Exclusion from the applicability of section 25(6B) and 25(6C) of the Telangana Goods and Services Tax Act, 2017 applies to non-citizens, Government departments or establishments, local authorities, statutory bodies, public sector undertakings, and persons applying for registration under section 25(9). The earlier notification is superseded without affecting prior actions or omissions. The exclusion operates retrospectively from 23 February 2021.

Revisionary jurisdiction cannot be invoked merely to revisit a deduction claim that the Assessing Officer examined through notices, workings and audit material, particularly where unchanged operational facts had been accepted in earlier scrutiny assessments. An assessment order is not erroneous and prejudicial to Revenue merely because a different view is possible after adequate enquiry. Capacity charges, energy charges and shortfall charges received under the prescribed electricity tariff form part of the sale consideration for power generation. Their direct, first-degree nexus with the eligible power undertaking brings them within qualifying business profits for the deduction.

FORM GSTR-1A is introduced as an optional, no-late-fee facility to add or amend current-period outward-supply particulars after filing GSTR-1 and before filing the corresponding GSTR-3B, other than amendments involving a recipient's GSTIN. Its particulars feed into GSTR-3B and are reflected in the next open GSTR-2B. Related changes incorporate GSTR-1A across outward-supply reporting, invoice, input tax credit, mismatch, reversal, refund, annual-return, and e-commerce reporting mechanisms. The invoice-value threshold for specified inter-State supplies to unregistered persons is reduced from 1 August 2024.

Tata Sons' leadership succession and governance framework have become central following the chairman's decision not to seek reappointment when his term ends in February 2027. The board has been asked to decide on a successor promptly. Unresolved matters include the strategic roadmap, losses and capital requirements in newer businesses, board representation, capital allocation, an exit route for the Shapoorji Pallonji Group, and the possible listing of Tata Sons. Future leadership must manage these issues while improving returns from investment-intensive businesses and maintaining established operations.

Interest-rate regulation for loans and advances is proposed to be harmonised across all regulated entities through a principles-based framework for fixed-rate and floating-rate loans. The framework would be calibrated to each entity's nature, complexity and scale, while supporting monetary policy transmission, credit-risk-based pricing, and fair, non-discriminatory borrower treatment. It addresses divergent commercial-bank practices in determining the marginal cost of funds-based lending rate and its components, alongside limited regulatory coverage of fixed-rate loans. Separate final directions are intended for each category of regulated entity after consideration of feedback.

Annual return filing deadline under the Telangana Goods and Services Tax framework is extended by substituting 31 March 2021 for 28 February 2021 in the prescribed time limit for furnishing FORM GSTR-9. The extension takes effect retrospectively from 28 February 2021.

Commodity derivatives stress testing now requires extreme price movements in peak historical return scenarios to be replaced where they exceed a Z-score of 5 rather than 10. Maximum percentage price rises and falls for each underlying over the applicable margin period of risk during the preceding 15 years remain the relevant historical scenarios. Z-scores continue to be calculated using the mean and sigma of returns over that period. The revised methodology applies immediately to recognised clearing corporations in the Core Settlement Guarantee Fund framework.

Authority for Advance Ruling membership under the Telangana Goods and Services Tax Act, 2017 is amended by replacing Sri J. Laxminarayana with Sri S.V. Kasi Visweshwar Rao, Additional Commissioner (ST), presently Joint Commissioner (ST), Begumpet Division, following retirement on superannuation. The Authority continues to function from the Office of the Commissioner of State Tax, Telangana, Hyderabad.

Challenges to an order approving a resolution plan lie before the Appellate Tribunal and cannot be pursued before the adjudicating authority through an application under Section 60(5)(c) of the Insolvency and Bankruptcy Code. The request to set aside the approved plan was therefore not maintainable. A creditor that did not submit its claim by the published CIRP deadline, or seek condonation of delay, could not secure admission of a belated claim based on Regulation 6A, which came into force after the relevant CIRP. The approved resolution plan consequently remained undisturbed, and the delayed claim received no relief.

Government Departments, governmental societies and governmental agencies engaging contractors or suppliers must obtain GST registration as tax deductors if unregistered. Tax deduction at source applies to qualifying contracts and government supplies and must be reported online in Form GSTR-7 within the prescribed timeline. Departments must submit prescribed details for non-qualifying contracts, while contractors and suppliers must produce a Tax Clearance Certificate confirming settlement of prior tax dues before contracts are awarded. Officers may be personally liable for acts or omissions causing revenue loss.

