submit prescribed documents and recommendations to the Board.

Protected banking systems status restricts access to authorised bank employees, vendors, and case-specific consultants, regulators, officials, auditors and stakeholders.
Protected-system status applies to Punjab National Bank's critical banking, payment, switching, and international financial messaging infrastructure, together with associated computer-resource dependencies. Access is confined to designated employees authorised in writing, authorised managed-service-provider personnel and third-party vendors requiring need-based access, and consultants, regulators, government officials, auditors, and stakeholders granted written case-specific authorisation. The designation takes effect upon publication in the Official Gazette.

Protected systems status for critical banking infrastructure governs written access by employees, vendors, and authorised stakeholders.
Protected-system status applies to Union Bank of India computer resources supporting core banking, payment, transfer and switch systems, together with associated dependencies identified as Critical Information Infrastructure. Access is authorised for designated employees, need-based managed-service-provider personnel and vendors, and case-by-case approved consultants, regulators, Government officials, auditors and stakeholders, subject to written authorisation.

Protected-system designation secures critical banking infrastructure by limiting access to personnel holding written authorisation for specified operational needs.
Protected-system status under section 70 of the Information Technology Act, 2000 applies to Bank of Baroda's Core Banking Solution, payment systems, Automated Teller Machine Switch, Unified Payments Interface Switch, and associated computer-resource dependencies. Access is limited to employees, managed-service providers, vendors, consultants, regulators, government officials, auditors, and stakeholders holding written authorisation, subject to need-based or case-specific conditions.

Exchange rate revision for Korean Won updates customs valuation rates for imports and exports under the notification amendment.
Amendment revises the exchange rate applicable to the Korean Won in Schedule II of the referenced customs notification, substituting the Schedule entry to set distinct rupee-equivalent rates for imported goods and for exported goods, and takes effect on the stated effective date for application in customs valuation and related procedures.

Jurisdiction of income-tax authorities updated: specified Mumbai Principal Commissioners/Commissioners assigned distinct local jurisdictions under section 120, effective on Gazette publication.
Amendment under Section 120 substitutes serial numbers 106-111 in Schedule IV of CBDT notification No.50/2014 to reassign headquarters as Mumbai and to allocate distinct local jurisdictions to specified Principal Commissioner/Commissioner of Income tax posts; the change is administrative, effected by substitution of entries and comes into force on publication in the Official Gazette.

Control of income-tax authorities under section 118 amended to omit specified Schedule entries, effective on publication.
Amendment under section 118 removes specific Schedule entries in Notification No.60/2022: in SCHEDULE serial number seven, column (3), item (ii) omits the entries at item (iv) in column (4) and the related entries in column (5); and item (v) omits the entries at item (iv) in column (4) and the related entries in column (5). The amendment is effective from publication in the Official Gazette.

Jurisdictional reallocation of income-tax authorities restructures chief and principal commissioner jurisdictions after notification amendment.
Amendments modify the Schedule to the principal notification under section 118 and section 120, omitting a clause in Sl. No. 6, substituting the entire entry at Sl. No. 7 with a revised Chief Commissioner designation and an enumerated list of subordinate Principal Commissioner/Commissioner jurisdictions, and replacing entries at Sl. Nos. 32 and 34 with updated Chief Commissioner designations, headquarters and corresponding Principal Commissioner/Commissioner jurisdictions; changes take effect from publication in the Official Gazette.

Faceless assessment powers amended to omit specified unit entries from the notified schedule, altering concurrent assessing officer designations.
The Central Board of Direct Taxes amends Notification No. 61/2022 by omitting Sl. No. 2259-2286 and Sl. No. 2592-2612 and their related entries from the Schedule that lists units whose income-tax authorities exercise the powers and functions of Assessing Officers concurrently. The amendment is made under statutory delegation and comes into force upon publication in the Official Gazette, with a note referring to the principal notification.

Input tax credit matching requires supplier-reported invoices and recipient communication through FORM GSTR-2B before availment.
Input tax credit on invoices or debit notes requiring outward-supply reporting may be availed only when the supplier furnishes the details through FORM GSTR-1 or the invoice furnishing facility and they are communicated to the recipient in FORM GSTR-2B. Unpaid penalties on detained or seized goods or conveyances may be recovered through auction after prescribed periods, subject to cancellation on payment before auction notice and stay on appeal, except for perishable or hazardous goods. Sale proceeds follow a statutory appropriation sequence, while provisional attachment procedures use revised forms and permit objections.

GST voluntary payment reporting expands to cover scrutiny, return mismatches and DRC-01A tax intimation with revised payment particulars.
Punjab Goods and Services Tax framework extends the period specified in rule 137 from four years to five years, effective 30 November 2021. FORM GST DRC-03 now expressly covers tax intimation through FORM GST DRC-01A and payment contexts including scrutiny, audit, inspection, investigation and specified return mismatches. Its revised payment table records tax period, place of supply, tax components, total amount, cash or credit ledger utilisation, and debit-entry details.

