Summary: This weekly compilation covers Income Tax, GST, Central Excise, Customs, DGFT, SEBI, MCA, IBBI, RBI and miscellaneous regulatory developments from 26 October to 1 November 2026. Income-tax updates include new merger conditions for registered non-profit organisations and TDS/TCS relief for the International Rice Research Institute. GST changes address scrap TDS and reverse charge, registration, e-invoicing, revised rules, rates,https://taxguru.in/chartered-accountant/analysis-notifications-circulars-week-1st-november-2026.html refunds, export payments, appeals, demand procedures, and multiple advance rulings. Central Excise changes affect petrol, diesel and aviation turbine fuel export duties. Customs developments include an extension of duty relief for raw cotton, defence-goods amendments and tariff value changes. DGFT measures concern agarwood exports, export facilitation and factoring. SEBI circulars revise FPI KYC review cycles, digital accessibility timelines and debenture trustee compliance. MCA extends the CRA-4 filing deadline. IBBI announces real-estate insolvency reforms, revised claims procedures and judicial developments concerning resolution plans and homebuyers. RBI updates concern sanctions screening and Lead Bank responsibilities. Important Supreme Court rulings appear under miscellaneous updates. Original notification, circular and judgment source links are retained.
Notifications & Circulars issued during week (26th – 01st Nov 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
Income Tax
CBDT Prescribes Merger Conditions for Registered Non-Profit Organisations: The notification inserts Rule 189A, which relates to merger of registered non-profit organisations (NPOs) with the same or similar objects under sections 352(4) and 354A of the Income-tax Act 2025. The cross-mergers between provisionally registered and regularly registered NPOs is prohibited. It mandates a 5-year restriction against altering the merged organization core objects. The merger to involve the transfers all assets, liabilities, tax obligations, and pre-merger proceedings to the successor entity. The rules introduces mandatory electronic filing of Form No. 112A along with trust deeds, registration copies, management resolutions, and audited accounts.
(Link: Income Tax Notification 139/2026 Dated 30/10/2026)
Exemption to IRRI Payments from TDS and TCS Provisions: The notification exempts the International Rice Research Institute (IRRI) from Chapter XIX (TDS and TCS) of the Income-tax Act 2025. The provisions regarding Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) shall not apply to payments received by the IRRI.
(Link: Income Tax Notification 139/2026 Dated 30/10/2026)
GST
GST, TDS extended to Registered Persons receiving Supply of any of the five Category of Goods from Registered Suppliers: Every registered person who receives supply of any of the five categories of goods (used cooking oil, waste and scrap of plastics, waste and scrap of tyres, metal scrap and electrical and electronics waste and scrap) from another registered person is a person notified under Section 51(1)(d) and is required to deduct tax at source at 2% from the payment made or credited to the supplier, where the total value of the supply under a contract exceeds Rs 2.5 lakh.
(Link: CGST Notification 07/2026 Dated 27/10/2026)
GST, Exemption from GST Registration for Persons making only Reverse-charge Supplies withdrawn for Suppliers of any of the five Category of Goods: The amendment provides that a person engaged in the supply of any of the five categories of goods (used cooking oil, waste and scrap of plastics, waste and scrap of tyres, metal scrap and electrical and electronics waste and scrap) cannot claim the exemption from registration under Notification No. 5/2017 merely because the tax on such supplies is payable by the recipient under reverse charge. Such a person will be liable to obtain registration under Section 22, once its aggregate turnover exceeds the applicable threshold.
(Link: CGST Notification 06/2026 Dated 27/10/2026)
GST, Amendments in Central Goods and Service Tax Rules: The main amendments relates to the following aspects:
- Rule 14B inserted providing for Virtual Principal Place of Business (PPoB) for E-Commerce Sellers.It allows a taxpayer already registered in a “home State” (with physical presence) to obtain an additional GST registration under the same PAN in another State/UT where they have no physical presence. Sellers can declare the warehouse of an Electronic Commerce Operator (ECO liable to collect TCS under Section 52) as their PPoB.
- Taxpayers whose property or bank accounts are provisionally attached will henceforth receive a formal order in Part B of DRC-22 where their objection is rejected, which can be challenged on the reasons stated therein.
- Businesses using metro cargo/parcel services for consignments exceeding the threshold value should ensure that e-way bills are generated with the metro railway as the mode of transport, and metro operators will need to verify e-way bills before delivery.
