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October 2026
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GST57th GST Council: arrest power to go, prosecution threshold ₹5 crore, automatic refunds and wider input tax credit recommended
Prosecution: ₹1 crore → ₹5 croreReliefThe GST Council, in its 57th meeting on 8 October 2026, recommended omitting the arrest power in section 69 of the CGST Act, raising the prosecution threshold from ₹1 crore to ₹5 crore and cutting the general penalty from ₹25,000 to ₹10,000. It also recommended system-sanctioned refunds, refund of credit on capital goods and input services, a shorter list of blocked credits and a simpler registration for small e-commerce sellers. None of it is law yet: each item needs a circular, notification or amendment.
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InsolvencyNCLT approves 107 resolution plans in July–September 2026, its highest in any quarter; 335 plan applications pending or reserved on 30 September
107 plans approved in Q2The National Company Law Tribunal approved 107 resolution plans in the second quarter of FY 2026–27, which it says is the highest in any quarter since its inception, with an aggregate approved plan value of more than ₹11,000 crore. As on 30 September 2026, 294 resolution plans were pending for approval and orders were reserved in a further 41. The Tribunal is working with 48 Members against a sanctioned strength of 62.
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SEBISEBI sets the ISIN cap for privately placed debt at seventeen maturing in a financial year, with extra ISINs above ₹15,000 crore: Circular HO/17/11/24(8)2026-DDHS-POD1/I/23125/2026
17 ISINs a financial yearRule changeSEBI has replaced paras 1.1 to 1.3 of the ISIN provisions of its NCS Master Circular to increase the maximum number of ISINs maturing in a financial year for debt securities issued on private placement basis. An issuer is now allowed seventeen ISINs maturing in any financial year: twelve for plain vanilla debt and five for structured, market linked, floating rate, zero coupon and Tier II instruments, plus six more for section 54EC capital gains bonds. The change took effect immediately on 7 October 2026.
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Foreign TradeCabinet approves Integrated Transport & Logistics Authority (ITLA) as an SPV; technical appraisal for central infrastructure projects of ₹500 crore or more
Projects of ₹500 crore or moreNew facilityThe Union Cabinet on 6 October 2026 approved the setting up of a Special Purpose Vehicle, the Integrated Transport & Logistics Authority (ITLA), for research, planning, appraisal, monitoring and impact assessment in transportation and logistics. ITLA will prepare a National Transport Master Plan, technically appraise Government of India infrastructure projects costing ₹500 crore or more, and build a National Transport Data Repository using sources such as GSTN e-way bill, FASTag and Vahan. The release does not say when ITLA will start functioning.
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Startup & MSMECabinet approves ₹10,000 crore Government commitment to SME Growth Fund for direct equity investment in small and medium enterprises
₹10,000 crore for SME equityNew facilityThe Union Cabinet on 6 October 2026 approved a Government of India commitment of ₹10,000 crore towards the SME Growth Fund (SGF), which is to provide growth equity capital to small and medium enterprises. The money goes to an Alternative Investment Fund set up under the SGF framework, and the majority allocation is to be made to small and medium manufacturing-focused enterprises. The release does not give eligibility conditions, a fund manager or a start date.
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SEBINABKISAN lists India’s first WASH-focused social bond on NSE, raises ₹180 crore at 8.10% coupon
₹180 crore, 8.10%, 5 yearsNew facilityNABKISAN Finance Limited, a NABARD subsidiary, listed a social bond dedicated exclusively to the Water, Sanitation and Hygiene (WASH) sector on the National Stock Exchange on 1 October 2026. The issue was oversubscribed 1.8 times and raised ₹180 crore. The five-year bond carries a coupon of 8.10 per cent, matures in September 2031 and is rated CRISIL AAA (Stable) and CARE AAA (Stable).
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Labour“Shram Samvad”: Labour Ministry’s 90-day outreach on the four Labour Codes reaches industrial clusters in Delhi, Haryana and Uttarakhand
316 districts, 90 daysThe Ministry of Labour & Employment held district-level Shram Samvad programmes at Haridwar, Naraina (New Delhi) and Sonipat on 1 October 2026. The campaign, launched on 28 September 2026, runs for 90 days across 316 districts to explain applicability and employer compliance under the new Labour Codes.
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Startup & MSMEGOBARdhan compressed biogas scheme launched: ₹23,731 crore outlay, capital assistance up to ₹2 crore per TPD and credit guarantee for MSME plants
CBG price ₹2,110 per MMBtuNew facilityGOBARdhan, the unified scheme for compressed biogas (CBG), was approved by the Union Cabinet on 6 August 2026 with an outlay of ₹23,731 crore for FY 2026-27 to FY 2035-36 and launched on 1 October 2026 with a Handbook and a Unified GOBARdhan Portal. It offers an administered CBG price of ₹2,110 per MMBtu, capital assistance and a credit guarantee for MSME projects.
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GSTGross GST collection for September 2026 at ₹2,03,521 crore, up 14.7%; net revenue ₹1,76,520 crore after refunds of ₹27,001 crore
₹2,03,521 crore, up 14.7%Gross GST revenue for September 2026 was ₹2,03,521 crore against ₹1,77,365 crore in September 2025, a growth of 14.7%. Domestic revenue grew 10.1% and import revenue 25.9%. Refunds were ₹27,001 crore, 3.0% lower, leaving net revenue of ₹1,76,520 crore, up 18.1%. The figures are provisional.