Refund withdrawal: applicants may withdraw refund claims and have ledger debits restored under amended GST refund procedures.
Amendments amend Punjab GST rules to exclude the period between filing FORM GST RFD-01 and communication of deficiencies in FORM GST RFD-03 from the two-year refund limitation for rectified fresh claims; permit taxpayers to withdraw refund applications before issuance of sanction, payment, withholding, or notice by filing FORM GST RFD-01W; and require that any ledger debits made when filing the refund claim be credited back upon withdrawal. The revision also substitutes FORM GST RFD-07 to provide separate withholding and release parts and allows officers to release withheld refunds when withholding conditions cease to exist.

Aadhaar authentication and PAN-based bank accounts condition access to GST registration revocation and refund processes for registered persons.
From dates separately notified, amended Rule 10A requires bank-account details to relate to an account in the registered person's name and obtained on that person's PAN, with proprietorship PAN-Aadhaar linkage. Rule 10B requires Aadhaar authentication by the representative applicable to the entity for applications to revoke cancelled registration, FORM GST RFD-01 refund applications, and integrated-tax refunds on exported goods. Where Aadhaar has not been assigned, the relevant person must furnish an Aadhaar Enrolment ID slip with a photograph-bearing bank passbook, voter identity card, passport, or driving licence, then undergo authentication within 30 days after Aadhaar allotment. Refund credit is limited to an applicant account in the applicant's name and obtained on the applicant's PAN.

GST rule amendment extends compliance date, exempts certain late filers from restriction, and updates assessment form wording.
The Thirteenth Amendment (deemed effective 29 August 2021) amends Punjab GST Rules: Rule 26 replaces the proviso date from 31 August to 31 October and omits all provisos from 1 November; Rule 138E now provides that the restriction does not apply from 1 May to 18 August where returns in FORM GSTR 3B, FORM GSTR 1 or FORM GST CMP 08 for March-May were not furnished; FORM GST ASMT 14 is updated to permit an order reference line, remove wording about conducting business without registration, and add an Address field after Designation.

Annual GST return compliance now requires self-certified reconciliation statements for higher-turnover registered persons and updates reporting forms.
Annual-return compliance under Punjab SGST requires eligible registered persons to file FORM GSTR-9 electronically by 31 December following the financial year, while composition taxpayers file FORM GSTR-9A and specified electronic commerce operators file FORM GSTR-9B. Registered persons with aggregate turnover exceeding five crore rupees must submit a self-certified reconciliation statement in FORM GSTR-9C with the annual return. FORM GSTR-9 and FORM GSTR-9C instructions are updated for FY 2020-21, including reporting of later adjustments, input tax credit reversals or availment, and liabilities arising from non-reconciliation.

GST amendment extends filing deadlines and allows cumulative input tax credit adjustment in GSTR-3B and May IFF filings.
Amendment to Punjab GST Rules, effective 1 June 2021, extends the deadline in rule 26 to 31 August 2021, mandates that the condition in rule 36(4) apply cumulatively for April-June 2021 with FORM GSTR-3B for June 2021 furnished including cumulative input tax credit adjustments for those months, and allows submission of May 2021 details via IFF between 1 June and 28 June 2021 under rule 59(2).

Cumulative input tax credit adjustment requires consolidated GSTR-3B reporting and allows a limited IFF window for prior-period inputs.
The amendments require the condition for availing input tax credit to apply cumulatively for April and May 2021 and direct that FORM GSTR-3B for May 2021 be furnished with the cumulative adjustment of input tax credit for those months. Separately, a proviso permits registered persons to furnish April 2021 details using the Input Furnishing Facility (IFF) from the first day of May 2021 until the 28th day of May 2021.

Return filing option for companies allowed to use GSTR-3B and GSTR-1/Invoice Furnishing Facility verified by EVC.
Amendment to rule 26(1) permits persons registered under the Companies Act, 2013, for the period 27 April 2021 to 31 May 2021, to furnish the return under section 39 in FORM GSTR-3B and details of outward supplies under section 37 in FORM GSTR-1 or via the Invoice Furnishing Facility, provided such filings are verified through Electronic Verification Code (EVC); the amendment is deemed effective from 27 April 2021.

Return filing requirement for outward supply details restricts GSTR-1 and invoice facility use until prior GSTR-3B is filed.
The amendment conditions furnishing of outward supply details on prior return compliance: a registered person cannot furnish outward supplies in FORM GSTR-1 if FORM GSTR-3B was not filed for the relevant preceding period; quarterly filers who report under the proviso to section 39 are similarly barred from using FORM GSTR-1 or the invoice furnishing facility without filing the preceding FORM GSTR-3B; and persons restricted under rule 86B from using the electronic credit ledger are prevented from furnishing outward supply details via FORM GSTR-1 or the invoice furnishing facility unless the preceding FORM GSTR-3B has been filed.

One Time Settlement Scheme extension permits delayed applications, settlement payments, and interest-free monthly instalments for disputed legacy tax.
The Telangana One Time Settlement Scheme, 2022 for disputed tax under legacy Acts is extended. Applications may be made up to 30 November 2022, arrears may be scrutinised and intimated up to 15 December 2022, and settlement letters with agreed payment may be submitted up to 31 December 2022. Payable amounts may be discharged in four equal interest-free monthly instalments. Existing applicants who have not paid the first instalment or applicable lump-sum amount may pay by 31 December 2022.