Summary: The weekly regulatory updates for 12–18 October 2026 cover significant developments in Income Tax, GST, Central Excise, Customs, DGFT, SEBI, IBBI, RBI and judicial decisions. Key highlights include notification of the India–Mauritius Tax Treaty Protocol, introduction of GST e-invoicing facilities for recipient-generated self-invoices under the Reverse Charge Mechanism, enabling of GSTR-9 and GSTR-9C for FY 2025-26, and a High Court ruling concerning GST refunds under the inverted duty structure. Central Excise and Customs updates address revised duties on petroleum exports, tariff values, duty drawback rates and preferential trade arrangements with New Zealand. DGFT issued notifications and public notices concerning export policies, import restrictions and tariff-rate quotas. SEBI amended regulations governing listed debt securities, REITs, InvITs and Alternative Investment Funds, besides revising market timings and derivatives settlement methodology. RBI introduced restrictions on INR-linked derivative contracts and prescribed foreign exchange risk reserves. Important Supreme Court and NCLAT decisions address property ownership, auction proceedings, arbitration jurisdiction, resolution plan implementation, personal guarantor liability and corporate debtor assets. These developments have important implications for regulatory compliance, taxation, financial markets and corporate governance.
Notifications & Circulars issued during week (12th – 18th Oct 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
Income Tax
India–Mauritius Tax Treaty Protocol notified and comes in force from 10th August 2026: The Protocol has been notified for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains and for the encouragement of mutual trade and investment. It provides for the elimination of double taxation without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance, including treaty-shopping arrangements intended to benefit residents of third jurisdictions indirectly.
(Income Tax Notification 135/2026 Dated 13/10/2026)
GST
GSTN, Introduction of e-Invoicing Facility for Recipient Generated Self Invoices under Reverse Charge Mechanism: The e-Invoicing system is being enhanced to facilitate the reporting of recipient generated self-invoices under the Reverse Charge Mechanism (RCM). Accordingly, two new supply types, namely RCMDOM (Reverse Charge Mechanism on Domestic) and RCMIMP (Reverse Charge Mechanism on Import of Services), are being introduced to enable reporting of self-invoices for specified domestic supplies received from unregistered persons under RCM and import of services from suppliers located outside India. The new functionality would enable eligible registered taxpayers to generate Invoice Reference Numbers (IRNs) for such self-invoices. The new functionality is intended for registered taxpayers having an Aggregate Annual Turnover (AATO) of Rs 5 crore and above. have been implemented in the sandbox environments of all six authorised Invoice Registration Portals (IRPs).
(GSTN Advisory Dated 16/10/2026)
GSTN, Annual Returns GSTR-9/9C for FY 2025-26 enabled on GST Portal: Annual Returns in the form of GSTR-9/9C for FY 2025-26 have been enabled on the GST portal from 8th October 2026. It is to be ensured that all returns (GSTR 1 and GSTR 3B) for FY 2025-26 are filed to enable the tile of GSTR-9/9C.
(GSTN Advisory Dated 13/10/2026)
HC, GST Refund cannot be denied Merely Because Principal Input and Output have same Tax Rate: Case of Padmavati Ferrous Ltd vs Union of India, HC P&H Judgement Dated 11th September 2026. HC ruled that Goods and Services Tax (GST) refunds cannot be denied solely because the principal input and the output supply attract the same tax rate. The circular cannot override the statute to block refunds when other inputs in the supply chain attract higher tax rates.
Central Excise
SAED revised on Export of Petrol to Rs 2.50 and 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 of Petrol to Rs 2.50 per litre (Pre-revised Rs 0.50 per litre) Diesel to Rs 8.50 per litre (Pre-revised Rs 16.00 per litre), effective from 16th October 2026.
(Central Excise Notification 54/2026 (T) dated 15/10/2026)
Custom Duty
Customs Duty Concessions notified for Specified New Zealand Imports: The notification provides customs duty and cess concessions for specified goods imported into India from New Zealand. It seeks to give effect to the first tranche of tariff concessions under India New Zealand Free Trade Agreement.
