IPO grading optionality now permitted for issuers; disclosure formats updated and statement of assets standardized.
Regulation 26(7) permits an issuer making an initial public offer to obtain IPO grading from one or more credit rating agencies registered with the Board. Several Schedule VIII and Schedule XIII provisions and advertisement formats are amended to insert "(if applicable)" or ", if applicable" after references to IPO grading, making grading references conditional. The illustrative Statement of Assets and Liabilities in Schedule VIII is replaced by a tabular format specifying shareholders' funds, non-current and current liabilities and assets with sub-items across reporting years.

Customs duty exemption for tunnel boring machines and parts established by amendment to the tariff notification.
The Central Government amends Notification No. 12/2012 Customs by substituting Table entry 397 to list (A) tunnel boring machines and (B) parts and components for assembly, classified in Chapter 84 or any other chapter, and records Nil in the duty columns, thereby providing a customs duty exemption for those goods under the principal notification.

Excise exemption: specific feed-grade dicalcium phosphate and rail construction materials exempt with conditions and specified duty rate.
Amendment adds DCP of animal feed grade to the exemption table at nil duty and inserts railway or tramway track construction material of iron and steel with a 12% excise duty, specifying that the value excludes rails; it also adds Annexure condition 49 permitting the exemption only if manufactured from rails on which excise duty has been paid and no Cenvat credit has been taken under rule 3 or rule 13 of the Cenvat Credit Rules, 2004.

Service tax non-recovery on authorised person and sub-broker services to exchange members relating to forward contracts.
The Central Government directed that service tax payable on services provided by an authorised person or sub-broker to a member of a recognised association or a registered association, in relation to a forward contract, shall not be required to be paid in respect of such taxable service on which the service tax was not being levied during the specified historical period in accordance with the prevailing practice.

Shelf prospectus eligibility: qualifying issuers may file shelf prospectuses subject to financial, rating, disclosure and issuance limits.
The amendment permits specified issuers to file a shelf prospectus for public issuance of debt securities, defines key terms by reference to the Companies Act, lists eligible entities and financial, rating and conduct criteria (including net worth, profit track record, minimum rating, absence of regulatory action and no defaults), requires filing an information memorandum with exchanges and the Board containing Companies Act disclosures, a term sheet, rating updates and financial ratios, and limits issuances under one shelf prospectus to four.

Diplomatic invoice threshold removed, expanding embassy entry coverage under the VAT notification and altering prior invoice condition.
Partial amendment of a Value Added Tax notification deletes the invoice-value limitation attached to Sl. No. 34 in Part A - List of Embassies, thereby broadening the operative coverage of that listed embassy entry by removing the prior invoice threshold requirement.

Tariff value fixation updated: Customs notification substitutes revised tariff value tables for specified imported agricultural and metal goods.
The Central Board of Excise & Customs amends Notification No. 36/2001-Customs (N.T.) by substituting revised TABLE-1, TABLE-2 and TABLE-3 setting forth updated tariff values in US dollars for specified imported commodities, including palm oil varieties, soyabean oil, brass scrap, poppy seeds, areca nuts, and valuation entries for gold and silver where certain notification benefits are availed.

Tax amnesty extension allows payment of outstanding tax and filing of returns in exchange for penalty waivers upon compliance.
The Scheme is extended to 18 February 2014 with amendments requiring that where tax deficiency is unrelated to turnover the tax payable equals the deficiency, works contract tax can be calculated by contract or land rate, and declarants who failed to file returns or pay tax for periods ending on or before 31 March 2013 must pay net tax for all default periods and file outstanding returns before declaring. Upon payment of tax with interest and filing of all returns in default, declarants become eligible for immunity from specified penalties; Form DSC-1 is updated to capture required details.

Removal of DTA sales cap allows SEZ worn clothing units to sell un mutilated export surplus freely; LOAs to be amended.
The Department of Commerce deletes the provision limiting DTA sales of un mutilated clothing from export surplus or rejects for worn and used clothing units in SEZs, and directs all Development Commissioners to amend the Letters of Approval issued to such units to reflect this change.

Double taxation agreement limits source state withholding on investment income and establishes PE, capital gains and information exchange rules.
The Double Taxation Avoidance Agreement allocates taxing rights: business profits taxable in source only when a permanent establishment exists; aircraft operation profits taxable in the state of place of effective management; dividends, interest, royalties and technical fees taxable in both residence and source but subject to maximum source state rates; capital gains on share sales taxable in the source state. The Agreement further provides for exchange of information, assistance in tax collection and anti abuse provisions to restrict treaty benefits to residents.

