VAT on petroleum products updated: separate specified VAT rates for petrol and diesel established, effective mid-July.
Amendment to the Fourth Schedule of the Delhi Value Added Tax Act, 2004 substitutes the entry for certain petroleum products-listing Naphtha, Aviation Turbine Fuel, Lubricants, Furnace Oil and mixtures-and prescribes a specified per-rupee VAT rate for them. It also inserts separate Fourth Schedule entries for Petrol (Motor Spirit) and Diesel (including High Speed Diesel, Super Light Diesel Oil and Light Diesel Oil) with distinct per-rupee VAT rates, effective from 16th July 2015.

Sixth Schedule amendment removes a listed entry under the Delhi VAT Act, altering applicability of that Schedule entry.
Omission of the entry at S. No. 10 from the Sixth Schedule to the Delhi Value Added Tax Act, 2004 effected by notification issued under section 103, removing that single Schedule entry and altering the Schedule's application.

Entertainment tax rate set for admissions to film exhibitions in the National Capital Territory, taking effect from the notified date.
The Government, under sub-section (1) of section 6 of the Delhi Entertainments and Betting Tax Act, 1996, notifies that the rate of entertainment tax on payment for admission to all cinematographic exhibition of films in the National Capital Territory of Delhi shall be forty percent, superseding the prior 2008 notification and coming into force from the notified effective date in July 2015.

Entertainment and Betting Tax amendment raises the numeric threshold for notification applicability and alters prior notifications.
Exercise of powers under sub-section (1) of section 7 of the Delhi Entertainments and Betting Tax Act, 1996 amends prior notifications: the 31 December 1999 notification substitutes the figure "20" with "40", and the 1 February notification is indicated to be substituted though the specific substitution is not specified; the amendments take effect from 20th July, 2015.

Entertainment tax amendment increases prescribed thresholds in rules, changing specified figures and coming into force soon.
Amendment substitutes the figure 20 for 15 in rule 40 and substitutes the figure 20 for 10 in rule 47 of the Delhi Entertainments and Betting Tax Rules, 1997; the instrument is titled the Delhi Entertainments and Betting Tax (Amendment) Rules, 2015 and comes into force from 20th July 2015 under the rule-making power of section 45 of the Delhi Entertainments and Betting Tax Act, 1996.

Commencement of Delhi VAT Amendment: Second Amendment Act appointed to commence on a specified date by notification.
The Lieutenant Governor, under the authority of sub-section (3) of section 1 of the Delhi Value Added Tax (Second Amendment) Act, 2015, by notification in the Finance (Revenue-I) Department, appoints the 15th July, 2015 as the date on which that Act shall come into force.

Appointment of Joint Commissioner to assist the Commissioner in administration of the Delhi Value Added Tax Act.
Appointment of a Joint Commissioner of the Value Added Tax Department to assist the Commissioner in administering the Value Added Tax framework, effected by formal Gazette notification identifying the officer and date of physical joining and constituting an executive administrative assignment within the VAT department.

Tariff value fixation for specified imported commodities updated, affecting valuation for customs assessment, including edible oils and metals.
The Central Board of Excise & Customs amends Notification No. 36/2001-Customs (N.T.) by substituting TABLE-1, TABLE-2 and TABLE-3 to fix US dollar tariff values for specified imported commodities for customs valuation. Revised benchmark values are set for various edible oils, brass scrap, poppy seeds and areca nuts in per metric tonne terms, and for gold and silver in per-unit terms where specified notification benefits are availed.

Tax rate caps and credit-note treatment revised, limiting input tax credit adjustments and updating specified commodity rates.
Amendments revise the tax-rate clause to require Fourth Schedule goods to bear rates higher than the concessional rate but not exceeding thirty paise in the rupee, replace the Fourth Schedule with a new list of specified commodities taxed at twenty paise in the rupee, and clarify treatment of post-sale credit notes: such credit notes for discounts or incentives are independent of tax and do not require output tax or input tax credit adjustments, with corresponding changes to sections governing credit/debit notes, returns of goods, timelines, registration penalties, and invoice compliance.

Anti-dumping duty continuation on glass fibre imports extended through mid-July following review recommendation administratively.
Extension of an existing anti-dumping duty on glass fibre and articles thereof from the People's Republic of China is authorized following a statutory review and recommendation for continuation; the Central Government amended the principal notification to keep it in force up to and inclusive of the 13th day of July, 2016, unless revoked earlier.

Electronic Verification Code ensures identity verification for e filed income tax returns via multiple authenticated generation modes.
Procedural standards require the Electronic Verification Code (EVC) to verify identity for electronically filed income tax returns. The Principal DGIT (Systems) prescribes generation, storage and validation procedures; the EVC is PAN unique, time limited, stored against the PAN, usable once per return, and will be generated via authorized modes such as net banking redirection, Aadhaar OTP, ATM generation, delivery to registered contact points, and pre validated bank or Demat details.

