Turnover computation for options contracts now counts premium traded and notional value upon exercise or assignment.
Turnover for commodity derivatives options shall be computed on the basis of premium traded for option contracts; where an option is exercised or assigned, turnover shall additionally be computed on the basis of the notional value of option contracts exercised or assigned. This clarification is introduced as an additional explanation in Schedule V, Part B, clause 3(1) of the principal regulations and is given retrospective effect from June 13, 2017.

Mutual fund shareholding limits bar sponsors and large shareholders from cross-holding or board seats in other fund managers.
Regulation 7B establishes shareholding and governance norms prohibiting sponsors, associates or group companies, including an asset management company, from holding substantive stake or voting rights in, or having board representation on, the AMC or trustee company of any other mutual fund; similarly, any shareholder holding such stake in an AMC or trustee company of a mutual fund is barred from holding equivalent stakes or board representation in another fund's AMC or trustee. Non-conforming persons must comply within one year. The Seventh Schedule proviso confirms investments in AMCs or trustee companies are governed by the clause addressing the shareholding prohibition.

Authorization under Section 67(11) permits enforcement assistant commissioners and GST officers to exercise investigative powers.
All Assistant Commissioners and Goods & Service Tax Officers posted in the Enforcement Branch of the Department of Trade & Taxes are authorized to exercise the powers under Section 67(11) of the Delhi Goods & Services Tax Act, 2017 and the Rules thereunder, pursuant to clause (91) of Section 2 and subject to sub section (2) of Section 5 of the Act, by notification of the Commissioner State Taxes, Delhi.

Retrospective amendment to tax notification confirms retroactive commencement and states no person will be adversely affected.
Amendment to a prior tax notification substitutes the explanatory note to record the principal rules' publication and most recent amendment, expressly grants retrospective effect so that no person is adversely affected, and declares the notification to be deemed to have come into force from the original notification date.

Anti-dumping duty on Sulphonated Naphthalene Formaldehyde targets dumped imports, with differentiated rates and a five-year term.
A definitive anti-dumping duty targets imports of Sulphonated Naphthalene Formaldehyde from China PR after findings of dumping, material injury and causation. The Government prescribes differentiated duty rates by producer and exporter, specifies tariff classification, unit of measurement and currency basis, requires payment in Indian currency, sets exchange-rate conversion rules tied to the bill-of-entry date, and makes the duty effective for five years from notification.

Uttar Pradesh GST rate amendment revises housing, works contract, support service and entertainment entries, plus land valuation rules.
Amends the Uttar Pradesh GST rate notification by revising entries for works contract, construction, leasing, rental, support, maintenance, manufacturing and entertainment services. The amendments extend concessional treatment to specified housing-related civil works, mid-day meal buildings, low-cost housing and certain sub-contracted works contracts, while revising rates for housekeeping, agricultural support, mining-related services, tailoring, environmental protection services and amusement or entertainment admissions. It also substitutes the valuation rule for composite supplies involving transfer of land or undivided share of land, deeming the land component to be one third of the total amount charged.

Anti-dumping duty on O-Acid imports from China PR imposed with producer-specific definitive rates and payment provisions.
Definitive anti dumping duty is imposed on imports of O Acid (Ofloxacin Acid) originating in or exported from China PR pursuant to findings that such imports were dumped and caused material injury; duties are set producer and exporter specifically in the appended schedule (amounts per kg in US$), with residual rates for other combinations, effective for three years from the provisional duty imposition, payable in Indian currency and converted using the exchange rate notified under the Customs Act, the relevant date being the bill of entry presentation.

Composition amendment: replaces institutional nominees to the committee under Companies Act, updating member nominations and specifies replacements of select members.
Amendment under sub section (1) of section 210A substitutes specified entries in the 2016 notification to name institutional nominees as Members: Shri Makarand Lele and Shri Naveen N.D. Gupta as nominees of the Institute of Company Secretaries of India and the Institute of Chartered Accountants of India respectively, each nominated under clause (b) of sub section (2) of section 210A; and Shri Saurav Sinha, Chief General Manager in Charge, as the Reserve Bank of India's nominee under clause (d) of sub section (2) of section 210A.

EBRL filing continuity: prior filers must continue electronic financial filings even if they fall outside the specified class.
The amendment inserts transitional sub-rules preserving continuation of EBRL filing: companies that have filed financial statements under rule 3(1) must continue to file in succeeding years even if they no longer fall within the specified class, and companies that filed under the earlier 2011 Rules must likewise continue to file as prescribed despite not falling within the specified class.

GSTR-1 due date established for small taxpayers to file April-June quarterly outward supply details by end of July.
Registered persons with aggregate turnover up to the prescribed threshold must furnish details of outward supplies in FORM GSTR-1 for April-June 2019, and the notification fixes the time limit for furnishing those quarterly details as the end of July following the quarter; time limits for earlier months July 2017-June 2019 will be notified subsequently.

