Summary: The week of 2–8 November 2026 saw regulatory developments across income tax, GST, customs, foreign trade, securities, corporate law, insolvency and banking. CBDT introduced conditional TDS relief for qualifying IFSC aircraft-leasing dividends and corrected the assessment-year coverage of an exemption for the Andhra Pradesh Electricity Regulatory Commission. GSTN announced proposed changes to E-Way Bill numbering and revised processes for registration amendments, cancellation, composition levy and e-commerce registration. Advance rulings considered the classification of biodegradable bags, kulfi and cashew nut shell liquid, along with input tax credit and exemptions relating to business transfers and financial services. Customs measures addressed sea cargo manifest compliance and provisional assessment of specified imports from Malaysia. DGFT notified changes affecting India–UK tariff-rate quotas, export dispute tracking and SCOMET authorisations. SEBI updated its accredited investor framework, currency derivatives exposure limits, mutual fund settlement, overseas investor KYC, depository receipts and InvIT transactions. RBI issued cyber-resilience directions and consulted on priority-sector lending rules. Judicial developments concerned insolvency settlements, operational debt and civil recovery and cheque dishonour disputes. This roundup preserves the supplied thematic structure and links only to individual TaxGuru publications corresponding to the cited notification, advisory, ruling, circular or judgment; unverified destinations are marked red.
Do you want to update about week notifications/circulars in 10 minutes? Please read the Para headings only.
A. Income Tax
Income Tax, Exemption to IFSC Aircraft Leasing Dividend Payments from TDS Subject to Form 1(N): The notification provides that, no deduction of tax shall be made under section 393(1) of the Income Tax Act from any income in the nature of dividend paid by an IFSC unit primarily engaged in aircraft leasing to a company, being IFSC unit primarily engaged in aircraft leasing. The payee must furnish a verified statement-cum-declaration in Form No. 1(N) for the relevant tax year to the payer. The payer must still report these non-deducted dividend payments in its quarterly TDS statements.
Income Tax Notification 141/2026 Dated 04/11/2026
Income Tax, APERC Exemption Period Corrected to 2024–25: The corrigendum corrects earlier Notification No. 24/2019 dated 19th March 2019 relating to Income tax exemption for the Andhra Pradesh Electricity Regulatory Commission (APERC), Hyderabad, under Section 10(46) of the Income-tax Act. The applicable tax exemption period has been corrected to AY 2020–21 through AY 2024–25.
Income Tax Notification 140/2026 Dated 04/11/2026
B. GST
GSTN, Advisory on Revision in E-Way Bill and Consolidated E-Way Bill Numbering Formats: The advisory inform that, in view of substantial volume of E-Way Bills generated, the existing numbering capacity is expected to be exhausted. Accordingly, the E-Way Bill Number is proposed to increase from 12 digits to 14 digits, while the Consolidated E-Way Bill Number is proposed to increase from 10 digits to 11 digits, with effect from 1st January 2027.
GSTN Advisory Dated 04/11/2026
GSTN Advisory on Key Changes in the GST Registration Amendment Process: The advisory introduce electronic processing and automatic acceptance of specified registration amendments. Amendments involving the Principal Place of Business generally continue to require examination by the proper officer. Other amendments, including changes to the legal name, partners, directors, Karta, additional places of business and other particulars furnished in FORM GST REG-01, can take effect upon submission and successful online validation. The revised process requires OTP verification of the mobile number and email address of the Primary Authorised Signatory and one selected promoter, partner, director or other specified person.
GSTN Advisory Dated 01/11/2026
GSTN Advisory on Enhancements Related to Composition Levy Functionality: A new category, “Person eligible for composition levy under Section 10(2A)”, has been introduced alongside the existing composition categories. It allows small service providers or mixed suppliers to pay GST at a lower composite rate based on their turnover. Taxpayers will now have Option A allows combining traditional Section 10(1) categories (manufacturers, specific Schedule II suppliers, and general eligible suppliers), while Option B is restricted solely to Section 10(2A) applicants.