De-notification of Special Economic Zone rescinds prior SEZ notification for IT and electronics after state no-objection and recommendation.
The Central Government rescinds the earlier notification establishing a sector specific Special Economic Zone for information technology and electronics covering 40.469 hectares at Kejehra and Mastemau, Lucknow, following a proposal by M/s U.P. Electronics Corporation Limited, receipt of State Government No Objection, and a recommendation from the Development Commissioner; the rescission is made under the first proviso to rule 8 of the Special Economic Zone Rules, 2006, except as to things done or omitted before such rescission.

Special Economic Zone notification: IT/ITES SEZ at Noida notified; Approval Committee constituted and ICD status deemed.
Notification establishes a sector-specific Special Economic Zone for IT and ITES at Sector-85, Noida (11.161 hectares, Plot A-1 to A-6) for development, operation and maintenance by M/s. Infosys Limited, after satisfaction of statutory prerequisites and grant of approval; it constitutesthe Approval Committee with specified ex officio members and a developer special invitee, and deems the SEZ to be an Inland Container Depot under the Customs Act effective 10 July 2015.

De notification of SEZ land reduces designated area following statutory approval and state no objection under SEZ rules.
The Central Government, on recommendation of the Development Commissioner and after the State's no objection, de notifies specified survey parcels of a sector specific food processing SEZ at Vakalapudi, Kakinada under the Special Economic Zones Act and Rules, reducing the SEZ area to a resultant 50.00 hectares; the notification lists the survey numbers and hectareages of the parcels removed.

Corrigendum corrects Central Excise notification terminology, replacing a specified word to amend the notification text.
A corrigendum from the Department of Revenue amends Notification No.12/2015 Central Excise (N.T.) published in the Gazette by specifying that on page 15, line 29 the word "substituted" shall be read as "inserted", effecting a formal textual correction of the notification.

Anti-dumping duty on phenol continues for specified period, applying to imports from South Africa and related exports.
Imposition of an anti-dumping duty on Phenol (tariff items 2707 99 00 / 2907 11), bulk and/or packed, originating in or exported from South Africa and on Phenol exported from South Africa to other countries, at the rates specified per metric ton in US dollars in the notification table. The duty, imposed under section 9A and rules 18 and 23, follows findings of continuing dumping and injury, is effective for five years from Gazette publication and is payable in Indian currency with exchange rate determined by Treasury notifications and the bill of entry date.

Extension of ITR-V submission deadline enables electronically filed returns to be validated until 31st October or 120 days from upload.
ITR-V submission time for electronically filed returns is extended under the Centralized Processing of Returns Scheme, 2011: ITR-Vs may be submitted up to 31 October 2015 or within 120 days from the date of uploading of the electronic return data, whichever is later; taxpayers may verify and download ITR-Vs from the e-filing website and must send physical ITR-Vs by post to the designated CPC postal address.

Anti-dumping duty on imported steel and fibre-glass measuring tapes from China extended for a fixed period, payable in domestic currency.
Continuation of anti-dumping duty is imposed on imports of steel and fibre-glass measuring tapes and their parts and components originating in or exported from the People's Republic of China, following findings of continued dumping and injury. The notification prescribes specified per-unit duty rates for steel and fibre-glass tapes as set out in the Table, applies to combinations of country of origin and export, and covers all producers and exporters unless specified otherwise. The duty is effective for five years from publication, payable in Indian currency, with exchange conversion governed by the notified rate and bill of entry date.

Central KYC Records Registry centralises KYC filing and retrieval, enabling unique identifiers and controlled reuse of client records.
The amendment establishes a Central KYC Records Registry to receive, de-duplicate, store and retrieve electronic KYC records and to issue a unique KYC Identifier to each client. Reporting entities must file KYC records with the Registry shortly after commencing account relationships; when presented with a KYC Identifier they shall retrieve records online and not demand duplicate documents except where client information has changed, address verification is required, or enhanced due diligence is necessary. The entity performing the last verification must verify identity/address and update the Registry, which will notify other reporting entities.

Tax-free bond issuance: authorised entities may issue secured non-convertible bonds subject to eligibility, tenure, PAN and interest ceiling rules.
Authorisation permits specified entities to issue tax-free, secured, redeemable, non-convertible bonds in FY2015-16 subject to conditions: eligible investor classes, mandatory PAN for subscribers, tenures of ten, fifteen or twenty years, ceiling coupon rates linked to a FIMMDA reference G sec yield with rating- and investor-segment specific spreads, capped issue expenses, public issue and private placement procedural rules including book-building and allotment at best price, requirement to submit a repayment financing plan to the Ministry of Finance, competitive selection of merchant bankers, registration of holdings for tax benefit, and compliance with Companies Act and SEBI debt regulations.