Tax collection at source reduced for intra State e commerce supplies, lowering operator collection obligation on net value.
Amendment reduces the rate of tax collection at source to be collected by every electronic commerce operator on intra State taxable supplies by substituting the earlier rate expression with a lower rate; the obligation applies to the tax computed on the net value of intra State taxable supplies and the amendment takes effect from the date of publication in the official gazette.

Exemption from annual return filing granted for small-turnover registered persons based on Commissioner authority and Council recommendation.
Exemption from filing an annual return is provided for registered persons whose aggregate turnover in the specified financial year does not exceed a prescribed turnover threshold, issued by the Commissioner under the statutory proviso on the recommendation of the GST Council, relieving qualifying registered persons of the annual return filing requirement for that period.

Rescission of Aadhaar biometric authentication exemption restores biometric requirement under rule 8(4B) and takes immediate effect.
The Central Government rescinds the prior notification exempting biometric-based Aadhaar authentication under rule 8(4B) of the CGST Rules, thereby restoring the regulatory requirement for biometric Aadhaar authentication where applicable. The rescission preserves actions or omissions effected before its commencement and takes effect on publication in the Official Gazette.

Registration verification and new GSTR 1A amendments tighten GST reporting and streamline ITC reconciliation across returns.
Amendments revise CGST Rules to require in person photographic and original document verification for non Aadhaar registrations, introduce FORM GSTR 1A to amend outward supplies after filing GSTR 1 until filing GSTR 3B with corresponding flow into recipient statements and GSTR 2B, restate Input Service Distributor distribution rules including pro rata apportionment and separate tax type allocations, expand electronic refund procedures for post export price revisions and Canteen Stores Department quarterly refunds, standardize appellate electronic filing and withdrawal procedures, and add portal enrolment for unregistered e way bill generators.

Tax collection at source reduced for e-commerce operators, lowering the TCS rate for inter-State taxable supplies.
Amends Notification No. 02/2018-Integrated Tax to reduce the rate of tax collection at source to be collected by electronic commerce operators for inter-State taxable supplies, and extends application to other suppliers where consideration is collected by the operator; effective from date of publication in the Official Gazette.

Rate of tax collection at source amended to a lower fractional rate under Union Territory GST notification.
Amendment substitutes the words "half per cent." with the figure and words "0.25 per cent." for the rate of tax collection at source in Notification No. 12/2018-Union Territory Tax, effected by the Central Government under the powers of the Union Territory GST Act and the Central GST Act, and the amendment is to come into force from the date of its publication in the Official Gazette.

Unit based employee benefit schemes regulated: framework for employee unit option schemes, acquisition limits, vesting, disclosure and governance.
Regulations create a framework for unit based employee benefit schemes implemented as employee unit option schemes through separate employee benefit trusts, stipulating permissible modes for the trust to receive units (including in lieu of management fees, gifts or manager transfers), prohibiting subordinate units, limiting secondary acquisitions, requiring unitholder approvals for specified actions, prescribing trustee qualifications, imposing vesting and lock-in requirements, mandating disclosure, accounting and insider trading compliance, and detailing trust deed and scheme content requirements in Schedule X.

Unit based employee benefit scheme framework allows InvIT managers to grant units via employee trusts, with governance and disclosure controls.
The amendment permits investment managers to implement unit based employee benefit schemes via separate employee benefit trusts, defining eligible acquisitions (in lieu of management fees, gifts, transfers, or secondary acquisition) and imposing limits on secondary acquisitions, mandatory unitholder approvals, trustee registration requirements, governance by the nomination and remuneration committee, non-voting status of trust-held units, prohibition on trust trading, vesting and lock-in rules, and comprehensive disclosure, accounting and reporting obligations.

Disclosure of taxpayer information: Central government specifies APC and Secretary, Agriculture & Co operation Telangana under Section 138 for disclosure.
The Central Government, under the Income tax disclosure provision, designates the Agriculture Production Commissioner and the Secretary to the Government, Agriculture & Co operation Department, Government of Telangana as the specified functionaries authorised to receive information respecting assessees for the purposes of the cited clause, enabling inter departmental information sharing within the statutory disclosure framework.

Definition of liquid asset clarified to include cash, overnight mutual funds, bank fixed deposits, government securities and repos.
Amendment replaces clause (i) in the Explanation to regulation 28B(1)(d) to define "liquid asset" as a low risk asset readily convertible to cash, including cash; units of overnight or liquid mutual fund schemes; fixed deposits of scheduled commercial banks; government securities; treasury bills; repo on government securities; and repo on corporate bonds. The amendment is effected under section 30 read with section 11 of the SEBI Act and commences on publication in the Official Gazette.

