Anticipatory bail was sought in allegations of fraudulent availment and passing of fake input tax credit without actual supply of goods or services. The allegations concerned non-payment of GST on substantial transactions and were characterised as an economic offence involving a cognizable and non-bailable offence. The Supreme Court dismissed the special leave petition without interfering with the High Court's judgment and order.

Imports of clear float glass, 4 mm to 12 mm, under ITC (HS) codes 70051090 and 70052990 move from the Free to Restricted category. Imports remain free where the CIF value is at least Rs.34,000 per MT, creating a minimum import price condition. Advance Authorisation holders, EOUs and SEZ units are exempt from this condition if the imported inputs are not sold in the Domestic Tariff Area. The minimum import price condition applies for one year from publication.

Mutual fund registration applications are consolidated into a revised single Form A, replacing the separate forms previously required for in-principle sponsor approval and final registration. The two-stage registration process continues: Stage I requires sponsor identification, ownership, financial strength, eligibility-route compliance, regulatory history, governance and policy disclosures; Stage II requires AMC particulars, governance, infrastructure, business planning, investor-service, technology, continuity, compliance and conflict-management information. Sponsors and AMCs must provide prescribed annexures, supporting records and self-certified declarations confirming that submitted information is true, complete and compliant. Existing conditions under the Master Circular remain unchanged.

Administrator denotes the Administrator identified under section 2(a) of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. Under the Income-tax Act, 2025, this meaning applies for tax deduction at source and tax collection at source purposes. Under the Income-tax Act, 1961, the same expression carries the meaning assigned by clause (a) of section 2 of that enactment.

Transportation services for goods sent to a destination outside India, where supplier and recipient are both in India, have their place of supply at the foreign destination. The supply is inter-State, and IGST is chargeable because the supplier is in India while the place of supply is outside India. The Indian recipient may avail input tax credit of the IGST, subject to general eligibility conditions, apportionment rules and blocked-credit restrictions. The supplier must report the place of supply in GSTR-1 using code "96-Foreign Country".

Punjab SGST appellate filing timelines under section 112 are revised, with the earlier notification superseded subject to preservation of prior actions and omissions. Appeals against orders communicated before 1 May 2026 and applications concerning orders passed before 1 February 2026 may be filed before the Appellate Tribunal up to 31 July 2026. Later appeals remain subject to a three-month period from communication, while later applications remain subject to a six-month period from the order date. The revised timelines are deemed effective from 30 June 2026.

Mandatory charges paid to the property owner as a condition for permission to sub-let are directly connected with earning sub-letting receipts. Where the obligation applies for a specified period, the proportionate charge for the relevant year is not income retained by the assessee. Sub-letting income should therefore be computed from the net amount actually retained after reducing the mandatory sub-letting charges.

Alleged examination irregularities involved suspected cheating through the receipt of an answer sheet by an examinee from personnel of a private firm conducting the examination. Police arrested a biometric operator following an investigation into his alleged involvement. His prior work with biometric firms and manpower supply agencies was examined in connection with clues concerning allegedly managed examination centres and a suspected solver gang.

UAE trade restrictions on Iran halted all trade, commercial exchanges and financial transactions until further notice following reported ballistic-missile incidents and regional security escalation. The UAE assessed the missiles as directed at maritime traffic, while Iran denied launching them. The suspension disrupts the UAE's role as a major trade and re-export gateway for Iran and may increase Iran's economic isolation. Continuing threats to shipping through the Strait of Hormuz also create economic risk for the UAE's regional business, finance and tourism position.

Bihar GST provisions treat transactions for consideration between a person other than an individual and its members or constituents as supplies between separate persons, retrospectively from 1 July 2017. Input tax credit requires supplier-furnished invoice or debit-note details to be communicated to the recipient. Interest on delayed returns applies to tax paid through the electronic cash ledger, subject to proceedings-related exclusion. The framework also revises annual-return compliance, self-assessed tax recovery, provisional attachment, detention-and-seizure penalties, appeals, confiscation, information powers, and confidentiality safeguards.

Monetary policy calibration remains contingent on clearer evidence that supply-side price shocks are becoming persistent, broad-based inflationary pressures. The policy rate was maintained unchanged amid uncertainty from higher energy costs, supply-chain disruption, an erratic monsoon and food, fuel and input-price risks. Policy tightening may be required if inflation becomes generalised, expectations become de-anchored, or inflation persists. A wait-and-watch approach was preferred pending clearer realised inflation, forecasts, weather effects and global conditions.