(Customs Notification 32/2026 (T) Dated 16/10/2026)
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. 16th October 2026. The tariff value for crude palm oil is set at USD 1223 per metric ton, while gold and silver have tariff values of USD 1316 per 10 grams and USD 1907 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 10433 per metric ton.
(Customs Notification 86/2026 (NT) Dated 15/10/2026)
Reduction in Duty Drawback Rates on Gold and Silver Jewellery: The notification reduces the All Industry Rates (AIR) of duty drawback applicable to specified gold and silver jewellery and articles under Chapter 71, applicable from 15th October 2026. For tariff item 711301, covering gold jewellery and parts thereof, the rate has been reduced from Rs 1851.99 to Rs 1794.11. For tariff item 711302, covering silver jewellery and parts thereof, and tariff item 711401, covering articles made of silver, the rate has been reduced from Rs 29501.09 to Rs 26859.02 per kg.
(Customs Notification 85/2026 (NT) Dated 15/10/2026)
Mumbai Customs Adjudicating Authority appointed for 60 Show Cause Notices: The notification appoints the Commissioner of Customs (Adjudication), Mumbai, to exercise the powers and discharge the duties of the Commissioner of Customs, NS-I Commissionerate, Mumbai Customs Zone-II, for adjudication and disposal of 60 specified show cause notices.
(Customs Notification 84/2026 (NT) Dated 15/10/2026)
Mandalgarh, Bhilwara added as Customs Port in Rajasthan: The notification added a new entry for Mandalgarh, Bhilwara, as Customs Port in Rajasthan for unloading of imported goods and the loading of export goods or any class of such goods.
(Customs Notification 83/2026 (NT) Dated 14/10/2026)
India New Zealand FTA Rules of Origin Notified: The Customs Tariff (Determination of Origin of Goods under the Free Trade Agreement (FTA) between India and New Zealand) Rules 2026 has been notified and will come into force on 20th October 2026. They establish the legal framework for determining the origin of goods eligible for preferential customs duty treatment under the India–New Zealand Free Trade Agreement.
(Customs Notification 82/2026 (NT) Dated 12/10/2026)
Directorate General of Foreign Trade (DGFT)
Amendment in Export Policy of Prepared Culture Media: The amended conditions shall apply to prepared culture media used for the development or maintenance of microorganisms, including viruses, and plant, human or animal cells. The export policy continues to be classified as “Free”. However, it expressly permits the issuance of a Shipment Clearance Certificate and a Health Certificate wherever the importing country requires or mandates such certification.
(DGFT Notification 44/2026 Dated 12/10/2026)
Extension of Minimum Import Price on Glufosinate Imports: The notification extends the Minimum Import Price (MIP) condition on imports of Glufosinate and its salts falling under HS Codes 38089193, 38089199, 38089361, 38089391, 38089399, 38089912, 38089991 and 38089999 of Chapter 38 until 12th April 2027.
(DGFT Notification 43/2026 Dated 12/10/2026)
DGFT Notifies India New Zealand FTA TRQ Import Procedure: The public notice prescribes tariff rate quota (TRQ) imports under the India–New Zealand Free Trade Agreement. The schedule covers apples, kiwifruit, albumins and NZ MPI-certified Mānuka honey, with product- specific annual quantities, CIF conditions, applicable duties and import windows.
(DGFT Public Notice 33/2026 Dated 17/10/2026)
Simplified Procedure for Expedited Issuance of Import Authorisations for Silver Bullion: Eligible applicants may seek expedited processing by submitting a self-declaration confirming that the proposed imports will be made on payment of customs duty at the generally applicable rate, without claiming concessions. Authorisations issued under this procedure will require procurement through the India International Bullion Exchange (IIBX) or Nominated Banks/Agencies notified under Appendix 4B of the Foreign Trade Policy.
(DGFT Trade Notice 30/2026 Dated 13/10/2026)
Securities and Exchange Board of India (SEBI)
Amendments to SEBI Listing Obligations and Disclosure Requirements Regulations: The amended provision mandates that entities with NCDs listed on or after October 14, 2026, must list all subsequent issuances of non-convertible debt securities on recognized stock exchanges. The Regulations 62A(2) regarding legacy unlisted NCDs and 62A(3) concerning the three-month compliance window have been omitted.
