Government policies
🟩 FPI Inflows into Govt Bonds Hit Seven-Month High | Foreign Portfolio Investors (FPIs) recorded their highest purchase of government securities in seven months, buying ₹13,397 crore under the Fully Accessible Route (FAR) in October. This marked a significant jump compared to the ₹8,333 crore bought in September. Market experts attributed the surge in inflows to several factors, including a stable rupee, the prospects of an upcoming trade deal, favourable interest rate differentials, and expectations of further monetary easing. As a result of this investment, the total FPI holding in government securities reached a record high of ₹3.17 lakh crore in October. (Financial Express)
Goods and services tax
🟩 GST Portal Introduces Pending Option for Credit Notes | The GST portal has rolled out a new feature within the Invoice Management System (IMS), allowing taxpayers to keep credit notes as Pending for one entire tax period. This initiative is designed to resolve numerous business disputes by giving taxpayers greater flexibility. Furthermore, the IMS functionality has been enhanced to permit taxpayers to modify their Input Tax Credit (ITC) reversal amount when they subsequently accept these pending credit notes. The GSTN team has published detailed FAQs to help taxpayers better understand and utilise this new facility, which streamlines the management of credit notes and related ITC adjustments. (GSTN)
🟨 GSTR-9 Table 8A to Integrate New Invoice Management System (IMS) | Taxpayers must note significant changes to the GSTR-9 annual return and GSTR-9C reconciliation statement for the Financial Year 2024-25. The new Invoice Management System (IMS) data will now be integrated into Table 8A for generating Input Tax Credit (ITC) figures, which are derived from GSTR-2B data filed up to October 2025. Key changes include a revamped derivation process for Table 8A, modifications to the computation for Table 8C, and the introduction of a new Table 6A1 to accurately reconcile ITC claims. Experts caution that while these reforms streamline compliance, businesses must realign their filing processes and ensure robust records before the December 31, 2025, deadline to avoid litigation risks. (Economic Times)
🟩 GST Portal Adds Import of Goods Details to IMS | The GST portal has further enhanced the Invoice Management System (IMS) by introducing a new section for Import of Goods. Starting with the October 2025 tax period, all Bill of Entry (BoE) records filed by taxpayers for the import of goods, including imports from SEZ units, will now be available in the IMS. This new feature allows recipient taxpayers to take action (accept, reject, or keep pending) on individual BoE records, mirroring the existing system for supplier invoices. Taxpayers should note that any BoE record on which no action is taken will be treated as deemed accepted, and the resultant action will be used by the GST Portal to generate the draft GSTR-2B on the 14th of the subsequent month. (GSTN)
Income tax
🟩 I-T Portal Now Tracks Officer Review of Tax Submissions | The Income Tax Department has rolled out a new feature on its e-filing portal that displays the exact date and time when the Assessing Officer (AO) or Commissioner of Income Tax (Appeals) [CIT(A)] has viewed a taxpayer’s notice submission in faceless proceedings. This move offers concrete assurance that the documents have been accessed, reducing the uncertainty and preventing claims of non-consideration that often plague the system. The update is designed to improve procedural transparency, create a digital audit trail for officer accountability, and aid the Department in using analytics to identify and rectify internal delays. Tax experts hail it as an impactful reform promoting trust and efficiency in the faceless tax administration system. (The Economic Times)
🟨 CBDT Extends Audit and I-T Return Deadlines for AY 2025-26 | The Central Board of Direct Taxes (CBDT) on Wednesday granted a second extension for key compliance deadlines, providing relief to companies, proprietorships, and firms requiring mandatory audits. Citing difficulties, including disruptions from floods and natural calamities in various regions, the CBDT has revised the dates for the Assessment Year (AY) 2025-26. The new deadline for submitting audit reports is now November 10, extended from October 31. Consequently, the deadline for filing the related Income Tax Returns has been pushed to December 10. This extension follows persistent representations from professional associations like chartered accountant bodies. (Financial Express)