- The refund applicants can expect an acknowledgement within 10 days, system-generated provisional refund of 90% within three working days, in low-risk zero-rated and inverted duty structure claims, and fully automated refund of excess cash ledger balance.
- Refund of unutilised ITC provisions relating to removal of restriction of 1.5 times the value of like goods domestically supplied, to allow refund of accumulated ITC on capital goods in zero-rated supply cases and on input services and capital goods in inverted duty structure cases.
- Mechanism enabling a taxpayer to file an objection against blocking of any amount in the electronic credit ledger and to avail a personal hearing before the proper officer takes a decision on such objection.
- The Input Service Distributor (ISD) is no longer bound to distribute credit in the very month of receipt of the inward supply, and transfer of RCM credit to the ISD is available for input services attributable to one or more distinct persons.
- Mechanism of system-based cancellation and revocation of registration based on non-compliance, and subsequent compliance, with the defaults of non-filing of returns or non-furnishing of bank account details within a specified period.
- Rationalisation of the cancellation process, applications in FORM GST REG-16 are to be accepted automatically by the system, once all pending returns are filed and all dues are paid.
- Automatic acceptance of amendments to all registration particulars on the portal, except those relating to the principal place of business (PPoB).
- It also amends various GST Forms relating to Registration, Composition, Return, Refund, Demand and E-invoice Forms.
(Link: CGST Notification 05/2026 Dated 27/10/2026)
GST, E-Invoicing extended to RCM supplies received from unregistered persons and import of services: The amendment provides that every registered person (whose aggregate turnover exceeds Rs 5 crore in any preceding financial year from 2017-18 onwards) will be required to generate an IRN for the self-invoice issued under Section 31(3)(f) of the CGST Act in respect of (a) inward supplies received from unregistered suppliers liable to RCM and (b) import of services, including services received from overseas group entities.
(Link: CGST Notification 04/2026 Dated 27/10/2026)
GST, Simplified Post-Sale Discount Rules, Credit Note Provisions, 90% Provisional Refunds for Inverted Duty Structure and Relief for Small Exporters Notified: The effective date for implementation of Sections 153 to 155 of the Finance Act 2026 has been notified as 1st November 2026, seek to address longstanding difficulties faced by businesses regarding post-sale discounts, accumulated ITC refunds and small-value export refund claims.
— The statutory requirement of a pre-existing agreement and specific invoice-linking for determining the eligibility of post-supply discounts has been dispensed with. The eligible registered persons claiming refunds on account of Inverted Duty Structure (IDS) can benefit from provisional sanction of 90% of the claimed refund amount. The eligible exporters of goods who have paid IGST on exports can seek refund even where the admissible refund amount is less than Rs 1,000, subject to the applicable statutory and procedural requirements.
(Link: CGST Notification 03/2026 Dated 27/10/2026)
GST on Toll-Operate-Transfer Road Maintenance Linked to Escrow Debits: The notification introduces a special tax payment procedure for toll road concessionaires under the Toll-Operate-Transfer (TOT) model. It mandates that registered concessionaires providing operation and maintenance (O&M) services must pay GST on the actual amounts charged or debited from their designated Escrow Account for O&M expenses. The tax is payable directly within the specific tax period in which the escrow debit occurs.
(Link: CGST Notification 10/2026 (Rate) Dated 27/10/2026, IGST (Rate) 10/2026, UTGST (Rate) 10/2026)
GST, Revises E-Commerce Operator (ECO) Liability for Delivery Services: The tax rate for specified e-commerce delivery services have been reduced to 5% without Input Tax Credit (ITC), down from the previous 18%. Under Section 9(5), Electronic Commerce Operators are responsible for paying this tax only if the delivery service provider is not registered. Postal and courier services remain explicitly excluded from this amendment.
(Link: CGST Notification 09/2026 (Rate) Dated 27/10/2026, IGST (Rate) 09/2026, UTGST (Rate) 09/2026)
GST under RCM on Passenger Vehicle Renting: The notification amends the Reverse Charge Mechanism (RCM) rules for passenger motor vehicle rentals. It substitutes the CGST effective rate from 12% to 18% under Serial No. 15 of the rate notification. If a non-body corporate supplier provides passenger vehicle renting services (including fuel) to a body corporate without charging 18% forward tax, the recipient corporate entity becomes strictly liable to pay the GST under RCM.
