Summary: The week from 28 September to 4 October 2026 witnessed important regulatory developments across Income Tax, GST, Central Excise, Customs, DGFT, SEBI, insolvency law, RBI and small savings. CBDT revised the appellate authority hierarchy and issued several scientific research notifications, besides extending the AY 2026-27 tax audit and return filing timelines. GSTN introduced the Multistate Registration facility. Central Excise SAED rates on ATF and diesel exports were revised, while CBIC revised customs tariff values, established a Special Notified Zone at Surat and mandated import permits for specified insecticides imported for non-insecticidal use. DGFT extended RoDTEP, various Minimum Import Price conditions and EPM RELIEF timelines. SEBI issued a new Master Circular for Debenture Trustees and other investor-related measures. NCLAT delivered significant rulings concerning going-concern liquidation and CIRP closure, while RBI issued several directions and circulars covering bank shareholding, currency management, note sorting machines and SC/ST credit facilities. The Supreme Court also ruled on forfeiture of amounts deposited by a defaulting liquidation-auction purchaser.
Notifications & Circulars issued during week (28th – 4th Oct 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
1. Income Tax
CBDT Revises Appellate Income Tax Authority Hierarchy under Section 238: The amendment provides that Joint Commissioners of Income-tax (Appeals) and Additional Commissioners of Income-tax (Appeals) shall be subordinate to the Principal Chief Commissioners of Income-tax or Chief Commissioners of Income-tax within whose jurisdiction they perform their functions.
(Link: Income Tax Notification 133/2026 Dated 30/09/2026)
Jai Research Foundation, Valsad, Gujarat notified under section 45(4)(b) for Scientific Research: It notifies Jai Research Foundation, Valsad, Gujarat for ‘Scientific Research’ under the category of ‘Research Association’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the Income-tax Rules. This section allows for deduction for any sum paid to such notified institutions for scientific research while computing income tax.
(Link: Income Tax Notification 132/2026 Dated 29/09/2026)
Santhigiri Ashram, Thiruvananthapuram notified under section 45(4)(b) for Scientific Research: It notifies Santhigiri Ashram, Thiruvananthapura for ‘Scientific Research’ under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 131/2026 Dated 28/09/2026)
Institute for Financial Management and Research, Chennai notified under section 45(4)(b) for Scientific Research: It notifies Institute for Financial Management and Research, Chennai for ‘Scientific Research’ in Social Science or Statistical Research as other institution under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(ii) of Income-tax Act, read with rules 32 and 34 of ITax Rules.
(Link: Income Tax Notification 130/2026 Dated 28/09/2026)
UPASI Tea Research Foundation, Tamil Nadu notified under section 45(4)(b) for Scientific Research: It notifies UPASI Tea Research Foundation, Tamil Nadu for ‘Scientific Research’ as other institution under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 129/2026 Dated 28/09/2026)
Santhigiri Ashram, Thiruvananthapuram notified under section 45(4)(b) for Scientific Research: It notifies Santhigiri Ashram, Thiruvananthapuram for ‘Scientific Research’ in Social Science or Statistical Research under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(ii) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 128/2026 Dated 28/09/2026)
Indian Institute of Health Management Research, Jaipur notified under section 45(4)(b) for Scientific Research: It notifies Indian Institute of Health Management Research, Jaipur for ‘Scientific Research’ under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 127/2026 Dated 28/09/2026)
Bhartiya Sanskriti Darshan Trust, Pune notified under section 45(4)(b) for Scientific Research: It notifies Bhartiya Sanskriti Darshan Trust, Pune for ‘Scientific Research’ under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 126/2026 Dated 28/09/2026)
The Voluntary Health Services, Chennai notified under section 45(4)(b) for Scientific Research: It notifies The Voluntary Health Services, Chennai for ‘Scientific Research’ as other institution under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of Income-tax Act, read with rules 32 and 34 of ITax Rules.
