Post-supply discounts may be excluded from the value of supply where the supplier issues a credit note and the recipient reverses attributable input tax credit. Credit-note provisions are expanded to cover such discounts. Refund provisions include unutilised input tax credit allowed under the specified refund proviso, while the withholding exclusion is revised for tax refunds on goods exported out of India with payment of tax. Commencement may be prospective or retrospective as notified.

Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.

The Kerala Real Estate Regulatory Authority receives income-tax exemption for fees from registration of projects, agents and plots, fees for compensation and complaint filings, and government grants for tax year 2026-27. The exemption is conditional on the Authority not undertaking commercial activity, filing its income-tax return as prescribed, and maintaining unchanged activities and specified income throughout the tax year. Non-compliance triggers withdrawal of the exemption and initiation of proceedings under the Income-tax Act, 2025.

The deadline for regulated entities to conduct accessibility audits of their digital platforms and remediate audit findings under the Digital Accessibility Circulars is extended to October 31, 2026. The extension applies only to those audit and remediation requirements. All other obligations under the earlier circulars concerning mandatory compliance with the Rights of Persons with Disabilities Act, 2016 and related rules remain unchanged and must continue to be met by regulated entities.

A reasonable, affidavit-supported bona fide misunderstanding about the need to appeal may constitute sufficient cause for condoning filing delay where the licence-cancellation direction was not implemented and operations continued. Compliance with the statutory pre-deposit requirement stays operation of the impugned order pending disposal of the appeal, making a separate stay application unnecessary and infructuous. The delay was condoned, while the appeal was left for determination on merits.

Securities and shares issued under ESOP, ESPP or RSU arrangements are neither goods nor services under GST law. A cost-to-cost reimbursement by an Indian subsidiary to its overseas holding company for shares transferred directly to employees does not constitute an import of services and is not liable to GST. However, any additional fee, markup or commission charged by the overseas holding company is consideration for facilitating or arranging the securities transaction. GST applies to that additional amount as an import of services, payable by the Indian subsidiary under reverse charge.

Fair market value as on 1 April 1981 for indexed cost computation under section 50C must be supported by comparable sales and relevant land-value factors, including location, size, utility and future potential. A valuation rate materially below comparable sale rates, without adequate justification, is arbitrary. For the two properties, fair market value was adopted at Rs.80 per square metre, affecting the indexed cost of acquisition and taxable long-term capital gains in favour of the assessee.

GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.

Customs refund applications may be filed electronically through ICEGATE with supporting documents, with re-assessment requests and verification of registered bank details also available online. Filing generates a Unique Application Reference Number, and deficiencies must be communicated through the portal within 10 days. Acknowledgements, show-cause notices, and refund sanction or rejection orders are issued electronically. Sanctioned refunds are credited through PFMS to the registered bank account. Concurrent audit is replaced by post-audit, and ICEGATE provides application-status visibility and refund-pendency monitoring.

Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.

Input tax credit reversal is not required for the portion of premium excluded from taxable value under Rule 32(4) for taxable life insurance policies. Premium allocated to investment or savings is excluded under the valuation mechanism but does not become an exempt or non-taxable supply. The life insurance service remains taxable, and exclusion of consideration from taxable value does not change its tax character. Accordingly, the credit-reversal provisions applicable to exempt supplies do not apply to such excluded premium.

An omitted comparable may be considered in transfer-pricing proceedings where its actual comparability is established, as no estoppel prevents an assessee from seeking inclusion to determine the correct arm's length price. The Contract Manufacturing segment's arm's length price was to be recomputed under the Transactional Net Margin Method using single-year data after a merits-based Functions, Assets and Risks review of four additional companies, while retaining the original comparables. Depreciation and additional depreciation on interest capitalised under the DRP's direction were to be granted, and the claim for depreciation on earlier-year capitalised disallowances was to be examined and implemented after hearing the assessee.

Cheque-dishonour liability attaches to the drawer of an account maintained by that person; a non-signatory spouse of a sole proprietor cannot be treated as drawer merely through alleged control or marriage. Vicarious liability does not extend to a sole proprietorship because it lacks a legal identity separate from its proprietor. A statutory demand must substantially seek payment of the cheque amount, as a materially mismatched demand does not create a valid cause of action. Where an accused resides outside the Magistrate's jurisdiction, process requires the mandatory pre-summoning inquiry or investigation. Misdescription of the business and these foundational defects can render prosecution abusive; proceedings against other accused may continue independently.

Cheque-dishonour liability under Section 138 of the NI Act is personal to the drawer, account holder and signatory; a non-signatory spouse of a sole proprietor cannot be prosecuted merely on allegations of control. A sole proprietorship is not a company for Section 141, so vicarious liability cannot extend to persons other than the proprietor. A demand notice seeking only part of the cheque amount fails the requirement to demand the "said amount of money", preventing the cause of action from arising. Further, process against an accused residing outside the Magistrate's jurisdiction requires a mandatory prior inquiry or investigation. Suppression of the concern's sole-proprietorship status was treated as abuse of process. Proceedings against the spouse were quashed, while trial against other accused continued.

Faceless assessment requires complete and properly linked e-Sanchit uploads with the Bill of Entry to support correct self-assessment, classification, valuation and duty claims. Importers should provide clear goods descriptions, technical particulars, catalogues, end-use information, value documents and manufacturer details where relevant. Exemption claims must be supported by documents demonstrating compliance with applicable conditions. Required registrations, certificates, licences and import-monitoring information should be completed before filing. Query responses must be specific and exhaustive, while provisional assessment requests must state the reason. Additional documents may be required depending on the goods and assessment needs.

West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.

Interest or dividend income derived by a co-operative society from investments with another co-operative society qualifies for deduction under section 80P(2)(d). The exclusion of co-operative banks from claiming deduction under section 80P(4) does not change their character as co-operative societies for a depositor co-operative society's claim under section 80P(2)(d). Where conflicting non-jurisdictional High Court views exist, the favourable interpretation supports deduction of interest earned by a co-operative credit society on investments or fixed deposits with co-operative banks.

The special procedure requires specified machine particulars in FORM GST SRM-I, with mandatory machine numbers and final-packing machine details. Where electricity consumption data is unavailable, it may be calculated and certified by an eligible practicing Chartered Engineer, with the certificate uploaded with the form. Goods without MRP must report sale price in FORM GST SRM-II. The procedure excludes SEZ units and specified manual packing operations, while applying to manufacturers, job workers and contract manufacturers; a principal manufacturer bears compliance responsibility where the job worker or contract manufacturer is unregistered.

Faceless customs assessment requires complete, legible supporting documents to be uploaded in e-Sanchit and linked to the relevant Bill of Entry through the Image Reference Number. Importers should provide clear goods descriptions, classification particulars, value-supporting records, manufacturer details where relevant, and documents establishing compliance with exemption conditions, registrations, certifications, licences and monitoring requirements. Query replies must be specific and comprehensive. The generally required document list is non-exhaustive, and further documents may be requested based on the goods and assessment needs.

Transactions in vouchers are outside GST supply: RBI-recognised prepaid vouchers used to settle obligations qualify as money, while other vouchers are actionable claims other than specified actionable claims. Principal-to-principal voucher trading for a margin is therefore not taxable. However, commission or fee earned by agents and distributors for voucher distribution, and consideration for ancillary services such as marketing, customisation or support, is taxable as a supply of services. Unredeemed voucher breakage is not taxable where no underlying supply occurs and no agreement provides for non-redemption charges.