MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) CORRIGENDUM New Delhi, the 2nd November, 2026 G.S.R. 967(E).- In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government, hereby makes the following Corrigendum in the notification of the Government of India in the Ministry of Commerce and Industry, Department of Commerce notification number G.S.R 895 (E), dated the 15th October, 2026 published in the Gazette... ... ...

Alternative dispute resolution capacity building is the focus of a memorandum of understanding between the Indian Institute of Corporate Affairs and the International Arbitration and Mediation Centre. The collaboration aims to strengthen institutional cooperation and professional excellence in arbitration, mediation and corporate affairs. It envisages customised short- and long-term courses, workshops, seminars and other skills programmes to develop arbitrators, mediators and dispute resolution professionals. Structured programmes, joint initiatives and policy-oriented research are also contemplated, drawing on the institutions' expertise and resources.

The Competition Commission of India has approved Sapphire US HoldCo (USA), LLC's subscription of certain securities of Gentari Renewables India Pte. Ltd. The proposed combination involves investment in a company engaged in power generation through renewable energy sources and battery energy storage solutions in India. Sapphire US HoldCo is a special purpose vehicle incorporated solely for the proposed transaction and is indirectly owned by vehicles or accounts advised and managed by various subsidiaries of KKR & Co. Inc.

The Competition Commission of India (CCI) has approved the acquisition of certain business of Deutsche Bank Aktiengesellschaft by Kotak Mahindra Bank Limited, and other related transactions. The Proposed Combination envisages acquisition of Retail Banking/ Private Banking and Wealth Management business of Deutsche Bank Aktiengesellschaft (Seller) undertaken through its branches in India (Target Business), as a going concern on a slump sale basis by Kotak Mahindra Bank Limited (Acquirer) from ... ... ...

GST registration under Rule 14B is available from 1 November 2026 to eligible suppliers of goods seeking registration in a State or Union Territory where they have no physical presence. An approved e-commerce operator's warehouse may be declared as the principal place of business instead of an independent establishment. Supplies under the registration are restricted to goods supplied through e-commerce operators required to collect tax at source. The supplier must hold an active regular Home State GSTIN under the same PAN, with no cancellation proceedings or cancellation application pending, and have no active regular registration in the intended jurisdiction.

Rule 20 of the Bar Council of India Rules prohibits an advocate from stipulating a fee contingent on litigation results or agreeing to share its proceeds. A condition linking payment to receipt of a refund may therefore raise enforceability concerns. Chartered accountants face restrictions on percentage-of-profits and results-contingent fees, subject to limited exceptions under Regulation 192 of the Chartered Accountants Regulations, 1988. Privity may depend on evidence of direct engagement or engagement through an intermediary.

Statutory terms must be interpreted in light of the context, purpose and scheme of the enactment in which they appear. Ordinary or dictionary meaning may be considered, but a statutory definition governs the defined term. Definitions from another enactment cannot be transferred merely because the same word appears in both; they may inform interpretation where the enactments are in pari materia or where the legislature adopts them by reference or incorporation.

Under Ind AS 2 and IAS 2, inventory is generally measured at the lower of cost and net realisable value, taking account of estimated completion and selling costs. Stock statements to lenders should be reconciled with the ledger and actual inventory before submission; inflated figures can misrepresent available collateral. Unexplained stock differences identified during surveys or audits can lead to additions to taxable income, while inventory records are required under indirect-tax and company law. GST input tax credit on goods lost, stolen, destroyed or written off generally requires reversal.

Refund claims under the Tamil Nadu Value Added Tax framework may arise from appellate tribunal orders concerning periods before July 2017. Regarding implementation of tribunal orders, the practitioner relies on five Madras High Court judgments concerning refunds and maintains that officers should issue corresponding revised orders without a separate request. The practitioner regards six months as the maximum reasonable period, referring to Supreme Court guidance. The practitioner distinguishes a claimed refund from a rebate, grant, subsidy or waiver of tax, interest or penalty, and accepts adjustment of government dues where the amounts are supported by accurate details.

Business premises documentation is aligned with categories including owned, inherited, rented or leased, consent-based, co-working and SEZ premises. Applicants must select the appropriate category and provide the relevant evidence. Registration authorities may seek clarification for incomplete or illegible documents, address discrepancies or missing essential premises particulars, but should not demand unrelated evidence. Bank account details, for up to ten accounts, are to be supplied at registration where available; otherwise, they must be furnished within 30 days of issue of the registration certificate.