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CustomsICEGATE now verifies AD Code and incentive bank accounts directly with banks through API; no document upload for API-integrated banks
Bank verification by APINew facilityICEGATE has integrated with participating banks to verify AD Code and incentive bank account details electronically. For API-integrated banks, the user need not select a document type or upload a document with IRN. The advisory of 1 October 2026 lists what must match across ICEGATE, DGFT and bank records, and the common reasons a verification fails.
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InsolvencyIBBI releases “Shaping the Next Decade of IBC: The Road Ahead” — 19 research papers, from crypto insolvency to group insolvency
19 papers on IBC’s next decadeNew facilityThe Insolvency and Bankruptcy Board of India has published its 2026 research volume, a collection of 19 papers by outside authors. The preface records the Code’s ten-year numbers till June 2026: 4,227 distressed entities rescued, 3,074 liquidation orders and over ₹4.35 lakh crore realised for creditors through resolution.
September 2026
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Startup & MSMEPRIP scheme second call open: new discovery track of up to ₹50 crore for startups and MSMEs, alongside early-stage and later-stage tracks
PRIP: up to ₹50 crore new trackNew facilityThe Department of Pharmaceuticals has opened the PRIP portal for the second call of the ₹5,000 crore Promotion of Research and Innovation in Pharma & MedTech scheme and added a New Discovery track: up to ₹50 crore for startups and MSMEs doing NCE/NBE projects at TRL 1–3, with at least 25% co-funding from bona fide institutional investors.
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Startup & MSMECGTMSE guarantee cover goes live on TReDS: 75% cover on invoice discounting where both buyer and seller are micro or small enterprises
CGTMSE cover on TReDS: 75%New facilityThe Ministry of MSME has rolled out credit guarantee cover on invoice discounting through TReDS. The CGTMSE portal is integrated with three platforms — M1xchange, RXIL and DTX (KredX). Under the Special Provision, both buyer and seller must be micro or small enterprises; the cover is 75% of the amount in default, with exposure up to ₹10 crore for a buyer and ₹2 crore for a seller.
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SEBIAccredited Investor framework: SEBI Board approves accreditation by AIF, SIF and PMS managers, a ₹5 crore market-exposure test and deemed status for non-residents
Accreditation by fund managersReliefThe SEBI Board has approved four changes to the Accredited Investor framework: managers of AIFs, AMCs offering SIFs and portfolio managers may accredit investors; securities market exposure becomes an eligibility test; persons resident outside India are deemed accredited; and LLPs can qualify. It also approved extending to all AIFs the bar on a manager using fund assets for its own losses.
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FEMA & RBIExim Bank’s ₹4,850 crore line of credit to Maldives: at least 75% of contract value to be supplied from India, no agency commission — A.P. (DIR Series) Circular No. 22
₹4,850 crore LoC to MaldivesNew facilityRBI has notified the terms of the Government of India supported Line of Credit of ₹4,850 crore extended by Exim Bank to the Government of Maldives for developmental projects. The agreement is effective from 27 August 2026. Goods, works and services worth at least 75% of the contract price must be supplied from India, and no agency commission is payable on exports under the LoC.
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InsolvencyLiquidation: liquidator may modify the list of stakeholders on new information and intimate the Adjudicating Authority within 30 days — IBBI Fifth Amendment Regulations, 2026
Intimate the AA within 30 daysRule changeIBBI has amended regulation 31 of the Liquidation Process Regulations, 2016. Sub-regulations (3) and (4) are replaced by a single sub-regulation (3): the liquidator may modify an entry in the list of stakeholders when he comes across additional information warranting it, and shall intimate the Adjudicating Authority within thirty days of the modification. The amendment is in force from its publication in the Official Gazette.
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GSTCGST Delhi South arrests iron and steel trader over fake ITC of ₹25.22 crore
₹25.22 croreThe Anti-Evasion Branch found inadmissible input tax credit availed and passed on through bogus invoices of about ₹140.14 crore. The proprietor was arrested under section 69 of the CGST Act.
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Income TaxNet direct tax collections at ₹12,12,411 crore as on 17 September 2026, up 12.96%; refunds 29.19% higher at ₹2,20,027 crore
Net ₹12.12 lakh crore, up 12.96%CBDT data for FY 2026-27 as on 17 September 2026 shows gross direct tax collections of ₹14,32,437.43 crore (up 15.19%), refunds of ₹2,20,026.72 crore (up 29.19%) and net collections of ₹12,12,410.71 crore (up 12.96%). Advance tax stands at ₹5,21,940.72 crore, 16.18% more than a year ago.
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Income TaxIncome-tax data sharing under section 258: CBDT to give Yes/No income flags to Andhra Pradesh for welfare schemes and to the Petroleum Ministry
Yes / No / Not Available flagsNew facilityCBDT has issued two orders under section 258(1) of the Income-tax Act, 2025 naming the Director General of Income-tax (Systems), Delhi as the authority to share information. Andhra Pradesh will get a flag on whether a person crosses an agreed income threshold, to identify welfare-scheme beneficiaries. The Ministry of Petroleum and Natural Gas will get flags on five questions, in an order that replaces one of 17 June 2025.
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SEBISEBI launches “Demat 2.0” pilot for tokenised corporate bonds; three issuers raise ₹1,025 crore, funds leg settled in RBI’s wholesale e₹
Demat 2.0: ₹1,025 crore raisedNew facilitySEBI has announced the launch of “Demat 2.0”, a pilot in which corporate bonds are created as digital tokens on a distributed ledger owned by the depositories and settled against RBI’s wholesale CBDC (e₹). REC, L&T and IIFL have issued tokenised bonds aggregating ₹1,025 crore. Credit rating, debenture trustee, listing and disclosure requirements continue to apply in full.
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