Team Bizsol

Income Tax: The CBDT has issued guidelines prescribing parameters and procedures for compulsory selection of income-tax returns for complete scrutiny during FY 2026-27. The instructions cover returns filed during FY 2025-26 and specify six categories of cases that shall mandatorily be selected for scrutiny. The guidelines have been issued under section 536(2)(c) of the Income-tax …

Income Tax: The CBDT has issued guidelines prescribing parameters and procedures for compulsory selection of income-tax returns for complete scrutiny during FY 2026-27. The instructions cover returns filed during FY 2025-26 and specify six categories of cases that shall mandatorily be selected for scrutiny. The guidelines have been issued under section 536(2)(c) of the Income-tax Act, 2025.(17.06.2026) Read More »

Customs: Notification 56/2026-Customs omits ICD Mulund from Serial 18 and adds “airports” to Thane, Palghar, and Raigad under Serial 20, putting Navi Mumbai Airport under centralized Mumbai Airport Customs control. [Notification No. 56/2026-Customs (N.T.) dated 16.06.2026]

Central Excise: Notification No. 6/2026-Central Excise has been amended to increase the Special Additional Excise Duty (SAED) on High Speed Diesel (HSD) from Rs. 13.5 per litre to Rs. 14 per litre, effective 16-06-2026. The revised rate applies only to goods cleared for export and excludes PSU exports to Nepal, Bhutan, Bangladesh and Sri Lanka. …

Central Excise: Notification No. 6/2026-Central Excise has been amended to increase the Special Additional Excise Duty (SAED) on High Speed Diesel (HSD) from Rs. 13.5 per litre to Rs. 14 per litre, effective 16-06-2026. The revised rate applies only to goods cleared for export and excludes PSU exports to Nepal, Bhutan, Bangladesh and Sri Lanka.(17.06.2026) Read More »

Central Excise: Notification No. 8/2026-Central Excise has been amended to increase the Special Additional Excise Duty (SAED) on Aviation Turbine Fuel (ATF) from Rs. 9.5 per litre to Rs. 12.5 per litre, effective from 16-06-2026. [Notification No. 31/2026-Central Excise  dated 15.06.2026]

GST Exemption for Hostel Accommodation in Residential Dwelling {The State of Karnataka v. Taghar Vasudeva Ambrish 2025 INSC 1380; Civil Appeal Nos. 7846–7847 of 2023 (SC)}  Facts The respondent co-owned a residential building in Bengaluru consisting of 42 rooms. The property was leased to M/s DTwelve Spaces Pvt. Ltd., which operated it as a hostel/PG …

Judicial Corner:GST Exemption for Hostel Accommodation in Residential Dwelling {The State of Karnataka v. Taghar Vasudeva Ambrish 2025 INSC 1380; Civil Appeal Nos. 7846–7847 of 2023 (SC)} (16.06.2026) Read More »

Customs: MeitY has broadened its Compulsory Registration Order (CRO), 2021 by explicitly substituting entry Serial No. 50 to cover “Standalone Hard Disk Drives”. While USB Type External Hard Disk Drives will remain under their existing regular rules, all other standalone bare or internal hard disk drives will face mandatory BIS registration under safety standard IS …

Customs: MeitY has broadened its Compulsory Registration Order (CRO), 2021 by explicitly substituting entry Serial No. 50 to cover “Standalone Hard Disk Drives”. (16.06.2026) Read More »

Customs: Customs field formations have been directed to implement MeitY’s registration exemption for Highly Specialized Equipment (HSE) from MeitY’s Compulsory Registration Order, 2021, effective June 15, 2026, provided fewer than 100 units per model per year are imported or manufactured. To qualify for this exemption, the equipment must meet at least one of the following …

Customs: Customs field formations have been directed to implement MeitY’s registration exemption for Highly Specialized Equipment (HSE) from MeitY’s Compulsory Registration Order, 2021, effective June 15, 2026, provided fewer than 100 units per model per year are imported or manufactured.(16.06.2026) Read More »

