Weekly Newsletter - November 5, 2026

Latest additions to CAalley:

News Update:

Indian News

International News

Exposure Drafts:

GST Draft

ICAI Exposure Draft

RBI Draft

IRDAI Draft

Acts & Regulations:

IBBI Regulations

RBI Master Directions

SEBI Master Circular

SEBI Regulations

IFSCA FAQs

IRDAI Master Circular

Useful Forms:

ITR eFiling Utilities for AY 2026-27

From the ICAI:

ICAI Publication

International Content:

PCAOB Reference Material

Legal Updates:

Income Tax

GST

IBBI

FEMA

SEBI

IFSCA

IRDAI

DGFT

Customs

Central Excise

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News Update:

Indian News:

GSTN to lengthen e-way bill numbers to 14 digits from January 2027 as volumes surge

24-hour arrest clock starts from detention, not formal arrest: Supreme Court

SC sales tax ruling: What it means for businesses with old tax disputes

SEBI forms 18-member working group to review listing framework for deep-tech, innovation-led startups

IRDAI directs insurers to offer four-layer motor cover in compliance with SC order

RBI eases reporting norms for small service exporters and importers

Budget 2027: Customs duty relief on 118 goods under review

Irdai cuts share transfer approval fee by 80% to ₹10 lakh for insurers

Over Rs 960cr scam? 127 plots sold, then mortgaged to scam-hit bank in Bengaluru

CBDT tightens merger rules for charity trusts, imposes five-year curbs on changing objectives

IBBI amends rules to speed up resolution of stressed real estate projects

SEBI working to delist companies with no economic activity to protect investors Chairman

Misuse of insolvency proceedings: ED conducts raids in Bengal

Cyberattack on SMARTs portal; Sebi on red alert

SEBI imposes ₹1 crore fine on CDSL for multiple compliance lapses

ICAI to issue guidance note on new audit reporting framework for multi-state cooperative societies

AU Small Finance Bank probes potential data leak on Salesforce platform

AI and data analytics to power next phase of government audits, says CAG

Data Security Council unveils AI liability guide for Indian enterprises

Sebi eases FPI compliance, extends KYC review period from December 1

Centre notifies National Social Security Board for gig, platform workers

NCLT, NCLAT 'hijacked' by corporate affairs ministry: Supreme Court

New RBI forex derivative rules make FCNR(B) hedging costlier for banks

Income tax reassessment invalid without mandatory notice: Supreme Court

Indians working in UK: Per diem paid by Indian company may be tax-free in India if these conditions are met

Govt notifies more GST reform measures, expands reverse-charge coverage

SEBI Aims To Cut Foreign Investor Onboarding To As Little As Five Business Days

'What is wrong with victims': CJI on digital arrest cases; calls for compensation from banks

  

International News:

Internal audit leans more on external partners and AI

[UK] What can firms cut from the audit report right now?

Paraguay seizes major digital bank tied to president, leaving millions of customers in limbo

EY, PwC ticked off $80b in private assets without enough proof: ASIC

Accounting firm RSM Canada LLP censured by Canadian audit watchdog for backdating signoffs

Canadian audit watchdog issues audit inspection reports for Grant Thornton branded accounting firms

Accountant Sentenced to Federal Prison for Money Laundering, PPP Fraud

Fed keeps interest rates unchanged, awaits more data on inflation

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Exposure Drafts:

GST Draft:

Public Consultation on Alternate Mechanism for Amendment of Liability and ITC in FORM GSTR-3B
[Last date for Comments: November 30, 2026]

  

ICAI Exposure Draft:

Drafts - Valuation Standards, 2026 by Insolvency, Bankruptcy and Valuation Standards Board of ICAI
[Last date for Comments: November 22, 2026] 

  

RBI Draft:

Draft Consolidation of Instructions Related to Priority Sector Lending
[Last date for Comments: November 26, 2026] 

  

