Listed entities whose non-convertible debt securities are listed on or after 14 October 2026 must list on stock exchange(s) every non-convertible debt security issued after the date of that listing. Regulation 62A(1) is substituted to impose this mandatory listing obligation, while regulation 62A(2) and 62A(3) are omitted. The revised requirement takes effect from publication in the Official Gazette on 14 October 2026.

Tax-audit obligations arise only where books of account exist and are required to be audited. Where the Revenue's position is that the taxpayer maintained no books, it cannot inconsistently impose a penalty for failure to have those books audited. On that basis, a penalty for failure to obtain a tax audit lacks a statutory foundation and is liable to be cancelled.

The amendments permit issuance of Depository Receipts on REIT units, subject to applicable requirements and Board-specified procedures. They revise specified unitholder approval requirements so that votes in favour must constitute at least seventy-five per cent of total votes cast, excluding votes cast by parties related to the transaction. In a multiple-sponsor REIT, a sponsor exit requires the outgoing or continuing sponsor, or their sponsor-group entities, to provide dissenting unitholders an exit option through purchase of their units.

Tax-audit requirements under Section 44AB apply where profits and gains of business or profession must be computed as part of total income. An educational society claiming Chapter III exemption, without such computation, may reasonably consider the provision inapplicable. Subsequent denial of the exemption in assessment does not alter that position for tax-audit purposes. On that basis, a penalty for failure to obtain a tax audit under Section 271B is not leviable.

Annual-return compliance under Punjab SGST requires eligible registered persons to file FORM GSTR-9 electronically by 31 December following the financial year, while composition taxpayers file FORM GSTR-9A and specified electronic commerce operators file FORM GSTR-9B. Registered persons with aggregate turnover exceeding five crore rupees must submit a self-certified reconciliation statement in FORM GSTR-9C with the annual return. FORM GSTR-9 and FORM GSTR-9C instructions are updated for FY 2020-21, including reporting of later adjustments, input tax credit reversals or availment, and liabilities arising from non-reconciliation.

Accredited investor eligibility is expanded through securities market exposure criteria and accreditation by a specified registered or regulated entity. Alternative eligibility is available for limited liability partnerships, body corporates and family trusts based on prescribed net worth or market exposure, while limited liability partnerships may qualify where each partner independently satisfies accreditation criteria. Investor disputes with an Alternative Investment Fund or its manager must proceed through specified mediation, conciliation and/or arbitration mechanisms. Managerial losses, damages and dispute-resolution expenses cannot be paid from Alternative Investment Fund property.

Import transshipment permission authorises bonded trucking of air import cargo from Air Cargo Complex, Kolkata to Customs-notified airports, Air Cargo Complexes, Container Freight Stations and Inland Container Depots through ECTS-sealed closed-body trucks. Bond amounts are debited on taking over cargo and credited upon delivery to destination Customs. The transshipper is responsible for shortages or pilferage and related value, interest, penalty and cess liabilities. Permission remains valid for one year or until bond expiry, subject to customs transit, cargo-handling and allied compliance requirements.

Tariff values are revised for edible oils, brass scrap, gold, silver and areca nuts under section 14(2) of the Customs Act, 1962. Edible-oil and brass-scrap values are fixed per metric tonne, while gold and silver values apply per 10 grams and per kilogram respectively for specified forms and concessional categories, subject to stated product and import-mode exclusions. Areca nuts receive a tariff value per metric tonne. The revised values take effect on 16 October 2026.

Section 44AB tax-audit requirement applies only to persons carrying on business or profession. A registered charitable educational society claiming exemption under Section 11 on the basis of Section 12A registration, with no business activity or computation of business or professional profits, falls outside that requirement. Subsequent disallowance of the charitable exemption does not retrospectively create a tax-audit obligation while the registration remains operative. Consequently, penalty under Section 271B for failure to obtain a tax audit is not leviable; the society's bona fide belief in the inapplicability of Section 44AB also supports that result.

Composite schemes of arrangement involving amalgamation and demerger under the Companies Act, 2013 require requisite shareholder and creditor approvals, service of statutory notices, and satisfaction of applicable regulatory requirements. Accounting treatment, stock-exchange observations, employee protections and continuing compliance must be addressed. Tax authorities retain their rights to recover lawful dues and pursue pending or future proceedings. The proposed arrangement proceeds with the exclusion of Serial No. 47 and Note 2 from Part IV of the Schedule, while the amalgamation and demerger take effect under the modified scheme.

