NFRA appointment amendment substitutes two part time member entries and makes the change effective on Gazette publication.
The Central Government, exercising powers under section 132(3) of the Companies Act, substitutes serial numbers (8) and (9) in the National Financial Reporting Authority appointment of Part time members Rules, 2022 with the names Shri Sanjay Kallapur and Professor R. Narayanswamy; the National Financial Reporting Authority appointment of part time members (Amendment) Rules, 2024 takes effect on publication in the Official Gazette.

Eligibility relaxation for Technical Member allows state commercial taxes officers with reduced tenure requirements to qualify for appointment.
Notification relaxes the proviso to clause (d) of sub section (1) of section 110 of the Central Goods and Services Tax Act, 2017 to allow an officer of the Commercial Taxes Department of Rajasthan who has completed at least fifteen years as Group A or equivalent and an overall twenty five years of government service as a Gazetted Officer to be eligible for appointment as a Technical Member (State) in State Benches of the GST Appellate Tribunal, for a period of ten years from publication.

De-notification of SEZ area: Central Government rescinds prior notification after state NOC and administrative recommendation.
The Central Government rescinds earlier notifications that had notified and partially de-notified portions of the proposed IT/ITES SEZ at Wagholi and Kharadi, on the developer's proposal to de-notify the remaining area, following the State Government's No Objection Certificate and the Development Commissioner's recommendation, exercise being pursuant to the first proviso to rule 8 of the SEZ Rules, 2006, and without affecting actions completed or omitted prior to rescission.

Insurance contracts standard introduces a comprehensive recognition, measurement and disclosure framework and amends related accounting rules.
The Amendment Rules insert Ind AS 117 Insurance Contracts, establishing principles for recognition, measurement, presentation and disclosure of insurance and related contracts, defining key measurement building blocks (fulfilment cash flows, discounting, risk adjustment and contractual service margin), grouping and contract boundary rules, eligibility for a premium allocation approach, special rules for reinsurance and investment contracts with discretionary participation features, modification/derecognition mechanics, extensive disclosure requirements, and consequential amendments and transition cross references across multiple Ind ASs to ensure consistent application.

Foreign company registration now requires submission in Form FC-1 to the Registrar, Central Registration Centre.
The amendment designates the in place of the generic "Registrar" in rule 3(3) and inserts a proviso in rule 8(1) requiring that documents for registration by a foreign company referred to in rule 3(3) be delivered in Form FC-1 to the Registrar, Central Registration Centre, thereby prescribing the receiving authority and the documentary format for initial foreign company registration filings.

Tax exemption for transport workers' social security scheme: specified non commercial receipts exempt subject to activity and filing conditions.
Exemption is granted to West Bengal Transport Workers' Social Security Scheme for specified receipts-government grants; cess under the West Bengal Motor Transport Workers' Welfare Cess Act and rules; registration fees from beneficiaries; and interest on bank deposits-subject to conditions that the scheme shall not undertake commercial activity, shall maintain unchanged activities and the nature of specified income across financial years, and shall file its return of income as required by the Income-tax Act. The notification applies retrospectively to certain assessment years and prospectively to specified future assessment years.

Qualification change: Joint Commissioner now qualifies for appointment as Technical Member replacing Additional Commissioner under GST framework.
The Government of Maharashtra has specified Joint Commissioner in place of Additional Commissioner as the qualifying officer for appointment as a Technical Member (State) in the State Benches of the Goods and Services Tax Appellate Tribunal, and all other conditions in clause (d) of sub section (1) of section 110 of the Central Goods and Services Tax Act remain applicable.

Exemption from specified income: UIDAI's listed receipts exempted subject to non-commerciality and prescribed filing compliance.
Unique Identification Authority of India is notified as exempt under clause (46) of section 10 of the Income-tax Act in respect of specified receipts: central grants/subsidies; fees and subscriptions including RTI and tender fees, sale of scrap and PVC card; authentication, enrolment and updation service charges; term/fixed deposits; and interest on bank deposits, subject to conditions that it shall not engage in commercial activity, that activities and the nature of such income remain unchanged across the relevant years, and that it files returns under clause (g) of sub-section (4C) of section 139; applicable for assessment years 2024-2025 to 2028-2029.

Developer name amendment in SEZ notifications: official substitution of developer name under SEZ Act authority.
The Central Government, exercising delegated authority under the SEZ Act and rule 8 of the SEZ Rules, issues a notification amending prior SEZ notifications by substituting the developer's name: "M/s. Gujarat International Finance Tec-City Company Limited" shall be read in place of "M/s. GIFT SEZ Limited" in the specified notifications.

De-notification of SEZ land granted following statutory approvals, reducing the notified SEZ area and enabling infrastructure use.
Central Government de-notifies 1.11 hectares at Survey No. 128/2/A, Hinjewadi from the Special Economic Zone of M/s. Nalanda Shelter Pvt. Ltd., making the resultant notified SEZ area 3.95 hectares, under the first proviso to sub-section (1) of section 4 of the Special Economic Zones Act, 2005 read with rule 8 of the Special Economic Zones Rules, 2006, as notified in S.O. 3234(E) dated 9 August 2024.

