Refund procedure changes: new rules allow exclusion of deficiency period, withdrawal of refund applications, and release of withheld refunds.
Amendments exclude the period between filing a refund claim and communication of deficiencies from the two year limitation, allow withdrawal of refund applications before provisional or final sanction by filing FORM GST RFD 01W, and mandate crediting back any electronic ledger debits on such withdrawal. They further revise withholding and release mechanics by substituting FORM GST RFD 07 with a two part form (Part A for withholding with reasons and Part B for release), and permit officers to release withheld refunds when withholding conditions no longer exist.

Specified pension fund designation: Indo Infra Inc eligible for tax exemption on qualifying Indian investments subject to compliance.
Central Government designates Indo Infra Inc. as the specified person under clause (23FE) of section 10 for eligible investments in India until the 31st day of March, 2030, conditional on filing returns with a compliance certificate, quarterly investment intimations, segmented accounting for exempt investments, continued Canadian regulatory status, asset use restrictions to serve beneficiaries only, prohibition on borrowings for investment in India, and non participation in investee day to day operations except for protective monitoring rights.

GST compliance deadline extension with specified exclusions and separate timeline for procedural rule actions and refund orders.
Where any time limit under the Gujarat Goods and Services Tax Act fell between 15 April 2021 and 30 May 2021 and remained uncompleted, the time for completion or compliance is extended to 31 May 2021, covering proceedings, orders, notices and filing of appeals, replies, applications, reports, documents, returns and statements, subject to specified exclusions including certain chapters, selected procedural provisions, e way bill requirements and rules made thereunder. Actions under rule 9 falling between 1 May 2021 and 31 May 2021 are extended to 15 June 2021. For refund rejection notices, issuance of the refund order is extended to fifteen days after receipt of reply or 30 May 2021, whichever is later.

Cumulative input tax credit adjustment required; monthly return must include combined ITC for consecutive tax periods.
The amendment requires the condition governing input tax credit availability to apply cumulatively for April and May, 2021 and mandates that FORM GSTR-3B for the tax period of May, 2021 be furnished with the cumulative adjustment of input tax credit for those months; it also permits registered persons to furnish April, 2021 details using the Invoice Furnishing Facility during the specified May filing window.

Extension of GSTR-4 due date to end-May restores filing deadline for FY2020-21 under section 148 amendment.
Amendment under section 148 of the Gujarat GST Act inserts a proviso requiring specified persons to furnish FORM GSTR-4 for the financial year ending 31 March 2021 up to 31 May 2021, and declares the amendment to be deemed effective from 30 April 2021.

Waiver of late fees for delayed GSTR-3B returns grants limited extra filing windows by turnover class.
Amendment inserts a proviso waiving the statutory late fee for delayed furnishing of FORM GSTR-3B for specified tax periods by defined classes of registered persons, differentiating extensions by aggregate turnover class with distinct additional filing windows measured from the original due date, and applies only to the tax periods and classes listed in the Table.

Interest rates for delayed GST returns now vary by taxpayer turnover with phased increases after an initial grace period.
Amendment inserts Table entries prescribing differentiated interest rates for delayed GST returns based on taxpayers' aggregate turnover and return type, applying a staged interest schedule with an initial lower phase followed by higher rates for subsequent periods. The changes amend the first proviso Table of Notification No.13/2017-State Tax under section 50 read with section 148, and are effective from 18th April, 2021 for the specified monthly and quarterly return periods.

Import policy change: Three pulses moved from restricted to free, with bill of lading and customs clearance deadlines.
The Central Government, exercising powers under the Foreign Trade (Development and Regulation) Act, 1992 and the Foreign Trade Policy, revises import policy for Tur, Moong and Urad (Chapter 7, ITC (HS), 2017) from Restricted to Free with immediate effect for a limited period; Bills of Lading for such imports must be issued by the notification's stated cut-off and Customs clearance must occur by the later clearance deadline imposed.

Specified pension fund status for OMERS Administration Corporation conditioned on compliance, reporting, non-inurement and investment restrictions.
The Central Government designates OMERS Administration Corporation as a specified person under clause (23FE) of section 10, making its eligible investments in India tax-exempt through the specified period, subject to conditions including timely filing of returns, furnishing Form No. 10BBC, quarterly investment reporting in Form No. 10BBB, maintenance of segmented accounts, regulation under Ontario law, restricted asset use and non-inurement to private persons, prohibition on loans for investing in India, limited non-core asset allocation, and non-participation in day-to-day investee operations; breach of conditions removes eligibility.

Specified person designation enables tax exemption for pension fund investments in India subject to compliance requirements.
Specification of the Government Employees Superannuation Board as a specified person under clause (23FE) of section 10 permits exemption for eligible investments in India up to 31 March 2030, conditional on filing returns and Forms 10BBC and 10BBB, maintaining segmented accounts, remaining regulated under Australian law, administering assets solely for statutory retirement and similar benefits, limiting non-purpose assets to ten per cent vested in the Australian government, ensuring earnings do not inure to private persons, prohibiting borrowings for Indian investments and day-to-day participation in investees; violation disqualifies exemption and the notification is effective on publication.

