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GST

Rajasthan High Court Directs Fresh Review of IGST Refunds Following Rule Omission

The Jaipur Bench of the Rajasthan High Court ordered a fresh review of integrated tax refund claims within twelve weeks. This decision relies on the Goodluck India precedent concerning the omission of Rule 96(10). Taxpayers seeking similar relief can now anticipate expedited administrative processing.

Effective Not specified in the update

For professionals: Advise clients to immediately review pending integrated goods and services tax refund applications that stalled due to past restrictions under the omitted Rule 96(10). · File representations referencing the legal position established in the Goodluck India matter and the Rajasthan High Court Jaipur Bench directive to secure fresh consideration of refund claims within the twelve-week timeframe. · Ensure compliance officers track unresolved tax credit refund applications affected by the omission of Rule 96(10).

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Taxguru18m ago 1 min
GST Govt Breaking

Central Board Issues Detailed Clarification on Tax Credits for Dealership Demo Vehicles

The Central Board of Indirect Taxes and Customs issued Circular No. 262/08/2026-GST to clarify input tax credit availability on demonstration vehicles purchased by authorized dealers. This guidance addresses long-standing ambiguity for automobile retailers regarding blocked credit provisions under the tax statute. Dealerships can now evaluate their historical and ongoing credit claims in line with these official parameters.

Effective Not specified in the update

For professionals: Review Circular No. 262/08/2026-GST to understand the specific conditions for input tax credit claims on demonstration vehicles. · Audit past and ongoing input tax credit entries of dealership clients against the parameters defined in the circular. · Advise motor vehicle retailers on compliance parameters for claiming credits on vehicles registered and used for promotional test drives.

Scrips: ITC

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SAG Infotech Official Tax Blog22m ago 1 min
RBI/SEBI Govt Breaking

SEBI and Bank of England Partner to Enhance Clearing Corporation Oversight

The Securities and Exchange Board of India has entered into a memorandum of understanding with the Bank of England. This agreement aims to foster mutual cooperation and supervisory information sharing regarding clearing corporations between both jurisdictions.

Effective Not specified in the update

For professionals: The Securities and Exchange Board of India signed a memorandum of understanding with the Bank of England to bolster bilateral cooperation and regulatory oversight concerning clearing corporations. · Compliance officers and financial institutions engaging in cross-border transactions should monitor subsequent regulatory guidelines arising from the framework. · Specific sections amended, filing deadlines, and exact effective dates are not stated in the update.

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Moneylife23m ago 1 min
GST

Delhi High Court Rules GST Notice Uploaded Late Due to Glitch is Time-Barred

The Delhi High Court held that generating a show-cause notice internally before the statutory deadline is insufficient if it is uploaded late on the portal due to technical issues. The court emphasized that communication under Section 169 requires timely service, rendering delayed notices invalid under Section 73(2).

Effective Not specified in the update

For professionals: Internal generation of a demand document before the limitation period expires does not satisfy the statutory mandate for timely issuance under Section 73(2). Communication of the notice must strictly follow the provisions of Section 169 to be legally valid. Any notice failing to reach the recipient or portal within the prescribed limitation window is time-barred and legally unenforceable, protecting taxpayers from delayed demands. · Tax professionals should advise clients that departmental technical system failures do not extend statutory limitation periods, and notices uploaded late due to glitches can be challenged as time-barred.

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Taxscan22m ago 1 min
GST

Delhi High Court Quashes Section 74 Tax Demand Lacking Specific Supplier Details

The Delhi High Court ruled that adjudication orders under Section 74 cannot sustain tax demands by merely reproducing fraud and suppression allegations without naming specific suppliers. Orders must establish a clear factual basis, identifying the exact transactions and entities involved before alleging wilful misstatement.

Effective Not specified in the update

For professionals: Adjudication orders issued under Section 74 cannot survive legal scrutiny if they merely replicate generalized allegations of fraud, wilful misstatement, or suppression of facts without naming specific suppliers and detailing relevant transactions. · Tax advisors and finance teams must scrutinize Section 74 adjudication orders for sweeping allegations lacking specific evidence linking the assessee to defaulting supply chains. · Invoking extended limitation periods and penal provisions requires a concrete factual foundation rather than vague assertions, and authorities must establish independent proof of malafide intent and wrongful credit utilization.

