Liquidation process rules tightened with revised claims handling, consultation committee powers, auction timelines, and record-preservation duties
The liquidation regulations are amended to tighten timelines, align liquidation claims and procedures with the corporate insolvency resolution process, and expand the consultation committee's role. The liquidator must verify claims collated during resolution but not resubmitted in liquidation, operate the process email account, and follow revised reporting, auction, asset memorandum, and record-preservation requirements. The consultation committee is constituted on defined timelines, receives broader advisory functions, and may propose replacement of the liquidator by a sixty-six per cent vote subject to consent and application requirements.

Process email continuity requirement secures stakeholder communication and transitions between resolution professionals in insolvency proceedings.
The amendments require a dedicated process e-mail to be opened and transferred between interim and successor resolution professionals; mandate sending communications to creditors along with the public announcement where contact information exists; extend and recalibrate various procedural timelines including submission of the information memorandum to the ninety-fifth day and filing of applications on preferential transactions by the one hundred and thirtieth day; expand information memorandum disclosures to include contingent liabilities, geographic coordinates of fixed assets and a company overview; permit asset-sale RFRPs if no resolution plans are received; require a marketing strategy for sizable corporates and mandate committee assessment of compromise or arrangement before liquidation.

Settlement in INR permitted for exports and imports via Special Rupee Vostro Accounts under modified foreign trade policy.
The Foreign Trade Policy now permits invoicing, payment and settlement of exports and imports in INR through Special Rupee Vostro Accounts of correspondent banks, whereby Indian importers credit INR payments to the correspondent's Special Vostro account against invoices and Indian exporters are paid export proceeds in INR from balances in the designated Special Vostro account, aligning the Policy with the RBI A.P.(DIR Series) Circular and taking immediate effect.

Special Additional Excise Duty on diesel reduced by amendment to central excise notification, effective immediately.
Amendment reduces the Special Additional Excise Duty on diesel by substituting the table entry for the relevant serial number in notification No. 04/2022-Central Excise, effected under section 5A of the Central Excise Act read with section 147 of the Finance Act; the change takes effect the day after publication.

Special Additional Excise Duty reduction on crude production and ATF exports amends prior tariff entries, changing specified duty rates.
This notification amends Notification No. 18/2022-Central Excise by substituting new entries in the tariff table: replacing the column (4) entry for S. No. 1 with a specified per tonne duty and replacing the column (4) entry for S. No. 2 with a specified per litre duty; the amendment takes effect from mid September 2022.

Commencement of section 13: appointment of the date on which the amendment provision is brought into force.
The State Government, exercising power under the commencement provision of the Odisha Goods and Services Tax (Amendment) Act, 2022, issued a Finance Department notification appointing a specific date as the date on which section 13 of the Amendment Act shall come into force, thereby fixing the effective date for the operative application of that amendment provision.

E-invoicing threshold lowered by notification, expanding mandatory e-invoicing applicability from October and covering more taxpayers.
The Government amended the Maharashtra GST notification to lower the aggregate turnover threshold for mandatory e-invoicing, substituting the previously specified turnover benchmark with a reduced benchmark; the amendment takes effect from 1 October 2022 and modifies the first paragraph of the principal notification dated 30 March 2020.

Special Economic Zone notified for IT/ITES in Gurugram, approval provisions set and Approval Committee constituted.
Notification approves establishment of an IT/ITES Special Economic Zone at Village Kherki Daula, Gurugram, notifying 12.612 hectares described by specific Khewat/Khata entries, constituting an Approval Committee with named ex officio members and nominees for purposes of section 14 of the Act, and declaring the zone to be deemed an Inland Container Depot under the Customs Act.

Small company definition changed: paid-up capital and turnover ceilings revised, altering eligibility for simplified compliance.
The amendment revises the statutory criteria for small company status by substituting clause (t) in rule 2 to set explicit ceilings for paid-up capital and turnover that determine eligibility as a small company, thereby altering the quantitative thresholds controlling which companies qualify for regulatory concessions and simplified compliance.

Electronic Duty Credit Ledger periods under specified regulations are extended from one year to two years.
Electronic Duty Credit Ledger Regulations were amended to extend from one year to two years the prescribed periods under regulation 6(2) and regulation 7(3). The amendments took effect upon publication in the Official Gazette.

Exchange rate determination: Customs prescribes conversion rates for imports and exports, altering prior notification effect.
The Central Board of Indirect Taxes and Customs, under section 14 of the Customs Act, 1962, prescribes conversion rates of specified foreign currencies into Indian rupees for customs purposes, with distinct rates for imported and export goods, effective 16th September, 2022, superseding Notification No. 73/2022-Customs(N.T.). Schedule I lists unit rates and Schedule II lists per 100 unit rates; certain Pound Sterling entries were subsequently substituted by later notifications.

