Diamond Imprest Authorization: CA certificate allowed in place of pending ITR; integrated tax cess exemption removed.
Para 4.61 now permits submission of a Chartered Accountant certificate in lieu of a not yet finalised Income Tax Return, provided the ITR is filed by 31 December of the application year; the existing eligibility and import entitlement (up to 5% of the three year average export performance subject to the stated cap) remain. Para 4.63 continues exemptions for Basic Customs Duty, Additional Customs Duty, Education Cess and various anti dumping/countervailing/safeguard duties, but removes exemption for the whole of the Integrated Tax and Compensation Cess.

Tax exemption under section 10(46) for specified regulatory commission income declared effective retrospectively for the relevant assessment year.
Notification under section 10(46) notifies Tamil Nadu Electricity Regulatory Commission as eligible for exemption for specified income for financial year 2022-2023 (assessment year 2023-2024). Specified incomes covered: Government grants; fees under clause (g) of sub section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; penalties under section 146 of the Electricity Act, 2003; and interest on bank deposits. Exemption is subject to conditions prohibiting commercial activity, requiring unchanged activities and income, and mandating return filing under clause (g) of sub section (4C) of section 139.

Exemption from customs duty and AIDC on imported cotton temporarily suspends import levies to address public interest.
Exemption from customs duty and Agriculture Infrastructure and Development Cess (AIDC) is granted on imports of cotton under heading 5201 of the First Schedule to the Customs Tariff Act, 1975, exempting such goods from the whole of the customs duty and the whole of the AIDC when imported, on a public interest basis, subject to the temporal limits and administrative terms set out in the issuing notification.

Determination of tax: new assessment and penalty framework alters time limits, voluntary payment options and waiver for specified periods.
The Act inserts section 11A permitting the Government to exempt recovery of State tax where a generally prevalent practice caused non levy or short levy; inserts section 74A setting a forty two month time limit for notices, a twelve month period for issuing orders (extendable by six months), specified penalties for fraud and non fraud, and tiered settlement options on pre notice or post notice payment; and inserts section 128A creating a conditional waiver of interest and penalty for specified earlier tax periods upon payment by a notified date.

Salary threshold for perquisite valuation set, and gross income threshold set for medical and foreign travel expense treatment.
Amendment inserts Rule 3C and Rule 3D into the Income-tax Rules, 1962 prescribing, respectively, the prescribed income under the head Salaries for valuing benefits or amenities provided free or concessional under item (c) of sub-clause (iii) of clause (2) of section 17, and the prescribed gross total income for the proviso to clause (2) of section 17 governing expenditure on medical treatment or foreign travel.

Tariff value fixation for specified imports sets new customs valuation rates for oils, brass, areca nut, gold and silver.
The Central Board of Indirect Taxes & Customs substitutes three tables in the principal non tariff notification to fix tariff values in US dollars for specified imports: edible oils (various palm and soybean oils), brass scrap, areca nut (per metric tonne), and specified forms of gold and silver (per prescribed weight units), with accompanying explanatory scope for certain entries; the amendment is made under statutory valuation powers and takes effect on the stated commencement date, replacing the previous tables.

Form amendment: FORM NO.7 wording expanded to permit either assessment year or block period as the operative reporting period.
Amendment revises FORM NO.7 in Appendix-II, paragraph 1 of the Income-tax Rules, 1962 to replace the existing temporal phrase referencing the assessment year with language that expressly allows either the assessment year or the block period, as applicable, to be the operative period for recording a sum, thereby adapting the form to situations involving block period assessments.

SEZ membership amendment substitutes two appointed members, updating authority composition under statutory power through central notification.
Central Government notification S.O. 3805(E) dated 13 August 2025, issued under Section 31 of the Special Economic Zones Act, 2005, amends notification S.O. 613(E) dated 07 February 2023 by substituting the persons at Sl. No. 5 and 6 of the Cochin SEZ Authority membership list with Mr. Anil Joseph, Director & Senior Vice President, Sutherland Global Services Pvt. Ltd., and Mr. Sachu T Razakh, Managing Partner, Amy Exports and Imports Private Ltd.

Classification of liabilities as current or non-current clarified; covenant effects and enhanced disclosure obligations under Ind AS updated.
The notification amends multiple Ind AS to add transition reliefs and editorial renumbering, introduce supplier finance arrangement disclosure requirements, clarify classification of liabilities as current or non-current when rights to defer settlement depend on covenants (including required covenant disclosures and the treatment of post reporting date lender agreements), and provide an exception plus disclosure regime for Pillar Two income taxes; effective dates and retrospective application rules are specified for the various amendments.

Tax exemption on specified income granted to conservation foundation, subject to non-commercial activity and return-filing conditions.
Notification under clause (46) of section 10 of the Income-tax Act notifies Parambikulam Tiger Conservation Foundation as exempt in respect of specified income: visitor and accommodation fees, ecotourism and canteen rents, license fees for licensed forest land, proceeds from forest produce sales through ECO shops or website, funds from government departments and NGOs, prize money and awards, and interest on bank deposits. The exemption is conditional on no commercial activity, unchanged activities and income types across the relevant years, and filing returns under clause (g) of section 139(4C); it applies retrospectively for the stated assessment years and to the subsequent assessment year.

