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.

Protected airport operational systems receive restricted access limited to written authorisation for designated employees, vendors, and stakeholders.
Specified airport operational computer resources of GMR Hyderabad International Airport Ltd., including associated dependencies, are declared protected systems as Critical Information Infrastructure. Authorised access is conferred on designated employees with written authorisation, vendor and managed-service personnel with need-based written authorisation, and specified consultants, regulators, officials, auditors, and stakeholders with case-specific written authorisation.

Protected systems designation secures critical airport operational resources and restricts access to written authorisation under the Information Technology Act.
Critical airport operational computer resources of Delhi International Airport Ltd., together with associated dependencies, are declared protected systems under the Information Technology Act, 2000. Access is limited to DIAL employees authorised in writing, managed-service-provider and third-party-vendor personnel given need-based written authorisation, and specified consultants, regulators, government officials, auditors and stakeholders granted written, case-by-case authorisation. The declaration takes effect upon publication in the Official Gazette.

Protected system status for Government e-Marketplace infrastructure restricts access to persons authorised in writing for specified operational needs.
Computer resources relating to the Government e-Marketplace Platform, its Critical Information Infrastructure, and associated dependencies are declared protected systems under section 70 of the Information Technology Act, 2000. Access is limited to persons authorised in writing, including designated employees, need-based managed service provider or third-party vendor personnel, and consultants, regulators, Government officials, auditors, and stakeholders approved on a case-by-case basis. The designation takes effect upon publication in the Official Gazette.

Protected-system designation for core banking and UPI infrastructure limits access to designated, need-based, and case-specific authorised users.
Protected-system status is conferred on computer resources relating to Bandhan Bank's Core Banking Solution and Unified Payments Interface Switch, along with associated dependencies. Bandhan Bank may authorise access by written order for designated employees, managed-service-provider personnel or third-party vendors on a need-based basis, and consultants, regulators, government officials, auditors, or stakeholders on a case-by-case basis.

Protected systems status extends to core banking and payment-switch infrastructure, limiting access to specified authorised persons.
Core Banking Solution and Unified Payments Interface Switch computer resources, including associated dependencies, are declared protected systems as Critical Information Infrastructure. Punjab & Sind Bank may specify in writing authorised persons for access, including designated employees, managed-service-provider personnel or third-party vendors on a need-based basis, and consultants, regulators, government officials, auditors or stakeholders on a case-by-case basis.

Protected systems status secures core banking and payment-switch infrastructure, limiting access to designated staff, vendors, and approved stakeholders.
Computer resources supporting Tamilnad Mercantile Bank Limited's Core Banking Solution and Unified Payments Interface Switch, including associated dependencies, are declared protected systems as Critical Information Infrastructure. The bank may authorise access by written order for designated employees, need-based managed-service-provider personnel or third-party vendors, and consultants, regulators, government officials, auditors or stakeholders on a case-by-case basis.

Protected systems status governs authorised access to core banking and UPI infrastructure through designated and need-based user categories.
Computer resources relating to the Core Banking Solution and Unified Payments Interface Switch, including associated dependencies, are declared protected systems under the Information Technology Act, 2000. Jammu & Kashmir Bank Limited may specify authorised users by written order, including designated employees, need-based managed-service-provider personnel or third-party vendors, and consultants, regulators, government officials, auditors or stakeholders on a case-by-case basis. The designation takes effect upon publication in the Official Gazette.

Protected-system status for core banking and UPI infrastructure restricts access to authorised persons under written bank orders.
Core Banking Solution and Unified Payments Interface Switch computer resources of South Indian Bank, including associated dependencies, are declared protected systems as Critical Information Infrastructure under section 70 of the Information Technology Act, 2000. South Indian Bank may specify authorised persons through written orders, including designated employees, need-based contractual service-provider or vendor personnel, and consultants, regulators, government officials, auditors or stakeholders requiring case-by-case access.