Summary: The weekly update for 27 July–2 August 2026 covers notifications, circulars, judicial decisions, and press releases relating to Income Tax, GST, Customs, DGFT, SEBI, MCA, IBBI and RBI. It includes Income Tax notifications granting exemptions to Kerala and Chhattisgarh Real Estate Regulatory Authorities and the Maharashtra Fees Regulatory Authority, GSTN’s decision to keep proposed e-Way Bill enhancements on hold, Customs notifications on tariff values, anti-dumping duties, ECCS refund automation and new customs locations, DGFT amendments aligning Schedule-II (Export Policy) ITC (HS) with the Finance Act, 2026, SEBI’s extension of digital accessibility compliance timelines and introduction of the GARUDA mechanism for AIFs, MCA, IBBI and RBI updates covering supervisory instructions, governance, prudential norms, financial statement disclosures, asset liability management, KYC compliance, counterfeit currency detection, deposit interest rate directions and the winding up of Paytm Payments Bank Limited. The compilation also highlights significant Supreme Court, High Court and NCLAT decisions relating to income tax, GST, company law, insolvency, cheque dishonour, succession and other legal issues.
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Weekly Notifications & Circulars Digest: Income Tax, GST, RBI, SEBI, DGFT Updates (27 July–2 Aug 2026)
SEO Description
Weekly roundup of Income Tax, GST, Customs, DGFT, SEBI, MCA, IBBI and RBI notifications, circulars, press releases and key court rulings.
Notifications & Circulars issued during week (27th – 2nd Aug 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Kerala Real Estate Regulatory Authority notified for section 11 Exemption: Kerala Real Estate Regulatory Authority an Authority constituted by Government of Kerala under Real Estate (Regulation and Development) Act, 2016 has been notified under section 11 for exemption on its income from fees collected for registration of projects / agents / plot, fees for filing compensation/ complaints and government grants.
(Link: Income Tax Notification 102/2026 Dated 29/07/2026)
Kerala Real Estate Regulatory Authority notified for section 10(46) Exemption for FYs 2022-26 under Income tax act 1961: Kerala Real Estate Regulatory Authority an Authority constituted by Government of Kerala under Real Estate (Regulation and Development) Act, 2016 has been notified under section 10(46) for exemption on its income from fees collected for registration of projects / agents / plot, fees for filing compensation/ complaints and government grants.
(Link: Income Tax Notification 101/2026 Dated 29/07/2026)
Chhattisgarh Real Estate Regulatory Authority notified for section 11 Exemption: Chhattisgarh Real Estate Regulatory Authority an Authority constituted by Government of Chhattisgarh under Real Estate (Regulation and Development) Act, 2016 has been notified under section 11 for exemption on its income from fees collected for registration of projects / agents / plot, fees for filing compensation/ complaints and government grants.
(Link: Income Tax Notification 100/2026 Dated 27/07/2026)
Chhattisgarh Real Estate Regulatory Authority notified for section 10(46) Exemption for FYs 2023-26 under Income Tax Act 1961: Chhattisgarh Real Estate Regulatory Authority an Authority constituted by Government of Chhattisgarh under Real Estate (Regulation and Development) Act, 2016 has been notified under section 10(46) for exemption on its income from fees collected for registration of projects / agents / plot, fees for filing compensation/ complaints and government grants.
(Link: Income Tax Notification 99/2026 Dated 27/07/2026)
Maharashtra Fees Regulatory Authority notified for section 10(46) Exemption for FYs 2021-26 under Income Tax Act 1961: Fees Regulating Authority, an authority constituted by the State Government of Maharashtra, has been notified under section 10(46) for exemption on its income from Processing fees, interest, penalties and other charges payable by Private Professional Educational Institutions Reimbursements/ Grants received from Government of Maharashtra and Income from interest on bank deposits and other investments.
(Link: Income Tax Notification 98/2026 Dated 27/07/2026)
SC, Round-Trip Cruise Operator Eligible for Section 44B Presumptive Taxation Scheme: Case of DIT vs Star Cruises (India) Private Limited, SC Judgement Dated 30th July 2026. The apex court accepted the factual findings that passengers could disembark at intermediate ports and transportation remained the principal activity. Accordingly, the requirement of carriage stood satisfied. Ancillary services do not alter the character of business. Providing such amenities does not convert the business from carriage into hospitality. Section 44B requires only two conditions the assessee must be a non-resident, and it must operate ships. Both conditions were satisfied. Entertainment provided during the voyage is merely incidental.