GSTN Advisory Dated 01/11/2026
GSTN, Advisory on TDS Registration Advisory for Dealers in Scrap and Other Notified Goods: The advisory explains the procedure for obtaining TDS registration through FORM GST REG-07. Taxpayers dealing in newly notified categories are required to select “Others” under “Constitution of Business” section in Part B of Table 2 of registration form. Notification 07/2026 had expanded the notified categories to include used cooking oil under tariff heading 1518, plastic waste and scrap under heading 3915, tyre waste and scrap under heading 4004, and electrical and electronic waste and scrap under heading 8549.
GSTN Advisory Dated 01/11/2026
GSTN, Advisory on the Revised Process for Approval of Registration Cancellation Application: The revised procedure (for taxpayer-initiated cancellation of GST registration through FORM GST REG-16) now incorporates system-based validation of pending returns and electronic approval of eligible applications under Rule 20 of the CGST Rules. Applicants must furnish all applicable returns due on or before the proposed effective date of cancellation.
GSTN Advisory Dated 01/11/2026
GSTN, Advisory on Simplified Registration Scheme under Rule 14B: The facility enables eligible suppliers selling goods exclusively through e-commerce operators collecting tax at source under Section 52 of the CGST Act, to obtain GST registration in States where they have no physical business presence. Applications are submitted through FORM GST REG-01 by selecting the Rule 14B registration option and furnishing the Home State GSTIN and details of the relevant e-commerce operator. The operator must approve access to its warehouse address and provide the prescribed consent within seven working days. Registration is subject to applicable biometric-based Aadhaar authentication, document verification and physical verification in the Home State.
GSTN Advisory Dated 01/11/2026
GSTN, Advisory on Important Changes in FORM GST REG-01 for GST Registration: The revised registration application incorporates additional information requirements and standardised documentary requirements for constitution of business, principal and additional places of business, existing registrations and other particulars. One Person Company (OPC) has been introduced as a separate business constitution category, while applicants seeking SEZ registration must provide their SEZ Entity ID. A separate section has also been introduced for e-commerce operators liable to pay tax under Section 9(5) of the CGST Act. Applicants may furnish details of up to ten bank accounts. Designated partners of LLPs must furnish their DIN, while CIN, FCRN, LLPIN and FLLPIN particulars, wherever applicable, are subject to online validation before generation of the Application Reference Number (ARN).
GSTN Advisory Dated 01/11/2026
AAR, Biodegradable Packing Bags classified under HSN 39269099 at 5% GST: Case of Greenomers Private Limited, AAR Gujarat Ruling Dated 5th November 2026. AAR ruled that Biodegradable and compostable packing bags (made from bio-based polymers like polylactic acid and PBAT) are classified under HSN 39269099 (Other articles of plastics and articles of other materials of headings 3901 to 3914). The concessional 5% GST rate (under Notification 09/2025 (Rate) Schedule-II), is applicable and contingent upon the validity and substantiation of the applicant biodegradability claims.
AAR Gujarat Ruling Dated 05/11/2026
AAR, Retained Past Liabilities do not Defeat Going Concern GST Exemption: Case of Swingbuy Hospitality LLP, AAR Karnataka Ruling Dated 15th October 2026. AAR ruled that transfer of its restaurant business by the party to Barbeque-Nation qualified as transfer of a going concern and was exempt from GST under Entry No. 2 of Notification 12/2017 (Rate), dated 28th June 2017. It explained that the transaction must be examined as a whole, particularly whether the essential elements of a functioning business have been transferred so that the buyer can continue it independently. The transfer of every past liability is not an indispensable condition for this exemption.
AAR Karnataka Ruling Dated 15/10/2026
AAR, Kulfi Classifiable under HSN 2105 as Edible Ice Cream, not Dairy Product: Case of TreatsCo (Sanjay Kr Gupta), AAR Karnataka Ruling Dated 15th October 2026. AAR ruled that Kulfi is classifiable under HSN Code 2105 00 00 as “Ice cream and other edible ice”. It thus attract 18% GST.
