CBIC Issues Circular 266 on GST on Services: R&D Certificate, Shipping Lines, Vehicle Leasing, TRAI, Bank Fund Transfer Pricing and NBFC Co-lending

Harsh Vyas CA · Oct 29

GST

Circular 266/12/2026-GST (28 Oct 2026) settles six services questions: an R&D certificate for grant-funded research, shipping lines' free imports from related persons, vehicle leasing recoveries, TRAI, banks' fund transfer pricing and NBFC co-lending fees. What each answer means.

Copy link WhatsApp LinkedIn X (Twitter)

2

6

Attachment

CBIC Issues Three Circulars on Input Tax Credit: ISD Registration and Reversals, the 50% Option for Banks and NBFCs, and Credit on Demo Cars Under the Agency Model

Harsh Vyas CA · Oct 28

GST

Three CBIC circulars of 26 October 2026 settle input tax credit questions: who must register as an ISD and who reverses distributed credit, which bank and NBFC registrations can take the 50% option and how to report it in GSTR-3B, and why demo car credit under the agency model is no longer blocked.

Copy link WhatsApp LinkedIn X (Twitter)

1

4

1

Attachment

CBIC Issues Circulars on GST Notices, Orders and Appeals: What a Show Cause Notice Should Contain, When Suppression Can Be Alleged, and How Pre-Deposit Works

Vijay R S · Oct 28

GST

Circular 258/04/2026-GST tells GST officers how to draft a show cause notice and a speaking order, when fraud or suppression can be invoked, how to run hearings and first appeals. Circular 259/05/2026-GST settles six pre-deposit questions. A taxpayer's checklist from both.

Copy link WhatsApp LinkedIn X (Twitter)

1

Attachment

CBIC Issues Circular on GST Registration Applications: Which Documents for Which Premises, What Officers Can and Cannot Ask, and the Timelines

Sachin Mohite · Oct 28

GST

Circular 257/03/2026-GST lists, premises type by premises type, the documents a GST registration applicant should upload, adds formats for a consent letter and a no-rent-agreement undertaking, and tells officers which queries they may not raise. What changes, and the timelines.

Copy link WhatsApp LinkedIn X (Twitter)

1

13

Attachment

CBIC Issues Circular on Omission of Rule 96(10): Treated as Gone from 23 October 2017, What It Means for Exporters' Pending IGST Refund Cases

Najma K · Oct 28

GST

Circular 264/10/2026-GST of 26 October 2026 accepts the Supreme Court's Goodluck India ruling: pending rule 96(10) proceedings cannot continue, and rules 89(4A) and 89(4B) get the same treatment. What falls away, what the circular does not cover, and what exporters should file now.

Copy link WhatsApp LinkedIn X (Twitter)

1

3

1

Attachment

NFRA Recommends Ind AS 118 from 1 April 2027 (Awaiting MCA Notification): Operating Profit, Expenses by Function, MPMs and What Companies Must Change

Harsh Vyas CA · Oct 26

Company Law

Ind AS 118 will replace Ind AS 1 from 1 April 2027 if MCA notifies it as NFRA recommended. Profit does not change; the P&L layout does: five categories, operating profit, expenses by function as an option, and audited notes on adjusted measures. Restated FY 2026-27 comparatives mean work starts now.

Copy link WhatsApp LinkedIn X (Twitter)

1

8

Attachment

GST Council Proposes System Cancellation for Non-Filing and 180-Day Revocation: Not Law Yet, What Is Coming and What It Means

Sachin Mohite · Oct 26

GST

System cancellation of GST registration for non-filing, and system revocation if you comply within 180 days, is a 57th GST Council recommendation, not law. Section 29 and the rules must change first. What is coming, what it would mean, and the 90-day revocation rule that applies today.

Copy link WhatsApp LinkedIn X (Twitter)

1

17

CERT-In Issues Advisory on eMudhra Certificate Compromise: Is Your DSC Safe for GST, ITR and MCA Filing?