(SEBI Notification Dated 12/10/2026)
Amendments to SEBI Real Estate Investment Trusts Regulations: The notification introduce changes concerning the scope of common infrastructure, issuance of depository receipts, unitholder approval requirements and exit arrangements for dissenting unitholders. The provisions have been omitted related to composite real estate projects, industrial parks, and SEZs. The dissenting shareholders shall have exit options during a sponsor departure in multi-sponsor REITs.
(SEBI Notification Dated 12/10/2026)
Amendments to SEBI Infrastructure Investment Trusts Regulations: The notification inserts Regulation 14(5C), permitting Infrastructure Investment Trusts (InvITs) to issue Depository Receipts on their underlying units. It also replaces the previous requirement of approval from 75% of unitholders by value with an approval threshold of at least 75% of total votes cast in favour, excluding related parties.
(SEBI Notification Dated 12/10/2026)
Amendments to SEBI Alternative Investment Funds Regulations: The notification amends investor accreditation rules, introduce securities market exposure standards, and revamp dispute resolution frameworks. An individual may qualify for accreditation through securities market exposure of at least Rs 5 crore. For a limited liability partnership, eligibility includes net worth of at least Rs 50 crore, securities market exposure of at least Rs 20 crore, or independent qualification of every partner. For a body corporate other than an LLP, the amended criteria provide for net worth of at least Rs 50 crore or securities market exposure of at least Rs 20 crore.
(SEBI Notification Dated 09/10/2026)
Review of Closing Auction Session, Market Timings and Settlement Methodology for Derivatives Contracts: SEBI has decided to shorten CAS to ten minutes, from 3:30 PM to 3:40 PM. The revised framework provides for a one-minute reference price calculation and transition period, followed by five minutes for market and limit orders and four minutes for limit orders only, with random closure between 3:38 PM and 3:40 PM. The trading in index derivatives will continue until 3:45PM, except that expiring index derivatives will stop trading at 3:30 PM on expiry days. Stock derivatives will trade until 3:45 PM, including expiry days. The post-close cash market session will operate from 3:50 PM to 4:00 PM.
— SEBI has also revised the derivatives settlement price methodology. Expiring index derivatives will use underlying index values calculated from the volume-weighted average prices (VWAP) of constituent securities during the last 30 minutes of continuous cash trading. Expiring stock derivatives will similarly use the underlying stock’s 30-minute VWAP across stock exchanges.
(SEBI Circular Dated 15/10/2026)
Consultation Paper Review of provisions of SEBI ICDR Regulations related to Initial Public Offer by Small and Medium Enterprises: The paper proposes replacing paid-up capital eligibility with post-issue market capitalisation: issuers valued up to Rs 1,000 crore would access only the SME platform, while those above Rs1,000 crore and up to Rs 4,000 crore could optionally use it, subject to Ind AS financial reporting requirements. It is proposed to include an average operating profit threshold of ₹3 crore annually over the preceding three financial years and an alternative book-built route for issuers failing that profitability test, requiring at least 75% allotment to qualified institutional buyers while retaining other eligibility safeguards. Further proposals include increasing minimum allottees from 200 to 500, permitting one-share trading lots, rationalising underwriting, introducing a 90% minimum subscription requirement and removing compulsory market making. The feedback/ comments from stakeholders are invited.
(SEBI Consultation Paper Dated 14/10/2026)
Consultation Paper Review of provisions of SEBI ICDR Regulations for Monitoring and
Disclosure of Utilization of Issue Proceeds: The paper proposes direct submission of monitoring agency reports to stock exchanges, reports based on the best available information with statements of non-cooperation, and mandatory monitoring agency appointment for all issuances irrespective of issue size, excluding the offer-for-sale component. The other recommendations address gross issue proceeds, reporting formats, transitional arrangements, revised Regulation 32 and a separate Regulation 32A. It clarifies that non-payment of monitoring fees would not itself constitute non-cooperation, agreements could provide for advance fees and proportionate refunds following early termination. The feedback/ comments from stakeholders are invited.