National Assessment Centre Portal provides a common digital platform under the Faceless Assessment framework for accessing Customs assessment information and reference material. Its searchable resources cover audit objections, rulings, legal decisions, classification, valuation, meeting minutes, advisories, alerts and trade-facilitation information. Importers, Customs Brokers and trade associations are encouraged to use the platform to support informed compliance, reduce divergent assessment practices, and improve transparency, predictability and certainty in Customs assessment.

All Industry Rates of Duty Drawback for specified Chapter 71 tariff items are revised by substituting figures in column (4) of the applicable Schedule. Tariff item 711301 is changed from 1851.99 to 1794.11, while tariff items 711302 and 711401 are each changed from 29501.09 to 26859.02. The amendments are made under the Customs Act, Central Excise Act, and Customs and Central Excise Duties Drawback Rules.

Commissioner of Customs (Adjudication), Mumbai is appointed as the Common Adjudicating Authority to exercise the powers and duties of the Commissioner of Customs, NS-I Commissionerate, Mumbai Customs Zone-II, for adjudicating and disposing of specified customs show-cause notices. The appointment covers identified importers and exporters, with notice particulars and applicable order-in-original deadlines, including extensions where specified. It takes effect upon publication in the Official Gazette.

Under the Code on Social Security, 2020, paragraph 4(2) of the Employees' Pension Scheme, 2026, applies the stated monthly wage limit in place of a centrally specified sum. The first proviso to paragraph 4(2) is amended by omitting the words "and the Central Government". The amendments take effect on 17th September 2026.

Special additional excise duty on exports of petrol and diesel is revised by substituting rates in the relevant Central Excise table entries. Serial number 1 is replaced with Rs. 2.5 per litre and serial number 2 with Rs. 8.5 per litre. The substitutions, made under the Central Excise Act, 1944, read with the Finance Act, 2002, take effect from 16 October 2026.

PMLA coverage extends to virtual digital asset exchanges, transfers, custody or administration, and related financial services, with virtual digital asset entities treated as reporting entities. Enhanced record-maintenance and due-diligence obligations require beneficial ownership identification, client-structure information, trustee and senior-management details, and registered-office information. Trusts and companies are subject to a ten per cent controlling-interest threshold for beneficial interest, while non-profit organisation clients require registration on the NITI Aayog DARPAN portal. Politically exposed persons are defined by reference to prominent foreign public functions.

Personal hearing under Section 75(4) of the CGST Act is mandatory where an adverse decision is contemplated, regardless of a "No" selection in FORM GST DRC-06. Where FORM GST DRC-01 does not contain hearing particulars, the proper officer must separately communicate the date, time, and venue; reminders showing "N.A." do not provide an effective hearing. Section 75(6) additionally requires a reasoned order addressing relevant facts, the taxpayer's reply, and supporting material. For ITC eligibility, the recipient must establish actual movement of goods and transaction genuineness beyond invoices and banking payments.

Wrong-head GST payments must be reconciled against the correct tax liability where IGST was mistakenly paid under CGST and SGST because of a clerical return-entry error. Established and available excess amounts may be adjusted to prevent duplicate recovery, but the adjustment extends only to that extent. A residual IGST shortfall remains recoverable in cash with applicable interest. Demand confirmation must remain within the grounds stated in the show-cause notice and must address the taxpayer's reconciliation through a reasoned adjudication.

Transitional input tax credit omitted because the portal did not permit correction of an earlier return should be tested through verification rather than defeated solely by procedural lapse. Proper officers must examine relevant records and issue a reasoned determination. First appellate authorities must independently assess facts, identify issues, address defence grounds and give speaking orders. Clerical tax-head mismatches may permit CGST/SGST credit set-off against an IGST shortfall through the electronic credit ledger, with any remaining dues payable in cash with applicable interest.

Police investigation is not excluded merely because allegations arise from GST registration, invoicing, input tax credit claims, or tax compliance. Where an FIR contains distinct cheating and forgery offences, tax authorities and police may examine connected aspects under their respective legal powers. GST officers may scrutinise registrations, invoices, returns, credits and tax consequences, while police may investigate separate criminal ingredients. A disputed return, accounting error, or input tax credit claim does not itself establish penal offences; statutory ingredients and supporting evidence remain necessary.