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GST

Delhi High Court Clarifies Limitation Period Rules for Goods and Services Tax Demands

The Delhi High Court has ruled that the limitation period under Section 74 depends on substantive notices and orders rather than later DRC-01 or DRC-07 dates. This judgment clarifies how timelines are computed for tax disputes. Finance professionals must review their case files to ensure compliance with this ruling.

Effective Not specified in the update

For professionals: Advise clients to audit all pending litigation and notice files to align with the judicial position that the limitation period under Section 74 is governed by substantive notices and orders rather than Form DRC-01 or Form DRC-07 dates. · Examine whether current demands comply with strict statutory timelines rather than relying merely on subsequent procedural intimations. · Review tax proceedings to ensure statutory timeframes are calculated correctly based on the true legal basis for time limits.

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Taxguru11m ago 1 min 1
Investment

Extend Capital Gains Relief for Foreign Funds to Local Retail Investors

Experts argue that tax exemptions on long-term capital gains granted to foreign institutional investors should apply equally to local and retail participants. The proposal also advocates for short-term capital gains rebates, incentives for initial public offerings, and tax deductions linked to job creation.

Effective Not specified in the update

For professionals: Review client portfolios for equity exposure in anticipation of potential policy shifts regarding capital gains taxation and IPO incentives · Monitor stakeholder representations and policy updates regarding long-term capital gains tax exemptions and related fiscal measures

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Taxguru15m ago 1 min
Business

Understanding FSSAI Registration Versus State And Central Licences For Food Businesses

Navigating food business compliance in 2026 requires understanding the distinction between Food Safety and Standards Authority of India (FSSAI) registrations and licences. The framework establishes specific thresholds at ₹1.5 crore and ₹50 crore, offering perpetual validity and outlining document requirements through the FoSCoS portal.

Effective Not specified in the update

For professionals: Audit client annual turnover figures against the ₹1.5 crore and ₹50 crore thresholds to determine the correct category. Ensure proper licensing status and manage applications, document uploads, and fee payments on the Food Safety Compliance System portal. · businesses must maintain updated records and verify their status for basic registration, State Licence, or Central Licence based on operational scale and capacity.

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Taxguru17m ago 1 min
GST Govt Breaking

Central Board of Indirect Taxes and Customs Restores Input Tax Credit for Agency Dealership Demonstration Cars

The Central Board of Indirect Taxes and Customs has issued Circular No. 262/08/2026-GST to remove the input tax credit block on demonstration vehicles for dealer-agency models. This update addresses tax credit restrictions under Section 17(5) and provides compliance relief for automobile dealerships operating through agency frameworks.

Effective Not specified in the update

For professionals: Review past purchases of demonstration vehicles to identify eligible unclaimed Input Tax Credit under Circular No. 262/08/2026-GST. · Advise automotive retail clients operating through agency structures on the new eligibility of demonstration vehicles for input tax credit claims. · Update Goods and Services Tax return filing procedures to incorporate input tax credit claims for demo vehicles kept exclusively for customer test drives.

Scrips: ITC

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Taxguru19m ago 1 min
Business

Prime Minister Modi launches twenty three kilometer Pink Line of Pune Metro

Prime Minister Narendra Modi formally opened the twenty three kilometer Pink Line of the Pune Metro network. The inauguration ceremony brings new transit infrastructure to commuters in the region. Further operational details regarding schedules and stations were marked during the launch.

Effective Not specified in the update

For professionals: Monitor upcoming municipal announcements to assess commercial real estate investments and local business logistics related to the new transit corridor. · Evaluate how improved urban mobility patterns and property demand shifts across surrounding micro-markets impact client advisory roles.

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Economic Times20m ago 1 min
Markets

Multibagger stock drops to lower circuit after opening lower on national exchange

A notable multibagger stock experienced a five percent lower circuit after opening at six hundred eighty-four rupees on the national stock exchange. The equity previously closed at six hundred ninety-one rupees and twenty-five paisa on Monday before touching an intraday low of six hundred fifty-six rupees and seventy paisa on November 3. Despite this intraday decline, the security has delivered a two hundred twenty percent rally during the year 2026 so far.

Effective November 3

For professionals: Investors and financial advisors should closely monitor trading volumes, exchange circuit parameters, and fundamental valuation metrics. · A lower circuit filter is a regulatory mechanism implemented by exchanges to curb excessive volatility and sudden price crashes in individual securities by halting further downward trading for the day once the limit is breached.

