GOVERNMENT OF WEST BENGAL DIRECTORATE OF COMMERCIAL TAXES 14, BELIAGHATA ROAD, KOLKATA-700015 TRADE CIRCULAR No. 07/2026 (Corresponding Central Circular No. 262/08/2026-GST) DATED: 30.10.2026 Subject: . Attention is invited to Trade Circular No. 24/2024 dated 04.10.2024, wherein certain issues regarding availability of input tax credit in respect of demo vehicles were clarified. 2. Representations have been received from trade and industry seeking clarification with regar... ... ...

COMMISSIONERATE OF CT AND GST, ODISHA FINANCE DEPARTMENT, GOVERNMENT OF ODISHA ***** No. CCT-PEI-POL-01555-2021/14525/CT&GST, Dated 11/11/2022 To, Heads of all CT & GST Territorial Ranges Heads of all CT & GST Enforcement Ranges & Units Heads of all CT & GST Territorial Circles & AUs CIRCULAR Sub: -reg. Ref: Circular No. 181/13/2022-GST Dated 10th November, 2022 issued by the CBIC, Gol Madam/Sir, Central Board of Indirect Taxes and Customs... ... ...

Verification of transitional GST credit in filed or revised TRAN-1 and TRAN-2 applications follows the central guidelines, applied with necessary adaptations under the Odisha Goods and Services Tax Act, 2017, in the context of the Supreme Court's orders in Union of India v. Filco Trade Centre Pvt. Ltd. Jurisdictional circle heads are responsible for checking the claims, issuing appropriate orders under paragraph 5 of the central guidelines and adhering to the prescribed timelines.

Government companies implementing publicly funded railway infrastructure may qualify for charitable income exemption where their dominant purpose is advancing general public utility rather than making profit. Receipts or incidental surplus alone do not establish a profit motive. The nature and dominant purpose of the activities determine whether the restriction concerning trade, commerce or business applies. Administrative cost allocations and the application of interest and surplus towards charitable objects are relevant to that assessment. Incorporation in a form other than a non-profit company is not, by itself, a bar to exemption.

Manager determinations are valid for three years and recognised by managers in the same group; investment advisers and research analysts may rely on them but cannot determine status independently. A manager outside the group must determine status afresh on onboarding. The manager records and confirms the status, accreditation date and validity in writing. The agency route remains available, and a valid agency certificate must be accepted without fresh determination. Agency certificates also last three years from accreditation; existing certificates retain their unexpired validity. An investor accredited at onboarding retains that status for the scheme's remaining life.

Central GST clarifications on imitation zari thread or yarn and certain services apply, with necessary modifications, to implementation of the Odisha Goods and Services Tax Act, 2017. The Commissioner of State Tax, Odisha, extended the clarifications on 28 November 2023 to promote uniformity in implementing the State GST framework. They are clarificatory in nature, and implementation difficulties may be brought to the Commissioner.

SEBI permits mutual fund schemes to net funds for outright cash-market transactions at the individual scheme level from April 1, 2027. An outright transaction is a purchase or a sale, but not both, in the same security during the same settlement cycle. Purchases and sales of the same security within that cycle are non-outright and excluded from fund netting. Netting is confined to the same scheme and settlement cycle; obligations cannot be adjusted across schemes or portfolios.

The commencement date should be properly recorded and communicated to the taxpayer because it starts the three-month audit period. Where completion within that period is not expected, an additional six months should be obtained from the Commissioner of CT and GST before the initial period expires. The audit report should not be issued with the word "draft" left unchanged alongside Form ADT-02; approval should be obtained through a forwarding letter or in the record. When adjournments are granted for producing required documents, the taxpayer's acknowledgment or signature should be obtained on the order sheet.

The Odisha Commissioner of State Tax withdrew ab initio the matching GST circulars issued under letter Nos. 9363/CT dated 19 July 2019 and 13232/CT dated 4 October 2019. The withdrawal was made under section 168(1) of the Odisha Goods and Services Tax Act, 2017. The earlier guidance under letter No. 9363/CT addressed doubts concerning the GST treatment of supplies of information technology-enabled services (ITeS). The withdrawal followed representations to CBIC expressing apprehensions about the implications of its guidance and was intended to support uniform implementation of the law across field formations.