HC Grants Interim Relief to Judges in Income Tax Regime Dispute: Case of Delhi Tax Bar Association vs Union of India, HC Delhi Judgement Dated 22nd July 2026. HC directed that all Judges of the Supreme Court and High Courts may file their income-tax returns or revised returns by reflecting the allowances covered under Sections 22D and 23D under the caption “Receipts not in the nature of income” by selecting the “Exempt Income” section of the e-filing dashboard, choosing the category “Other Incomes” and the sub-category “Receipts not in the nature of income.” It further directed that the returns so filed should not be processed or proceeded with until further orders.
HC, Salary Payments to Seconded Employees Not Subject to Section 195: Case of PCIT vs Boeing India Private Limited, HC Delhi Judgement Dated 16th March 2026. HC reaffirmed that once an Indian entity treats payments to seconded personnel as salary and deducts tax under Section 192, Section 195 (withholding on foreign remittances/fees for technical services) does not apply to cost reimbursements.
B. GST
GSTN Advisory on keeping on hold the Proposed e-Way Bill Enhancements: The advisories dated 9th June 2026 and 17th June 2026 regarding certain proposed enhancements to the e-Way Bill system, with the scheduled date of implementation as 1st August 2026 has been kept on hold until further notice. The advisories, along with the FAQs issued, stands withdrawn from the GST Portal. These advisories mainly relate to mandatory capture of Ship-to GSTIN and Voluntary Closure of e-Way Bill.
(Link: GSTN Advisory Dated 29/07/2026)
SC upholds CGST Section 16(2)(c), denies ITC where Supplier Fails to Deposit GST: Case of Bhandari Scrap Traders vs Union of India, SC Judgement Dated 24th July 2026. The apex court affirms the constitutional validity of Section 16(2)(c) of the CGST Act. No Input Tax Credit (ITC) to the recipient unless the supplier actually deposits tax to the Government.
C. Central Excise
No Notifications/ Circulars during the week.
D. 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 August 2026. The tariff value for crude palm oil is set at USD 1211 per metric ton, while gold and silver have tariff values of USD 1323 per 10 grams and USD 1875 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 10785 per metric ton.
(Link: Customs Notification 68/2026 (NT) Dated 31/07/2026)
Umarwada in Ankleshwar, District Bharuch, Gujarat notified location for Import and Export: The notification inserts a new entry relating to the State of Gujarat by adding “Umarwada, Ankleshwar, Bharuch” location for “Unloading of imported goods and the loading of export goods or any class of such goods.”
(Link: Customs Notification 67/2026 (NT) Dated 31/07/2026)
Anti-Dumping Duty on Untreated Fumed Silica from China Extended: The notification amends earlier notification No. 66/2021 dated 11th November, 2021 and inserts a new paragraph providing that, the anti-dumping duty shall remain in force up to and inclusive of 10th February, 2027, unless it is revoked, superseded, or amended earlier.
(Link: Customs Notification 19/2026 (ADD) Dated 31/07/2026)
Anti-Dumping Duty on Low Ash Metallurgical Coke originating in or exported from Australia, China, Columbia, Indonesia, Japan and Russia: Anti-dumping Duty has been imposed on imports of Low Ash Metallurgical Coke originating in or exported from Australia, China, Columbia, Indonesia, Japan and Russia, and imported into India. It shall be effective for a period of five years.
(Link: Customs Notification 18/2026 (ADD) Dated 27/07/2026)
Automation of Refund Application and Processing for Courier imports through Express Cargo Clearance System (ECCS): The newly developed ECCS Refund Module enables authorised couriers to file refund applications electronically with supporting documents and bank account details, generates a unique Refund Request Number (RRN) for tracking, and facilitates electronic communication of deficiency memos, acknowledgements, show cause notices, and refund sanction or rejection orders. Proper Officers are required to notify deficiencies within 10 days of RRN generation and avoid piecemeal queries. Concurrent audit of refund claims processed through ECCS has been replaced with post-audit. As a transitional measure, manual or ECCS filing is permitted until 30th September 2026.
(Link: Customs Circular 34/2026 (ADD) Dated 30/07/2026)
E. Directorate General of Foreign Trade (DGFT)
DGFT Aligns Schedule-II Export Policy ITC with Finance Act 2026: The notification amends Schedule-II (Export Policy), ITC (HS) 2022 in line with the Finance Act 2026. The amendments to the Section Notes, Chapter-wise Main Notes, Sub- Heading Notes, and Supplementary Notes are set out in Annexure-I. The list of ITC (HS) codes introduced, deleted, amended, split, or merged is as per Annexure-II.