AAR Karnataka Ruling Dated 15/10/2026
AAR Allows GST ITC on JDA Development Services, Rejects Invoicing Query: Case of Royal Builders & Developers, AAR Karnataka Ruling Dated 15th October 2026. AAR ruled that the party is permitted to utilize eligible input tax credit against GST liabilities related to JDA development services. The authority rejected/addressed specific queries raised by the applicant regarding invoicing aspects under the JDA framework.
AAR Karnataka Ruling Dated 15/10/2026
AAR, Rooftop Solar Plant Qualifies as Plant and Machinery, GST ITC Allowed: Case of MBT Traders (Hyper Mart), AAR Karnataka Ruling Dated 15th October 2026. AAR ruled that the rooftop solar system qualifies as plant and machinery and that Section 17(5)(d) does not bar credit merely because the equipment is rooftop-mounted. ITC on inputs, input services and capital goods used in its erection, installation and commissioning is admissible subject to Section 16 and other applicable statutory conditions,
AAR Karnataka Ruling Dated 15/10/2026
AAR, GST Exempt on Margin Trading Facility Interest: Case of ETS Securities Pvt Ltd, AAR Karnataka Ruling Dated 15th October 2026. AAR ruled that interest charged to clients for availing a Margin Trading Facility (MTF) is exempt from GST under Entry No. 27(a) of Notification 12/2017 (Rate), dated 28th June 2017.
AAR Karnataka Ruling Dated 15/10/2026
AAR Yeshasvini Healthcare Scheme Membership Fees Up to Rs 1,000 Exempt from GST: Case of Yeshasvini Co- operative Members Health Care Trust, AAR Karnataka Ruling Dated 15th October 2026. The applicant is a non-profit organization, acting as the nodal agency to implement the State-sponsored Yeshasvini healthcare programme in Karnataka. AAR ruled that the annual membership subscriptions collected by the trust are exempt from GST under Serial No. 77A of Notification 12/2017 (Rate).
AAR Karnataka Ruling Dated 15/10/2026
AAR, Crude Cashew Nut Shell Liquid Classifiable under HSN 13021920, Taxable at 5% GST: Case of Sri Vasuki Industries, AAR Karnataka Ruling Dated 15th October 2026. The applicant is engaged in manufacturing crude Cashew Nut Shell Liquid(CNSL), by extracting liquid from cashew nut shells through heating and mechanical expulsion. AAR ruled that CNSL, is classifiable under HSN 13021920 and attracts GST at 5% with effect from 22 September 2025.
AAR Karnataka Ruling Dated 15/10/2026
GST, Proposed Alternate Mechanism for Making Amendment in Liability and ITC in GST: CBIC has proposed Alternate Mechanism for making amendment in liability and Input Tax Credit (ITC) in GST returns to minimize return mismatches between GSTR-1/1A/IFF and GSTR-3B, thereby reducing automated system-generated demand notices and intimations. The tax liability corrections must be routed through GSTR-1, GSTR-1A, or IFF rather than directly editing auto-populated values in GSTR-3B. ITC management will rely on the Invoice Management System (IMS), Electronic Credit Reversal/Re-claimed Statement, and new RCM statements (FORM GST PMT-02B and PMT-04).
GST Seek Comments Dated 01/11/2026
C. Central Excise
No Notification/ Circular during the week.
D. Custom Duty
Customs, Amendments to Sea Cargo Manifest and Transhipment Regulations: The notification amends the Sea Cargo Manifest and Transhipment Regulations (SCMTR) and extends the transitional compliance deadline to 31st January 2027 for the customs ports listed under Serial No. 6 of the table following Form XII.