Currency derivative positions involving the Indian rupee may be taken by domestic clients and foreign portfolio investors without establishing underlying exposure up to a single outstanding notional limit of USD 5 million equivalent, combined across all rupee currency pairs and recognised stock exchanges. Foreign portfolio investors must also keep their short positions across all foreign currency-rupee contracts and exchanges within USD 5 million. Their long positions above that threshold require underlying exposure to Indian debt or equity securities, including units of equity or debt mutual funds. Domestic clients taking positions above the threshold are subject to applicable Reserve Bank of India risk-management requirements.

The special procedure for furnishing returns by a class of registered persons is amended under section 148 of the Tamil Nadu Goods and Services Tax Act, 2017, on the recommendations of the Council. In the first proviso to the third paragraph of the 2019 provision, 31 August 2020 is substituted for 15 July 2020.

Optional filing of the annual GST return for financial year 2019-20 applies to small taxpayers with aggregate turnover below Rs. 2 crore. The financial-year reference is expanded from 2017-18 and 2018-19 to include 2019-20, extending the existing optional-filing arrangement to that year. It takes effect retrospectively from 15 October 2020.

For normal income computation, the disallowance for expenditure relating to exempt income is calculated by excluding interest incurred for specified business purposes, netting taxable interest income against remaining interest expenditure, and considering only investments that yielded exempt income during the relevant year. For minimum alternate tax, expenditure relating to exempt income is computed separately under clause (f) of Explanation 1 to section 115JB. The disallowance calculated under section 14A and Rule 8D cannot automatically be added to book profit.

Under the Odisha GST Act, job work means treatment or processing undertaken by a person on goods belonging to another registered person. Entry (id) applies to services satisfying that definition, other than services covered by entries (i), (ia), (ib) and (ic). Entry (iv), which carries an 18% GST rate, covers manufacturing services on physical inputs owned by persons not registered under the Odisha GST Act. It excludes services covered by entry (id) and the other specified entries, namely (i), (ia), (ib), (ic), (ii), (iia) and (iii).

Registered persons with aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year must furnish outward supply details in FORM GSTR-1. Quarterly details for October to December 2020 must be furnished by 13 January 2021, and those for January to March 2021 by 13 April 2021. The time limit for furnishing details or returns, as applicable, under section 38(2) for October 2020 to March 2021 is to be notified subsequently in the Official Gazette.

The cost of acquisition of gifted unlisted equity shares arises as an income-tax issue where a private discretionary trust sells shares received by gift from its settlor. The settlor had himself received the shares as a gift from his mother. The question is whether, in calculating gains on the trust's sale, the cost attributable to the original owner may be claimed, even though that owner precedes the settlor in the chain of ownership. The applicable tax treatment is not determined.

GST guidance covers the procedure for extending the time to apply for revocation of cancellation of registration; GST on food supplied in Anganwadis and schools, road construction with consideration paid by deferred annuity, and services supplied by Central and State Boards; and tax rates for construction services to government entities. It also addresses GST on milling wheat or paddy for public distribution, State Government guarantees of loans taken by their undertakings, and rates on laterals and parts of sprinkler or drip irrigation systems.

Disallowance relating to exempt income raises questions about whether it can exceed the exempt income and whether a reduction in the disallowance is justified. The Revenue's appeal was dismissed because the questions were regarded as already settled; no independent adjudication established the applicable limit or the justification for reducing the disallowance.

Petroleum Wharf Budge Budge Jetty No-03 is designated as a customs area under Section 8 of the Customs Act, 1962, exclusively for loading dry fly ash onto barges for export to Bangladesh through the riverine protocol route via Hemnagar LCS. The designation is subject to strict compliance with the Customs Act, Public Notice No. 37/2018 dated 27 April 2018 and other circulars, orders or public notices issued under the Act.

At NSD, KPD and Haldia docks, applications for examination, loading and sealing are made to the concerned preventive superintendent. A preventive inspector examines the goods and supervises barge loading and sealing; the superintendent certifies the examination report. Shipping bill filing and assessment are handled by the Commissioner of Customs (Preventive), West Bengal, Kolkata, based on the application signed by customs officers at the loading point. Officers at Hemnagar issue the Let Export Order after inspecting the Kolkata Customs (Port) seal on the cargo.