(Link: Income Tax Notification 125/2026 Dated 28/09/2026)
Zandu Foundation for Health Care, Mumbai, notified under section 45(4)(b) for Scientific Research: It notifies Zandu Foundation for Health Care, Mumbai, for ‘Scientific Research’ under the category of ‘Research Association’, for the purposes section 45(3)(a)(i) of Income-tax Act, read with rules 32 and 34 of ITax Rules.
(Link: Income Tax Notification 124/2026 Dated 28/09/2026)
Ashoka Trust for Research in Ecology and the Environment, Bengaluru notified under section 45(4)(b) for Scientific Research: It notifies Ashoka Trust for Research in Ecology and the Environment, Bengaluru for ‘Scientific Research’ as other institution under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 123/2026 Dated 28/09/2026)
Schizophrenia Research Foundation, Chennai notified under section 45(4)(b) for Scientific Research: It notifies Schizophrenia Research Foundation, Chennai for ‘Scientific Research’ as other institution under the category of ‘University, College or Other Institution’, for the purposes section 45(3)(a)(i) of the Income-tax Act, read with rules 32 and 34 of the ITax Rules.
(Link: Income Tax Notification 122/2026 Dated 28/09/2026)
GCS Foundation (Formerly known as The Gujarat Cancer Society, Ahmedabad), notified under section 45(3)(b) for Scientific Research: It notifies Jai Research Foundation, Valsad, Gujarat for ‘Scientific Research’ for the purposes section 45(3)(b) of the Income-tax Act, read with rules 35 of the ITax Rules.
(Link: Income Tax PCCIT Notification 08/2026 Dated 28/09/2026)
Extension of timelines for filing of various reports of audit and Income Tax Returns (ITRs) for the AY 2026-27: The due date for furnishing Return of Income for Assessment Year 2026-27 is 31st October, 2026 in the case of persons mentioned at serial number 2 in the Table below Explanation 2 to sub-section (1) of section 139 of the Income-tax Act. CBDT has extended the aforesaid due date of furnishing of Return of Income to 21st November, 2026. Accordingly, the ‘specified date’ for furnishing of the report of audit stands extended from 30th September, 2026 to 21st October, 2026
(Link: Income Tax Circular 07/2026 Dated 28/09/2026)
E-Filing of Income Tax Appeals in ITAT made Mandatory: The Practice Note has prescribed the procedure for electronic filing of appeals and documents before the Tribunal. Effective from 1st October 2026, Memoranda of Appeal must be presented electronically through the designated ITAT e-Filing Portal, appeals not filed through the portal or not filed, signed or verified in the prescribed manner will not be registered. The upload date of the duly signed and verified Memorandum will be treated as the date of presentation. Paper Books, documents and petitions relating to e-filed appeals must also be furnished only through the e-Filing Portal. The same electronic procedure applies to Cross Objections, Stay Applications and Miscellaneous Applications.
(Link: ITAT Practice Note Dated 30/09/2026)
2. GST
GSTN, Advisory on ‘Multistate Registration’ Facility for GST Registration: Taxpayers seeking GST registration in more than one State/UT under the same PAN can use this functionality. A ‘Multistate Registration’ tab has been introduced in the homepage of the Common Portal. Upon selection of the required States/UTs, a Master TRN is generated. Using the Master TRN, the applicant can provide the Common Registration Information (CRI), comprising details such as Business Details, Promoter/Partner details, Authorised signatory, Authorised representative, and Goods and Services. The Master TRN is required to be submitted within 15 days. Once the CRI is submitted, individual TRNs are generated for each selected State/UT. Further, the applicant is required to provide the remaining information such as Principal Place of Business (PPoB), Additional Place of Business (APoB), State-specific Information, and Aadhaar authentication.
