Sponsor de-classification allowed subject to holding limits, independent investment manager and broad unit-holder approval and exit option.
The Regulations add an inducted sponsor definition and broaden sponsor-related definitions to include certain institutional investors. They permit de-classification of a sponsor after listed status for a statutory period, subject to conditions including a cap on sponsor-and-associate unit holding, independence of the investment manager from the sponsor, and unit-holder approval. The amendments cap maximum subscription by any non-sponsor investor in initial offers, restrict acquisitions that would exceed a prescribed share of outstanding units without super-majority approval, and require exit options where such approval is not obtained; sponsor changes or control transfers also require super-majority approval or mandated exit remedies.

Promoter voting rights acquisition temporarily permitted via preferential issue, enabling increased stake without triggering open offer requirements until specified deadline.
The amendment authorises a promoter to acquire voting rights beyond the five percent threshold up to a temporary higher limit when the acquisition results from a preferential issue of equity shares by the target company for the financial year 2020-21, and clarifies that the relaxation in regulation 6's first proviso is available only until March 31, 2021.

Late fee waiver for delayed GSTR 1 filings when taxpayers submit returns within the designated remedial filing window to avoid penalties.
The amendment adds a proviso waiving the late fee payable under the late filing provision for registered persons who failed to furnish outward supplies in FORM GSTR 1 for July 2017 to November 2019 but who furnished those details during the specified remedial filing window; the amendment is declared effective retrospectively from the start of that window.

Composition scheme reporting: quarterly CMP-08 statements and annual GSTR-4 returns mandated, with specified timelines on revocation or cessation.
Amendments require persons whose registrations are revoked to furnish returns for the period from cancellation to revocation within thirty days of revocation. Rule 62 now mandates quarterly statements in FORM GST CMP-08 reporting self-assessed tax by the eighteenth day after the quarter and an annual return in FORM GSTR-4 by the thirtieth day of April. A new sub-rule requires those ceasing to avail the departmental notification to file CMP-08 for the period of payment under the notification and GSTR-4 for the corresponding annual period; FORM GST CMP-08 and a REG-01 instruction are inserted.

Waiver of late fee for delayed GSTR-1 filings when outward supply details are subsequently filed within the corrective window.
Waiver of late fee under Section 47 is granted where registered persons who failed to furnish outward supply details in FORM GSTR-1 for the months/quarters from July 2017 to September 2018 furnish those details in FORM GSTR-1 during the period from 22nd December, 2018 to 31st March, 2019, by virtue of an amendment inserting a proviso to the earlier notification issued under the State GST Act.

State tax rate amendment reduces the prescribed figure and imposes conditions on long-term lease exemptions, including joint liability and contractual disclosure.
Amendment to Notification No.12/2017 substitutes "50" with "20" in column (3) against serial number 41 and replaces column (5) with provisos making the long-term lease exemption conditional on use for allotted industrial or financial purposes, requiring State department monitoring, imposing joint and several liability on original and subsequent lessors/lessees/buyers for unpaid State Tax with interest and penalty upon violation or change of land use, and mandating express contractual disclosure of the exemption; effective 1 January 2020.

Government ownership requirement clarifies eligibility for GST exemption, specifying direct or indirect state control through wholly owned entities
Inserts an Explanation into Notification No. 12/2017 clarifying that, for the exemption, the Central Government, State Government or Union territory must have 50 percent or more ownership in the entity, directly or through an entity wholly owned by that government, with the amendment effective from 20th September, 2018.

GST amendments expand registration, invoicing and input tax credit controls, and add liability for those who retain benefits of transactions.
Amendments revise definitions to include reorganised territories and expand references to services; modify registration rules and extension of procedural periods; reframe invoice requirements to allow notifications on when tax invoices are required, deemed or dispensed with; prescribe form and manner for tax deduction certificates; expand penalty and offence provisions to include persons who retain benefits of specified transactions and those who cause offences; clarify transitional input tax credit filings within prescribed time and manner; extend the assessment limitation period and amend Schedule II supply characterization.

Renting of passenger motor vehicles with fuel included - supply to body corporate defined and invoicing obligations specified.
Substitution of entry 15 in Notification No.13/2017 defines renting of motor vehicles designed to carry passengers where the cost of fuel is included in the consideration as a service when provided to a body corporate; addresses suppliers other than body corporates who supply to a body corporate and do not issue an invoice charging central tax at the specified rate; and covers any body corporate located in the taxable territory. The amendment is effective from 1 January 2020.