Exemption for FPIs investing only in Government Securities - specified regulatory compliance provisions are made inapplicable by amendment.
The amendments exempt foreign portfolio investors who invest only in Government Securities from specified provisions: sub-clauses (i), (ii) and (iv) of regulation 4(c), and qualifying provisos in regulation 22 sub-regulations (1), (3) and (5); additionally, a textual insertion adds the word "further" to an existing proviso. The changes operate pursuant to SEBI's statutory powers and commence on the one hundred eightieth day after Gazette publication.

GST Amendment commencement dates set: sections 6, 30, 35, 37 from 27 Sept 2024; others from 1 Nov 2024.
Appoints commencement dates for provisions of the Meghalaya Goods and Services Tax (Amendment) Act, 2025: sections 06, 30, 35 and 37 come into force on 27th September, 2024; sections 2-5, 7-29, 31-34 and 36 come into force on 1st November, 2024, by statutory notification under the power conferred by sub section (2) of section 1 of the Amendment Act.

Rescission of notification under Assam GST Act withdraws earlier tax notification while preserving prior actions.
The Governor, on the Council's recommendation and under powers in the Assam GST Act, rescinds notification eCF No.168833/456 dated 30th November, 2024 issued by the Finance (Taxation) Department, subject to a saving clause preserving things done or omitted before rescission; the rescission is made operative from 1st January, 2024.

Tax Collection at Source rules: ecommerce operators must not collect TCS for composition suppliers and must report supplies.
Electronic commerce operators must allow supplies by composition-exempt persons only if an enrolment number is allotted on the common portal, must not permit inter-State supplies by such persons, must not collect tax at source under section 52(1) for those supplies, and must electronically report the supplies in FORM GSTR-8. Where multiple operators are involved, the operator who finally releases payment to the supplier is treated as the electronic commerce operator for these obligations.

Port restriction on imports from Bangladesh: specified jute and related items allowed only via Nhava Sheva Seaport.
The notification adds specified ITC (HS) codes for jute fabrics, twine/cordage/rope, cables, and sacks to the Import Policy and imposes a port restriction prohibiting their import from Bangladesh through any land port on the India-Bangladesh border while permitting imports only through the Nhava Sheva Seaport; other terms of the earlier related notification remain in force and the restriction is effective immediately.

Track-and-trace regime introduced: mandatory unique markings and compliance obligations for specified goods.
The Bill amends the Delhi GST Act to expand cross-references to IGST provisions, define municipal and local funds, introduce a unique identification marking, substitute "plant and machinery," omit voucher time-of-supply subsections, modify ISD and inter-state credit distribution rules, treat certain SEZ/FTWZ warehoused supplies as outside supply, tighten credit-note and statement requirements, mandate pre-deposit for penalty-only appeals, and create a track-and-trace regime imposing marking, information, recordkeeping and penalty obligations.

Determination of tax defaults establishes notice procedures, strict timelines, and scaled penalties with staged settlement options.
Section 74A governs determination of tax not paid or short paid, erroneous refunds, and wrongly availed input tax credit for Financial Year 2024-25 onwards by prescribing notice and show-cause procedures, limitation periods for issuing notices and adjudication, an extension mechanism for issuing orders, graded penalties for ordinary non-compliance and for fraud or wilful misstatement, monetary threshold for issuance of notices, and staged settlement options allowing payment of tax with interest and reduced or no penalty within specified windows.

Tax exemption for pollution control board confirmed under income tax provision, effective from the stated assessment year subject to statutory purpose condition.
Notification identifies the Uttarakhand Pollution Control Board (PAN: AAALU0160D) as an exempt entity under the income-tax provision corresponding to clause (46A) of section 10, effective from the stated assessment year, conditional on the Board remaining constituted under the Air and Water Pollution Acts and continuing to have one or more of the purposes specified in sub-clause (a) of clause (46A). The explanatory memorandum states no person is adversely affected by retrospective effect.

GST rate change for specified entry increases under Delhi GST Act, substituting prior rate, effective immediately.
Amendment substitutes the rate entry in column (4) against S. No. 4 of Notification No. 8/2018-State Tax (Rate), issued under section 11(1) of the Delhi Goods and Services Tax Act, 2017 on the recommendations of the Council. The substitution alters the applicable State GST rate in the TABLE of the principal notification published in the Gazette of Delhi, and the notification is made effective immediately.

Anti-dumping duty continuation on Flax Fabric extended, keeping existing import measures in force through February 2026.
The amendment inserts a provision keeping the anti-dumping duty on woven fabric with over fifty percent flax content (Flax Fabric) originating in or exported from China PR and Hong Kong in force up to and inclusive of 9th February, 2026, unless revoked, superseded or amended earlier, relying on the continuation-review powers under the Customs Tariff Act and the anti-dumping rules.