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Mumbai Authority Dismisses Gayatri Exports Areca Nut Application Due to Previous Court Rulings

The customs authority in Mumbai dismissed applications filed by Gayatri Exports concerning roasted areca nuts. This rejection occurred under Section 28-I(2)(b) without addressing the underlying classification or duty concessions. The decision follows existing high court directions.

Effective Not specified in the update

For professionals: The Customs Authority for Advance Rulings in Mumbai dismissed Gayatri Exports applications for roasted areca nuts under Section 28-I(2)(b). Authorities are explicitly barred from entertaining applications when the question is already pending or decided in judicial proceedings. Tax practitioners and corporate legal teams must cross-reference client files with ongoing high court or tribunal challenges to avoid procedural rejections and verify whether active litigation exists before filing advance ruling applications.

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Multi Commodity Exchange Announces Schedule for Diwali Muhurat Trading on November 8, 2026

The Multi Commodity Exchange has scheduled its Diwali Muhurat Trading session for Sunday, November 8, 2026. Market participants will engage in a special session from 2:05 pm to 2:19 pm, followed by standard trading from 2:20 pm to 3:30 pm and client code modifications until 3:45 pm.

Effective November 8, 2026

For professionals: Configure trading software and back-office systems well in advance to accommodate the strict timings of the Muhurat Trading session on November 8, 2026. · Ensure client code modification protocols are managed within the permitted window up to 3:45 pm on the same day.

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Shell reports surging quarterly profit as record refining margins boost annual earnings

Shell posted a nearly doubled quarterly profit compared to the previous year, driven significantly by record-high refining margins. This substantial financial growth highlights strong operational performance across key downstream segments during the period. Market observers continue to monitor these profit trends closely.

Effective Not specified in the update

For professionals: Review detailed segmental financial disclosures in upcoming energy sector earnings reports. · Monitor capacity utilization rates across major processing plants and track evolving global fuel demand indicators.

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Comprehensive compliance guide details GST e-invoicing thresholds, IRN rules, and cancellation timeframes

A practical compliance overview outlines critical GST e-invoicing mandates, emphasizing the ₹5 crore threshold for businesses. The guidelines detail requirements for Invoice Reference Number generation, 30-day reporting restrictions, cancellation procedures, input tax credit claims, and departmental scrutiny measures.

Effective Not specified in the update

For professionals: Audit client billing software integration to ensure seamless data formatting. · Verify that Invoice Reference Numbers are generated within permitted timelines and reconcile monthly return data against portal records. · Advise clients on maintaining strict adherence to structured data formats and cancellation protocols to secure valid input tax credits.

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New GST rules withdraw registration exemptions for specific industrial scrap and waste suppliers

Notification 06/2026 removes the GST registration exemption for suppliers dealing in used cooking oil, plastic, tyre, metal, and electronic scrap. This regulatory change requires previously exempt businesses operating within these specific waste and recycled material sectors to obtain formal tax registration. Affected vendors must align their compliance frameworks immediately to avoid operational disruptions.

Effective Not specified in the update

For professionals: Advise clients supplying used cooking oil, plastic, tyre, metal, and electronic scrap to apply for GST registration promptly. Review supply chains to identify any unregistered vendors handling these specific waste streams. Verify that client invoicing reflects proper compliance and monitor upcoming departmental clarifications.

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Government Identifies Hundreds of Artificial Intelligence Use Cases Across Multiple Ministries

The central government has mapped 762 potential artificial intelligence applications across 62 distinct ministries and departments. These initiatives cover key public sectors including farming, railway safety, tax compliance, and healthcare, with tools currently operating at various stages of deployment.

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CBIC issues formal circular clarifying tax rates and past treatment for specific commercial goods

CBIC Circular 265/11/2026 provides definitive tax clarifications regarding sublimation paper, toys, used-vehicle input tax credit, and seaweed-derived biostimulants. The guidance specifically addresses how businesses should handle historical tax treatments for these specified commercial categories.

Effective Not specified in the update

For professionals: Review past transactions involving sublimation paper, toys, second-hand vehicles, and biostimulants to ensure alignment with the circular's instructions. · Advise corporate clients to adjust their invoicing accordingly. · Monitor upcoming tribunal rulings and supplementary clarifications from tax authorities.

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GST tax deduction at source expands to cover waste materials and recycled oils

Notification 07/2026-Central Tax mandates a 2 percent tax deduction at source on business transactions involving used cooking oil, plastic, tyres, metal scrap, and e-waste starting 1 November 2026. This administrative change aims to bring greater transparency to the secondary recycling and scrap sectors.

Effective 1 November 2026

For professionals: Update enterprise resource planning systems to automatically calculate and deduct the 2 percent tax on applicable scrap and waste transactions starting 1 November 2026. · Monitor related notifications for compliance thresholds and guide vendor networks on filing requirements to ensure seamless credit reflection in electronic ledgers.

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Nominated agency rules amended for precious metal exemptions under central tax provisions

Notification 05/2026-Central Tax (Rate) updates the regulatory framework governing tax exemptions on gold, silver, and platinum supplies. Effective 1 November 2026, the amendments formally link recognized nominated agencies directly to DGFT Appendix 4B classifications.

Effective 1 November 2026

For professionals: Verify client registration status against DGFT Appendix 4B ahead of the implementation date. · Ensure all documentation accurately reflects the amended criteria to protect company operations from unexpected tax liabilities.

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Electronic invoicing mandate expands to cover reverse charge self-invoices and service imports

GST Notification 04/2026 extends mandatory electronic invoicing requirements to reverse charge self-invoices and cross-border import of services transactions beginning 1 January 2027. Businesses must review their applicability status to ensure compliance with upcoming digital reporting rules.

Effective 1 January 2027

For professionals: Evaluate client exposure to imported services and reverse charge liabilities well before the deadline. · Update enterprise billing software to handle electronic self-invoice generation, track portal updates, and advise clients on maintaining robust documentation for cross-border transactions.

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New GST rules introduce updated compliance frameworks for post-sale discounts and provisional refunds

Notification 03/2026-Central Tax introduces revised operational guidelines governing post-sale discounts, credit note issuances, provisional tax refunds, and small exporter compliance procedures effective 1 November 2026. These regulatory adjustments redefine how businesses process financial adjustments and claim pending refunds.

Effective 1 November 2026

For professionals: Notification 03/2026-Central Tax enforces updated compliance standards for post-sale discounts, credit note documentation, provisional refund processing, and small-scale exporter provisions beginning 1 November 2026. · Finance teams must review accounting treatment for post-sale discounts and credit note issuance protocols to align with the 1 November 2026 changes. · Ensure export documentation supports smooth provisional refund approvals to protect organizational liquidity and monitor subsequent administrative clarifications.

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CBIC issues circular clarifying tax exemptions for research, shipping, banking interest, and NBFCs

CBIC Circular 266/12/2026-GST provides official clarifications on research and development exemptions, shipping operations, car leasing, TRAI guidelines, bank foreign trade interest, and the taxability of non-banking financial company co-lending services. The guidance resolves various ambiguities faced by financial and corporate sectors.

Effective Not specified in the update

For professionals: Examine existing client contracts across banking, NBFC, shipping, and research sectors to verify compliance with CBIC Circular 266/12/2026-GST guidelines. · Advise financial institutions to update their billing systems accordingly to mitigate future audit risks. · Track upcoming judicial pronouncements on co-lending and interest taxation.

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