(Link: GSTN Advisory Dated 01/10/2026)
3. Central Excise
SAED revised on Export of ATF to Rs 10.50 per Litre: The notification amends earlier notification 08/2026 dated 26th March 2026, to revise the Special Additional Excise Duty (SAED) applicable on export of Aviation Turbine Fuel (ATF). The SAED rate has been substituted with Rs 10.50 per litre (Pre-revised Rs 15.00 per litre), effective from 1st October 2026.
(Link: Central Excise Notification 53/2026 (T) dated 30/09/2026)
SAED revised on Export Diesel to Rs 16.00 per Litre: The notification amends earlier notification 06/2026 dated 26th March 2026, to revise the Special Additional Excise Duty (SAED) applicable on export Diesel to Rs 16.00 per litre (Pre-revised Rs 20.00 per litre), effective from 1st October 2026.
(Link: Central Excise Notification 52/2026 (T) dated 30/09/2026)
4. Custom Duty
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 1st October 2026. The tariff value for crude palm oil is set at USD 1229 per metric ton, while gold and silver have tariff values of USD 1339 per 10 grams and USD 1965 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 11574 per metric ton.
(Link: Customs Notification 80/2026 (NT) Dated 30/09/2026)
Establishment of a Special Notified Zone (SNZ) at Surat International Diatrade Centre (SIDC): The circular prescribes procedures for import, viewing, auction or negotiated sale, customs examination, custody, valuation, clearance and re-export of rough diamonds. Imports are permitted only through air cargo mode and must be accompanied by specified documents, including a Kimberley Process Certificate. After viewing or sale, diamonds must be repacked lot-wise no later than 60 days from import. Unsold goods must be exported under a shipping bill filed within 75 days from import. Sold lots require assessment, payment of applicable duty and Out-of-Charge before removal from the customs area.
(Link: Customs Circular 44/2026 Dated 28/09/2026)
Requirement of import permit for non-insecticidal use of insecticides: The instructions mandates that obtaining an import permit in Form IA from the Registration Committee is a strict statutory requirement for importing any substance listed in the Schedule to the Insecticides Act, even when intended strictly for non-insecticidal or industrial use.
(Link: Customs Instructions 18/2026 Dated 01/10/2026)
5. Directorate General of Foreign Trade (DGFT)
Continuation of Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme: DGFT has extended RoDTEP Scheme up to 31st December 31st 2026. The extension applies to exports made by Domestic Tariff Area (DTA) units, Advance Authorisation (AA) holders, Special Economic Zone (SEZ) units and Export Oriented Units (EOUs). It has been provided that the existing RoDTEP rates and value caps notified in Appendix 4R and Appendix 4RE, as applicable on 30th September 2026, will continue unchanged during the extended period.
(Link: DGFT Notification 41/2026 Dated 30/09/2026)
Extension of Minimum Import Price (MIP) Condition on Sulfadiazine API: DGFT has extended the Minimum Import Price (MIP) condition applicable to Sulfadiazine API covered under Chapter 29 of ITC (HS) up to 30th November 2026. The MIP of Rs 1,774 per kg on Cost, Insurance and Freight (CIF) value for import of Sulfadiazine API will continue to apply until the extended date.
(Link: DGFT Notification 40/2026 Dated 30/09/2026)
Extension of Minimum Import Price (MIP) Condition on ATS 8: DGFT has extended the Minimum Import Price (MIP) condition applicable to specified items covered under Chapter 29 of ITC up to 30th November 2026. The MIP is USD 111 per kg on Cost, Insurance and Freight (CIF) value for imports of ATS 8 [(4R-Cis)-1,1-Dimethylethyl-6 cyanomethyl-2,2-dimethyl-1,3-dioxane-4-acetate].