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Taxscan22m ago 1 min
Banking

Volatility Index Drops to 15.98 as Domestic Equities Open Without Major Movement

The domestic volatility index declined to 15.98 while local equity benchmarks opened flat amid mixed international cues. Investors displayed cautious sentiment as global markets influenced early trading ranges across major sectoral indices. Market participants continue to monitor cross-border economic indicators for directional triggers.

Effective Not specified in the update

For professionals: Active traders and portfolio managers must adjust option writing strategies and derivative hedges to account for the reduced VIX level at 15.98. · Market volatility indices reflect expected fluctuations in benchmark indices over a thirty-day horizon derived directly from option contract pricing.

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HDFC Sky37m ago 1 min
GST

New Indirect Tax Regulations Take Effect in November Featuring Refund Revisions

Revised indirect tax regulations implemented from November 1 introduce streamlined refund procedures and updated rules governing post-sale discounts. These modifications impact how businesses calculate tax liabilities and claim refunds under the indirect tax framework.

Effective November 1

For professionals: Update enterprise resource planning systems to reflect the new post-sale discount and refund processing rules. · Review ongoing refund applications and commercial agreement terms with vendors and clients.

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www.nationpathindia.com33m ago 1 min
Economy

Dodla Dairy Reports Q2 Net Profit of ₹36.59 Crore Amid Rising Procurement Costs

Dodla Dairy posted a 44% drop in net profit to ₹36.59 crore for the second quarter due to increased milk procurement expenses. Despite this profit decline, operating revenue grew by 17.4% to ₹1,196 crore, and the board cleared a joint venture with MIHL.

Effective Not specified in the update

For professionals: Evaluate Dodla Dairy's quarterly performance metrics and the strategic impact of the approved joint venture with MIHL on future earnings. · Analyze how input cost volatility in agricultural and dairy sectors compresses bottom-line profitability despite steady top-line sales expansion.

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Hindu BusinessLine39m ago 1 min
Markets Govt Breaking

Three Steps to Evaluate Benchmark Overlap in Flexi-Cap Mutual Funds

Investors can assess benchmark concentration in flexi-cap mutual funds by following a simple three-step portfolio analysis method. This process helps identify how closely a fund's holdings mirror the Nifty 50 index to prevent unintended concentration risk.

Effective Not specified in the update

For professionals: Perform portfolio overlap analysis during routine asset allocation and fund selection reviews · Examine monthly portfolio disclosures regularly to verify true diversification in flexi-cap funds

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Value Research40m ago 1 min
Investment Breaking

Jio Platforms Stock Climbs Further Following Strong Initial Public Offering Debut

Jio Platforms shares surged another 5% following a 26.68% first-day gain, pushing the stock roughly 33% above its initial public offering price and elevating its valuation past ₹13 lakh crore. Brokerage firms highlighted its market leadership while advising investors to closely monitor financial metrics like margins and average revenue per user.

Effective Not specified in the update

For professionals: Equity investors and portfolio managers should review their exposure to the telecom and digital services sector. · Analysts recommend monitoring core financial indicators such as operating margins and average revenue per user before making further investment decisions.

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LiveMint Markets41m ago 1 min
Global Finance

Mukesh Ambani Emotional as Jio Platforms Secures Position as Second Most Valued Indian Enterprise

Mukesh Ambani became visibly emotional as his three children recounted the journey of building Jio Platforms ahead of its market listing. The leadership outlined a long-term vision focused on generating sustainable value for investors over the coming half-century.

Effective Not specified in the update

For professionals: Examine succession planning disclosures and strategic roadmaps when evaluating leadership-driven conglomerates. · Monitor corporate announcements and governance structures.

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CNBC Global42m ago 1 min
Markets Breaking

Domestic Indices Rally Above Key Thresholds Following United States Federal Reserve Rate Pause

Indian equity benchmarks surged following the United States Federal Reserve decision to keep interest rates unchanged, with the Sensex climbing over 500 points and the Nifty moving past 22,850. Major market movers included Adani Ports and Power Grid among top gainers, while Trent registered a decline. Market breadth remained positive as advancing stocks outnumbered declining ones on the National Stock Exchange.

Effective Not specified in the update

For professionals: Review large-cap exposure and monitor corporate earnings reports for clients as advised by market analysts. · Advise equity investors and financial planners to capitalize on positive market momentum driven by foreign capital flows. · Analyze the impact of steady US interest rates on foreign institutional capital flows into domestic assets.

Scrips: Adani PortsPower Grid

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ET Markets42m ago 1 min

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