Customs Notification 90/2026 (NT) Dated 01/11/2026
Customs, Malaysia Hydraulic Rock Breaker Imports under Provisional Assessment: The notification places imports of Alloy Steel Chisels/ tools and Hydraulic Rock Breakers (including fully assembled units and specified sub-assemblies/components) exported from Malaysia under provisional assessment. Importers must furnish sufficient security guarantees calculated on the CIF value of the import, specifically 162.50% and 29.21% pending final determination by Central Government.
Customs Notification 27/2026 (ADD) Dated 05/11/2026
Customs, Implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR): The circular outline the phased implementation of the Sea Cargo Manifest and Transhipment Regulations (SCMTR) 2018. The zone-wise rollout begins 16th November 2026 (Thiruvananthapuram) and concludes 6th January 2027 (Delhi, Ahmedabad, Mumbai zones), with the overall transition window running through 31st January 2027.
Customs Circular 47/2026 Dated 01/11/2026
Customs, Guarantees in respect of Imports of Malaysian Rock Breaker and Chisel Imports: The instructions provide procedure for provisional assessment and furnishing of guarantees in respect of imports of alloy steel chisels/tools and hydraulic rock breakers in fully assembled condition exported from Malaysia. It specifies that customs officers may obtain guarantees equivalent to 162.50% of the CIF value for hydraulic rock breakers in fully assembled condition and 29.21% for alloy steel chisels/tools. These guarantees secure potential anti-dumping duty liabilities.
Customs Instructions 22/2026 Dated 06/11/2026
E. Directorate General of Foreign Trade (DGFT)
DGFT, Inviting TRQ Applications under India-United Kingdom CETA: The trade notice invite applications for allocation of Tariff Rate Quotas (TRQs) under the India–United Kingdom Comprehensive Economic and Trade Agreement (CETA) for 2027. The quota covers specified completely built unit (CBU) vehicles that have not been registered anywhere before importation. For passenger vehicles, the TRQ quantity is 6,000 units for engine capacities not exceeding 1,500 cc, 6,000 units for specified intermediate engine-capacity category and 12,500 units for higher- capacity petrol and diesel vehicles.
DGFT Public Notice 39/2026 Dated 06/11/2026
DGFT, Amendment to HBP regarding Mechanism for resolving Quality Complaints/ Trade Disputes: Under the revised provision, Indian Missions Abroad must pursue appropriate redressal of complaints, whether filed directly by applicants or referred by the concerned Foreign Trade (FT) Divisions of the Department of Commerce. They are required to periodically update the action taken and status of each complaint on the DGFT portal until its resolution or final disposal. These updates must remain accessible to complainants through the portal.
DGFT Public Notice 38/2026 Dated 03/11/2026
DGFT Extends GAER Validity to 3 Years and SCOMET Export Benefits to 4-Star/ 5-Star Exporters: The public notice extend SCOMET authorisation-based facilitation to eligible exporters holding valid 4-Star or 5-Star Status Holder Certificates. Eligible status holders can use their valid certificates as an alternative to the specified Authorised Economic Operator (AEO) certifications, subject to other prescribed conditions. The notice also extends General Authorisation for Export after Repair in India (GAER) validity from one year to three years from the date of issue, with post-shipment reports required within 30 days from the end of each quarter.
DGFT Public Notice 37/2026 Dated 02/11/2026
F. Securities and Exchange Board of India (SEBI)
SEBI, Review of the framework for Accredited Investors: The circular establishes a new, optional Manager-led accreditation route, enabling managers of Alternative Investment Funds (AIFs), Specialized Investment Funds (SIFs), and Portfolio Managers to directly verify and record Accredited Investors (AIs) status during onboarding. The Accreditation remains valid for three years. It qualifies individuals with at least Rs 5 crore in securities market exposure (Rs 20 crore for corporates). The Persons Resident Outside India (PROIs) are deemed as accredited, subject to PMLA compliance.