Cost reduction should distinguish waste from spending that supports revenue, quality and operational resilience. The fat, muscle and nerve framework eliminates low-value expenditure, protects value-producing costs and retains accounting, internal controls, statutory compliance, cybersecurity, insurance and audit while improving efficiency. Proposed savings should be assessed for permanence and their effects on sales, quality, customer satisfaction, compliance and risk. Workforce reductions should be considered after other options, using fair, documented selection criteria and complying with applicable notice and statutory payment requirements. Employers should check applicable thresholds and requirements and take advice before reducing headcount.

The exemption applies to new policies and renewals paid on or after that date, even if the renewal date was earlier. GST paid on earlier premiums is not refundable. Insurers cannot claim input tax credit on GST paid on commissions, brokerage and other input services for exempt individual policies and must reverse the credit. Employer-sponsored group health and life insurance and other general insurance, including motor, fire, marine and travel cover, continue to attract 18% GST. An October 2026 recommendation to amend Section 17(5) of the CGST Act would permit employers to claim credit on employee health and life insurance, but the amendment has not yet been passed.

Financial planning can retain an annual budget as a baseline while separating three functions that a single figure cannot reliably serve: a target expresses ambition, a forecast reflects expected performance, and a limit controls permitted spending. A rolling forecast refreshes the outlook monthly or quarterly for the next twelve months or four quarters. Significant variances should be reviewed monthly with responsible managers and analysed by volume, price, efficiency and timing. Profit forecasts should also be translated into cash forecasts covering debtors, stock, capital expenditure, loan repayments and taxes.

An asset reconstruction company acquiring a financial asset may be substituted as complainant in a pending cheque-dishonour prosecution under Section 5 of the SARFAESI Act; the provision is not confined to civil proceedings. Section 142 of the Negotiable Instruments Act restricts cognizance to complaints by the payee or holder in due course. Although the payee's identity is fixed when the cheque is drawn, an assignee acquiring the cheques and associated rights for consideration may be treated as a holder in due course without formal endorsement and continue the prosecution in its own name.

Reopening defence evidence to summon bank officials in cheque dishonour proceedings may be refused when their proposed testimony about account closure would not assist the defence on the material facts. A balance at closure that is grossly insufficient to honour the cheque is relevant to assessing whether evidence about closure would assist. Requests made at the judgment stage may invoke witness-summoning provisions under the Code of Criminal Procedure, 1973 and the Bharatiya Nagarik Suraksha Sanhita, 2023.

Cheque dishonour proceedings cannot be maintained for cheques taken against a tax and penalty assessment subsequently set aside where the cheques do not discharge a legally enforceable debt or liability. The assessment was set aside because the investigating and reporting officer also adjudicated the matter. The applicable VAT legislation permits cash, bank guarantees or bank drafts, but not cheques, as security for the release of goods. It separately provides for penalties and recovery, including recovery as arrears of land revenue.

Available input tax credit may be set off against VAT liability, with the remaining credit carried forward. An excessive transitional credit claim in TRAN-1 cannot be addressed by denying the VAT set-off. Rule 117 of the GST Rules provides for declared transitional credit to be entered in the electronic credit ledger, while Rule 121 provides for verification and action concerning wrongly availed credit under sections 73 or 74 of the GST Act. The VAT department may inform the GST department of a potentially excessive transitional claim.

Section 32 of the Telangana Value Added Tax Act limits revisional jurisdiction to four years; neither an audit objection nor a change of officer revives an expired period. Section 174 of the Telangana Goods and Services Tax Act preserves applicable limitations and safeguards for pre-GST proceedings. Revisional notices and orders require independent formation of opinion and an opportunity to show cause, rather than unverified reliance on an audit objection. Binding judicial directions and the opportunity to raise limitation and jurisdiction objections must be respected. Under Rule 17, taxation on total consideration and denial of input tax credit apply where required accounts are not maintained; contract-wise ledgers, tax deduction returns and audited financial statements substantially answered the unverified allegations.

Silver mixed with palladium is classified as silver bullion for taxation under Notification No. 2698, rather than with inferior alloys.

CENVAT credit available on imported inputs is excluded from input cost when determining the excise assessable value of railway track maintenance machines. The credit benefit was transferred through an endorsement in a letter attached to the bill of entry, and certificates addressed the non-passing of duty incidence to the buyer. The manufacturer was entitled to a refund of excess excise duty.