Rescission of tax notification under section 128 preserves prior actions while withdrawing the earlier departmental advisory.
The Governor, exercising powers under section 128 of the Bihar Goods and Services Tax Act, 2017, rescinds Commercial Taxes Department Notification No. S.O. 126 dated 23 January 2018, subject to a savings clause preserving actions taken or omitted prior to rescission, with effect from 7 March 2018.

E-way bill: consignments over fifty thousand rupees require pre-movement e-way bill generation and unique e-way bill number.
Every registered person causing movement of goods with consignment value exceeding fifty thousand rupees must furnish prescribed information in Part A of FORM GST EWB-01 on the common portal before commencement of movement; transporters, e commerce operators, couriers and authorised persons may furnish Part A on behalf of consignors, and the system generates a unique e-way bill number. Conveyance details in Part B must be furnished for road movement, multiple consignments may be consolidated in FORM GST EWB-02, and specified exemptions, validity periods, cancellation rules and verification procedures apply.

Exemption from tax clarified to cover specified public research institutions and aligned with central customs notification.
The notification amends a GST exemption schedule by substituting the beneficiary description to list public funded research institutions, universities, specified national institutes and regional engineering colleges (excluding hospitals), and by replacing references to the Department of Scientific and Research with the Department of Scientific and Industrial Research in specified table entries. It adds an Explanation stating the exemption aligns with the cited Government of India customs notification and that such alignment is applicable from the effective date referred to in the notification.

Tax exemption on used vehicle resale margins limits state tax to a capped margin-based taxable value.
Exempts state tax on intra-state supplies of specified old and used motor vehicles by capping tax to a margin-based taxable value; margin equals consideration less depreciated value for suppliers who claimed depreciation, or selling price less purchase price otherwise, with negative margins ignored. The exemption is unavailable where the supplier has availed input tax credit, CENVAT, VAT input credit or other taxes on the goods and applies only to the extent tax on the margin is capped at the specified rates.

GST schedule amendments change tax classification and rates for specified goods, altering exemptions and compliance obligations.
The notification amends the Uttar Pradesh GST schedules by inserting, substituting and omitting tariff entries across Schedules I-VI, changing the classification and applicable tax treatment of specified goods (including tamarind kernel powder, mehendi paste, rice bran, LPG for household supply, bio-pesticides, bio-diesel, bamboo joinery, irrigation equipment, cigarette filter rods, sanitary ware, bio-fuel buses, and various precious and semi-precious stones). The amendments alter scope, exclusions and concessional treatments and are deemed effective from the stated retrospective date.

Exemption for intra-State supply of services: state tax not leviable on consideration paid as Central Government's share of profit petroleum.
Exemption applies to intra-State supply of services by way of grant of license or lease to explore or mine petroleum crude or natural gas or both, exempting from state tax the consideration paid to the Central Government that constitutes the Central Government's share of profit petroleum under the contract.

Liability to pay state tax shifts to the liable registered person when possession or right in the constructed property is transferred.
The notification designates two classes of registered persons where consideration in the form of construction service or development rights affects tax allocation, and stipulates that the liability to pay state tax on such services arises when the developer, builder or construction company transfers possession or the right in the constructed property to the supplier of development rights by executing a conveyance deed or similar instrument.

Renting of immovable property by government to registered persons now specifically addressed under UP GST notification amendment.
The notification inserts serial 5A to cover services supplied by the Central Government, State Government, Union territory or local authority by way of renting immovable property to any person registered under the Uttar Pradesh Goods and Services Tax Act, 2017, and adds an explanation that "insurance agent" shall have the meaning assigned in clause (10) of section 2 of the Insurance Act, 1938; the amendment is deemed effective from 25 January 2018.

GST exemption notification amendments revise feed, textile and hearing-aid entries, with retrospective effect from January 2018.
Amendments were made to the Uttar Pradesh Goods and Services Tax exemption notification under section 11 of the Uttar Pradesh Goods and Services Tax Act, 2017. The Schedule was revised to substitute the entry at Serial No. 102, insert new entries for de-oiled rice bran and cotton seed oil cake, revise the tariff classification at Serial No. 136A, restrict the entry at Serial No. 137 by excluding ghamella, substitute the entry at Serial No. 148 with "Vibhuti", and insert a new entry for parts for manufacture of hearing aids. The notification was given retrospective effect from 25 January 2018.

GST exemptions amended to add government entities and new nil rated entries for specified services and IFSC intermediary supplies.
Amendments to the Uttar Pradesh GST notification (effective 25 January 2018) insert and modify exemption table entries: they add "Government Entity" alongside Governmental Authority, introduce a nil rated composite supply exemption where goods are 25% of value for services to government bodies relating to Panchayat and Municipality functions, add time limited nil entries for export carriage of goods by aircraft and vessel, create exemptions for fumigation of agricultural warehouses, life insurance for Coast Guard personnel and related reinsurance, IFSC intermediary services to non INR foreign customers, and RTI information services, and revise thresholds, durations and education related items.