1️⃣Introduction of “Pending” Option for Credit Notes and declaration of Reversal amount in IMS
- A new facility in the Invoice Management System (IMS) has been recently introduced on the GST portal wherein the taxpayers are allowed to keep credit notes as “Pending” for one tax period. Further, the IMS functionality have also been enhanced providing a flexibility to the taxpayers to modify their ITC reversal on acceptance of such credit notes thereby resolving many business disputes.
2️⃣ Income Tax Updates
- CBDT Reminder: The last date to file revised or belated ITR for FY 2023-24 (AY 2024-25) is 31st December 2025.
- Tax Audit Report (Form 3CD): Minor schema changes notified on October 15, 2025 for better reporting of foreign income and deductions.
3️⃣ MCA (Corporate Affairs) Updates
- MCA V3 Portal Maintenance: Temporary downtime announced between Oct 20–25, 2025, for performance improvement.
- DIR-3 KYC: Extended facility open till October 31, 2025, for directors who missed the previous deadline.
4️⃣ MSME Updates
- Delayed Payment Monitoring: Government has proposed stricter reporting under MSME Delayed Payment Portal (MSME Samadhaan) — companies must disclose dues beyond 45 days in financial statements.
- MSME Registration Drive: Udyam portal encouraging revalidation for entities whose registrations expire by Nov 2025.
5️⃣ RBI / Banking Updates
- Repo Rate: RBI maintains repo rate at 6.50% — focus remains on controlling inflation.
- Digital Lending Guidelines: New compliance checks for NBFCs to report all digital loan apps to the RBI.
- Tokenization Alert: Deadline for payment aggregators to complete card data tokenization compliance extended to Nov 15, 2025.
6️⃣ Other Financial Highlights
- SEBI: Introduced framework for AI-based advisory systems in mutual funds and PMS to ensure transparency