Section 153A does not permit a de novo reassessment of completed, unabated assessments. A deduction under section 80IA(4) requires a timely claim in the return filed under section 139(1), supported by the prescribed audit report and relevant agreement or approval. Where the original assessments had attained finality before search, no deduction was claimed or supported in the original returns, and no incriminating material linked to the fresh claim was found, the deduction cannot be claimed for the first time in returns filed under section 153A.

GST registration revocation applications may be filed within an extended period authorised by the competent Commissioner-level officer. Corporate registered persons receive temporary EVC verification flexibility, while input tax credit conditions for specified months apply cumulatively. FORM GSTR-1 and invoice furnishing facility filing is barred for taxpayers with prescribed pending FORM GSTR-3B returns. Refund claims may be withdrawn through FORM GST RFD-01W before specified stages, with debited ledger amounts re-credited. The refund limitation period excludes time spent awaiting deficiency communication where a corrected fresh claim is filed.

NBFC Factors remitting foreign-currency factoring proceeds to AD-I Banks must use the specified SWIFT message text so that AD-I Banks do not create Inward Remittance Messages for those funds. For Indian-currency funds released after export-bill discounting without a SWIFT message, customers seeking IRMs must approach the relevant Factor. Exporters may view NBFC Factor-linked remittance data on the DGFT portal and self-certify Electronic Bank Realisation Certificates by matching remittance details with invoices or shipping bills.

Indian equity markets declined amid elevated crude oil prices, inflation concerns and broad risk-off selling. Tata Group shares, particularly TCS, came under pressure after N. Chandrasekaran announced that he would not seek reappointment as Tata Sons Chairman when his current term ends. Crude oil prices approaching the USD 90-per-barrel level affected investor confidence because of potential inflationary effects, while uncertainty over United States-Iran negotiations and Strait of Hormuz shipping disruptions added to global energy market concerns.

Tamil Nadu GST administration inserts section 74A into the demands and recovery framework for determination of unpaid, short-paid or erroneously refunded tax and wrongly availed or utilised input tax credit relating to financial year 2024-25 onwards. Deputy State Tax Officers may undertake assessment, demand and adjudication under section 74A for taxpayers whose State turnover in the preceding or current financial year does not exceed the prescribed threshold.

The amendments introduce rule 164 for electronic applications seeking waiver of interest or penalty under section 128A for eligible section 73 demands. FORM GST SPL-01 applies to notices or statements and FORM GST SPL-02 to orders, subject to full tax payment and, where applicable, withdrawal of appeals or writ petitions. The proper officer may issue a notice, seek a reply and accept or reject the application through prescribed forms. Failure to issue an order within the stipulated period results in deemed approval and conclusion of proceedings. The amendments also revise invoice, refund, registration, appeal and demand-procedure requirements.

Gujarat State tax on intra-State supplies of goods is reclassified under seven schedules carrying rates of 2.5%, 9%, 20%, 1.5%, 0.125%, 0.75% and 14%. Classification depends on the scheduled goods description and corresponding customs tariff classification. Reduced, standard, higher and concessional treatments apply to specified categories, with several entries subject to exclusions, packaging, value, use or supply conditions. Customs tariff interpretative rules apply, and defined terms include unit container and pre-packaged and labelled. The revised rate structure takes effect from 22 September 2025.

GST registration revocation procedures under the Tamil Nadu Goods and Services Tax Rules, 2017 authorise the Joint Commissioner to exercise the powers and perform the functions assigned to the authorised officer under the first proviso to Rule 23(1). The authorisation is deemed effective from 1 October 2023.

FORM GST ITC-04 filing deadline for goods dispatched to, or received from, a job worker during January to March 2021 was extended until 30 June 2021 under the Telangana Goods and Services Tax framework. The extension applied to the job-work declaration requirement and took effect retrospectively from 25 April 2021.

Annual return filing under the Gujarat Goods and Services Tax framework is exempted for registered persons with aggregate turnover up to two crore rupees for a financial year. The exemption applies to annual returns for financial year 2024-25 and subsequent financial years.