Tariff value fixation updated for specified imports, setting revised customs valuation for oils, metals, scrap, and areca nut.
The Board, invoking powers under sub-section (2) of section 14 of the Customs Act, amends the principal customs notification by substituting revised tables that fix tariff values in USD per metric tonne or per unit for specified edible oils, brass scrap, gold and silver (with scope qualifications), and areca nuts, effective 16 June 2023.

Exchange rate determination for customs: prescribed conversion rates govern import and export valuation under schedule publication.
The Central Board of Indirect Taxes and Customs determines schedule-based exchange rates for conversion between specified foreign currencies and Indian rupees for customs valuation, fixing distinct rates for imported and export goods effective 16th June, 2023, and superseding the prior notification except as to prior actions; the operative rates are those specified opposite each currency in Schedule I (per unit) and Schedule II (per 100 units).

Courier jewellery export declarations must now specify whether re-import facility will be availed for goods under designated tariff headings.
Courier export declarations for jewellery are amended in Form HA under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010. For export consignments containing jewellery classifiable under CTH 7117 or CTH 7113, the declarant must state whether the re-import facility will be availed. This replaces the earlier requirement to merely disclose whether such jewellery was contained in the export consignment.

Designation of Special Courts for tax and black money offences provides specified district-wise trial jurisdiction in Jharkhand.
Designation of Special Courts under section 280A of the Income-tax Act and section 84 of the Black Money Act assigns three Special Courts (Economic Offences) at Ranchi, Jamshedpur and Dhanbad to exercise district-wise trial jurisdiction over specified districts in Jharkhand, concentrating prosecution and trial of offences under those statutes in the designated courts.

Materiality and disclosure obligations tightened: listed entities must promptly report material events and secure periodic shareholder approvals.
The amendments impose strengthened disclosure and governance duties: adopt a defined mainstream media scope; disclose cyber incidents, insider social/mainstream media communications about material events, and regulator communications unless prohibited; apply quantifiable materiality thresholds plus a board-opinion residual test and require a materiality policy. Timelines require prompt disclosure within short statutory windows. Vacancies for Compliance Officer, directors and key managerial personnel must be filled within three months; directors and shareholders' special rights require shareholder ratification at least once every five years. Sale or disposal of whole undertakings needs prior special-resolution approval with public shareholder safeguards. Additional agreement, resignation and sustainability reporting obligations are introduced.

Aadhaar authentication allowed for voluntary use in agricultural loan applications via the bank's portal, subject to statutory compliance.
The Central Government authorises the National Bank for Agriculture and Rural Development to perform Aadhaar authentication on a voluntary basis for residents applying for agricultural loans via the Bank's portal, using Yes/No and e-KYC modes, subject to compliance with the Aadhaar Act, its rules and regulations, and directions of the Unique Identification Authority of India, effective from publication in the Official Gazette.

Moratorium exclusion for oil and mining contracts preserves specified contracts and related agreements from suspension under insolvency law.
The Central Government notifies that the moratorium provisions under the Insolvency and Bankruptcy Code shall not apply to Production Sharing Contracts, Revenue Sharing Contracts, Exploration Licenses and Mining Leases under the Oilfields (Regulation and Development) Act, nor to transactions, arrangements or agreements, including Joint Operating Agreements, connected or ancillary to those contracts.

Sovereign Gold Bond Scheme issues gold denominated bonds with 2.5% interest, eight year maturity and specified subscription limits.
The Sovereign Gold Bond Scheme 2023-24 issues Government of India Stock in gram denominations to resident individuals, HUFs, trusts, charitable institutions and universities, with mandatory PAN and designated receiving offices. Bonds bear interest at 2.50% per annum paid half yearly, mature at eight years with early redemption permitted after five years, are tradable and transferable, may be used as collateral subject to applicable LTV, and have subscription ceilings (4 kg for individuals/HUFs, 20 kg for trusts). Nomination, transfer and taxation rules follow existing government securities regulations.

Input tax credit communication and restrictions revised, altering return timelines and conditioning furnishing of outward-supply details.
The Act revises timelines and compliance conditions, substitutes section 38 to require an auto-generated statement communicating details of inward supplies and input tax credit to recipients, omits matching provisions (sections 42, 43 and 43A), conditions furnishing of outward-supply details on prior compliance while permitting exceptions by notification, and recalibrates availment, reversal and interest rules for input tax credit subject to prescribed conditions, restrictions and notification by the Government on Council recommendation.