Fixation of tariff values sets customs valuation rates for specified edible oils, metals and areca nut effective mid-September.
The Central Board of Indirect Taxes & Customs, exercising powers under section 14(2) of the Customs Act, 1962, substitutes TABLE-1, TABLE-2 and TABLE-3 of the principal notification to fix US dollar tariff values: per metric tonne values for specified edible oils and brass scrap, unit values for specified forms of gold and silver, and the retained tariff value for areca nuts. The amended tables apply for customs valuation and come into force on 16th September, 2022.

Renewal of recognition for a stock exchange confirmed, conditional on ongoing regulatory compliance and prescribed conditions.
Renewal of recognition is granted to the Metropolitan Stock Exchange of India Limited under the Securities Contracts (Regulation) Act, 1956, authorising the Exchange to deal in contracts in securities for a limited renewal period; the renewal is subject to compliance with conditions that SEBI may prescribe or impose from time to time as a continuing precondition of its recognised status.

Duty credit issuance under RoSCTL amended: specified sub-clauses and a transferee reference removed, altering issuance mechanics.
The Central Government, exercising powers under section 51B of the Customs Act, 1962, amends Notification No. 77/2021-Customs (N.T.) by omitting sub-clause (2) of clause 4, omitting sub-clause (5) of clause 5, and deleting the words "or the transferee" from clause 6, thereby changing the operative wording governing issuance of duty credit under the continuation of the RoSCTL scheme.

Duty credit issuance under RoDTEP amended by omitting specified subclauses and deleting transferee reference under section 51B.
The Central Government amends RoDTEP issuance mechanics under section 51B of the Customs Act by omitting sub clause (2) of clause 4, omitting sub clause (5) of clause 5, and deleting the words "or the transferee" from clause 6 of the principal notification, via Notification No. 75/2022 Customs (N.T.), dated 14th September 2022, which alters the procedural provisions for issuing duty credit under the RoDTEP scheme.

Import conditions for PET flakes updated: authorisation and environmental NOC required with restricted import quotas.
Amendment permits import of PET flakes only with an authorisation from DGFT and a NOC from MoEF&CC, while PET bottle waste and scrap remain prohibited. Eligible units must have used domestic waste for at least seventy percent of capacity in the previous year; imports are capped relative to prior-year production and actual capacity utilised in the preceding year, an additional import allowance may be granted against exports, and units must have completed at least one year of production.

Reporting obligations under section 285B require producers to file Form 52A electronically with verification and forwarding to assessing officer.
The amendment substitutes rule 121A to require producers of cinematograph films and persons engaged in specified activities to furnish an annual statement in Form No. 52A within sixty days of the previous year's end, submitted electronically with digital signature or electronic verification code. The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) (or authorised persons) is the prescribed authority to set procedures, administer filing and verification, implement security and archival policies, and forward Form No. 52A to the Assessing Officer.

Manner of calculating interest on delayed GST payment clarified; UPI and IMPS added as permitted payment modes.
Amendments revise registration suspension revocation where suspended for non-filing and pending returns are subsequently furnished; add Duty Credit Scrips to valuation Explanation; require a declaration when aggregate turnover exceeds the rule 48 threshold but invoice format under rule 48 sub-rule (4) is not required; establish re-credit procedure where erroneous refunds deposited via FORM GST DRC-03 are to be re-credited to the electronic credit ledger by order in FORM GST PMT-03A; permit UPI and IMPS as payment modes and update payment forms; prescribe rule 88B for calculating interest on delayed tax and define interest on wrongly availed and utilised input tax credit; refine refund documentation for exports including electricity and update annual and monthly return formats and instructions.

Extension of limitation period: GST recovery and refund filing deadlines extended; pandemic period excluded from limitation computation.
Extends the time limit for issuance of orders for recovery of unpaid or short-paid tax and wrongly availed input tax credit for the 2017-18 tax period to a new outer date; excludes 1 March 2020 to 28 February 2022 from computation of limitation for issuance of orders relating to recovery of erroneous refunds; and excludes the same period from computation of limitation for filing refund applications, with the notification deemed to commence from 1 March 2020.

Late fee waiver extension for GSTR-4 filings; filing deadline moved under section 47, modifying prior notification.
The notification amends the fifth proviso of the earlier G.O. (P) No.24/2018/TAXES by substituting the original deadline with a later date, extending the period covered by that proviso. The amendment is made under section 128 on the Council's recommendation and implements an extension of the waiver of late fee for delayed filing of FORM GSTR-4 for the financial year 2021-22 under section 47.