GST notification rescission under section 148 takes effect retrospectively from 1 January 2024.
The State Government rescinds the Uttarakhand GST notification dated 24 November 2023 in exercise of power under section 148 of the Uttarakhand Goods and Services Tax Act, 2017, on the recommendation of the Council and in public interest. The rescission is subject to preservation of things done or omitted to be done before it, and is deemed to have come into force from 1 January 2024.

Special GST procedure for tobacco and pan masala manufacturers requires machine disclosures, monthly statements, and engineer certification.
Special procedure is prescribed for registered persons manufacturing specified tobacco, pan masala, gutkha and allied goods, requiring electronic reporting of packing-machine particulars in FORM GST SRM-I, monthly statements in FORM GST SRM-II, and a chartered engineer certificate in FORM GST SRM-III. The procedure covers details of existing, newly installed, amended and disposed machines, declared capacity, other governmental declarations, production, inputs and power consumption, with a unique machine registration number generated on the portal. The Schedule identifies the covered goods and the notification applies from 1 April 2024.

Restriction on input tax credit where supplier charges a higher state tax rate, limiting credit to the lower rate portion.
The notification inserts a restriction that where a supplier of an input service in the same line of business charges State tax at a rate higher than 2.5%, input tax credit on that input service in excess of tax paid or payable at 2.5% shall not be taken, illustrated by an example limiting credit to the 2.5% portion. Parallel provisos are added against serial numbers 8 and 10; textual substitution and omission are made at serial number 34; and serial numbers 696 and 698 in the annexure are omitted.

Territorial jurisdiction revised: specified tehsils removed or substituted in central tax notification altering commissioner jurisdictions.
Amendment to Table II of Notification No. 02/2017-Central Tax revises territorial entries: at serial number 7 the tehsil listing is substituted with "Neem ka Thana, Jhunjunu and" removing other localities, and at serial number 49 specified tehsils under the Kotputli-Behror district are omitted from column (3), thereby altering the territorial jurisdiction assigned to Principal Commissioners, Commissioners of Central Tax and their subordinate officers.

Specified actionable claim: amendment adds gambling-related actionable claims to Schedule IV, effective from October first.
Amendment inserts Schedule IV entry 227A defining "specified actionable claim" to include betting, casinos, gambling, horse racing, lottery and online money gaming, omits former entries 228 and 229, and adds an Explanation that undefined terms take meanings from the Chhattisgarh GST Act, IGST Act and UTGST Act; effective from October 1, 2023.

Tax exemption notification: Mathura Vrindavan Development Authority notified as eligible, subject to statutory purpose condition.
Notification designates the Mathura Vrindavan Development Authority, constituted under the Uttar Pradesh Urban Planning Development Act, 1973, as the notified assessee under sub-clause (b) of clause (46A) of section 10 of the Income-tax Act; effective from assessment year 2024-25 and conditional on continuation as an authority with one or more purposes specified in sub-clause (a) of clause (46A) of section 10.

Jurisdictional allocation under central GST revised as districts and tehsils in Rajasthan reassigned among specified tax officer jurisdictions.
Amendment revises territorial allocation in Table II of Notification No. 02/2017-Central Tax by substituting the entries for specified serial numbers to reassign listed districts and tehsils in Rajasthan to the Alwar, Jaipur, Jodhpur and Udaipur Central Tax jurisdictions, with the substituted entries treated as deemed substitutions for jurisdictional administration under the CGST and IGST Acts.

Countervailing duty on saccharin imports from China extended pending statutory review and continuation under Customs Tariff Act powers.
The Central Government amended Notification No. 2/2019 Customs (CVD) to insert a paragraph providing that, notwithstanding paragraph 2 of that notification, the countervailing duty on "Saccharin in all its forms" originating in or exported from China PR shall remain in force up to and inclusive of the 28th February, 2025, unless revoked, superseded or amended earlier, following initiation of a continuation review under sub section (6) of section 9 of the Customs Tariff Act.

Subordinate units in InvITs: private issuer-only instruments convertible on objective performance benchmarks, with issuance, transfer and disclosure limits.
Regulations allow privately placed subordinate units issued only to sponsors or related entities as consideration on project acquisition, carrying no voting or distribution rights, with distinct ISINs, lock-in and restricted transferability; issuance is limited to ten percent of acquisition price and outstanding subordinate units to ten percent of ordinary units. Reclassification into ordinary units requires auditable performance benchmarks, a minimum three-year entitlement period, statutory auditor certification and trustee approval, with extinguishment if benchmarks are unmet. Extensive term sheet, disclosure, listing, diluted NAV and unitholding-reporting obligations apply, and public issues are prohibited while subordinate units remain outstanding.