Customs: Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 16th June 2026. [Notification No. 55/2026-CUSTOMS (N.T.) dated 15.06.2026]

Customs: Merchant Overtime (MOT) charges have been completely waived for services rendered by customs officers during the clearance of international cruise passengers and their accompanied baggage. This trade-facilitation waiver applies operationally at all customs ports and locations notified for 24×7 operations. [Circular No.27/2026-Customs dated 15.06.2026]

Customs: Customs will now accept export test reports from NABL-accredited or EPC-recognized labs directly, eliminating mandatory duplicate testing at Revenue Laboratories (CRCL) unless a specific risk or intelligence flag is raised. This relaxation applies strictly to exports; import testing procedures remain completely unchanged. [Circular No.28/2026-Customs dated 15.06.2026]

Customs: Past imports of goods used for generation of nuclear power under Tariff Item 8401 30 00 made during 01.04.2019 to 31.01.2026 have been exempted from customs duty by way of retrospective regularisation. [Notification No. 53/2026-CUSTOMS (N.T.) dated 11.06.2026]

Customs: Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 12th June 2026. [Notification No. 54/2026-CUSTOMS (N.T.) dated 11.06.2026]

Central Excise: Nil Central Excise Duty, Special Additional Excise Duty (SAED),  Road and Infrastructure Cess (RIC), Agriculture Infrastructure and Development Cess (AIDC) has been extended to 22%, 25%, 27% and 30% ethanol blended petrol meeting prescribed blending norms and BIS Specification IS 19850. [Notification No. 26/2026 to 29/2026-Central Excise dated 10.06.2026]

RBI: Banks have been allowed to undertake swaps of eligible FCNR(B) deposits with RBI at a concessional fixed rate of 1.5% per annum for deposits mobilised between 08.06.2026 and 30.09.2026. [Notification No. RBI/2026-27/99 FMOD.MAOG.No.S-56/01.06.016/2026-27 dated 08.06.2026]

RBI: A concessional RBI swap facility at a fixed rate of 1.5% per annum has been introduced for eligible External Commercial Borrowings (ECBs) and Overseas Foreign Currency Borrowings (OFCBs) for a tenor of up to five years. [Notification No. RBI/2026-27/100 FMOD.MAOG.No.S-57/01.06.016/2026-27 dated 08.06.2026]  

RBI: Authorized Dealer Category-I Banks have been permitted enhanced flexibility in maintaining NOP-INR limits by excluding positions arising from eligible foreign currency inflows under RBI’s special forex mobilisation measures. [Notification No. RBI/2026-27/101 A.P. (DIR Series) Circular No. 13 dated 08.06.2026]

RBI: FCNR(B) deposits mobilised between 08.06.2026 and 30.09.2026 with a maturity period of 3 to 5 years have been exempted from CRR and SLR requirements for Regional Rural Banks, Rural Co-operative Banks, Urban Co-operative Banks, small finance banks & commercial banks reducing reserve maintenance burden and encouraging foreign currency inflows. [Notification No. RBI/2026-27/102 to 106 …

RBI: FCNR(B) deposits mobilised between 08.06.2026 and 30.09.2026 with a maturity period of 3 to 5 years have been exempted from CRR and SLR requirements for Regional Rural Banks, Rural Co-operative Banks, Urban Co-operative Banks, small finance banks & commercial banks reducing reserve maintenance burden and encouraging foreign currency inflows. (11.06.2026) Read More »

RBI: The RBI has combined all its separate rules into one master guide directing banks exactly how to receive, count, check, and safely store the withdrawn ₹2000 notes to ensure uniform backend processing before sending them to currency chests. [Notification No. RBI/2026-27/107 DCM(Plg) No.S736/10.02.060/2026-27 dated 09.06.2026]

RBI: RBI has updated its master instructions for banks to completely phase out currency notes printed before 2005 of public use by holding onto them whenever they are deposited and replacing them with newer notes. However, these are still valid, legal tender and have not been banned, [Notification No. RBI/2026-27/108 DCM(Plg) No.S737/10.02.060/2026-27 dated 09.06.2026]