Subordination of income-tax officers: appeals and senior officers expressly made subordinate to local Chief Commissioners and reporting superiors.
The notification amends the subordination framework by making Joint and Additional Commissioners of Income-tax (Appeals) subordinate to Chief Commissioners within their jurisdiction and by specifying that Additional Directors, Additional Commissioners, Joint Directors and Joint Commissioners of Income-tax are subordinate to the Directors or Commissioners within whose jurisdiction they operate or to the authority under whom they are appointed and to any authority to whom their superior is subordinate; it further clarifies that nothing compels a particular assessment or interferes with the discretion of appellate commissioners.

E-Appeals Scheme implementation: designated income-tax authorities authorised to conduct electronic appeal proceedings, subject to statutory exclusions.
The Board directs specified income-tax authorities to exercise powers and perform functions to facilitate electronic appeal proceedings under the e-Appeals Scheme, 2023, implementing the Scheme made under the statute and published by notification; applicability is to appeals covered by the statutory appeal provision subject to listed exclusions, with designated authorities and headquarters set out in an annexed Schedule and directions effective from Gazette publication.

Basic customs duty reduction on specified edible oils implemented, substituting lower duty entries and effective mid June.
The Central Government amends a prior customs notification by substituting the Table entries at serial numbers 2 and 6 with a 12.5% basic customs duty for specified crude and refined soya, sunflower and palm oils; the amendment is made in the public interest and takes effect from 15 June 2023.

Import policy change for copra: reclassified as restricted, modifying authorised import channels and prior state-trading regime.
The notification amends the import classification of copra (ITC (HS) 12030000), replacing the State Trading Enterprise regime with a Restricted import regime. It records that earlier imports were permitted through NAFED subject to the Foreign Trade Policy provision, and does not specify a new policy condition, thereby changing the regulatory regime and authorisation framework for copra imports.

GST threshold reduction lowers the state turnover threshold for Bihar GST applicability, changing the higher limit to a lower limit effective August.
A further notification issued 13 June 2023 amends Notification No. S.O. 110 (6 May 2020) by substituting the earlier higher turnover limit with a lower limit for purposes of Bihar GST applicability and classification; the amendment is made under the Bihar GST Rules on the Council's recommendation and takes effect from 1 August 2023.

GST invoice compliance threshold lowered under Uttar Pradesh rules by replacing the higher turnover limit with a lower one.
Threshold for the mandatory application of rule 48(4) under the Uttar Pradesh Goods and Services Tax Rules, 2017 is amended by substituting "ten crore rupees" with "five crore rupees" with effect from 1 August 2023. The change is made in the existing notification dated 30 April 2020 on the recommendation of the Council.

Exchange rate revision updates customs valuation for South African Rand affecting import and export transactions.
Amendment substitutes the Schedule I entry for the South African Rand in the customs notification, revising the exchange rates applicable to imported and exported goods and superseding the earlier Schedule provision, with the substituted entry to govern customs valuation for transactions in South African Rand from the stated operative date.

Cost Inflation Index update: new index entry for the financial year, applicable from the stated year for assessment calculations.
Amendment inserts a new Cost Inflation Index entry for financial year 2023-24, to be used in indexation for capital gains computation, made under the Explanation to section 48 and effective from the commencement of the financial year, applying to the corresponding assessment year and subsequent assessment years.

Majority decision rule for advance rulings: tie resolved by nominated third member, ruling issued after hearing.
The Board shall pronounce an advance ruling after considering responses and, if requested, after providing an opportunity of being heard through video conferencing; a copy of the ruling must be sent to the applicant and the authority to whom the reference was made. If Members differ in opinion on any point, those points are to be referred to the Principal Chief Commissioner (International Taxation) for nomination of one Member from another Board, and the points shall be decided according to the opinion of the majority of Members.

Signature and submission rules for advance ruling applications now require authorised signatories and registered e-mail filing.
The Income-tax (Ninth Amendment) Rules, 2023 substitute rule 44E(2) to require that applications, verifications, annexures and accompanying documents for advance rulings be signed or digitally signed by prescribed authorised persons for each applicant type, permit signing by an authorised representative holding a valid power of attorney (to be attached), and require furnishing through the registered e-mail address. The amendment replaces "Authority" with "Board" in rule 44F and substitutes Forms 34C-34EA with standardized application forms and notes, specifying required content, annexures and fee proof.

Option to pay GST: declaration deadline set and GTAs starting business may elect liability via Annexure V.
Inserts provisos allowing a taxpayer to elect the option to self-pay GST for the specified financial year subject to a fixed cut-off, and permits a goods transport agency that starts business or crosses the registration threshold during a financial year to opt to pay GST by filing a declaration in Annexure V within a limited period from the date of applying for registration or from the date of obtaining registration, whichever is later.