Consent-based information sharing: designation of Public Tech Platform for Frictionless Credit enables portal-to-platform data exchange under GST framework.
Notification designates Public Tech Platform for Frictionless Credit as the system with which the common portal may share information based on consent under sub section (2) of Section 158A of the Bihar Goods and Services Tax Act, 2017. The platform is defined as an enterprise grade open architecture IT platform enabling access to various data sources, convergence of financial and data service providers, and operation on a standard, protocol driven architecture with an open, shared API framework.

Higher rate TCS: Reserve Bank of India notified under the proviso to section 206CCA, effective on publication.
Central Government notifies the Reserve Bank of India to be the person referred to in clause (ii) of the proviso to sub-section (3) of section 206CCA of the Income-tax Act, 1961, relating to collection of tax at source at a higher rate for non-furnishing of income-tax returns; the notification takes effect from its publication in the Official Gazette.

Higher TDS for non-furnishing of ITR: Reserve Bank notified as a specified person, effective on publication.
Central Government has notified the Reserve Bank to be a person referred to in the proviso to the higher-TDS provision, bringing the central banking authority within the scope of the higher rate of tax deduction for payees who do not furnish income-tax returns; the notification is effective from its publication in the Official Gazette.

Cost Inflation Index updated: government notifies a new index value, effective for the upcoming assessment year.
Notification inserts a new table entry specifying the Cost Inflation Index for the financial year 2024-25 under the authority of clause (v) of the Explanation to section 48 of the Income-tax Act, amending the prior Gazette notification and stating that the new index comes into force on the first day of April and applies to the corresponding assessment year and subsequent assessment years.

Tax exemption for public water board extends to designated service receipts subject to non commercial and filing conditions.
Notification grants exemption to Tamil Nadu Water Supply and Drainage Board, Chennai for specified incomes: water charges to recover maintenance costs; centage charges from local bodies for water supply and sewerage works to compensate establishment charges; investigation and DPR preparation charges for schemes to cover establishment charges; and interest earned on bank deposits. The exemption is conditional on the Board not engaging in commercial activity, maintaining unchanged activities and specified incomes during the financial year(s), and filing its return of income as required by the referenced return filing provision.

Tariff value fixation for edible oils, gold, silver, brass scrap and areca nut took effect late May 2024.
The Central Board of Indirect Taxes & Customs amends Notification No. 36/2001-Customs (N.T.) by substituting TABLE-1, TABLE-2 and TABLE-3 to fix tariff values for specified edible oils, brass scrap, categories of gold and silver, and areca nut, with most entries noted as unchanged.

Extension of implementation timeline for GST notification, postponing its operative date while preserving original commencement effect.
The amendment substitutes the original operative implementation date in the earlier Haryana GST notification by replacing the words, figures and sign of the prior effective date with a later date in the specified paragraph, thereby altering the scheduled commencement of that notification. The amendment further provides that the notification shall be deemed to have come into force from the original commencement date.

BIS registration requirement: electronics and IT imports barred unless BIS registered or MeitY exempt, with reexport or destruction mandated.
Imports of electronics and IT goods notified under the BIS registration order are prohibited unless registered with BIS and compliant with BIS labelling requirements, or covered by a MeitY exemption; non compliant consignments must be reexported or rendered unusable and disposed as scrap under Customs intimation to MeitY. For specified LED products and control gears, random samples will be tested at BIS recognized labs for defined safety parameters and only consignments with compliant samples will be cleared; failing consignments will be returned or destroyed at importer's cost.

Insider trading definition refined: unverified media reports excluded from public information and wording on unpublished price sensitive information amended.
Regulation 2(1)(e) of the Prohibition of Insider Trading Regulations is amended to provide that information made available on a non-discriminatory basis "shall not include unverified event or information reported in print or electronic media"; the NOTE to regulation 2 is revised to insert the word "constitutes" in the explanatory phrase concerning unpublished price sensitive information and to omit an existing verb to refine the explanatory wording.

Exclusion of material price movements allowed to adjust VWAP and lower price-range calculations under LODR framework.
The amendment permits exclusion of the effect on equity share price due to material price movement or confirmation of reported events as per the LODR exclusion framework when determining the volume weighted average market price for buy-back calculations and when computing the lower end of the price range for buy-back offers.

Offer price determination may exclude price effects from material movements and confirmed events under the listing framework.
Amendments allow exclusion of price effects from material market movements and confirmation of reported events or information, using the framework under sub-regulation (11) of regulation 30 of the listing regulations, for determination of the takeover offer price and for pricing listed equity shares offered as consideration under the takeover regulations.