SEBI Circular Dated 05/11/2026
SEBI, Revision of Limits relating to requirement of Underlying Exposure for Currency Derivatives Contracts: The circular revises the exposure limits for exchange-traded currency derivatives contracts involving the Indian Rupee (INR). It reduces the currency derivative limit without underlying exposure from USD 100 million to USD 5 million. This cap applies aggregates across all INR currency pairs and exchanges for both domestic clients and Foreign Portfolio Investors (FPIs). To exceed this USD 5 million threshold, participants must demonstrate a valid underlying asset or economic exposure.
SEBI Circular Dated 05/11/2026
SEBI, Net Settlement of Funds for transactions undertaken by Mutual Fund Schemes in Cash Market: The circular introduces a new framework allowing net settlement of funds for outright cash-market trades across individual mutual fund schemes. The netting of funds applies strictly at the single-scheme level for same-cycle purchase or sale transactions. The cross-scheme netting, inter-scheme funding, derivatives, and short-selling remain prohibited. The settlement of underlying securities remains entirely on a gross basis. Asset Management Companies and custodians must enforce robust identification and system audit trails.
SEBI Circular Dated 05/11/2026
SEBI, Review of Know Your Client process for Individual Person Resident Outside India Clients: The individual NRIs, OCIs, and foreign nationals residing in FATF-compliant countries can complete their onboarding or re-KYC digitally from abroad without being physically present in India. The framework introduces key digital checks, including PAN verification, passport/OCI validation, and safeguarded video interaction. Intermediaries must submit completed digital records to the KYC Registration Agency (KRA) within 3 working days. Existing rules continue for clients in FATF non-compliant jurisdictions.
SEBI Circular Dated 04/11/2026
SEBI, Framework for Issuance of Depository Receipts on Units of REITs: The circular establishes the operational framework for issuing foreign currency-denominated Depository Receipts (DRs) backed by units of Real Estate Investment Trusts (REITs). The DRs must be listed exclusively on GIFT IFSC international exchanges, namely India International Exchange (India INX) or NSE International Exchange. Only persons resident outside India are permitted to hold or own these instruments. Any fresh issuance of DRs requires a prior unitholder approval with at least a 75% majority vote.
SEBI Circular Dated 02/11/2026
SEBI, Framework for Issuance of Depository Receipts on Units of InvITs: The circular establishes regulatory framework for issuing foreign currency-denominated Depository Receipts (DRs) backed by Infrastructure Investment Trust (InvIT) units. The DRs must list on international exchanges within the IFSC. Fresh DR issuances require 75% unitholder voting approval. Further, Indian residents are prohibited from holding these DRs. Investment managers must appoint a merchant banker to oversee compliance.
SEBI Circular Dated 02/11/2026
SEBI, Cooling Off Period for Offer for Sale by Private listed InvITs: The circular reduces the Offer for Sale (OFS) cooling-off period to plus or minus eight weeks specifically for illiquid, private-listed Infrastructure Investment Trusts (InvITs). It amends Paragraph 19.2 of the SEBI Master Circular dated 30th December 2024, aligning the InvIT OFS trading lot with the prevailing secondary market lot sizes.
SEBI Circular Dated 02/11/2026
SEBI, Consultation paper on Introduction of AML/CFT Certification requirement for Principal Officer: The paper proposes mandatory Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Certification for Principal Officers of all registered securities market intermediaries. They must obtain the NISM-Series-XXIV: Anti-Money Laundering and Combating the Financing of Terrorism Provisions (AML/CFT) in Securities Markets Certification Examination. The existing/ newly appointed Principal Officers must complete the certification within 6 months of the final rule taking effect. Officers must continuously hold and maintain a valid certificate throughout their tenure. The feedback/ comments from stakeholders are invited.
SEBI Consultation Paper Dated 06/11/2026
G. Ministry of Corporate Affairs (MCA)
Amendments to Companies (Listing of equity in instruments in permissible jurisdictions) Rules: The amendments broaden the scope by replacing references to equity shares with equity instruments and introducing a definition covering equity shares, convertible debentures and preference shares issued by Indian companies. The revised framework also expressly covers unlisted public companies in International Financial Services Centres (IFSC) jurisdictions, subject to applicable regulations. Companies with negative net worth may now qualify to issue equity instruments for listing if they undertake to allot at least 75% of the net offer to qualified institutional buyers.