(Link: CGST Notification 08/2026 (Rate) Dated 27/10/2026, IGST (Rate) 08/2026, UTGST (Rate) 08/2026)
GST Exemptions for Helicopter Travel, GTA, Warehousing and Toll Rights: Helicopter Travel i.e. Passenger transport on a seat-share basis is exempt in Northeast states and Bagdogra. For Agricultural Storage, the exemption is substituted to strictly cover warehousing of cereals, pulses, fruits, vegetables, and sowing seeds. The GTA services supplied through Electronic Commerce Operators (ECOs) are excluded from the entry 21A exemption. The Nil Rates have been extended to the services provided by Seamen Provident Fund Organisation, coffee curing services supplied to cultivators, and govt grants of toll collection rights.
(Link: CGST Notification 07/2026 (Rate) Dated 27/10/2026, IGST (Rate) 07/2026, UTGST (Rate) 07/2026)
GST, New ITC Conditions for Hotels, Catering, EV Transport and Delivery: The notification amends GST rates and Input Tax Credit (ITC) conditions. It permits same-line-of-business ITC for hotels, restaurant services, and outdoor catering, capped at 2.5%. For Electric Vehicles (EVs), it introduces a concessional 5% GST rate for passenger transport, EV renting, and EV goods carriage, subject to specific ITC rules. It also standardizes a 5% GST rate for delivery services via e-commerce operators, with zero ITC.
(Link: CGST Notification 06/2026 (Rate) Dated 27/10/2026, IGST (Rate) 06/2026, UTGST (Rate) 06/2026)
GST Nominated Agency Definition Linked to Appendix 4B: The Nominated Agency handles GST exemptions on specified supplies of gold and precious metals. Under the new rule a Nominated Agency refers strictly to entities specified under Appendix 4B of the Handbook of Procedures, as amended over time by the Directorate General of Foreign Trade (DGFT).
(Link: CGST Notification 05/2026 (Rate) Dated 27/10/2026, IGST (Rate) 05/2026, UTGST (Rate) 05/2026)
GST Reverse Charge Extended to Used Cooking Oil and Specified Waste and Scrap: The notification extends the Reverse Charge Mechanism (RCM) to Used cooking oil (HSN 1518), Plastic waste and scrap (HSN 3915), Tyre waste and scrap (HSN 4004) and Electrical and electronic scrap (HSN 8549). When a registered business purchases goods from an unregistered person, buyer (recipient) is liable to pay GST instead of seller.
(Link: CGST Notification 04/2026 (Rate) Dated 27/10/2026, IGST (Rate) 04/2026, UTGST (Rate) 04/2026)
GST Psyllium Seeds Added to Exemption Schedule: The psyllium seeds (isabgol), classifiable under HSN code 1211 90 13, added as a new entry to the exempt-goods schedule. It gets a complete GST exemption.
(Link: CGST Notification 03/2026 (Rate) Dated 27/10/2026 , IGST (Rate) 03/2026, UTGST (Rate) 03/2026)
GST, Retreaded Tractor Tyres Attract 5% GST, Seaweed Bio-Stimulants Included as Fertilizers: The entry Pre-packaged organic fertilisers expanded to include seaweed-extract bio-stimulants under the 5% GST slab. The re-treaded tractor tyres are moved into a distinct classification to attract a reduced 5% GST rate. Other re-treaded or used pneumatic rubber tyres remain under the 18% GST bracket.
(Link: CGST Notification 02/2026 (Rate) Dated 27/10/2026 , IGST (Rate) 02/2026, UTGST (Rate) 02/2026)
GST, Clarifications regarding GST on R&D Grants, Shipping, Vehicle Leasing, TRAI, Bank Interest & NBFC Co-lending: The circular provides major clarifications to resolve service sector tax ambiguities. It validates grant-funded R&D exemptions via institutional self-certification, distinguishing them from consultancy. The services imported by Indian establishments of foreign shipping lines without consideration are exempt. It declares NBFC sourcing/appraisal services to banks taxable, using contractual contract value. TRAI is defined as a separate legal entity, not a government body for GST.
(Link: CGST Circular 266/2026 Dated 28/10/2026)
GST, Clarifications on GST regarding Toys, Sublimation Paper, Used Cars & Bio-Stimulants: The Sublimation Paper is classified under HSN 4809, attracting 18% GST, past disputes are regularised on an “as is” basis. The Toys (HSN 9503), Non-electronic toys attract 5% GST, while electronic toys attract 18% GST. For Used Vehicles, under the margin scheme, the input tax credit (ITC) block applies only to the purchased vehicle; dealers can claim ITC on other overhead inputs and repairs. The Seaweed extract-based bio-stimulants are classified under HSN 3101 as fertilisers at 5% GST.
