Exemption for vessel-to-India goods transportation services when invoice and customs manifest conditions are satisfied for tax relief.
Exempts service tax on transportation of goods by vessel from outside India to an Indian customs station where the invoice was issued on or before the cut-off date, provided the import manifest or report was delivered by that date and a Customs-certified copy is produced by the service provider or recipient.

Krishi Kalyan Cess exemption for taxable services when invoice issued and service completed before the cut off, subject to condition.
Exemption from Krishi Kalyan Cess is granted for taxable services where the invoice was issued on or before the prescribed cut off and the provision of the service was completed on or before that cut off, covering the whole of the cess leviable on such services and subject to that single condition.

Anti-dumping duty on PVC paste resin imposed, maintaining targeted duties on imports from specified countries and producers.
Definitive anti-dumping duty is imposed on PVC Paste Resin (heading 3904) originating in or exported from Korea RP, China PR, Malaysia, Taiwan, Thailand and the European Union for five years, with country- and exporter-/producer-specific rates (per MT in US Dollar) including specified zero-rate entries for named Korean producers. The scope excludes blending resin, co-polymers, battery separator resin and PVC paste resin of K value below 60; duties are payable in Indian currency using the exchange rate applicable on presentation of the bill of entry.

Transfer restrictions on offshore derivative instruments require eligible transferees and prior consent unless transferees are pre approved.
The substituted regulation requires a foreign portfolio investor to ensure transfers of offshore derivative instruments are made only to persons satisfying sub regulation (1) and that such transfers occur with the prior consent of the foreign portfolio investor, except where transferees are pre approved by the foreign portfolio investor.

General Anti-Avoidance Rule applicability deferred to commence on the notified commencement date by amendment to Income-tax Rules.
Amendment to the Income-tax Rules substitutes prior dates in rule 10U with a single prescribed commencement date for GAAR: rule 10U(1)(d) and rule 10U(2) have their existing commencement dates replaced by the new effective date, and the Income-tax (16th Amendment) Rules, 2016 come into force on publication in the Official Gazette.

Online submission of TDS/TCS statements requires e filing registration and verification via DSC or EVC for deductors/collectors.
Deductors/collectors with valid TAN must register on the e filing portal as Tax Deductor & Collector, prepare statements using the Return Preparation Utility, validate with the File Validation Utility, and upload the statement zip file. Submission requires either a Digital Signature Certificate (signature via the DSC Management Utility) or e verification using an EVC generated through net banking, Aadhaar OTP, pre validated bank account, or pre validated demat account. Uploaded files are processed and status updated to Uploaded and then to Accepted or Rejected within 24 hours, with rejection reasons displayed on the portal.

Tariff concessions expanded under India Malaysia CECA, substituting the customs tariff table to provide reduced import duties.
Substitution of the Table in Notification No.53/2011 Customs to implement enhanced tariff concessions for specified HS chapters, headings and tariff items under IMCECA by listing concessional duty rates (largely zero duty with specified positive rates) for identified goods imported from Malaysia. The revised schedule replaces the prior table and takes effect from 30th June, 2016, extending preferential tariff treatment to qualifying imports as set out in the substituted Table.

Preferential tariff eligibility expanded: Republic of Togo and Republic of Chad added to the eligible countries list.
Notification No. 39/2016-Customs amends Notification No. 96/2008-Customs by adding the Republic of Togo and the Republic of Chad to the Schedule of countries eligible for preferential tariff treatment, appending new serial entries to the Schedule and leaving other provisions of the principal notification intact.

Additional import quota for rough marble and travertine blocks authorised, with revalidation and capped validity until 30 September.
Additional import quota of 25% for Rough Marble and Travertine Blocks is authorised as an interim measure; holders of import authorisations under Trade Notice No. 12/2014 must apply to the DGFT Regional Authority by 15 July 2016 with Appendix 4D and fees for amendment and revalidation. Regional Authorities shall increase each authorisation's quantity by 25% and revalidate up to 30 September 2016 within ten days; the additional quota will not be extended beyond 30 September 2016.

Income tax rules amended to refine due diligence, set review deadlines, and replace Form 61B for reportable accounts.
Amendments to the Income tax Rules revise due diligence, clarify territorial scope and exclusions in rule 114F, differentiate standing instruction treatment for U.S. versus other reportable accounts in rule 114H, set staggered completion dates for reviews of pre existing and high/low value accounts (notably completion by 30 June 2016 for certain U.S. low value accounts and by 31 December 2016 for certain other high value accounts), and substitute Form 61B with a standardized reporting template effective 1 January 2017.