MCA Notification Dated 03/11/2026
H. Insolvency and Bankruptcy Board of India (IBBI)
NCLAT, Post-Admission Settlement cannot Automatically End CIRP under Amended Section 12A: Case of Aayush Prashant Agarwal vs Uma Export Limited, NCLAT Delhi Judgement Dated 24th August 2026. The appellate tribunal held that a post-admission settlement between a corporate debtor and an operational creditor cannot bypass the formal statutory withdrawal route prescribed under Section 12A IBC. The proper course of action for the parties is to routing the settlement via the IRP, who must formally apply to the NCLT for withdrawal under Section 12A read with Regulation 30A of IBC.
NCLAT Delhi Judgement Dated 24/08/2026
NCLAT, Unrefunded Supply Advance Is Operational Debt: Case of Sukhbir Singh vs Verbio India Private Limited, NCLAT Delhi Judgement Dated 6th July 2026. The appellate tribunal ruled that an unrefunded supply advance qualifies as an operational debt under the Insolvency and Bankruptcy Code.
NCLAT Delhi Judgement Dated 06/07/2026
I. Reserve Bank of India (RBI)
RBI, Amendments to FEMA Export and Import of Goods and Services Regulations: The notification relaxes and simplifies the Export Declaration Form (EDF) filing norms, including a Rs 10 lakh threshold for simplified declarations and self-certification. It provides updated timelines for the realization and repatriation of export proceeds and refines processes for closing entries in EDPMS/IDPMS (Export Data Processing and Monitoring System / Import Data Processing and Monitoring System.
RBI Notification Dated 02/11/2026
RBI, Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators (PSOs): The framework consolidates previous guidelines & rules for third-party ATM Switch Application Service Providers and system audits. It establishes baseline security governance to counter information system and cyber security risks. The key requirements include a mandatory 6-hour incident breach reporting window, a 12-hour cooling-off period, and annual audits. The directions take immediate effect for large and medium non-bank PSOs, while small PSOs are given a phased timeline.
RBI Master Directions 475/2026 Dated 05/11/2026
RBI, Draft Consolidation of Instructions Related to Priority Sector Lending: The draft consolidate and split Priority Sector Lending (PSL) rules into five separate, entity-wise rulebooks for Commercial Banks, Small Finance Banks, Local Area Banks, Regional Rural Banks, and Urban Co-operative Banks. Overall PSL targets remain 40% for commercial banks and local area banks, 60% for SFBs and UCBs, and 75% for RRBs. MSME definitions now link to the MSMED Act (requiring Udyam/ Udyam Assist registration), food processing activities expand per MoFPI guidelines, and NBFC on-lending qualifies only after direct disbursement to the end-beneficiary.
RBI Draft Directions Dated 05/11/2026
J. Miscellaneous
SC, Recovery Suit Cannot Be Rejected When Balance Sheets Acknowledge Debt: Case of Yusuf vs Vigyapan Loke Delhi Advertising CGHS Ltd, SC Judgement Dated 5th November 2026. The apex court held that entries in balance sheets, read with connected financial records and surrounding circumstances, can constitute an acknowledgment of liability under Section 18 of the Limitation Act. Such acknowledgment can give rise to a fresh period of limitation, preventing rejection of a recovery suit at the threshold.
SC, Cheque Bounce Complaint against Director without Arraigning Company Is Fatally Defective: Case of Manjula Kapoor vs State of Himachal Pradesh, SC Judgement Dated 29th July 2026. The apex court ruled that prosecuting a director or authorised signatory under Section 138/141 of the Negotiable Instruments (NI) Act is legally unsustainable unless the company itself is arraigned as an accused. The company cannot be added later to cure a fatally defective complaint.
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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)