(Link: CGST Circular 265/2026 Dated 28/10/2026)
GST Rule 96(10) Omission Retrospective, Clarifications for Refund Proceedings: The circular provides massive relief to Indian exporters. Following the Supreme Court judgment in Goodluck India Limited, the CBIC confirmed that the deletion of Rule 96(10) operates retrospectively from October 23, 2017, rather than prospectively from October 2024. This ends pending IGST refund disputes regarding concessional input imports and extends mutatis mutandis to omitted Rules 89(4A) and 89(4B).
(Link: CGST Circular 264/2026 Dated 26/10/2026)
GST, Clarifications on GST Export Payments Through SNRR, Nostro Accounts and Set-Off: The circular clarifies the realization of export proceeds under the IGST Act. The payments in repatriable INR accounts (SNRR, INR Nostro) fulfill export criteria. RBI-compliant set-offs against import payables and reinsurance net retention mechanisms qualify as valid settlements. The realization timelines follow RBI FEMA rules. No Rule 96B refund recovery applies to legally written-off amounts.
(Link: CGST Circular 263/2026 Dated 26/10/2026)
GST ITC allowed on Demo Vehicles Under Dealer-Agency Model: The circular rules that ITC on demo vehicles is not blocked under Section 17(5)(a) of the CGST Act for authorized dealers working in a dealer-agency model.
(Link: CGST Circular 262/2026 Dated 26/10/2026)
GST, Clarifications regarding 50% GST ITC Option for Banks and NBFCs Under Section 17(4): The circular clarifies the operation of the 50% Input Tax Credit (ITC) option under Section 17(4) of the CGST Act for banking companies, financial institutions, and NBFCs. It mandates that if one eligible banking or lending registration under a PAN exercises this option, all other registrations under the same PAN engaged in qualifying activities must uniformly adopt it. It also clarifies intra-PAN credit sharing rules and detailed GSTR-3B reporting procedures.
(Link: CGST Circular 261/2026 Dated 26/10/2026)
GST, Clarifications on ISD Credit Distribution, Reversals and Refund Treatment: The circular clarifies seven core issues regarding the mandatory Input Service Distributor (ISD) mechanism. It confirms corporations can obtain multiple ISD registrations per State for separate business verticals. Crucially, the burden to satisfy Input Tax Credit (ITC) eligibility and reversals under Sections 16 and 17 shifts entirely to the recipient branches, while the central ISD only verifies prima facie eligibility during monthly distribution. Such credit transfers cannot be factored into turnover or Net ITC formulas for refund calculations.
(Link: CGST Circular 260/2026 Dated 26/10/2026)
GST, Clarifications on GST Appeal Pre-Deposit Calculation, Refund and Interest: The circular settles key rules regarding GST appeal pre-deposits under Sections 107(6) and 112(8) of the CGST Act. The Admitted Tax must be paid in full before filing an appeal. The mandatory 10% pre-deposit applies strictly to the contested portion declared by the taxpayer. The Pre-deposit refunds do not require an express court direction and can be claimed via FORM GST RFD-01 unless stayed by a tribunal or court.
(Link: CGST Circular 259/2026 Dated 26/10/2026)
GST, Clarifications on GST Demand, Adjudication and Appeal Guidelines: The circular provides that Fraud or suppression provisions (Section 74/74A) cannot be mechanically invoked without hard evidence of deliberate intent to evade tax. The Show Cause Notices (SCNs) must explicitly state facts, grounds, and clear demand calculations. Personal hearings are capped at four opportunities, parallel CGST/SGST proceedings on the same matter are barred, and authorities must issue reasoned speaking orders.
(Link: CGST Circular 258/2026 Dated 26/10/2026)
GST Registration Guidelines Specify Documents, Processing Timelines and Limits on Officer Queries: The circular provides comprehensive guidelines to streamline the GST registration process. It establishes a uniform, premises-wise document checklist for owned, rented, and co-working spaces to reduce arbitrary rejection rates. It enforces a strict timeline (7 working days under Aadhaar authentication) and restricts officers from asking for unprescribed documents, such as Udyam certificates. Ready-to-use formats for consent letters and affidavits are provided to assist genuine applicants while preventing fraudulent registrations.