GST rate amendment: certain polyethylene and polypropylene bags reclassified to a higher State tax rate, altering supply classification.
Amendment revises Telangana State GST schedules by omitting serial numbers 80AA and 171A from Schedule II (6%) and inserting two entries into Schedule III (9%): woven and non-woven polyethylene/polypropylene bags and sacks used for packing, and flexible intermediate bulk containers; the change is effective from January 1, 2020.

E-way bill validity extension: bills generated before lockdown and expiring thereafter deemed extended until end of June.
Where an e-way bill was generated under the applicable rules on or before the day preceding the lockdown and its original validity expired on or after the date the lockdown began, the validity of that e-way bill is deemed extended until the end of June of the same year; the amendment substitutes the prior proviso to clarify this temporal scope.

Extension of refund order deadline: issuance deferred until after taxpayer's reply or a later fixed date.
Where a notice has been issued rejecting a refund claim and the time limit for issuing the order falls between 20 March 2020 and 29 June 2020, the time for issuing that order is extended to fifteen days after receipt of the registered person's reply to the notice or to 30 June 2020, whichever is later; the Notification is effective from 20 March 2020 and is issued in view of the COVID-19 pandemic under the exercise of statutory notification powers read with the integrated GST provision.

Foreign portfolio investment payment rules permit designated account funding and repatriation of net sale proceeds for eligible non-debt investments.
Foreign portfolio investors must pay consideration through inward remittance or eligible foreign currency and/or SNRR accounts, which are exclusively usable for transactions under the relevant Schedule unless otherwise specified. Net-of-tax proceeds from specified equity instruments and fund units may be remitted outside India or credited to eligible accounts. Investment-vehicle consideration may be paid through inward remittance, special purpose vehicle share swaps, or NRE and FCNR(B) funds; eligible investors may use SNRR accounts for trading in listed or proposed-to-be-listed units.

Tariff value fixation for specified imported goods updates valuation rates affecting customs assessment and entry benefits.
The Central Board of Indirect Taxes & Customs, invoking section 14(2) of the Customs Act, 1962, amends Notification No. 36/2001 Customs (N.T.) by substituting three tables prescribing tariff values in US dollars per specified unit for listed import items, including edible oils, brass scrap, poppy seeds, areca nuts, and defined categories of gold and silver, to serve as valuation benchmarks for customs assessment and entry benefits.

E-way bill validity extension preserves validity for affected bills generated before lockdown, deeming expiry extended to a specified date.
Notification 47/2020 amends a prior State GST notification to deem the validity of e-way bills generated under rule 138 on or before 24 March 2020, and whose validity expired on or after 20 March 2020, extended until 30 June 2020.

Extension of time to issue refund rejection orders granted, with deadline tied to reply receipt or a later specified date.
Notification extends the period to issue orders on rejection of refund claims, where the statutory time limit fell during the pandemic-affected period, to fifteen days after receipt of the registered person's reply or to the thirtieth day of June, 2020, whichever is later; effective from the twentieth day of March, 2020.

E-way bill validity extended for bills expiring during the specified period under the GST notification framework.
Extends the validity of e-way bills generated under the Uttarakhand Goods and Services Tax Rules, 2017 where the original validity period expired between 20 March 2020 and 15 April 2020, by deeming such validity to continue until 31 May 2020. The amendment is inserted into the earlier notification issued under section 168A of the Uttarakhand Goods and Services Tax Act, 2017, read with section 20 of the Integrated Goods and Services Tax Act, 2017, and applies to e-way bills generated on or before 24 March 2020.

Corporate debtor registration under insolvency process amended to exclude compliant taxpayers and require new state registrations after IRP/RP appointment.
Special procedure for corporate debtors under the corporate insolvency resolution process was amended to exclude compliant debtors who had already furnished statements and returns before the IRP/RP appointment. The revised registration rule treats the corporate debtor as a distinct person from the appointment date and requires new registration in each State or Union territory where it was earlier registered, within thirty days of appointment or by 30 June 2020, whichever is later.

GST return filing flexibility expands with EVC filing for companies and SMS-based Nil return verification.
A registered person registered under the Companies Act, 2013 was permitted, for the period from 21 April 2020 to 30 June 2020, to furnish FORM GSTR-3B under section 39 by verification through electronic verification code. A new rule also allowed a Nil return in FORM GSTR-3B to be furnished through short messaging service using the registered mobile number, with verification by OTP on the registered mobile number.

Cost Inflation Index update affecting capital gains computation takes effect from the notified assessment year onward.
Amendment inserts a Cost Inflation Index entry of 301 for the financial year 2020-21 into the table under the Explanation to section 48, updating the index used in capital gains computation and declaring that this index takes effect from 1 April 2021 and applies to the assessment year 2021-22 and subsequent years.