(Link: DGFT Notification 26/2026 Dated 27/07/2026)
F. Securities and Exchange Board of India (SEBI)
Extension of timelines with respect to compliance of Digital Accessibility Circulars: The timelines for compliance with Digital Accessibility Circulars under the Rights of Persons with Disabilities Act 2016 has been extended. SEBI granted an extension until 31st October 2026, to Regulated Entities (REs) to conduct accessibility audits for digital platforms and remediate audit findings. All other provisions of the previous circulars dated 31st July 2025, 29th August 2025, 25th September 2025, and 8th December 2025 remain unchanged and mandatory for compliance.
(Link: SEBI Circular Dated 31/07/2026)
GARUDA Mechanism for Processing of Placement Memorandum of Alternative Investment Funds (AIFs) filed with SEBI: The SEBI has introduced the Green-Channel: AIF Rollout Upon Document Acknowledgement (GARUDA) mechanism to ease and expedite the launch of Alternative Investment Fund (AIF) schemes. The circular revises the filing and launch process for Placement Memoranda (PPMs). Regular schemes may be launched after 10 working days of filing the application with SEBI unless otherwise advised, while first schemes may be launched from the date of SEBI registration or after 10 working days of filing, whichever is later. It prescribes documentation, merchant banker due diligence, declarations, disclosure requirements and responsibilities for Regular schemes. It also exempts AI only Funds, Large Value Funds for Accredited Investors (LVFs) and Angel Funds from merchant banker filing requirements, permitting launch or circulation of PPMs subject to specified conditions and undertakings.
(Link: SEBI Circular Dated 30/07/2026)
G. Ministry of Corporate Affairs (MCA)
NCLAT, Manipulation of Statutory Records to Usurp Shareholding Is Oppression: Case of Vivid Solutions vs Mukesh Jain, NCLAT Delhi Judgement Dated 24th July 2026. The appellate tribunal concluded that the appellants claim was founded on documents that were void for non-compliance with mandatory statutory procedures and had been created and filed belatedly. It held that the manipulation of statutory records to claim 100% shareholding and the transfer of the company’s sole immovable asset through book entries without a registered conveyance constituted continuing acts of oppression and mismanagement.
H. Insolvency and Bankruptcy Board of India (IBBI)
Invitation of Stakeholder Suggestions on the Integrated Platform for Insolvency Ecosystem (iPIE): The Ministry of Corporate Affairs is undertaking the development of the Integrated Platform for Insolvency Ecosystem (iPIE), as a unified digital platform that brings together the various stakeholders, processes and technology systems operating under the Insolvency and Bankruptcy Code by integrating multiple business processes and digital services into a common technology framework with the objective of providing seamless, secure and transparent user experience across the insolvency lifecycle. The platform will support end- to-end digital workflows, facilitate information exchange among authorized stakeholders, and reduce dependence on manual processes. The suggestions from stakeholders are invited.
(Link: IBBI Press Release Dated 27/07/2026)
HC, IBC Moratorium Does Not Extinguish Directors NI Act Liability: Case of Ajay Gupta vs Can Bank Factors Limited, HC P&H Judgement Dated 20th July 2026. HC ruled that a moratorium declared under Section 14 of the Insolvency and Bankruptcy Code (IBC) does not extinguish or shield corporate directors from personal criminal liability under Section 138 of Negotiable Instruments Act (NI Act) for cheque dishonour.
NCLAT, Contractual Development Rights Form Part of Insolvency Estate Despite No Land Ownership: Case of Uttar Pradesh Housing and Development Board vs KSN Buildwell Pvt Ltd, NCLAT Delhi Judgement Dated 14th July 2026. The appellate tribunal held that Contractual Development Rights under Hire Purchase Agreement can form part of Insolvency Estate even without Land Ownership.
I. Reserve Bank of India (RBI)
Updates on UNSC Sanctions List Under UAPA Compliance: MEA has informed about the UNSC amendments on its Taliban Sanctions List of individuals and 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 222/2026 Dated 31/07/2026)
Consolidation of Supervisory Instructions – Repeal of Circulars: RBI had consolidated the existing universe of supervisory instructions into structured function- wise, entity-specific consolidated Master Directions. This involved consolidation of 628 circulars (including Master Circulars and Master Directions) into 64 Master Directions covering up to nine functions across 11 types of regulated entities i.e. Commercial Banks Small Finance Banks, Payments Banks, Local Area Banks, Regional Rural Banks, Urban Co-operative Banks, Rural Co-operative Banks, All India Financial Institutions, Non-Banking Financial Companies, Asset Reconstruction Companies, and Credit Information Companies. Accordingly, the 628 circulars listed in the Annexure to this circular, comprising those whose instructions have been consolidated, as well as those which have become obsolete or redundant, are hereby repealed with immediate effect.