Jasmila Jawale · Oct 22

Company Law

CERT-In, MeitY and eMudhra all say the eMudhra incident does not touch Indian DSCs or eSign. Eight weak keys in its global website-certificate business were compromised and blocked by browsers. What happened, why your DSC is separate, and what CA firms should do now.

1

Copy link WhatsApp LinkedIn X (Twitter)

3

23

Attachment

GSTN Issues Advisory on E-Invoicing for RCM Self-Invoices: RCMDOM and RCMIMP Explained, Who Is Covered and When It Starts

Najma K · Oct 16

GST

GSTN's 16 October 2026 advisory adds two e-invoice supply types: RCMDOM for reverse charge self-invoices on purchases from unregistered suppliers and RCMIMP for import of services. Rs 5 crore+ turnover. Sandbox only for now; the notification and start date are awaited.

Copy link WhatsApp LinkedIn X (Twitter)

2

45

1

Attachment

CBDT Issues Revised Form 161 for Waiver of Penalty Under Section 440: Misreporting Now Waivable on 100% or 120% Additional Tax

Deep Jasani · Oct 13

Income Tax

CBDT notified a revised Form 161 on 8 October 2026 for waiver of penalty under section 440 of the Income-tax Act, 2025. Since the Finance Act 2026, even misreported income can be settled, by paying 100% (or 120% for unexplained income) additional tax and giving up the appeal.

Copy link WhatsApp LinkedIn X (Twitter)

3

11

Attachment

ICAI Issues Guidelines on Tenders for CAs in Practice: No Bid Without a Minimum Fee, No "Extremely Low" Quotes, Cost Sheet Mandatory

Harsh Vyas CA · Oct 13

CA (ICAI)

ICAI issued guidelines on tenders for members in practice on 12 October 2026: no response to tenders for statutorily reserved work without a minimum fee, no quote below it or in a reverse auction, no extremely low fees for any work, and a cost sheet for every bid. What is new since 2016.

Copy link WhatsApp LinkedIn X (Twitter)

2

17

Attachment

CBIC Issues Clarification on GST on Food Delivery: Cut From 18% to 5%, Not a New Tax, but Not Yet Notified

Vijay R S · Oct 13

GST

CBIC says GST on food delivery services is being cut from 18% to 5%, not newly imposed. True, but the 57th GST Council's 5% without ITC applies only once a rate notification is issued, and none was out by 13 October. What is taxed today, who pays and what changes.

Copy link WhatsApp LinkedIn X (Twitter)

1

8

1

ICAI Issues GST Update-271 on 57th GST Council Meeting Recommendations: What It Adds, and Where to Read It Carefully

Harsh Vyas CA · Oct 10

GST

ICAI's GST & Indirect Taxes Committee has issued GST Update-271 on the 57th GST Council's recommendations. What it adds to the official release (present position, worked examples) and five places where it reads more into the release than the release says.

Copy link WhatsApp LinkedIn X (Twitter)

3

87

Attachment

Finance Ministry Issues FAQs on GST Registration for E-commerce Sellers Under Rule 14B: ECO Warehouse as Place of Business, Conditions and Steps

Sachin Mohite · Oct 10

GST

The Finance Ministry issued 14 FAQs on 9 October 2026 on rule 14B: small e-commerce sellers may register in a State with no premises by declaring the marketplace warehouse as their place of business. Who qualifies, the operator consent, home-State verification, and what is not settled.

Copy link WhatsApp LinkedIn X (Twitter)

3

32

1

Attachment

Finance Ministry Issues FAQs on Cancellation of GST Registration: Auto-Acceptance, the 30-Day Limit and Four Grounds Dropped

Najma K · Oct 10

GST

The Finance Ministry issued eight FAQs on cancellation of GST registration on 9 October 2026: automatic acceptance of REG-16 once returns and dues are clear, system cancellation and revocation, and four rule 21 grounds to go. What changes, what is law today, and what to do.

Copy link WhatsApp LinkedIn X (Twitter)

3

43

Attachment