Permission to operate air transport services now triggers aviation import permission and exempts holders from DGFT licence requirement.
The revision ties import permission for aircraft and helicopters to an initial authorization to operate scheduled or non scheduled air transport services provided by the Ministry of Civil Aviation, upon which the aviation regulator issues import permission, and clarifies that such persons need not obtain a separate foreign trade licence for import.

Dividend distribution policy requirement mandates disclosure by largest listed companies, detailing parameters and rationale for dividend decisions.
The top five hundred listed entities by market capitalization must formulate a Dividend Distribution Policy and disclose it in their annual reports and on their websites, specifying circumstances for dividend expectation, financial parameters, internal and external factors, utilization of retained earnings, and parameters for different classes of shares; any additional or changed parameters must be disclosed with rationale. Other listed entities may disclose such a policy voluntarily.

Tax withholding exemption on specified banking and payment charges when paid to scheduled banks or authorised payment systems.
No deduction of tax under Chapter XVII shall be made on specified payments when such payment is made to a bank listed in the Second Schedule to the Reserve Bank of India Act (excluding a foreign bank) or to a payment systems company authorised under the Payment and Settlement Systems Act; the specified payments include bank guarantee commission, cash management service charges, depository charges for DEMAT accounts, warehousing service charges for commodities, underwriting service charges, clearing charges (including interchange or similar settlement fees), and credit or debit card commission between merchant establishments and acquirer banks.

No TDS on payments to securitisation trusts under clause (23DA) of section 10; deduction under Chapter XVII barred.
The Central Government notifies that no deduction of tax at source under Chapter XVII shall be made on receipts specified in clause (23DA) of section 10 when received by a securitisation trust as defined in the Explanation to section 115TCA, effective from publication in the Official Gazette.

Basic Customs Duty on wheat extended indefinitely by omitting the expiry clause, maintaining the duty under the customs notification.
The Central Government, invoking section 25 of the Customs Act, 1962, amends notification No.12/2012-Customs by omitting clause (ac) in the proviso after the Table, thereby removing the temporal limitation and continuing the existing basic customs duty treatment on wheat beyond the previously scheduled termination date without specifying an end date.

Exchange Rate Determination: prescribed conversion rates govern import and export valuation under the Customs Act, altering assessment basis.
Determination of the rate of exchange for conversion between specified foreign currencies and Indian currency with effect from 17th June, 2016, for purposes of customs valuation of imported and export goods, superseding the earlier notification and prescribing distinct rupee equivalents in Schedule I (per unit) and Schedule II (per 100 units).

Customs amendment removes a table entry, changing export-duty treatment for raw and refined sugar under the notification.
The Central Government, exercising amendment powers in the public interest, hereby omits serial number 9A and the entries relating thereto from the Table in Notification No.27/2011-Customs, thereby further amending that principal notification and noting earlier amendments.

Tariff value fixation prescribes revised import valuation for edible oils, brass scrap, poppy seeds, gold and silver.
Amendment substitutes TABLE-1, TABLE-2 and TABLE-3 of the principal customs tariff-value notification to prescribe revised tariff values in US dollars per metric tonne (and per unit for precious metals) for specified imports, including categories of edible oils, brass scrap, poppy seeds, areca nuts, and gold and silver, to be applied for assessment and for import consignments availing specified notification entries.

Fixation of tariff values updates import valuation for edible oils, brass scrap, poppy seeds, gold and silver.
The Central Board of Excise & Customs substitutes TABLE-1, TABLE-2 and TABLE-3 of the principal notification to fix or reconfirm tariff values for specified imported commodities, including various edible oils, brass scrap, poppy seeds, areca nuts, and specified gold and silver imports where certain notification benefits are availed.

Appointment of Common Adjudicating Authority: Additional Director General (Adjudication) designated to adjudicate specified customs show cause notices.
The Central Board of Excise and Customs appoints the Additional Director General (Adjudication), DRI Delhi as a Common Adjudicating Authority under sections 4(1) and 5(1) of the Customs Act to exercise the powers and discharge duties of the officers named as answerable in respect of the specified show cause notices listed against particular noticees, thereby centralizing adjudication of those enumerated matters.