🟥 Bombay HC Quashes Tax Notice Citing Blind Use of AI | The Bombay High Court has cancelled an Income Tax notice demanding an addition of over ₹22 crore, ruling that the tax department’s process was unfair and violated natural justice. The court found that the Assessing Officer (AO) blindly relied on Artificial Intelligence (AI) to draft the notice, referencing three completely non-existent judicial rulings. The court stressed that while in the era of AI reliance is common, officers exercising quasi-judicial functions must cross-verify system-generated results. The AO was also found to have ignored the taxpayer’s evidence and failed to provide a basis for the addition. The court quashed the order and remanded the matter, directing the officer to issue a fresh, reasoned notice and grant the taxpayer a full hearing. (Economic Times)
Corporate and allied laws
🟩 Companies can file Financial Statements, Annual Returns till December 2025 | The Ministry of Corporate Affairs (MCA) has allowed companies to file their annual returns and financial statements for FY 2024-25 on the newly deployed MCA-21 version 3 portal without paying any additional fees until December 31, 2025. This relaxation covers key revised e-forms, including MGT-7 and AOC-4 series, and is granted due to requests from stakeholders needing time to adapt to the new e-form deployment. Experts stated that the move is a huge breather for companies navigating the new reporting mechanism and aligns with the government’s vision to promote the ease of doing business. The MCA, however, clarified that this circular does not extend the statutory time limit for holding Annual General Meetings (AGMs). (Financial Express)
🟨 SEBI Hits Pause on T+0 Settlement Plan Due to Muted Demand | The Securities and Exchange Board of India (SEBI) has indefinitely postponed the expansion of its planned T+0 settlement cycle after observing negligible investor interest and wafer-thin pilot volumes. The decision stems from concerns among market participants that operating a dual settlement system could fragment market liquidity and disrupt the smoother T+1 cycle currently in place. While most Qualified Stock Brokers (QSBs) had nearly completed the system work, they have reportedly requested SEBI to make the framework optional, arguing that the same-day settlement plan currently lacks a viable business case. (The Hindu Business Line)
Finance and banking
🟩 Banks go ‘.bank.in’ to Secure Digital Transactions | A new Reserve Bank of India (RBI) directive came into effect today (Friday, October 31), mandating all banks to shift their official websites to the exclusive ‘.bank.in’ domain. This measure is designed to significantly enhance cybersecurity, protect customers from phishing scams, and strengthen public trust in digital banking. Under the new rule, only RBI-regulated banks can register and use the ‘.bank.in’ domain, establishing a verified, secure online identity system. Customers logging into leading lenders, including HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank, will now see updated URLs ending with “.bank.in”. (Business Today)
Customs and foreign trade
🟩 CBIC Consolidates 31 Customs Notifications for Simplified Compliance | The Central Board of Indirect Taxes and Customs (CBIC) has announced a major administrative reform, consolidating 31 customs duty exemption notifications into a single, unified structure: Notification No. 45/2025-Customs. Effective from November 1, 2025, the new master notification supersedes the principal Notification No. 50/2017-Customs and 30 other standalone exemption notices. The CBIC emphasised that existing concessions are not disturbed, and the move is a trade-friendly step aimed at reducing fragmented references and enhancing transparency. Minor substantive changes include broadening the exemption for AIESL aircraft maintenance parts and omitting a redundant 5% duty entry for certain bulk drugs. Consequential amendments have also been made to GST rate schedules to ensure alignment. (CBIC)
Payroll and personal finance
🟩 UIDAI Announces Major Changes for Aadhaar Updates | The Unique Identification Authority of India (UIDAI) has implemented several major changes starting November 1, 2025. Individuals can now modify key details like name, address, date of birth, or mobile number entirely online, eliminating the need to visit enrolment centres. Simultaneously, the government has made Aadhaar-PAN linking mandatory by December 31, 2025, with failure resulting in PAN card deactivation from January 1, 2026. UIDAI also introduced a new fee structure: ₹75 for demographic updates, ₹125 for biometric updates, and free biometric updates for children aged 5–7 and 15–17 years. Furthermore, online document updates remain free until June 14, 2026. (Moneycontrol)