Key Regulatory Updates: Week Ending October 19, 2025
The week ending October 19, 2025, saw significant regulatory developments across various domains. Here’s a summary of key updates:
Income Tax 📈
Exemptions: UP Awas Evam Vikas Parishad and Chennai Metropolitan Water Supply and Sewerage Board have been notified under Section 10(46A) for exemption on their income, provided they operate for specified purposes.
Tariff Values: CBDT notified tariff values for edible oils, brass scrap, areca nut, gold, and silver, effective October 16, 2025.
Goods and Services Tax (GST) 📊
GSTR-3B Filing: The due date for filing GSTR-3B returns for September 2025 has been extended to October 25, 2025.
Invoice Management System (IMS): The GSTN has introduced a “Pending” option for credit notes and declaration of reversal amount in IMS.
AAR Rulings: Rice bran oil is classifiable under Tariff Heading 1515 90 40, attracting 5% GST.
Insolvency and Bankruptcy Code (IBC) 📁
Clean Slate Doctrine: The Delhi High Court upheld the clean slate doctrine for successful resolution applicants under Section 32A of the IBC.
IBC Amendments: The IBBI has amended regulations related to the modes of asset sale and committee composition.
Foreign Exchange Management Act (FEMA) 🌐
INR Lending: RBI has permitted Authorized Dealer Category-I banks to lend in Indian Rupees (INR) to residents of Bhutan, Nepal, and Sri Lanka for cross-border trade transactions.
Foreign Currency Accounts: RBI has allowed exporters to hold foreign currency accounts in IFSCs for receiving full export value or advance payments for goods and services .
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