Team Bizsol

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 …

Judicial Corner : 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 ( 07.02.2026) Read More »

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 …

Judicial Corner: ITC denied for FY 2019–20 on limitation under Section 16(4) becomes admissible upon notification of the overriding provision under Section 16(5) (06.02.2026) Read More »

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 and Policy Condition of Finished Umbrellas under ITC (HS) Codes 66019100 and 66019900 are revised from “Free” to “Restricted”. (05.02.2026) Read More »

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]

Customs Updated tariff values for palm oils, gold, silver, and areca nuts have been notified. Changes apply from 02nd February 2026. [Notification No. 16/2026-CUSTOMS (N.T.) dated 02.02.2026]  

Income Tax: The Central Government has approved Rajalakshmi University Trust, Chennai, as an eligible institution for “Scientific Research” under Section 35(1)(ii) of the Income-tax Act, 1961, for assessment years 2026-27 to 2030-31. Key Conditions: Form 10BD: The Trust must file an annual statement of donations received for each financial year by May 31st. Form 10BE: Donor certificates must be furnished specifying the …

Income Tax:The Central Government has approved Rajalakshmi University Trust, Chennai, as an eligible institution for “Scientific Research” under Section 35(1)(ii) of the Income-tax Act, 1961, for assessment years 2026-27 to 2030-31.(02.02.2026) Read More »

Central Excise: The Government has amended Notification No. 03/2025-Central Excise to set duty rates for unmanufactured tobacco: Nil for non-branded/bulk and 18% for all others, effective from February 1, 2026. [Notification No. 04/2026-Central Excise Dated 01.02.2026]

Central Excise: The Government has rescinded Notification No. 05/2023-Central Excise, withdrawing previous excise duty exemptions in public interest, effective from February 2, 2026. [Notification No. 03/2026-Central Excise Dated 01.02.2026]

Central Excise: The Government has (i) exempted Biogas value and GST from blended CNG excise base and (ii) deferred the ₹2/litre additional duty on unblended diesel until March 31, 2028, effective February 2, 2026. [Notification No. 02/2026-Central Excise Dated 01.02.2026]

Central Excise  The Government has prescribed the effective rates of National Calamity Contingent Duty (NCCD) @25% on chewing tobacco, jarda scented tobacco, and other tobacco products, effective from February 1, 2026. [Notification No. 01/2026-Central Excise Dated 01.02.2026]

Customs: The Government has introduced system-based e-Scheduling for cargo examination and mandated Body Worn Cameras (BWC) for officers to enhance transparency and efficiency in import clearances. [Circular No. 07/2026-Customs Dated 01.02.2026]