DGFT The suffix of the GIA Laboratory, DMCC, Dubai, UAE listed S.No.19 of Para 4.73 of the HBoP-2023 has been changed from “DMCC” to “FZCO”. [Public Notice No. 47 /2025-2026 dated 11.02.2026]
Bizsol Update for the month February 2026. From the Desk of Chairman Article on ‘TREATY SHOPPING UNDER SEIGE India’s New Compliance Landscape’, by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd Changes in GST, FTP, Central Excise, Customs, Income Tax, Service Tax, MVAT, Company law, FEMA/ RBI , SEZ. Important due dates for the …
DGFT: DGFT invites comments on the draft ‘Digital Trade Facilitation Bill, 2026’ within 30 days to grant statutory recognition to electronic trade documents and enable secure cross-border verification. This bill aims to support the BharatTradeNet initiative and resolve current legal gaps preventing interoperability with global digital trade systems. [Trade Notice No. 24 /2025-26 dated 09.02.2026]
DGFT: Mandatory i-CAS Halal certification for meat exports now extends to 20 additional countries, effective in two weeks for all 19 countries except for Egypt where a special six-month transition period is granted for exports. [Notification No. 59/2025-26 dated 09.02.2026]
Attachment of directors’ personal bank accounts for company’s dues during liquidation unjustified as recovery lies against company { N. Ramkhuar Narasimhan vs. Assistant Commissioner (ST) [2026] 183 taxmann.com 110 (Madras)} Facts A private company went into liquidation and a liquidator took control of its affairs. During liquidation, GST dues (interest & penalty) arose in the …
DGFT: DGFT clarifies that Industrial chemicals can now be warehoused in bonded warehouses. The exclusion of “hazardous chemicals” applies only to hazardous waste or prohibited items, not legitimate industrial inputs, provided safety and legal standards are met. [Policy Circular No 09/2025-26 dated 06.02.2026]
DGFT: DGFT implements NPCI-based Real-time Bank Account Validation for IEC, effective February 2026. Mandate: Applicants must declare all active bank accounts linked with PAN, ensuring exact matching of PAN, Name, and Bank details with bank records. Validation Workflow: Success: Application proceeds normally. In Progress: Placed under Automatic Review. Failed: New IEC: Application rejected. Modify IEC: …
Debit notes were reported in the wrong column in GSTR-1 causing ITC mismatch; authorities directed to reopen the portal to allow rectification of GSTR-1 and GSTR-3B, or permit manual correction. { Ambica Auto Sales and Service vs. Union Bank of India [2026] 182 taxmann.com 434 (Gujarat)} Facts The assessee issued debit notes to its vendor …
ITC denied for FY 2019–20 on limitation under Section 16(4) becomes admissible upon notification of the overriding provision under Section 16(5) { Sesame Technologies (P.) Ltd. vs. Deputy State Tax Officer [2026] 182 taxmann.com 768 (Kerala)} Facts The assessee claimed Input Tax Credit (ITC) for FY 2019-20. The department denied the ITC only on the …
GST The GST portal has merged the “Additional Notices and Orders” tab into the existing “Notices and Orders” tab. All GST notices and orders will now be accessible from a single consolidated location. [GSTN update]
Customs Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 04th February 2026. [Notification No. 18/2026-CUSTOMS (N.T.) dated 05.02.2026]
DGFT: The period for filing of Annual RoDTEP Return (ARR) for FY 2023-24 has been extended from 30.11.2025 to 31.03.2026 with composition fee of Rs 15,000/- [Public Notice No. 46 /2025-2026 dated 05.02.2026]
DGFT: The Import Policy and Policy Condition of Finished Umbrellas under ITC (HS) Codes 66019100 and 66019900 are revised from “Free” to “Restricted”. However, import shall be “Free” if the CIF value is ₹100 and above per piece. Further, imported items under these two ITC (HS) Codes by Advance Authorisation holders, EOUs, and SEZ shall …
DGFT: The Import Policy of items covered under ITC HS Code 71141920 is revised from “Free” to “Restricted”, subject to Policy Condition No. 6 of Chapter 71, with immediate effect. [Notification No. 58 / 2025-26 dated 05.02.2026]
Central Excise The CBIC has issued a corrigendum rectify Notification 03/2025-Central Excise, correcting the HSN code from “2404 11 10” to “2404 11 00” on page 35 to ensure accurate commodity classification for tobacco products. [Corrigendum 1-F. No. CBIC-190349/72/2025-TRU-dated 04.02.2026]
Central Excise The CBIC has issued a corrigendum to amend Notification 04/2025-Central Excise, replacing “and Unmanufactured Tobacco” with “, Jarda Scented Tobacco and Gutkha” to ensure accurate product descriptions for excise duty applications. [Corrigendum 2-F. No. CBIC-190349/72/2025-TRU-dated 04.02.2026]
Customs: Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 04th February 2026. [Notification No. 17/2026-CUSTOMS (N.T.) dated 03.02.2026]
Customs CBIC has issued corrigendum to revise effective date of Notification No.16/2026 – Customs (N.T.), dated 02.02.2026 from 02nd Feb 2026 to 03rd Feb 2026. [Corrigendum dated 03.02.2026]
The Introduction: In a landmark ruling (Tiger Global verdict) this month with far-reaching consequences to India’s efforts to raise global capital, the Supreme Court of India held that investment vehicles are liable to pay Capital Gains Tax on their stake sales even when the deals are routed through Mauritius-based entities and backed by Tax Residency …
When I switched on my TV set to listen to the world glitterati at Davos, Switzerland on 20th January 26, I had little expectation of any memorable speech forthcoming from any of the global statesmen present there. When Mark Carney, the Canadian Prime Minister approached the podium I had all but switched off my mind …