(Link: RBI Circular 221/2026 Dated 31/07/2026)
Fake Indian Currency Notes (FICNs)- Detection, Reporting and Monitoring: The circular provides that bank branches located in international border districts must install and use Note Authentication and Sorting Machines. All notes of Rs 100 and above must pass through machine authentication before re-circulation or ATM loading. The Counterfeit notes discovered over counters or in remittances must be stamped as “COUNTERFEIT NOTE,” impounded immediately, and never returned to the tenderer or destroyed privately. Bank Forged Note Vigilance (FNV) Cells must track data patterns, identify regional circulation hotspots, and report monthly numbers to RBI, NCRB, and FIU-IND.
(Link: RBI Circular 220/2026 Dated 31/07/2026)
Amendments to RBI Interest Rate on Deposits Directions: These directions are applicable to Commercial Banks, Small Finance Banks, Payment Banks, Local Area Banks, Regional Rural Banks and Urban Coop Banks. The amendment provides that interest rates payable on deposits, including bulk deposits, shall be strictly in accordance with the schedule of interest rates disclosed in advance on the bank’s website, with bulk deposit interest rates to be disclosed at 10:00 a.m., with a grace period up to 10:10 a.m., on every business day. It also requires uniform interest rates across all branches and customers for deposits of similar amounts accepted on the same date. It also inserts provisions permitting banks to offer differential interest rates on bulk deposits by considering the differential run-off rates applicable to deposits or unsecured wholesale funding under the Liquidity Coverage Ratio (LCR) framework.
(Link: RBI Circular 214/2026 (CB), 215/2026 (SFB), 216/2026 (RRB), 217/2026 (PB), 218/2026 (LAB), and 219/2026 (UCB) dated 30/07/2026)
Amendments to RBI Small Finance Banks Financial Statements Presentation and Disclosures Directions: The amendment follows the issuance of the Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions, 2026 pertaining to Basel Pillar 3 disclosures. It modifies the existing Directions by deleting paragraphs relating to disclosures on the Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), and disclosures on remuneration.
(Link: RBI Circular 213/2026 Dated 30/07/2026)
Amendments to RBI Small Finance Banks Governance Directions: The amendments provide that share-linked instruments shall form a component of variable pay, be governed by the bank’s compensation policy, be disclosed in accordance with the applicable RBI Directions, and be fair valued on the date of grant using the Black-Scholes model, with the fair value recognised as an expense from the approved accounting period. It also provide that banks shall make annual disclosures on the remuneration of WTDs, MD&CEO and MRTs in their Annual Financial Statements as prescribed in the relevant RBI Directions.
(Link: RBI Circular 212/2026 Dated 30/07/2026)
Amendments to RBI Small Finance Banks Asset Liability Management Directions: The amendment substitutes paragraph 197 to provide that, for the Liquidity Coverage Ratio (LCR) disclosure template and related instructions, and Net Stable Funding Ratio (NSFR) disclosure template and related instructions, banks shall refer to the relevant instructions in the Reserve Bank of India (Small Finance Banks – Financial Statements: Presentation and Disclosures) Directions and the Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Directions.
(Link: RBI Circular 211/2026 Dated 30/07/2026)
Amendments to RBI Small Finance Banks Prudential Norms on capital Adequacy Directions: The amendments provide for greater consistency with the Basel Pillar 3 disclosure requirements. These substitute references to disclosure tables, revise provisions relating to the objectives, applicability, assurance, confidentiality, guiding principles, frequency, timing, regulatory disclosure section, presentation and disclosure requirements, qualitative narrative, and leverage ratio disclosures under Pillar 3, delete paragraphs 191 and 207, and substitute Annex III with a revised version. Banks are required to maintain a Regulatory Disclosure Section on their websites and comply with the revised disclosure framework.
(Link: RBI Circular 210/2026 Dated 30/07/2026)
Amendments to RBI Payments Banks Financial Statements Presentation and Disclosures Directions: The amendment follows the issuance of the Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Fifth Amendment Directions 2026 pertaining to Basel Pillar 3 disclosures. It modifies the existing directions by deleting paragraph 10(11) relating to disclosures on remuneration.