(Link: CGST Circular 257/2026 Dated 26/10/2026)
GST, CBIC Halts GST Arrests and Bars Tax Notices Below Rs 10,000 Pending Law Amendment: The instructions implement key trade relief measures as interim directives pending legal amendments. The central field formations must stop all arrests under Section 69. The conveyance interceptions require specific intelligence and written authorization from a Joint Commissioner or higher officer. Officers cannot issue Show Cause Notices under Sections 73, 74, or 74A for tax demands below Rs 10,000.
(Link: CGST Instructions 02/2026 Dated 30/10/2026)
AAR, Municipal Manpower Supply Denied GST Exemption for Sanitation or Public Health Operations due to Lack of Segregation: Case of Rajeev Kumar Shukla, AAR Uttarakhand Ruling Dated 23rd October 2026. AAR ruled that the supply of mixed manpower services to a municipal body is not eligible for GST exemption and is taxable at 18%. The services were provided under a unified, unsegregated outsourcing contract. The applicant failed to establish a distinct, standalone agreement or factual boundary specific only to sanitation or public health operations.
(Link: AAR Uttarakhand Ruling Dated 23/10/2026)
AAR, GST Not Payable on Examination Printing Services Supplied to Educational Institutions: Case of Associated Printers (Madras) Pvt Ltd, AAR Tamil Nadu Ruling Dated 28th October 2026. AAR ruled that printing and supplying examination-related materials to eligible educational institutions by the party is a composite supply of services, with printing as the principal supply, classifiable under Service Heading 9989. These services qualify for exemption under Serial No. 66 of Notification No. 12/2017 (Rate).
(Link: AAR Tamil Nadu Ruling Dated 28/10/2026)
AAR, Kraft, Greaseproof & Glassine Paper Bags Attract 5% GST: Case of Ramasamy Yogasundari (Sri Kumaran Paper Bags), AAR Tamil Nadu Ruling Dated 28th October 2026. AAR ruled that the plain or printed paper bags without handles, plastic contents, or lamination manufactured by the applicant are properly classified under HSN Code 48194000. The products qualify for the concessional GST rate of 5% under Serial No. 319 of Schedule I to Notification No. 9/2025 (Rate).
(Link: AAR Tamil Nadu Ruling Dated 28/10/2026)
AAR, No GST Classification Ruling on Fermented Non-Alcoholic Red Wine without Valid Alcohol Test: Case of Benz Fishing Baits Pvt Ltd, AAR Tamil Nadu Ruling Dated 28th October 2026. The party was manufacturing a fermented grape drink called “Royal Toast” (marketed as “Non-alcoholic Red Wine”), using black grapes, water, sugar, and yeast through a 7 to 10-day fermentation process. AAR ruled that determining tax eligibility for fermented non-alcoholic claims is undeterminable without an accredited government laboratory certification. Consequently, the burden remains on the manufacturer to substantiate their non-alcoholic product metrics through official channels to claim any lower rate of tax.
(Link: AAR Tamil Nadu Ruling Dated 28/10/2026)
AAR, Installed Fire Protection System is Works Contract, 12% GST Denied: Case of Samay Project Services Limited, AAR Tamil Nadu Ruling Dated 28th October 2026. AAR ruled that the installation of an integrated fire protection system constitutes a works contract under Section 2(119) of the CGST Act. The contract falls under SAC 9954, but the claimed 12% GST rate was not available.
(Link: AAR Tamil Nadu Ruling Dated 28/10/2026)
AAR, Ophthalmic Surgical Chairs and Tables Classified under HSN 9402 at 18% GST: Case of Myvision Medical Private Limited, AAR Gujarat Ruling Dated 29th October 2026. AAR ruled that ophthalmic surgical chairs, stools, and medical furniture manufactured by the party are classified under HSN 9402, attracting a 18% GST rate.
(Link: AAR Gujarat Ruling Dated 29/10/2026)
AAR, Rice Husk Fibre Boards under Heading 4411, Attract 5% GST: Case of Vegan Wood Private Limited, AAR Gujarat Ruling Dated 29th October 2026. AAR ruled that rice husk fibre boards manufactured the party is classifiable under heading 4411. The GST Rate Applicable is 12% GST prior to 22nd September 2025 and 5% GST on and after this date.
(Link: AAR Gujarat Ruling Dated 29/10/2026)
AAR, Biodegradable Carry Bags Classified under HSN 39269099, Eligible for 5% GST: Case of Shivish Bio Bag LLP, AAR Gujarat Ruling Dated 29th October 2026. AAR ruled that biodegradable and compostable carry bags manufactured by the Morbi-based firm are classified under HSN 3926909. They attract a 5% concessional GST rate under Notification No. 09/2025 (Rate) from 22nd September 2025, subject to verified compliance with environmental standards.