Definition of governmental authority broadened to include entities with substantial government equity or control performing municipal functions.
Substitutes clause (s) to define governmental authority as an authority, board or other body set up by primary legislation or established by government with substantial government participation by equity or control, when formed to carry out functions entrusted to a municipality under the constitutional municipal-functions provision; effected by Notification No. 02/2014 amending Notification No. 25/2012.

Extension of audit filing deadline for large dealers permits later submission of Form AR-1 under VAT procedural rules.
Extension of the filing deadline for the audit report in Form AR-1 for dealers meeting the specified turnover threshold in the relevant years; the notification partially modifies an earlier notification and extends the due date by exercise of powers under Section 49 and 70 read with Rule 42A, and directs departmental dissemination and professional compliance, noting peer review of selected cases.

Prohibition exemption for re-imported project machinery conditioned on original transit documents and customs verification.
Amendment inserts a proviso exempting from the prohibition the import of machinery and equipment previously exported to Bhutan via an Indian entry for project use, subject to production of the original transit documents including the 'Letter of Guarantee' or the 'Bill of Import' and satisfaction by the Assistant or Deputy Commissioner of Customs as to the identity of the goods.

Certification requirement for investment advisers mandates higher-level NISM certification or accepted CFP qualification as alternative.
Investment advisers and their associated persons offering investment advice must obtain NISM-Series-X-B (Investment Adviser Level 2) certification under Regulation 3; this reiterates the earlier foundational NISM requirement and prescribes the Level 2 examination as requisite. An exemption applies for persons holding the Certified Financial Planner qualification from FPSB India obtained by the notification date or within thirty days thereafter. Alternatively, certification may be obtained from organizations accredited by NISM to satisfy the relevant investment adviser regulation's certification requirement.

Customs exemption rate change increases duty for specified entry by substituting the previous nil rate with a positive rate.
The Central Government, exercising powers under section 25(1) of the Customs Act, 1962, amends Notification No.27/2011-Customs by substituting the entry in column (4) against serial number 23 from "Nil" to 5%, thereby converting the previously exempt item into one subject to a specified rate.

Appointment under VAT law: Additional Commissioner designated to assist Commissioner in administration and enforcement of VAT.
Under powers conferred by the Delhi Value Added Tax Act and the Delhi VAT Rules, the Lt. Governor appointed officers to assist the Commissioner of Value Added Tax, with appointments taking effect from the date of assumption of charge. Sh. Sunil Kumar Singh, who physically joined on 11.11.2013, is appointed Additional Commissioner, Value Added Tax, by government notification dated 24/01/2014 issued in the name of the Lt. Governor and signed by the Deputy Secretary (Finance).

Assignment of Show Cause Notice to adjudicating commissioner transfers adjudication responsibility for specified import case.
The Board, under powers conferred by customs notifications, assigns a show cause notice relating to specified imports to the Commissioner of Customs (Adjudication), Mumbai, thereby transferring adjudication responsibility to the designated Common Adjudicating Authority and notifying relevant administrative offices and the department's electronic gateway.

Capacity determination for tobacco packing machines revised to replace the capacity table and require pro rata annual calculation.
The amendment substitutes the capacity Table in Rule 5 to map retail sale price bands to monthly production capacities per packing machine for specified tobacco products, distinguishing capacities with and without lime pouches and for Filter Khaini; and it replaces the third proviso to Rule 6(3) to require pro rata calculation of annual production capacity for the January period commencing on the amendment's effective date.

Packing capacity determination amended: new retail price band thresholds, pro rata January capacity rule, and duty apportionment ratios.
Amendment substitutes the monthly pouch per machine table tied to retail price bands for capacity assessment, prescribes a pro rata calculation of annual capacity for 24-31 January 2014, and replaces FORM 2 to mandate specified duty apportionment ratios between central excise, additional excise, National Calamity Contingent Duty, Education Cess and Secondary and Higher Education Cess for pan masala and pan masala containing tobacco.

Compound Levy Scheme duty rates updated for chewing and unmanufactured tobacco, with retail price banded and formulaic monthly machine duties.
Notification No.02/2014 substitutes Table 1 of Notification No.16/2010 to prescribe revised monthly duty rates per packing machine under the Compound Levy Scheme for chewing tobacco (with categorical columns for filter khaini and lime packaging variants) and unmanufactured tobacco, keyed to retail sale price bands and including linear formulae that add a multiplier times (P minus a threshold) to base rates, together with an adjusted reading for a specified column entry and illustrative computations showing the calculation method.