IRDAI Draft:

Exposure Draft on the IRDAI - Subsidiary Instructions and Consultative Committees Regulations 2026
[Last date for Comments: November 23, 2026] 

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Acts & Regulations:

IBBI Regulations:

IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
[Amended upto October 30, 2026)]

  

RBI Master Directions:

Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank Payment System Operators
[Published on November 5, 2026]

Master Directions - Compounding of Contraventions under FEMA, 1999, dated April 22, 2025 
[Updated as on October 23, 2026]

  

SEBI Master Circular:

Master Circular for Alternative Investment Funds (AIFs)
[Updated on November 05, 2026]

  

SEBI Regulations:

SEBI (Infrastructure Investment Trusts) Regulations, 2014
[Updated upto October 16, 2026]

SEBI (Real Estate Investment Trusts) Regulations, 2014
[Updated upto October 15, 2026]

SEBI (Alternative Investment Funds) Regulations, 2012
[Updated upto October 15, 2026]

SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
[Updated upto October 15, 2026]

  

IFSCA FAQs:

FAQs on IFSCA(Banking) Regulations, Banking Handbook and Internet Banking circulars
[Published on November 2, 2026]

  

IRDAI Master Circular:

Master Circular on Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers, 2026
[Published on November 2, 2026]

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Useful Forms:

ITR eFiling Utilities for AY 2026-27:

Updated on November 4, 2026: 

ITR 6 - Windows & Mac Utilities

  

Updated on October 30, 2026:

ITR 5 - All Utilities 
ITR 6 - Excel Utility

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From the ICAI:

ICAI Publication:

GST Sectoral Guide on Fast-Moving Consumer Goods
[Published in July 2026]

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International Content:

PCAOB Reference Material:

QC 1000, A Firm’s System of Quality Control:
QC 1000 Questions and Answers
[August 2026]

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Legal Updates:

Income Tax:

Exemption of TDS from any income in nature of dividend paid by unit of IFSC to a company being unit of IFSC engaged in leasing of aircraft [Notification No.141]

Amendment of the Income tax Rules, 2026 to provide conditions which a registered non profit organisation shall require to fulfil for merger under section 352(4) (Table Sl. No. 8) and 354A of the Income tax Act, 2025 [Notification No.139]

  

GST:

Revision in E-Way Bill and Consolidated E-Way Bill Numbering Formats w.e.f. 1 January 2027

Advisory on Key Changes in the GST Registration Amendment Process

Advisory on Enhancements Related to Composition Levy Functionality under GST

TDS Registration Advisory for Dealers in Scrap and Other Notified Goods

Advisory on the Revised Process for Approval of Registration Cancellation application under Form GST REG-16

Advisory on Simplified Registration Scheme under Rule 14B of the CGST Rules, 2017

Advisory on Important Changes in FORM GST REG-01 for GST Registration

Implementing certain recommendations of the GST Council in its 57th meeting held on 08.10.26 at New Delhi, prior to the legislative amendments [Instruction No.2]

  

Clarifications regarding applicability of GST on certain services [Circular No.266]

Clarification regarding classification and applicability of GST on the supply of certain goods based on the recommendations of the GST Council in its 57th meeting held on 8th October 2026, at New Delhi [Circular No.265]

  

Seeks to notify a special procedure under Section 148 for payment of tax under the Toll-Operate-Transfer model [No.10 (Rate)]

Seeks to amend Notification No. 17/2017-Central Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting [No.9 (Rate)]

Seeks to amend Notification No. 13/2017-Central Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting [No.8 (Rate)]

Seeks to amend Notification No. 12/2017-Central Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting [No.7 (Rate)]

Seeks to amend Notification No. 11/2017-Central Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting [No.6 (Rate)]

  

Seeks to notify a special procedure under Section 148 for payment of tax under the Toll-Operate-Transfer model​ [No.10 (Rate)]