(SEBI Consultation Paper Dated 13/10/2026)
Ministry of Corporate Affairs (MCA)
No Notification/ Circular during the week.
Insolvency and Bankruptcy Board of India (IBBI)
NCLAT, Extension of Resolution Plan Payment Timeline does not Amount to Modification: Case of Sonal Sumit Mehta vs Chirag R Shah, NCLAT Delhi Judgement Dated 5th October 2026. The appellate tribunal ruled that extending timelines for financial obligations under an approved resolution plan due to a delay in handing over vacant possession does not amount to an impermissible modification of resolution plan.
NCLAT, Personal Guarantors cannot Reopen Final DRT Liability Findings under IBC: Case of Bhumika Nilay R. Shah Vs Prawincharan Prafulcharan Dwary, NCLAT Delhi Judgement Dated 21st September 2026. The appellants argued that Clause 24 of Deed of Guarantee limited their liability to the market value of mortgaged properties under section 114 of the IBC. The appellate tribunal however, ruled that personal guarantors cannot relitigate or limit their liability under the IBC once a Debt Recovery Tribunal (DRT) order has attained finality.
NCLAT, Disputed JDA Termination does not Warrant Land Exclusion at Interim Stage: Case of NCLAT Delhi Judgement Dated 2nd September 2026. The appellate tribunal held that an alleged pre-CIRP unilateral termination of a Joint Development Agreement (JDA) does not automatically exclude the underlying land from the Corporate Insolvency Resolution Process (CIRP) if third-party rights and mortgage interests have already been created.
NCLAT, Undisclosed FDRs remain Corporate Debtor Assets after IBC Resolution: Case of SPS Steels Rolling Mills Limited vs Central Bank of India, NCLAT Delhi Judgement Dated 19th March 2026. The appellate tribunal held that undisclosed or omitted assets, such as expired bank guarantee margin money FDRs, discovered after a resolution plan full implementation remain with the corporate debtor under new management, and creditors cannot unilaterally adjust or retain them.
Reserve Bank of India (RBI)
RBI Restricts INR Derivatives to Hedging and Mandates 20% Risk Reserve: The RBI has restricted the offering of non-deliverable derivative contracts (NDDCs) involving the Indian Rupee to non-resident users exclusively for hedging purposes. Previously, Authorised Dealer Category-I banks having operational IFSC Banking Units and Standalone Primary Dealers authorised as Category-III Authorised Dealers were permitted to offer such contracts to non-resident users without any restriction concerning their purpose. It has also introduced a mandatory Foreign Exchange Risk Reserve (FERR) for foreign exchange derivative contracts involving INR entered into by Authorised Dealers to hedge currency risks arising from their own assets and liabilities. The prescribed FERR is 20 per cent of the INR equivalent of the notional amount of each derivative contract.
(RBI Circular 293/2026 Dated 12/10/2026)
Miscellaneous
SC, Agreement to Sell does not Confer Ownership: Case of Smt. Rano Singh vs Gurbax Singh (D), SC Judgement Dated 16th October 2026. The apex court held that Agreement to Sell Does Not Confer Ownership. The Possession Claim fails where contract was abandoned and Registered Sale remained unchallenged.
SC, Highest Bid cannot be Rejected Solely for being Below Bidder’s Earlier Offer: Case of Dhanlaxmi Merchandise Pvt Ltd vs State of Madhya Pradesh, SC Judgement Dated 14th October 2026. The apex court ruled that the state cannot cancel a competitive sand-mining auction merely because the highest bid is lower than an amount the same bidder offered in a previous auction.
SC, Goa is Arbitration Seat despite Delhi Venue Clause: Case of Arcis Clean Energy Pvt Ltd vs Parshva Innovation, SC Judgement Dated 12th October 2026. The apex court reiterated that when an arbitration agreement contains conflicting clauses mentioning multiple cities, the contract must be read as a whole. Because contract Clause 38 explicitly vested exclusive jurisdiction in the courts of Goa, Goa constituted the legal/juridical seat. Consequently, the Delhi HC had no authority to entertain arbitrator appointment application, leaving the parties free to approach competent court in Goa.
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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)