(Link: AAR Gujarat Ruling Dated 29/10/2026)
AAR, Tea Bundled with Cups or Spoons Attracts 18% GST: Case of Jivraj Tea International Private Limited, AAR Gujarat Ruling Dated 29th October 2026. AAR held that the proposed retail packs combining tea with stainless steel teaspoons, plastic teaspoons, plastic honey spoons, glass tea cups or wooden honey dippers constitute mixed supplies rather than composite supplies. Tea paired with stainless steel or plastic spoons, plastic honey spoons or glass cups attracts 18% GST. Tea paired with wooden honey dippers attracts 5% GST.
(Link: AAR Gujarat Ruling Dated 29/10/2026)
AAR, IIM Raipur Foundation Rs 10.70 Crore Incubation Project Taxable at 18% GST: Case of IM Raipur Foundation For Entrepreneurship Development, AAR Chhattisgarh Ruling Dated 18th September 2026. AAR ruled that the Rs 10.70 crore incubation and consultancy project executed by the IIM Raipur Foundation For Entrepreneurship Development under the CGSRLM-Bihan project is taxable at 18% GST. The exemption was denied because services were provided under an agreement with CGSRLM-Bihan rather than directly as govt training services meeting statutory criteria.
(Link: AAR Chhattisgarh Ruling Dated 18/09/2026)
Central Excise
Central Excise- SAED revised on Export of Petrol to NIL and Diesel to Rs 11.50 per Litre: The notification amends earlier notification 06/2026 dated 26th March 2026, to revise the Special Additional Excise Duty (SAED) applicable on export of Petrol to NIL per litre (Pre-revised Rs 2.50 per litre) Diesel to Rs 11.50 per litre (Pre-revised Rs 8.50 per litre), effective from 31st October 2026.
(Link: Central Excise Notification 55/2026 (T) Dated 31/10/2026)
SAED revised on Export of ATF to Rs 11.00 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 11.00 per litre (Pre-revised Rs 10.50 per litre), effective from 31st October 2026.
(Link: Central Excise Notification 56/2026 (T) Dated 31/10/2026)
Custom Duty
Extension of Customs Duty Exemption on Cotton Imports: The notification extends the customs duty exemption on raw cotton imports (falling under Customs Tariff Heading 5201) until 31st December 2026.
(Link: Customs Notification 35/2026 (T) Dated 30/10/2026)
Amendments to Notification 45/2005, Omits Entries and Revises Description of Defence Goods: The notification amends earlier notification 45/2025 dated 24th October 2025. It omits serial No. 198 and its related entries, along with Lists 13, 14, and 15, from Table I. In Table II, Serial No. 36 is updated to tariff heading “8906”, and Serial No. 60 (Defence Goods) revises descriptions for components of specified weapons and equipment while excluding certain items like the Dhanush and L-70 Gun.
(Link: Customs Notification 34/2026 (T) Dated 27/10/2026)
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. 31st October 2026. The tariff value for crude palm oil is set at USD 11174 per metric ton, while gold and silver have tariff values of USD 1295 per 10 grams and USD 1711 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 10433 per metric ton.
(Link: Customs Notification 89/2026 (NT) Dated 30/10/2026)
Anekollu in Tamil Nadu notified as Location for Import and Export Operations: The notification adds Anekollu in Krishnagiri District, Tamil Nadu, to the locations specified for unloading imported goods and loading export goods or any class of such goods.
(Link: Customs Notification 88/2026 (NT) Dated 28/10/2026)
Anti-Dumping Duty on imports of “Titanium Dioxide” originating in or exported from China: The notification 26/2026 dated 24th October 2026 imposed Anti-Dumping Duty on these goods. The imports of Titanium Dioxide for use in food, pharmaceuticals, skin-care products, textiles, fibres, and nano/ultrafine particles (<100 nm) is exempted from the duty. The importers claiming exclusions must submit a revised electronic declaration in the Bill of Entry.
(Link: Customs Circular 46/2026 Dated 27/10/2026)
Directorate General of Foreign Trade (DGFT)
Agarwood Oil and Chips Exports Allowed Through Guwahati Airport: The notification modifies Note 3 of the Export Licensing Notes to permit exports of Agarwood oil, Agarwood chips and allied products through Lokpriya Gopinath Bordoloi International Airport, Guwahati.
