Exchange Rate Adjustment updates Turkish Lira conversion rates for import and export, altering customs valuation consequences.
Amendment substitutes the Turkish Lira entry in Schedule I of Notification No.113/2020-CUSTOMS (N.T.), effective 31st December, 2020, replacing serial number 18. The Schedule specifies the rate of exchange for one Turkish Lira as 10.25 rupees for imported goods and 9.65 rupees for exported goods, thereby updating the statutory conversion figures applied for customs purposes.

Commencement of GST amendment: specified provisions are appointed to come into force on the effective date.
The Government, exercising the power under sub section (2) of Section 1 of the Karnataka Goods and Services Tax (Amendment) Act, 2020, appoints an effective date to bring the specified provisions of the Act into force by formal notification, thereby activating those amendments through an executive order.

Designation of APSDRI officers as State Tax Officers grants specified GST enforcement powers subject to supervisory conditions.
Officers of the Andhra Pradesh State Directorate of Revenue Intelligence (APSDRI) are appointed as State Tax Officers of corresponding ranks and vested with specified GST and IGST powers-ranging from assessment, scrutiny, notices to e-commerce operators, search, seizure, arrest, provisional attachment, recovery, sampling and expert assistance-subject to conditions that reserve certain powers to the Commissioner/Special Commissioner or require their written permission, mandate concurrency with State Tax Officers, prohibit duplicate actions on matters already handled by Commercial Taxes officers, and impose oversight and reporting obligations.

Quarterly FORM GSTR-1 filing allows eligible small taxpayers extended deadlines for reporting outward supplies during specified quarters.
Registered persons within the prescribed aggregate-turnover threshold must follow a special quarterly FORM GSTR-1 procedure. Details of outward supplies for October-December 2020 are due by 13 January 2021, and those for January-March 2021 are due by 13 April 2021. The time limit for furnishing details or returns for October 2020 through March 2021 is to be specified subsequently through publication in the Official Gazette.

GST registration and input tax credit procedure applies to corporate debtors during corporate insolvency resolution.
Special GST procedure applies to corporate debtors in corporate insolvency resolution whose affairs are managed by an Interim Resolution Professional or Resolution Professional. The covered debtor is treated as a distinct person and must obtain new registration in each previously registered jurisdiction. Input tax credit is available in the first return for eligible post-appointment supplies invoiced under the erstwhile registration, subject to specified exclusions. Recipients may claim credit during the transitional period, and cash-ledger deposits made under the existing registration before new registration are refundable.

Quarterly return option for small taxpayers enables quarterly filing with monthly tax payment, subject to turnover limits.
Notification designates registered persons (excluding certain integrated tax persons) with aggregate turnover up to five crore rupees who opt to furnish quarterly returns and pay tax monthly. Eligibility requires the preceding month's return to have been filed; the option, once exercised, continues unless revised. Crossing the five crore turnover threshold during a quarter removes eligibility for quarterly filing from the first month of the next quarter. Deemed options based on October 2020 GSTR-1 filings assign quarterly or monthly filing defaults, and taxpayers could change the default electronically between 5 December 2020 and 31 January 2021.

Extension of compliance due dates for anti profiteering measures under GST; deadlines shifted to end of March, effective from December.
The Government amended a Finance Department notification to extend deadlines for anti profiteering compliance by substituting the 29th November and 30th November, 2020 dates with the 30th and 31st March, 2021 respectively; the amendment is deemed effective from 1st December, 2020.

Commencement of Amendment Act: specified state GST amendment provisions brought into force, activating the statutory commencement mechanism.
Under the Act's appointment power, the State Government, by notification of the Finance Department, designates the first day of January, 2021 as the commencement date for specified amendment provisions of the Tripura State Goods and Services Tax (Third Amendment) Act, 2020, thereby bringing those provisions into force within the state GST framework.

HSN code requirement mandates eight-digit classification on tax invoices for specified chemical supplies, ensuring invoice compliance.
The Chief Commissioner amends the State GST invoice provisions by inserting a proviso to rule 46 requiring registered persons to mention eight digits of the HSN Code on tax invoices for the specified classes of chemical supplies listed in the appended Table; certain entries bear a specific eight digit HSN Code while others are marked "As applicable" where composition-dependent classification applies. The requirement is limited to the goods enumerated and stems from recommendations of the GST Council and relevant central notifications.

Rescission of administrative GST proceedings under public interest authority withdraws earlier order while preserving prior actions.
The Chief Commissioner of State Tax, Andhra Pradesh, exercising the statutory rescission power and relying on Goods and Services Tax Council recommendations and central notifications, rescinds the proceedings in Ref. No. CCW/GST/74/2015 dated 04-11-2020, except insofar as things were done or omitted to be done before the rescission.