Online credit card applications through the JioFinance app combine card comparison, eligibility checks, electronic verification, application submission and status tracking. Eligibility screening may occur without affecting the applicant's credit score, but approval remains subject to the issuing bank's criteria and internal policies. Aadhaar-based e-KYC or other accepted electronic verification may be used where applicable. Applicants should provide accurate Aadhaar, PAN and mobile details. Eligible approved applicants may receive a virtual card before physical-card delivery, subject to applicable terms and conditions.

Real-estate ITC attribution and reversal are revised through project-wise carpet-area calculations for construction services. Common ITC and capital-goods credit are finally computed at completion or first occupation, with excess reversals made through FORM GSTR-3B or FORM GST DRC-03 and excess eligible credit claimable within the prescribed September return deadline. Integrated-tax credit must be exhausted before central, State or Union territory tax credit is used. Revised assessment, demand, payment, recovery, rectification and withdrawal procedures prescribe standard electronic ASMT and DRC forms.

Penalty for failure to obtain a tax audit is discretionary and cannot be imposed where reasonable cause is established. An educational trust not carrying on business could bona fide believe that a tax audit was not required, particularly where the default was neither mala fide nor wanton. Section 273B therefore protected the trust from penalty under section 271B. Further, because the revision order forming the basis for the consequential assessment and penalty proceedings had been quashed, proceedings founded on that order could not survive. The penalty was consequently unsustainable and liable to deletion.

India-Singapore economic engagement is being advanced through ministerial and business roundtables under the Comprehensive Strategic Partnership. A multidisciplinary business delegation is undertaking business-to-business, government-to-business and institutional engagements focused on partnerships, investment, market access, technology collaboration and talent development. Agricultural trade cooperation includes promotion of Indian agri-food exports through a retail initiative. The engagement seeks to strengthen trade, investment, digitalisation, advanced manufacturing, skills development, green-economy cooperation and people-to-people ties.

IDFC FIRST Bank accessed international debt capital markets through its IFSC Banking Unit at GIFT City by issuing inaugural fixed-rate senior notes with a three-year tenor, due in 2029. The notes were offered to investors outside the United States under the Regulation S format. The issuance followed an investment-grade long-term issuer credit rating with a stable outlook, diversifies the bank's funding sources, and creates an avenue for access to global capital markets in support of long-term growth.

Penalty for failure to obtain a tax audit was not sustainable where the assessee bona fide believed that the audit threshold for share transactions had to be determined by the net amount of purchases and sales. The explanation was not doubted by the income-tax authorities but was rejected without adequate consideration. The bona fide belief provided sufficient basis to mitigate the rigour of penalty, resulting in deletion of the penalty.

Place of supply for custodial services supplied by banks or financial institutions to Foreign Portfolio Investors is determined under the default rule in section 13(2) of the Integrated Goods and Services Tax Act, 2017. Such services are not supplied to an account holder for section 13(8)(a), which concerns holders of interest-bearing deposit accounts. Custodial functions, including safekeeping securities, maintaining securities accounts and records, collecting benefits, and communicating issuer actions, are distinct from ordinary banking services to deposit account holders. The recipient's location applies where ascertainable; otherwise, the supplier's location applies.

Closing auction session (CAS) improves transparency and reduces manipulation in end-of-trading price formation by pooling buy and sell orders during a designated closing window for auction-style matching. Manipulation intended to undermine CAS is subject to prompt and stringent action, supported by enhanced monitoring. Responsible use of artificial intelligence and machine learning requires tiered accountability and governance, including kill-switch, human-in-the-loop and data controls. Regulated entities remain responsible for privacy, security and integrity of investor data used by every AI tool they deploy.

Imported services received by an Indian registered person from a related foreign person are subject to reverse charge, with self-invoicing by the Indian recipient. Where the recipient is eligible for full input tax credit, the value declared in the self-invoice is deemed to be the open market value for supplies between related persons. If no invoice is issued for a service received from the foreign affiliate, its value may be regarded as nil and treated as the open market value, subject to full input tax credit eligibility.