Tax exemption for pension fund: designation of Public Sector Pension Investment Board as specified person, subject to compliance.
The Public Sector Pension Investment Board is designated as a specified person for the exemption under clause (23FE) of section 10 for eligible investments in India during the notified period, subject to conditions including timely return filing, Form No.10BBC certification, quarterly Form No.10BBB disclosures, maintenance of segmented accounts, regulation under Canadian law, use of assets to meet statutory obligations of retirement and related plans, limits on non qualifying assets, prohibition on borrowing to fund Indian investments, and restrictions on operational participation in investees. Violation of conditions removes eligibility.

Sovereign wealth fund exemption conditioned on ownership, audit, reporting, segregated accounts, and prohibition on investment borrowings.
The Central Government designates the Ministry of Economy and Finance (Republic of Korea) as a specified person for the sovereign wealth fund tax exemption under clause (23FE) of section 10, for investments in India up to the specified cut-off, conditioned on timely tax return filing, prescribed statutory audit and annexed audit report, quarterly Form II disclosures, segmented accounts, sole ownership and control by the Republic of Korea, regulation under Korean law, earnings credited to government accounts, prohibition on use of borrowings for such investments, asset vesting on dissolution, and non-participation in investee day-to-day operations; breach renders exemption inapplicable.

Sovereign wealth fund exemption: specified conditions govern tax-exempt investments and compliance reporting requirements in India.
The Central Government designates CDC Group Plc as a specified sovereign wealth fund eligible for exemption under clause (23FE) of section 10 for investments in India made within the prescribed period, conditioned on timely income-tax returns, statutory audit and prescribed audit report, quarterly electronic investment statements in Form II, segmented accounts for exempt investments, continued UK government ownership and regulation, earnings accruing to the UK government, prohibition on borrowings for Indian investments, asset vesting to the UK government on dissolution, and no participation in day-to-day operations of investees; breach disqualifies the exemption.

Fixation of tariff values updated for edible oils, brass scrap, areca nut, gold and silver, altering customs valuation framework.
The Central Board of Indirect Taxes & Customs amends the principal customs non-tariff notification by substituting TABLE-1, TABLE-2 and TABLE-3, thereby fixing tariff values in US dollars per metric tonne or per unit for specified imports including various edible oils, brass scrap, areca nut, and specified forms of gold and silver, and clarifying the scope of entries for precious metals under the principal notification.

Qualified financial market participation: mutual funds and alternative investment funds may enter into designated qualified financial contracts.
The notification designates Mutual Funds and Alternative Investment Funds registered with SEBI as qualified financial market participants, permitting them, subject to conditions specified by SEBI, to enter into qualified financial contracts notified by regulatory authorities pursuant to the Bilateral Netting of Qualified Financial Contract Act, 2020.

GSTR-1 filing deadline extension for April 2021 under Uttar Pradesh GST applies to registered persons filing monthly returns.
Extension of the time limit for furnishing outward supply details in FORM GSTR-1 for registered persons required to furnish returns under section 39(1) of the Uttar Pradesh GST Act, 2017. The amendment inserts an additional proviso and applies to the tax period April, 2021. The due date for filing FORM GSTR-1 for that period is extended until the twenty-sixth day of the month succeeding the relevant tax period.

GST ITC-04 filing deadline extended for job worker transactions during the January-March 2021 period.
The time limit for furnishing FORM GST ITC-04 is extended up to 31 May 2021 for goods dispatched to a job worker or received from a job worker during 1 January 2021 to 31 March 2021. The extension is made under section 168 of the Uttar Pradesh Goods and Services Tax Act, 2017 and rule 45(3) of the Uttar Pradesh Goods and Services Tax Rules, 2017, and is deemed to have come into force from 25 April 2021.

Sovereign Gold Bond Scheme issues gold denominated bonds with fixed interest, demat option, and annual investment limits.
The Sovereign Gold Bond Scheme 2021-22 issues government stock in one gram denominations (min one gram) to specified resident Indian entities with annual ceilings (4 kg individuals/HUF, 20 kg trusts). Nominal value is based on the three day average gold price; online digital payments attract a Rs.50 per gram discount. Bonds are convertible to demat, carry fixed interest at 2.50% per annum payable half yearly, mature in eight years with early redemption from year five, and have maturity redemption priced on the three day average gold rate. Interest is taxable; redemption capital gains are exempt for individuals.

GST filing concession: companies may furnish returns and outward-supply details using specified forms verified by EVC.
The amendment permits registered persons under the Companies Act, 2013 to, during 27th April, 2021 to 31st May, 2021, furnish the return under section 39 in FORM GSTR-3B and the details of outward supplies under section 37 in FORM GSTR-1 or using the invoice furnishing facility, with such submissions verified through electronic verification code (EVC).

Extension of GSTR 1 filing deadline for April returns now due by the twenty-sixth day of the succeeding month.
The Commissioner has amended the existing notification to insert a proviso extending the time limit for furnishing details of outward supplies in FORM GSTR-1 for the tax period April 2021, allowing registered persons required to furnish returns under the return obligation to submit those details until the twenty-sixth day of the month succeeding the tax period.