Seeks to amend Notification No. 14/2017-Integrated Tax (Rate), dated 28th June, 2017, to give effect to the recommendations of the GST Council​ [No.9 (Rate)]

Seeks to amend Notification No. 10/2017-Integrated Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.8 (Rate)]

Seeks to amend Notification No. 9/2017-Integrated Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.7 (Rate)]

Seeks to amend Notification No. 8/2017-Integrated Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.6 (Rate)]

  

Seeks to notify a special procedure under Section 148 for payment of tax under the Toll-Operate-Transfer model​ [No.10 (Rate)]

Seeks to amend Notification No. 17/2017-Union Territory Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.9 (Rate)]

Seeks to amend Notification No. 13/2017-Union Territory Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.8 (Rate)]

Seeks to amend Notification No. 12/2017-Union Territory Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.7 (Rate)]

Seeks to amend Notification No. 11/2017-Union Territory Tax (Rate), dated 28th June, 2017, to give effect to the recommendations made by the GST Council in its 57th meeting​ [No.6 (Rate)]

 

IBBI:

Compliance with RERA for CDs having real estate projects and disclosure of CIRP at project and office sites of the CD

Introduction of revised Form CA for filing of claims by real estate allottees

IBBI (Insolvency Resolution Process for Corporate Persons)(Fifth Amendment) Regulations, 2026

  

FEMA:

Foreign Exchange Management (Export and Import of Goods and Services) (Second Amendment) Regulations, 2026

  

SEBI:

Review of the framework for Accredited Investors​

Framework for net settlement of funds for transactions undertaken by mutual fund schemes in cash market​

Revision of limits relating to requirement of underlying exposure for currency derivatives contracts​

Review of Know Your Client process for individual Person Resident Outside India clients​

Framework for Issuance of Depository Receipts on Units of REITs​

Framework for Issuance of Depository Receipts on Units of InvITs​

Cooling off period for offer for sale by Private listed InvITs

Extension of timeline with respect to compliance of Digital Accessibility Circulars

Rationalisation of periodicity of KYC review for FPIs

 

IFSCA:

Reporting Norms for the TechFin and Ancillary Service Providers, Global In-House Centres and Book-keeping, Accounting, Taxation and Financial Crime Compliance Service Providers

Notification enabling Operating lease including any hybrid of operating and financial lease of "GPU and connected data centre equipment" as financial product

  

IRDAI:

Circular - Four Layer Structure-Motor Insurance Policy

 

DGFT:

Amendment to Para 8.04(iii) of the Handbook of Procedures (HBP) 2023 – Mechanism for resolving Quality Complaints/Trade Disputes [Public Notice No.38]

Amendment to Chapter 10 of the Handbook of Procedures (HBP), 2023 – Extension of SCOMET Authorisation-based facilitation to eligible 4-Star and 5-Star Status Holders and extension of validity of General Authorisation for Export after Repair in India (GAER) [Public Notice No.37]

Amendment in Export Policy of Agarwood under Chapter 12, Schedule-2 ITC (HS) Export Policy, 2022 [Notification No.46]

Constitution of Sub-Committee for Resilience & Logistics Intervention for Export Facilitation (RELIEF) under EXPORT PROMOTION MISSION [Trade Notice No.33]

 

Customs:

Seeks to extend custom duty exemption on Raw Cotton [Notification No.35]

The Sea Cargo Manifest and Transshipment (Fourth Amendment) Regulations, 2026 [Notification No.90(NT)]

Implementation of the Sea Cargo Manifest and Transshipment Regulations(SCMTR), 2018 [Circular No.47]

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver [Notification No.89(NT)]

  

Central Excise:

Revision of the Special Additional Excise Duty (SAED) rate on exports of Aviation Turbine Fuel (ATF) outside India [Notification No.56]

Revision of the Special Additional Excise Duty (SAED) rate on exports of petrol and diesel outside India [Notification No.55]