(Link: DGFT Notification 39/2026 Dated 30/09/2026)
Extension of Minimum Import Price on Virgin Multi-layer Paper Board: DGFT has extended the Minimum Import Price (MIP) condition applicable to specified items covered under Chapter 48 of ITC (HS) for six months, up to 31st March 2027. The MIP of Rs 67,220 per MT on Cost, Insurance, and Freight (CIF) value applies to imports of Virgin Multi-layer Paper Board (VPB) under ITC (HS) Codes 48059100, 48059200, 48059300, 48109200 and 48109900, all other terms and conditions remaining the same.
(Link: DGFT Notification 38/2026 Dated 30/09/2026)
Extension of EPM RELIEF Component II Eligibility: The notification extends the eligibility timeline under Component II of the Resilience & Logistics Intervention for Export Facilitation (RELIEF) under the Export Promotion Mission (EPM), up to 31 March 2027 for shipments meant for delivery or transhipment. It is intended to support Indian exporters and mitigate logistics challenges arising from the continuing West Asia Crisis.
(Link: DGFT Notification 37/2026 Dated 30/09/2026)
Extension of timeline for surrender of unutilised TRQ quantity allocated for Import of 10 Lakh MT of Raw Sugar: The public notice extends the timeline prescribed for surrender of unutilised TRQ quantity allocated for import of Raw Sugar under TRQ up to 15th October 2026, subject to payment of an amount equivalent to 0.5% of the CIF value of the surrendered quantity, as prescribed under the existing modalities.
(Link: DGFT Public Notice 31/2026 Dated 30/09/2026)
Revised composition of the Sub-Committee on Trade Finance under Niryat Protsahan of Export Promotion Mission (EPM): The trade notice revises the composition of the Sub-Committee on Trade Finance under the Niryat Protsahan sub-scheme EPM.
(Link: DGFT Trade Notice 29/2026 Dated 01/10/2026)
6. Securities and Exchange Board of India (SEBI)
SEBI Renews Recognition of BSE Clearing Limited for Three Years: The renewed recognition is for a period of three years, ending on 2nd October 2029. It is subject to the condition that the Exchange shall comply with conditions as may be prescribed by the Securities and Exchange Board of India from time to time.
(Link: SEBI Notification Dated 29/09/2026)
Master Circular for Debenture Trustees: The earlier Master Circular dated 13th August 2025 stands rescinded, with issuance of the new Master Circular. It compiles existing circulars issued as on 28th September 2026 at one place, for easy reference, investor protection and development and regulation of the securities market.
(Link: SEBI Circular Dated 28/09/2026)
Display of Investor Awareness Messages on Broker Websites and Apps: SEBI has directed all stock brokers to prominently display investor awareness messages shared by SEBI on their websites and trading apps as part of Project Jagrook. The circular also directs stock exchanges and depositories to notify their members and participants, disseminate the circular on their websites, and make necessary amendments to their bye-laws, rules and regulations.
(Link: SEBI Circular Dated 01/10/2026)
SEBI Revamps Document Number Verification System for Authentication of Letters and Notices: The modified system now requires the ‘Subject Matter’ as an additional mandatory field for verification and has been aligned with the Outward Number format generated through its E-Office system. A recipient, or a person acting on the recipient’s behalf, can verify whether a SEBI letter, including a notice or show cause notice, was actually issued by it. SEBI has clarified that this process authenticates issuance of the communication and does not verify its contents.
(Link: SEBI Press Release Dated 01/10/2026)
7. Ministry of Corporate Affairs (MCA)
No Notifications/ Circulars during the week.
8. Insolvency and Bankruptcy Board of India (IBBI)
NCLAT, Going-Concern Liquidation commences from Date of Section 33 Liquidation Order: Case of State Bank of India vs Garden Court Distillieries Pvt Ltd, NCLAT Delhi Judgement Dated 10th September 2026. The appellate tribunal ruled that a subsequent regulatory amendment by the IBBI cannot retrospectively alter or invalidate an ongoing going-concern sale process that commenced under a prior liquidation order.