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LiveMint Markets23m ago 1 min
GST Govt Breaking

GST Notification 06/2026 Updates Electric Vehicle Tax Rates, Input Tax Credit Caps and E-Commerce Rules

Goods and Services Tax (GST) Notification 06/2026 introduces revisions affecting electric vehicle transport services at a five percent tax rate, same-line input tax credit limitations, subcontracting rules, and electronic commerce operator delivery mandates. Finance professionals must review compliance obligations and tax positions carefully under these newly enacted provisions.

Effective Not specified in the update

For professionals: Review GST Notification 06/2026 to understand the newly defined electric vehicle transit service tax rates, same-line Input Tax Credit caps, subcontracting norms, and Electronic Commerce Operator delivery compliance. · Update enterprise resource planning systems to account for the altered tax liability calculations and input credit claims for transport companies and online platforms.

Scrips: ITC

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Taxguru23m ago 1 min
Economy

Cognizant projects significant national output expansion driven by artificial intelligence

Artificial intelligence adoption could substantially grow the country's gross domestic product according to a recent model by Cognizant. The projection outlines a theoretical upper limit of $830 billion every year based on complete workforce integration and full economic translation of efficiency gains.

Effective Not specified in the update

For professionals: Monitor upcoming technology adoption metrics and sector-specific deployment rates as highlighted by the research. · Evaluate how digital automation and efficiency gains impact corporate cost structures and labor requirements for clients.

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Hindu BusinessLine23m ago 1 min
Business

Important issues emerge as upcoming midterm elections transform into a vote on Trump

The United States midterm elections are shaping up as a direct referendum on Donald Trump. Voters and analysts are closely watching the key issues that will influence congressional outcomes and future political direction.

Effective Not specified in the update

For professionals: Monitor official election updates and policy debates closely as vote counts and legislative outcomes unfold. · Track upcoming electoral certifications and policy pronouncements from winning candidates to gauge potential legislative changes.

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Economic Times25m ago 1 min
GST Govt Breaking

Goods and Services Tax updates take effect on 1st November 2026 with new rates and compliance rules

The Central Board of Indirect Taxes and Customs introduces significant Goods and Services Tax modifications starting 1st November 2026. The update covers revised tax rates, specific exemptions, removed reverse charge mechanisms, a 2 percent tax deducted at source, updated electronic invoicing mandates, and revised input tax credit regulations.

Effective 1 November 2026

For professionals: Review clients' invoicing protocols, filing workflows, and input tax credit claims to ensure seamless compliance with the November 2026 notifications. · Advise clients on the new two percent tax deducted at source provisions, the scrapping of the reverse charge mechanism for certain transactions, and altered input tax credit rules. · Ensure clients reconfigure their accounting software and ERP systems to align with the revised tax rates and new compliance requirements.

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Taxguru25m ago 1 min
Business

Bajaj Finserv reports twenty-three percent rise in quarterly profit reaching Rs 2,758 crore

Bajaj Finserv announced a 23 percent year-on-year increase in its second-quarter net profit, touching Rs 2,758 crore. The strong financial performance reflects robust business expansion across its key operational verticals during the quarter.

Effective Not specified in the update

For professionals: Bajaj Finserv reported a net profit of Rs 2,758 crore for the second quarter, marking a 23 percent year-on-year surge. · Professionals should note that the financial institution expanded its bottom line compared to the corresponding period of the previous fiscal year due to strong operational numbers across business segments. · Reviewing detailed financial statements, asset quality metrics, and segment-wise revenue contributions is recommended for market analysts and stakeholders.

Scrips: Bajaj Finserv

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Economic Times26m ago 1 min
Banking

HDFC Bank shares rise 3.2 percent following quarterly financial results and asset quality assessment

HDFC Bank shares advanced 3.2 percent as investors evaluated quarterly results showing higher net interest income and improved asset quality. Profit rose 4.7 percent year on year, while margins declined, and analysts remained positive despite lingering concerns regarding subdued earnings growth and margin pressure.

Effective Not specified in the update

For professionals: Evaluate the bank's asset classification reports, loan book composition, and management commentary regarding future margin recovery. · Examine quarterly financial figures indicating higher net interest income, better asset quality metrics, 4.7 percent year-on-year net profit growth, and declining operational margins. · Conduct a careful evaluation of margin trends before advising clients on making fresh equity investments.

Scrips: HDFC Bank

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LiveMint Markets28m ago 1 min

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