GST notification amendment substitutes the operative date in a prior Uttarakhand tax notification.
Amendment was made to the Uttarakhand GST notification under section 148 of the Uttarakhand Goods and Services Tax Act, 2017, by substituting in para 4 the date "1st day of April, 2024" with "15th day of May, 2024". The notification was stated to be deemed to have come into force from 1 April 2024.

Consent-based information sharing under GST is enabled through the Public Tech Platform for Frictionless Credit notification.
The State Government notified the Public Tech Platform for Frictionless Credit as the system through which the common portal may share information on a consent basis under section 158A of the Uttarakhand Goods and Services Tax Act, 2017. The platform is described as an enterprise-grade open architecture information technology platform conceptualised by the Reserve Bank of India and developed by Reserve Bank Innovation Hub for digitally accessing information from multiple data sources through an open and shared API framework.

Tax collection at source rate is reduced through amendment, with deemed effect from 10 July 2024.
Tax collection at source under the Madhya Pradesh Goods and Services Tax Act is amended by replacing the rate of "half per cent" with "0.25 percent" in the notification dated 29 September 2018. The amendment is made under the State Government's power under section 52(1), on the Council's recommendations, and is deemed effective from 10 July 2024.

GST exemptions for railway services and qualifying long-term accommodation are expanded, while student and hostel accommodation exclusions are clarified.
The notification grants nil-rate treatment to specified railway-related services, including platform tickets, retiring or waiting rooms, cloak rooms, battery-operated cars, inter-zonal services, and defined infrastructure-use and maintenance arrangements with special purpose vehicles. It also revises the accommodation-services exemption by excluding student residences, hostels, camps, paying-guest establishments, and similar facilities. A separate nil-rate entry applies to accommodation services valued at no more than twenty thousand rupees per person per month when supplied continuously for at least ninety days.

Agricultural produce packaging exemption excludes supplies exceeding specified package quantities from pre-packaged and labelled GST classification.
GST exemption classification for agricultural farm produce is clarified by excluding supplies in packages containing more than 25 kilograms or 25 litres from the expression "pre-packaged and labelled". This exclusion applies notwithstanding the Legal Metrology Act, 2009 and rules made under it, and modifies the explanation to the Madhya Pradesh SGST exemption notification. The amendment is deemed effective from 15 July 2024.

GST rate realignment for specified packaging, milk cans and solar cookers clarifies agricultural produce package treatment.
Madhya Pradesh SGST schedules are revised to place specified paper or paperboard cartons, milk cans of iron, steel or aluminium, and solar cookers in the 6% schedule, with corresponding exclusions and adjustments in the 9% schedule. Parts of poultry-keeping machinery, including brooders, are also covered. Agricultural farm produce supplied in packages containing more than 25 kilograms or 25 litres is clarified not to be treated as pre-packaged and labelled.

GST compliance amendments introduce GSTR-1A reporting, risk-based registration verification, revised credit distribution, refunds and appellate procedures.
The amendments introduce risk-based biometric Aadhaar authentication, photograph capture, document verification and possible physical verification for GST registration applicants. They create optional FORM GSTR-1A for current-period additions and amendments after GSTR-1 and before GSTR-3B, with consequential changes to GSTR-2A, GSTR-2B, GSTR-3B and other compliance forms. The rules also replace Input Service Distributor credit-distribution conditions, permit specified export integrated-tax refunds, establish a Canteen Stores Department refund process, regulate Appellate Tribunal filings and withdrawals, and introduce electronic mechanisms for e-way-bill enrolment and adjustment of voluntary payments against demand.

Annual return filing exemption relieves eligible registered persons with limited aggregate turnover from filing for financial year 2023-24.
Registered persons with aggregate turnover not exceeding two crore rupees in financial year 2023-24 are exempt from filing the annual return under the Madhya Pradesh Goods and Services Tax Act, 2017. The exemption is issued under the first proviso to section 44 on the Council's recommendations and is deemed effective from 10 July 2024.

Qualification relaxation for Technical Member appointments: service requirement changed to long government Gazetted service for a limited period.
The notification relaxes the qualification for appointment as Technical Member (State) in State Benches of the GST Appellate Tribunal by replacing the prior Group A service requirement with a requirement of completion of at least twenty five years of Government service as a Gazetted Officer, with this relaxation effective for ten years from publication; all other conditions of clause (d), sub section (1), section 110 of the CGST Act remain applicable.

Income exemption under section 10(46) granted to Karnataka State Natural Disaster Monitoring Centre, subject to specified conditions.
Exemption under section 10(46) is notified for Karnataka State Natural Disaster Monitoring Centre in respect of grant-in-aid from State and Central government, income from data sharing activities, and interest on bank deposits, subject to conditions that the Centre shall not engage in commercial activity, its activities and specified income remain unchanged across the relevant financial years, and it files its return of income under the applicable statutory return-filing requirement; the notification is retrospective for specified assessment years and prospective for subsequent assessment years.