The GSTN Advisory dated 20 May 2026 introduces two significant functional enhancements in the E‑Way Bill (EWB) system aimed at improving data accuracy and strengthening supply chain transparency. While these changes may appear procedural, they carry important implications for compliance, ERP systems, and audit readiness.
NPA classification of Agriculture credit
Query:- if there is machinery loan under Agri Sector so the IRAC norms will be 90 days or agri terms short term or long term crop kindly help
Answer:-An agricultural term loan for machinery (such as a tractor or other implements) is classified as a Non-Performing Asset (NPA) based on crop seasons, rather than the standard 90-day rule
.
Based on the provided sources, here is the detailed breakdown of how these norms apply:
1. Categorization as Farm Credit
Loans for the purchase of agricultural implements and machinery are specifically categorized under Farm Credit (Medium and long-term loans)
. According to regulatory directions, the special NPA norms for agriculture apply specifically to "Farm Credit" extended to agricultural activities
.
2. NPA Classification Triggers
Because these term loans are linked to the agriculturist's ability to pay from harvest proceeds, their classification depends on the duration of the crops grown by the borrower:
Short Duration Crops: The loan is treated as an NPA if the installment of principal or interest remains overdue for two crop seasons
.
Long Duration Crops: The loan is treated as an NPA if the installment of principal or interest remains overdue for one crop season
.
3. Applicability to Term Loans
The sources explicitly state that these crop-season-based NPA norms are applicable to agricultural term loans availed of by agriculturists, depending on the duration of the crops they raise
. This is a recognized departure from standard commercial loans to ensure that repayment schedules are realistically aligned with harvesting and marketing cycles
.
4. Exceptions
Non-Farm Credit: If a loan is given to a farmer but does not qualify as agricultural finance (for example, a personal housing loan), the standard 90-day delinquency norm applies
.
Natural Calamities: If a crop yield is affected by a declared natural calamity, the term loan can be restructured or rescheduled
. In such cases, the asset classification will thereafter be governed by the revised terms of the restructuring
.
CBDT waives interest on demand raised due to disallowance of Sec. 87A rebate on income taxable at special rate
| The Central Board of Direct Taxes (CBDT) has issued a circular to waive off the demand raised upon the taxpayers due to the disallowance of section 87A rebate on the income that is chargeable to tax at a special rate. |
Revision of TDS Return before 31st March 2026
New Income Tax Act 2025 will be applicable from 0st April 2026
The Income Tax Act 1961 stands repealed w.e.f 01.04.2026 by virtue of section 536 of Income Tax Act 2025.
Correction Statement of TDS Returns
Further, as per section 397(3)(f) of Income Tax Act, 2025, deductor/collector may deliver a correction statement in such form and verified in such manner as may be prescribed, to the prescribed authority within two years from the end of the tax year in which such statement is required to be delivered under the said clauses or under section 200 of the Income-tax Act, 1961.
Can we litigate the issues even gst paid during gst audit under section 65 of CGST ACt 2027
A mid-sized company receives an audit notice under Section 65 of the CGST Act. The officers arrive, go through purchase records, ITC claims, and sales invoices. After a few weeks, they point out a potential short-payment of GST worth ₹150 lakhs, citing “ineligible ITC”.The CFO of the compant, worried about escalating matters, makes a payment through Form DRC-03 during the audit itself. The idea is simple – pay now, avoid penalties and extended proceedings.
But here’s where the doubt creeps in:
Does this payment mean the company has accepted the liability forever? Or can it still challenge the issue in future?
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