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Home Blog FDI Press Note 3 Amendment — 10 March 2026

Cabinet Amends FDI Press Note 3: Land Border Country Investment Rules Overhauled — What Indian Businesses and Investors Must Know

🔴 Breaking — 10 March 2026 FEMA / FDI Cabinet Decision 9 min read 10 March 2026 · Shahi & Co., Chartered Accountants

In a landmark policy decision on 10 March 2026, the Union Cabinet chaired by Prime Minister Narendra Modi approved sweeping amendments to India's FDI guidelines governing investments from Land Bordering Countries — the rules commonly known as Press Note 3 or PN3. The changes unlock the automatic investment route for minority LBC investors, introduce a formal beneficial ownership definition aligned with PMLA 2005 standards, and mandate a 60-day clearance window for priority manufacturing sectors. For Indian startups, PE/VC funds with global limited partners, and manufacturing businesses in electronics and capital goods, this is the most significant FDI policy development in six years.

In This Article
  1. What Is Press Note 3 and Why It Matters
  2. The Two Key Changes Approved by Cabinet
  3. Beneficial Ownership: Definition Now Codified
  4. The 10% Non-Controlling Route — In Detail
  5. 60-Day Approval Window: Sectors and Conditions
  6. Which Countries Are Land Bordering Countries?
  7. Impact on Indian Startups and Deep Tech
  8. Impact on PE/VC Funds and Global Investors
  9. Impact on Manufacturing: Electronics, Solar, Capital Goods
  10. Compliance Steps: What You Must Do Now
  11. Risks and Safeguards That Remain
  12. Frequently Asked Questions

1. What Is Press Note 3 and Why It Matters

Press Note 3 of 2020 (PN3) was introduced by the Department for Promotion of Industry and Internal Trade (DPIIT) on 17 April 2020 — during the peak of the COVID-19 pandemic — to protect Indian companies from opportunistic takeovers by entities from countries sharing a land border with India.

The core rule under PN3 was simple but sweeping: any investment from a Land Bordering Country (LBC), regardless of size or intent, required prior government approval. There was no minimum threshold, no distinction between strategic and passive investments, and no timeline for processing approvals.

1
April 2020
Press Note 3 Introduced
All FDI from Land Bordering Countries placed under mandatory government approval route. Primary intent: prevent Chinese entities from acquiring stressed Indian companies during the COVID-19 crisis.
GSTDelhi NCRSmall Business

GST Compliance Checklist for Delhi-based Small Businesses — 2026 Edition

By Shahi & Co. March 2026 New Delhi

GST compliance is not a once-a-year activity — it is an ongoing obligation that touches your business every month. For small and medium businesses in Delhi, where trading activity is intense and supply chains span multiple states, staying on top of GST is particularly demanding. This checklist consolidates everything a Delhi-based business needs to track across the GST compliance calendar.

Our practice works with businesses across Delhi NCR — from traders in Chandni Chowk to exporters in Okhla, from service companies in Connaught Place to manufacturers in the Faridabad and Gurgaon periphery. The compliance patterns we see most frequently are reflected in this guide.

GST Registration Requirements

Any business in Delhi with an aggregate turnover exceeding ₹40 lakhs (for goods) or ₹20 lakhs (for services) in a financial year is required to register under GST. For businesses operating in multiple states — common for Delhi NCR companies with branches in Haryana, UP, or Rajasthan — a separate GSTIN is required for each state where the business has a place of supply.

Important for Delhi Traders

Delhi is classified as a special category state for certain GST purposes. If you supply goods or services to customers in other states — even if your turnover is below the threshold — you are required to register for GST for inter-state supplies. This catches many small traders in Delhi's wholesale markets off guard.