(Link: DGFT Notification 46/2026 Dated 30/10/2026)
Constitution of RELIEF Sub-Committee to Boost Export Facilitation: The Trade Notice has constituted a Sub-Committee for Resilience & Logistics Intervention for Export Facilitation (RELIEF) under the Export Promotion Mission. Its functions include reviewing implementation of RELIEF’s three components, including (1) claims processed and balance funds reported by ECGC, (2) examining factors affecting intervention uptake and utilisation of approved funds and (3) recommending measures to improve both.
(Link: DGFT Trade Notice 33/2026 Dated 30/10/2026)
UIN Requirement Removed for Export Factoring Support Under Export Promotion: The Trade Notice simplifies the export factoring support framework under the Export Promotion Mission (EPM) Niryat Protsahan. The Unique Identification Number (UIN) and prior intent declarations are eliminated, exporters will now be identified solely by their Importer Exporter Code (IEC). It defines parameters for three eligible structures i.e. Advance Factoring (M1), Revolving Factoring (M2), and Bullet Interest Factoring (M3). The Factors must upload transaction data within one month of the trigger. Exporters must submit consolidated claims monthly within two months of that upload.
(Link: DGFT Trade Notice 32/2026 Dated 26/10/2026)
Securities and Exchange Board of India (SEBI)
FPI KYC Review Periodicity Extended to 2 and 8 Years: The circular rationalises the Know Your Client (KYC) review for Foreign Portfolio Investors (FPIs). It modifies the previous annual or three-year KYC schedules to two-year or eight-year periods, depending on the FPI category and its jurisdiction risk profile. Additionally, FPIs are no longer required to submit information change details or no-change declarations during their registration continuance.
(Link: SEBI Circular Dated 30/10/2026)
Digital Accessibility Compliance Deadline Extended to January 2027: These regulations relates to the Rights of Persons with Disabilities Act 2016. SEBI has extended the deadline to 31st January 2027 for the specific tasks of appointing an IAAP auditor, conducting digital platform accessibility audits, and remediating audit findings.
(Link: SEBI Circular Dated 30/10/2026)
Debenture Trustee SBU Compliance Extended to April 2027: The extant instructions provides for transferring activities not regulated by SEBI to separate business units (SBU). SEBI had earlier extended the compliance deadline to 27th October 2026. It subsequently constituted an Expert Working Group to review the regulatory framework governing debenture trusteeship activities and incidental matters. It has now extended the deadline to 27th April 2027.
(Link: SEBI Circular Dated 27/10/2026)
Ministry of Corporate Affairs (MCA)
Extension of Timeline for CRA-4 Filing for 2025-26: The circular extends filing timelines for CRA-4 (Cost Audit Report in XRBL format) for Financial Year 2025–26, without payment of additional fees. The companies may file their CRA-4 up to 31st December 2026 without payment of additional fees.
(Link: MCA General Circular 06/2026 Dated 27/10/2026)
Insolvency and Bankruptcy Board of India (IBBI)
Amendments to IBBI Insolvency Resolution Process for Corporate Persons Regulations 2026: The amendments establishes a project-specific framework for real estate developer insolvencies. It mandates maintaining distinct bank accounts for each real estate project alongside separate financial reporting to the Committee of Creditors (CoC). It empowers the CoC, with a 66% majority vote, to recommend excluding specific, viable projects from the Corporate Insolvency Resolution Process (CIRP). It sets strict criteria for project-wise delivery timelines, accommodates unregistered homebuyer claims, and introduces technical assessments before seeking bids, ensure transparency.
(Link: IBBI Notification Dated 30/10/2026)
Guidelines on RERA Compliance and CIRP Disclosure for Real Estate Companies: The circular mandates that Interim Resolution Professionals (IRPs) and Resolution Professionals (RPs) managing real estate corporate debtors must adhere to the RERA during a Corporate Insolvency Resolution Process (CIRP). The IPs must pull official project registrations, approvals, and bank account data from RERA web portals to build accurate Information Memorandums. The RPs may seek written feasibility and compliance input from RERA authorities (as part of consultation) to present to the Committee of Creditors (CoC). The CIRP commencement must be prominently displayed via project site signboards and office notice boards within 7 days of appointment.