(Link: NCLAT Delhi Judgement Dated 10/09/2026)
NCLAT, ‘Clean Slate’ protection extends to Going Concern Liquidation: Case of Amitkumar Rishi Kumar Bhabhda vs Amir Chandrashekhar Poddar, NCLAT Delhi Judgement Dated 9th September 2026. The appellate tribunal held that the clean slate protection under Section 32A of the IBC extends to successful bidders who purchase a corporate debtor as a going concern during liquidation. It clarified that past liabilities of the corporate debtor do not survive following a successful going-concern liquidation sale. This immunity from past actions and proceedings follows automatically by operation of law rather than being a matter of discretionary waiver or concession.
NCLAT, CIRP closed after Creditors Settle Claims despite Section 12A Stalemate: Case of Deepak Modi vs Shalfeyo Industries Private Limited, NCLAT Delhi Judgement Dated 7th September 2026. The appellate tribunal ordered the complete closure of the Corporate Insolvency Resolution Process (CIRP), allowing the business to return to its promoters after all financial and operational debts were settled.
(Link: NCLAT Delhi Judgement Dated 07/09/2026)
9. Reserve Bank of India (RBI)
Master Direction on Note Sorting Machines: The Master Direction supersedes the earlier circular framework on Note Sorting Machines from the date of issuance. These prescribe minimum standards for authentication and fitness sorting of banknotes, requiring machines to identify genuine notes and segregate suspected counterfeits and notes that are unfit for circulation. The framework covers visual and physical defects including soiling, limpness, dog-ears, tears, holes, stains, graffiti, crumples, decolouration and repairs, with detailed quantitative thresholds for several categories. The Master Direction further incorporates Bureau of Indian Standards (BIS) framework for Note Sorting Machines, and requires banks to procure BIS-certified NSMs.
(Link: RBI Master Directions 473/2026 Dated 02/10/2026)
Non-Resident Deposits- Comprehensive Single Return (NRD-CSR) under CIMS Sankalan Portal: The NRD-CSR reporting has since moved to Centralised Information Management System (CIMS) Sankalan Portal. The return can be submitted to RBI on CIMS through one of the three channels, i.e. System-to-system integration, File upload on Data Portal and Screen based web form on Data Collection Portal.
(Link: RBI Circular 280/2026 Dated 01/10/2026)
Board Committee or Management Committee allowed to Approve Form A2 Remittance Guidelines: It has been decided that Authorised Dealers shall frame appropriate internal guidelines with the approval of their Board or any Board Committee / Management Committee to which powers have been delegated by the Board, for the purpose of facilitating outward forex remittances on the basis of online / physical submission of Form A2 and other related documents.
(Link: RBI Circular 279/2026 Dated 01/10/2026)
Amendments to RBI Local Area Banks Acquisition and Holding of Shares or Voting Rights directions: The amendment modifies provisions governing acquisition and holding of shares or voting rights. While prior approval remains mandatory for an initial acquisition of major shareholding, the RBI may now grant qualifying mutual funds, insurance companies and pension funds a one-time approval for subsequent acquisitions of major shareholding up to 10 per cent of the paid-up share capital or voting rights of a banking company.
(Link: RBI Circular 278/2026 Dated 01/10/2026)
Amendments to RBI Payments Banks Acquisition and Holding of Shares or Voting Rights directions: The amendment modifies provisions governing acquisition and holding of shares or voting rights. While prior approval remains mandatory for an initial acquisition of major shareholding, the RBI may now grant qualifying mutual funds, insurance companies and pension funds a one-time approval for subsequent acquisitions of major shareholding up to 10 per cent of the paid-up share capital or voting rights of a banking company.
(Link: RBI Circular 277/2026 Dated 01/10/2026)
Amendments to RBI Small Finance Banks Acquisition and Holding of Shares or Voting Rights directions: The amendment modifies provisions governing acquisition and holding of shares or voting rights. While prior approval remains mandatory for an initial acquisition of major shareholding, the RBI may now grant qualifying mutual funds, insurance companies and pension funds a one-time approval for subsequent acquisitions of major shareholding up to 10 per cent of the paid-up share capital or voting rights of a banking company.
