July closed with gross GST collections up 15.4% year-on-year to ₹2.11 lakh crore, the Reserve Bank of India moving ahead with field trials for ₹10 and ₹20 polymer notes, and foreign currency deposits under the FCNR(B) route crossing $32 billion, past the previous record set in 2013. Issue 65 of DevMantra Times, dated 5th August 2026, brings these developments together with the tax, legal and corporate updates that shaped India's business environment through July.
This edition also tracks a run of High Court, ITAT and AAR rulings on GST input tax credit, capital gains on agricultural land, HRA exemptions, and Section 54 relief on incomplete construction, alongside CBDT clarifications on crypto-asset reporting, the transition to the Income-tax Act, 2025, and the new Cost Inflation Index for FY 2026-27. On the corporate law side, SEBI's GARUDA mechanism for AIF placement memorandums, IFSCA's latest capital markets reforms, and the MCA's extended Companies Compliance Facilitation Scheme deadline round out a month with real implications for finance and compliance teams.
For businesses working against August deadlines, the issue closes with the full tax compliance calendar covering GST returns, TDS deposits, and the ITR-3/ITR-4 due date for the month. Read the full edition below, curated by Dev Mantra Financial Services in partnership with N. Tatia & Associates.