(Link: IBBI Circular Dated 30/10/2026)
Revision in Form CA for Real Estate Allottees to Simplify CIRP Claims: The circular introduces a revised, two-part Form CA under regulation 8A of the CIRP Regulations. Part I is to be filled by financial creditors in a class other than real estate allottees. Part II is Dedicated specifically to real estate allottees (homebuyers) to simplify claim filings and gather project-level data.
(Link: IBBI Circular Dated 30/10/2026)
SC, CoC cannot Withdraw Approved Resolution Plan before NCLT: Case of Bank of India vs SM Kamal Pasha, SC Judgement Dated 26th October 2026. The apex court held that a resolution plan approved by the Committee of Creditors (CoC) binds both the CoC and the successful resolution applicant (SRA) even before confirmation by the National Company Law Tribunal (NCLT). The CoC cannot withdraw its approval merely because the corporate debtor’s financial position improves during the intervening period.
(Link: SC Judgement Dated 26/10/2026)
SC, Pending Operational Creditor Claims Extinguished after IBC Plan Approval: Case of Tata Steel Ltd vs Varsha, SC Judgement Dated 17th July 2026. The apex court held that once a resolution plan is approved under the IBC, all sub-judice, unquantified, and pre-effective date operational claims, including those admitted at a notional value (such as Rupee One), stand irrevocably extinguished. This ensures the successful resolution applicant starts fresh without legacy liabilities.
(Link: SC Judgement Dated 17/07/2026)
NCLAT, Earlier Judgment cannot be Reopened Through Compliance Appeals: Case of Arun Gupta vs Yogendra Pal Jain, NCLAT Delhi Judgement Dated 13th October 2026. The appellate tribunal held that the challenged orders implemented its earlier judgment dated 15th May 2023, which the SC had affirmed on 6th September 2023. The interference would amount to indirectly reopening a determination that had already attained finality.
(Link: NCLAT Delhi Judgement Dated 13/10/2026)
NCLAT, Unsolicited Higher Bid cannot Compel Resolution Plan Approval: Case of Amba Grains Pvt Ltd vs Amit Agrawal Resolution Professional of Mastana Foods Pvt Ltd, NCLAT Delhi Judgement Dated 12th October 2026. The appellate tribunal held that unsolicited post-auction financial bids cannot override the commercial wisdom of the Committee of Creditors (CoC) and do not create any legal entitlement for reconsideration.
(Link: NCLAT Delhi Judgement Dated 12/10/2026)
NCLAT, Registered Flat Buyers cannot be Ignored During Insolvency Resolution: Case of Rajkumar Jhawar vs Arun Kapoor, NCLAT Delhi Judgement Dated 30th June 2026. The appellate tribunal held that genuine homebuyers with registered agreements cannot be completely ignored or rejected during corporate insolvency resolution merely because of a delay in submitting their claim. It directed the RP to admit the appellants’ claim under Category A of the approved resolution plan via an addendum.
(Link: NCLAT Delhi Judgement Dated 30/06/2026)
Reserve Bank of India (RBI)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments (Amendment of 5 Entries) on its Taliban 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 303/2026 Dated 30/10/2026)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments (Amendment of 3 Entries) 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 302/2026 Dated 27/10/2026)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments (Removal of 3 Entries) 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 301/2026 Dated 27/10/2026)
Assignment and Review of Lead Bank Responsibility- Reorganisation of Districts in Delhi: The Government of NCT of Delhi, has created three new districts i.e Old Delhi, Central North, and Outer North, and the Shahdara district ceased to exist. Due to the re-organisation, RBI has revised and reassigned Lead Bank Scheme (LBS) responsibilities across the new and modified districts to specific commercial banks.
(Link: RBI Circular 300/2026 Dated 26/10/2026)
Miscellaneous
SC, Its Requests to Courts and Tribunals are Binding, warns NCLAT: Case of Sona Bansal vs Vashisht Kumar Goyal, SC Judgement Dated 27th October 2026. The apex court ruled that any “request” made by the Supreme Court to any court or tribunal must be construed strictly as a binding direction, rather than a mere suggestion or courtesy.
(Link: SC Judgement Dated 27/10/2026)
SC, Property Tax Receipts do not Prove Ownership: Case of Balakrishna (Dead) vs GN Kanniah Naidu, SC Judgement Dated 26th October 2026. The apex court reaffirmed that the payment of property taxes can, at best, raise an inference of physical possession, but it cannot by itself establish legal title or ownership.
(Link: SC Judgement Dated 26/10/2026)
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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)