(Link: RBI Circular 276/2026 Dated 01/10/2026)
Amendments to RBI Commercial Banks Acquisition and Holding of Shares or Voting Rights directions: The amendment modifies provisions governing acquisition and holding of shares or voting rights. While prior approval remains mandatory for an initial acquisition of major shareholding, the RBI may now grant qualifying mutual funds, insurance companies and pension funds a one-time approval for subsequent acquisitions of major shareholding up to 10 per cent of the paid-up share capital or voting rights of a banking company.
(Link: RBI Circular 275/2026 Dated 01/10/2026)
Withdrawal of 268 Circulars and Guidelines on Currency Management: RBI has withdrawn 268 circulars and guidelines relating to currenc management as part of its ongoing exercise to rationalise and streamline the regulatory framework.
(Link: RBI Circular 274/2026 Dated 01/10/2026)
Delegation of ATM Cassette Swap Monitoring to Executive Committee: The instructions permits the Board of a bank to delegate the responsibility of monitoring the progress of implementation of cassette swap to a Committee of Executives.
(Link: RBI Circular 273/2026 Dated 01/10/2026)
Master Circular on Credit Facilities to Scheduled Castes (SCs) & Scheduled Tribes (STs): The master circular consolidate the instructions issued and directs banks to strengthen credit planning and lending to SC/ST beneficiaries, including through district-level coordination mechanisms special bankable schemes and closer liaison with District Industries Centres. Banks are required to assist borrowers with applications and formalities, create awareness of available credit schemes, circulate RBI/NABARD instructions among staff and avoid insisting on deposits for specified Government-sponsored poverty alleviation and self-employment programmes. The Credit Enhancement Guarantee Scheme for Scheduled Castes (CEGSSC) is also covered, including eligibility, guarantee limits and tenure.
(Link: RBI Circular 272/2026 Dated 01/10/2026)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments on its ISIL & Al-Qaida Sanctions List of individuals and entities (Removal of Seven Entities), which are subject to the assets freeze, travel ban and arms embargo. Regulated Entities (REs) are advised to take note for necessary compliance in terms of Master Directions on KYC.
(Link: RBI Circular 271/2026 Dated 29/09/2026)
10. Miscellaneous
Small Savings Schemes Interest Rates for October to December 2026: Ministry of Finance has announced that the interest rates on all Small Savings Schemes for the third quarter of FY 2026–27 (1 Oct-26 to 30 Dec-26) will remain unchanged. Accordingly, rates such as 4.0% on Savings Deposits, 6.9% to 7.5% on Time Deposits, 6.7% on 5-Year Recurring Deposits, 8.2% under the Senior Citizen Savings Scheme, 7.4% under the Monthly Income Account Scheme, 7.7% for National Saving Certificates, 7.1% for Public Provident Fund, 8.2% for Sukanya Samriddhi Account Scheme and 7.5% for Kisan Vikas Patra (maturing in 115 months) shall continue.
(Link: Fin Min DEA OM Dated 30/9/2026)
SC, EMD 10% Limit does not Bar Forfeiture of Further Auction Deposit: Case of ASJ Finsolutions Pvt Ltd vs Vikram Bajaj, SC Judgement Dated 28th September 2026. The apex court ruled that the absence of an express forfeiture provision in the IBBI (Liquidation Process) Regulations, does not invalidate a forfeiture clause clearly stated in a specific e-auction notice. It upheld total forfeiture of Rs 6.39 crore deposited by the appellant.
(Link: SC Judgement Dated 28/09/2026)
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Compiled by:- CMA Yash Paul Bhola, MBA, FCMA. Former Director (Finance), National Fertilizers Limited.
Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)
