FAQs on Industry Standards for Related Party Transactions
Both the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) have issued communications providing Frequently Asked Questions (FAQs) on the Industry Standards prescribing the minimum information to be placed before the Audit Committee and shareholders for approval of Related Party Transactions (RPTs). These updates are linked to SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/93 dated June 26, 2025, which introduced a standardised disclosure framework to ensure transparency and uniformity in RPT approvals.
Compendium on GST Council’s 56th Meeting – Impact on Major Industries
The 56th GST Council meeting (3rd September 2025) introduced sweeping rate rationalisations and reforms. This compendium presents industry-specific analyses for major industries impacted by the GST rates rationalization, with highlights of positive impacts, challenges, and outlooks for each sector.
24×7 Operations for Shops in Chandigarh & NSA Powers Delegated
The Chandigarh Administration has issued two major updates:
1. Round-the-Clock Operations for Shops & Establishments
o All shops and commercial establishments are now allowed to operate 24×7, 365 days a year.
The Taxation Laws (Amendment) Act, 2025 – Key Amendments in Income-tax Act and Finance Act
The Taxation Laws (Amendment) Act, 2025 received Presidential assent on August 21, 2025. The law introduces important changes to the Income-tax Act, 1961 and the Finance Act, 2025, with a focus on pension taxation, exemptions for sovereign wealth funds, and revised provisions for block assessments following search and requisition proceedings.
BIS notifies Indian Standards w.r.t. Environmental Management
The Bureau of Indian Standards (BIS) has notified the establishment of new Indian Standards across multiple sectors including environmental management, climate change, tissue paper testing, municipal governance, petroleum refineries, and healthcare. The notification also provides timelines for withdrawal of older versions where applicable. These updates align Indian Standards with ISO norms and evolving sustainability requirements.
Establishment and Withdrawal of Indian Standards – BIS Notification (August 2025)
The Bureau of Indian Standards (BIS), under the Department of Consumer Affairs, has notified the establishment of several new Indian Standards and corresponding withdrawal of outdated ones. This update is issued under Rule 15(1) of the BIS Rules, 2018, which empowers BIS to establish, revise, or withdraw standards.
Karnataka Lifts, Escalators and Passenger Conveyors (Amendment) Bill, 2025
The Bill has been introduced to modernise the regulatory framework relating to lifts, escalators, and passenger conveyors in Karnataka. The changes are intended to strengthen compliance with updated safety standards under the Central Electricity Authority (Measures relating to Safety and Electric Supply) Regulations, 2023, while also shifting to a trust-based governance model for ease of living and doing business.
Exemption for Shops & Establishments under Puducherry S&E Act, 1964
The Government of Puducherry has issued a notification granting exemptions under the Shops and Establishments Act, 1964. Shops and establishments employing less than 50 workers are fully exempted from all provisions of the Act. For those employing 50 or more workers, exemptions are granted from sections 12(1), 12(2), 17(1), and 17(2), subject to conditions. Employees cannot be made to work more than 12 hours a day or 48 hours a week
Allowing 24×7 Operations & Night-Shifts for Women – Puducherry Shops & Establishments Act Amendment
The Government of Puducherry — exercising powers under Section 6 of the Puducherry Shops and Establishments Act, 1964 — has issued a new order allowing shops and establishments employing 50 or more persons to operate 24×7, all days of the year. This supersedes the earlier order dated October 27, 2022 (G.O. Ms. No. 16). The change permits extended business hours while embedding safeguards for employees, including for women working night shifts.
Fixation of New Standard Input Output Norms (SIONs) A-3693 & A-3694
Norms (SIONs) under the “Chemical and Allied Product” group (Product Code ‘A’). These norms, listed as SION No. A-3693 and A-3694, cover the export of Minoxidil Topical Aerosol 5% (Foam) and Benfotiamine. The fixation of these norms enables Regional Authorities (RAs) to issue Advance Authorisations directly without referring cases to the Norms Committee, thereby ensuring quicker approvals and uniformity in implementation.