Extension of compliance deadline: earlier notification dates substituted with later dates, effective retroactively from the stated commencement.
The notification amends a prior State Tax notification by substituting two specified earlier calendar dates in the proviso to clause (i) with later calendar dates, extending the deadlines established by that proviso. The amendment is made under the State's delegated GST powers and is declared effective retrospectively from the first day of the stated commencement month, thereby making the substituted dates operative from that commencement date.

Restriction on Electronic Credit Ledger use where input tax credit is suspected fraudulent, with review and one year limit.
A new rule 86A authorises the Commissioner or an authorised officer to withhold debit from the electronic credit ledger where there are written reasons to believe input tax credit has been fraudulently availed or is ineligible, including credits based on invoices from non existent suppliers, absence of receipt of goods or services, unpaid tax by supplier, claimants not conducting business, or lack of requisite documents under rule 36; the officer may later restore debit access and any restriction lapses after one year.

Appointment of Common Adjudicating Authority to adjudicate consolidated show cause proceedings against specified importers under Customs law.
The Additional Director General (Adjudication), Directorate of Revenue Intelligence, Delhi is appointed as Common Adjudicating Authority to exercise the powers and discharge the duties of the Principal Commissioner/Commissioner of Customs (Nhava Sheva II) and the named Joint/Additional Commissioners of Customs in respect of the show cause notice issued to M/s. Meghmani Industries Limited and others, pursuant to clause (a) of section 152 of the Customs Act, 1962 and relevant prior notifications on common adjudicating authorities.

Common Adjudicating Authority appointment ensures designated officers will adjudicate specified show cause notices under the Customs Act
Appointment of a Common Adjudicating Authority under clause (a) of section 152 of the Customs Act, 1962 empowers designated officers to exercise the powers and discharge the duties of the officers listed in the Table, for adjudication of the specified show cause notices issued by the Directorate of Revenue Intelligence in respect of the named noticees.

Electronic invoice requirement: designated taxpayers must obtain an Invoice Reference Number and upload FORM GST INV-01 data for valid invoices.
Designated registered persons must prepare invoices by including particulars in FORM GST INV-01 and obtain an Invoice Reference Number by uploading that information on the Common GST Electronic Portal; invoices issued otherwise will not be treated as invoices, and standard invoicing provisions do not apply to invoices prepared in this prescribed electronic manner.

Export inspection requirement: Certificate of Inspection now required for rice exports to European countries, with phased mandatory coverage.
Amendment imposes a certificate-based compliance condition on exports of Basmati and Non-Basmati rice: exports to EU Member States and Iceland, Liechtenstein, Norway and Switzerland require a Certificate of Inspection issued by the Export Inspection Council or an Export Inspection Agency, and exports to remaining European countries will require such a Certificate of Inspection from 1st July, 2021.

De-notification of SEZ land alters the notified SEZ area under the SEZ Act after required approvals.
Central Government, under the second proviso to sub section (1) of section 4 of the Special Economic Zones Act, 2005 and rule 8 of the SEZ Rules, 2006, de notifies 4.81 hectares from the SEZ at Village Nellikode after the sponsor's proposal, State approval, and Development Commissioner recommendation, resulting in a revised SEZ area of 5.352 hectares with specific survey numbers and parcel areas listed.

Notification correction extends procedural timeline to thirty days and amends wording from proviso to provisos.
Corrigendum to Notification No. 94/2020-Central Tax makes two formal corrections: it replaces the word "proviso" with provisos to correct the textual reference, and it substitutes "seven working days" with thirty days, thereby modifying the procedural timeline specified in the published notification.

Regulatory scope expanded: CBIC now supervises dealers in precious metals, precious stones and real estate agents under PMLA rules.
The amendment substitutes rule 2(1)(fa)(iii) to specify CBIC oversight for dealers in precious metals and precious stones and inserts a new rule 2(1)(fa)(iv) extending CBIC oversight to real estate agents; the rules are titled as the Fourth Amendment Rules, 2020 and commence on publication in the Official Gazette under the powers conferred by section 73 of the Prevention of Money laundering Act, 2002.

Designation of dealers in precious metals and stones as reporting entities for large cash transactions and linked operations.
The Central Government notifies dealers in precious metals and precious stones as persons carrying on designated businesses or professions under the Prevention of Money laundering Act when they engage in cash transactions with a customer equal to or above the prescribed monetary threshold, executed in a single operation or in several operations that appear to be linked, thereby bringing them within the reporting and compliance framework applicable to designated businesses.