(Link: RBI Circular 209/2026 Dated 30/07/2026)
Amendments to RBI Payments Banks Governance Directions: The amendment provide that share-linked instruments shall form a component of variable pay, be governed by the bank’s compensation policy, be disclosed in accordance with the applicable RBI Directions, and be fair valued on the date of grant using the Black-Scholes model, with the fair value recognised as an expense from the approved accounting period. It also provide that banks shall make annual disclosures on the remuneration of WTDs, MD&CEO and MRTs in their Annual Financial Statements as prescribed in the relevant RBI Directions.
(Link: RBI Circular 208/2026 Dated 30/07/2026)
Amendments to RBI Commercial Banks Financial Statements Presentation and Disclosures Directions: The amendment follows the issuance of the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Seventh Amendment Directions, 2026 pertaining to Basel Pillar 3 disclosures. It modifies the existing directions by deleting paragraphs relating to Liquidity Coverage Ratio (LCR) disclosures, Net Stable Funding Ratio (NSFR) disclosures, and disclosures on remuneration.
(Link: RBI Circular 207/2026 Dated 30/07/2026)
Amendments to RBI Commercial Banks Governance Directions: The amendment provide that share-linked instruments shall form a component of variable pay, be governed by the PVB’s compensation policy, be disclosed in accordance with the applicable RBI Directions, and be fair valued on the date of grant using the Black-Scholes model, with the fair value recognised as an expense from the approved accounting period. It also require a PVB to make annual disclosures on the remuneration of WTDs, MD&CEO, CEO and MRTs as part of its Annual Financial Statements in accordance with the relevant RBI Directions.
(Link: RBI Circular 206/2026 Dated 30/07/2026)
Amendments to RBI Commercial Banks Asset Liability Management Directions: The amendments provide that, for the Liquidity Coverage Ratio (LCR) disclosure template and related instructions, and Net Stable Funding Ratio (NSFR) disclosure template and related instructions, banks shall refer to the relevant instructions in the Reserve Bank of India (Commercial Banks – Financial Statements: Presentation and Disclosures) Directions and the Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Directions.
(Link: RBI Circular 205/2026 Dated 30/07/2026)
Amendments to RBI Commercial Banks Prudential Norms on capital Adequacy Directions: The amendments substitute specified references to disclosure tables and templates, revise provisions relating to the objectives, applicability, assurance, confidentiality, guiding principles, frequency, timing, regulatory disclosure section, presentation of disclosure requirements, and qualitative narrative for Pillar 3 disclosures, substitute Annex III with a revised version, and replace the references from “Table DF 11” to “Template CC1. Banks are required to maintain a Regulatory Disclosure Section on their websites and comply with the revised disclosure framework.
(Link: RBI Circular 204/2026 Dated 30/07/2026)
Winding up of Paytm Payments Bank Limited: RBI press release stated that it had cancelled the banking licence of Paytm Payments Bank Limited (PPBL) under Section 22(4) of the Banking Regulation Act 1949 with effect from the close of business on 24th April 2026. Following the licence cancellation, RBI applied before the High Court of Delhi for winding up PPBL and for the appointment of Liquidator. It is further stated that, High Court ordered the winding up and appointed Shri Girikumar M. Nair as the Official Liquidator.
(Link: RBI Press Release Dated 28/07/2026)
J. Miscellaneous
SC Acquits Accused under Section 138 NI Act due to Patent Material Alteration of Cheque: Case of Rajasab vs Hulagappa, SC Judgement Dated 17th July 2026. The apex court ruled that a patent, visible material alteration on the face of a cheque invalidates the prosecution’s case without requiring forensic or expert proof. The words “One Lak” and the extra digit “1” were crudely added and clearly visible to the naked eye. It held that insisting on further or expert evidence is pointless when a material alteration is manifest on the document itself.
SC clarifies Christian Succession, Property in Wives Names Belongs to Them: Case of Shakuntala vs Robert Anthony, SC Judgement Dated 30th July 2026. The apex court held that where a Christian husband purchases property directly in the names of his two wives, the property belongs to the respective wives and cannot be treated as the husband’s estate for applying the succession rules under Section 33 of the Indian Succession Act 1925.
HC Upholds Cheque Bounce Conviction, rejects Blank Security Cheque Defence: Case of Pardeep Kumar vs State (NCT of Delhi), HC Delhi Judgement Dated 22nd July 2026. HC upheld the conviction under Section 138 of the Negotiable Instruments Act. It ruled that the defence claiming a blank security cheque was handed over requires concrete evidence, which the petitioner failed to provide.
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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)