Monthly Compliance Calendar

For businesses not on the QRMP scheme, the monthly compliance cycle is as follows:

ReturnWhat It CoversDue DateWho Must File
GSTR-1Outward supplies (sales)11th of following monthAll registered businesses
GSTR-3BSummary return + tax payment20th of following monthAll registered businesses
GSTR-7TDS deducted under GST10th of following monthGovernment entities, certain notified businesses
GSTR-8E-commerce operator supplies10th of following monthE-commerce operators

Delhi-specific Note

Many businesses in Delhi's wholesale markets — Sadar Bazaar, Chandni Chowk, Lajpat Rai Market — operate on tight cash cycles. Late payment of GST attracts interest at 18% per annum from the due date. For businesses with high monthly GST liability, even a few days' delay compounds quickly. Set up auto-reminders or engage a CA to manage your monthly cycle proactively.

Quarterly Filings — QRMP Scheme

Businesses with aggregate turnover below ₹5 crores can opt for the Quarterly Return Monthly Payment (QRMP) scheme. Under QRMP, GSTR-1 and GSTR-3B are filed quarterly, but tax is still paid monthly via a challan (PMT-06) or the fixed sum method.

For many small Delhi businesses — particularly those in the services sector or with relatively uniform monthly turnover — the QRMP scheme significantly reduces the compliance burden. However, it is not suitable for all businesses: if your input tax credit profile is complex or you frequently issue debit/credit notes, monthly filing gives you more flexibility to correct errors.

Annual Return — GSTR-9 and GSTR-9C

The annual return (GSTR-9) reconciles your monthly filings for the full financial year and is due by 31 December following the financial year end. Businesses with turnover above ₹5 crores must also file GSTR-9C, a reconciliation statement certified by a Chartered Accountant.

Planning Tip

Don't wait until October to start your GSTR-9 reconciliation. Delhi businesses that begin the reconciliation process in July — immediately after the financial year closes — have far fewer surprises and are far less likely to face additional liability in the annual return. Engage your CA early for this exercise.

E-Invoicing — Who It Applies To

E-invoicing is mandatory for businesses with aggregate turnover above ₹5 crores in any preceding financial year. Under e-invoicing, every B2B invoice, debit note, and credit note must be reported to the Invoice Registration Portal (IRP) before it is sent to the customer. The IRP generates an Invoice Reference Number (IRN) and a QR code that must appear on the invoice.

For Delhi businesses that supply to large corporate customers or government entities, non-compliance with e-invoicing requirements can result in disputes — many buyers will refuse to process invoices that don't carry a valid IRN.

Common GST Mistakes by Delhi Businesses

Based on our work with businesses across Delhi NCR, these are the most frequently encountered GST errors:

  • Mismatch between GSTR-1 and GSTR-3B — Sales figures reported in GSTR-1 don't match the tax paid in GSTR-3B, triggering notices from the GST department
  • ITC on ineligible expenses — Claiming input tax credit on items like food and beverages, personal travel, or membership fees, which are specifically blocked under Section 17(5)
  • Wrong HSN/SAC classification — Particularly common in businesses that trade in multiple product categories; wrong classification can mean paying tax at the wrong rate
  • Not reconciling GSTR-2B — Many businesses don't check whether their suppliers have filed their returns correctly. Unclaimed ITC or ITC claimed on unfiled supplier returns can result in demand notices
  • Inter-state vs. intra-state classification errors — Delhi NCR businesses frequently supply to customers in Noida, Gurgaon, and Faridabad. Whether these are intra-state or inter-state supplies (and therefore whether CGST+SGST or IGST applies) must be determined correctly at the time of invoicing

Handling GST Notices

If your Delhi-based business receives a GST notice — whether a scrutiny notice under Section 61, a demand notice under Section 73 or 74, or an audit notice — do not ignore it. The GST department has moved aggressively toward digital notices and tracking, and missed response deadlines result in ex-parte orders and automatic demands.

Do Not Ignore a GST Notice

Every GST notice has a specific statutory response deadline. Missing it forfeits your right to present your case. If you receive a notice you don't understand, contact a GST consultant in Delhi immediately. The time to act is within the first 48 hours of receiving the notice — not at the deadline.

Our New Delhi practice handles GST notice responses, appearances before the GST officer, and appeals to the Appellate Authority for businesses across Delhi NCR. We are available to advise on any GST matter.

Need Expert Guidance?

Our team of Chartered Accountants in New Delhi is available to assist Delhi NCR businesses and clients across India with personalised advice.

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