Due diligence by debenture trustee: mandatory certificates and stock exchange disclosure; issuers must fix record date for payments.
The amendment mandates a record date fixed fifteen days before payment or corporate action dates and replaces due diligence provisions to require debenture trustees to furnish specified due diligence certificates at the draft-offer stage and at filing of the listing application, with distinct formats for secured and unsecured debt. Stock exchanges must disclose offer documents, placement memoranda and the debenture trustee's certificates. Schedule changes permit listed issuers to use a web-link/QR for audited financials subject to certified comparative disclosures and require trustee confirmations on security, covenants, debenture trust deed execution and charge registration.

Window advertisement for financial results permitted via QR code linking to filings, subject to debenture trustee approval and disclosure.
The amendment permits listed entities to publish only a window advertisement in newspapers referring to a Quick Response Code and links to the listed entity's and stock exchange(s)' websites where financial results are accessible, subject to conditions: existing non-convertible securities require debenture trustee approval; for post-notification issuances, the entity must disclose the window advertisement in the offer document or obtain prior debenture trustee approval.

Common Adjudicating Authority appointed to finalize provisional assessment in SVB case concerning M/s Avlock International India Pvt Ltd.
The Central Board of Indirect Taxes and Customs, under specified provisions of the Customs Act, 1962, appoints an officer as Common Adjudicating Authority to exercise the powers and discharge the duties of the adjudicating officers named in the Table for adjudication and finalization of the listed show cause notices issued to M/s Avlock International India Pvt. Ltd., centralizing responsibility within the Centralized Refund Cell-II, ACC, Mumbai.

Import liberalisation for potatoes: imports from Bhutan permitted without licence until 30 June 2027 under amended policy.
The Directorate General of Foreign Trade amends Schedule I (Import Policy) to permit import of fresh or chilled potatoes from Bhutan freely, without any import licence, until 30th June 2027, extending the previous licence-free permission to that date.

Export Inspection Certificate requirement: rice exports to EU and specified European countries now need certification; others exempt for six months.
Exports of rice (Basmati and Non Basmati) to EU Member States and specified European countries require a Certificate of Inspection issued by the competent export inspection authority; exports to other European countries are exempt from the Certificate of Inspection requirement for a temporary period of six months, amending the prior notification accordingly.

Aadhaar authentication requirement for GST registration: biometric and document verification at facilitation centres required for completeness.
Where an applicant (other than specified exempt persons) opts for Aadhaar authentication, the application's date of submission is the date of Aadhaar authentication or fifteen days from filing Part B of FORM GST REG-01, whichever is earlier; applicants identified by portal analysis must complete biometric Aadhaar authentication, photograph capture and original document verification at a Commissioner notified Facilitation Centre, and the application is complete only after those steps are finished.

Investment limit exception allows equity ETFs and index funds exemption subject to Board-specified conditions under mutual fund amendments.
The amendment inserts an exception in Seventh Schedule, clause 9(c), to the 25 per cent of the net assets limitation permitting equity oriented exchange traded funds and index funds to exceed that concentration cap, provided such investments comply with conditions as may be specified by the Board. The Regulations take effect on publication in the Official Gazette.

Special Additional Excise Duty on petroleum crude increased; amended tariff entry substituted and takes effect in July.
Special Additional Excise Duty on production of petroleum crude is increased by substituting the tariff entry in the Table of notification No. 18/2022 Central Excise with a revised duty per tonne; the amendment is effected under powers conferred by the Central Excise Act and the Finance Act and is notified as No. 17/2024 Central Excise, coming into force on 2 July 2024.

Sea cargo manifest compliance extends the prescribed period and reduces the monetary amount specified in Form XI.
Sea Cargo Manifest and Transhipment compliance is amended by extending the period under regulation 15(2) to 31 August 2024. Form XI is revised to reduce the prescribed monetary amount from ten lakh rupees to five lakh rupees, including corresponding numerical and textual references.

Tariff value fixation for selected edible oils, metals and areca nut updated, altering customs valuation consequences.
Amendment to the principal customs notification substitutes revised Tables specifying tariff values in US dollars for listed imports - edible oils (including crude palm oil, RBD palm oil, palmolein, crude soybean oil), brass scrap (all grades), areca nuts, and specified forms of gold and silver - effected under section 14(2) of the Customs Act, 1962 and coming into force on 29th June, 2024.