Team Bizsol

Insolvency and Bankruptcy Code: IBBI amended the Insolvency Professional Agencies Regulations, 2016 to provide for Board nominee directors, stricter eligibility and renewal norms for independent directors, and mandatory submission of at least two candidates for appointment or renewal of managing directors. (Notification F. No. IBBI/2026-27/GN/REG/140 dated 13.04.26)

DGFT: Export policy of Sugar under ITC (HS) Codes 1701 14 90 and 1701 99 90 has been changed from “Restricted” to “Prohibited” till 30 September 2026. Exemptions continue for EU/USA quota exports, Advance Authorization, Government-approved exports, and consignments already in export pipeline. (Notification No. 16 /2026-27 dated 13.04.26)

Customs: Validity of customs facilitation measures introduced due to disruptions in maritime routes arising from the closure of the Strait of Hormuz has been further extended till 30.06.2026. All existing facilities, conditions and procedural relaxations under earlier circulars shall continue unchanged. (Circular No. 25/2026-Customs dated 14.05.26)

Customs: Effective 01.07.2026, importers will be required to declare hazardous cargo at item level in Bills of Entry. System-based identification, officer alerts and RMS enhancements will support quicker identification and facilitate expeditious customs clearance of notified hazardous goods. (Circular No. 24/2026-Customs dated 14.05.26)

Reliance on MVAT data for TRAN-1 credit impermissible as sec. 140 jurisdiction is compartmentalized {Gunjan Surgical and Scientific Co. vs. State of Maharashtra [2026] 186 taxmann.com 249 (Bombay)} Facts Petitioner had claimed transitional input tax credit under Section 140 of the CGST/MGST Acts through TRAN-1. Department reduced/disallowed part of the credit alleging mismatch in MVAT …

Judicial Corner: Reliance on MVAT data for TRAN-1 credit impermissible as sec. 140 jurisdiction is compartmentalized {Gunjan Surgical and Scientific Co. vs. State of Maharashtra [2026] 186 taxmann.com 249 (Bombay)} (14.05.2026) Read More »

DGFT: Clarifications have been issued under the Export Promotion Mission regarding interest subvention support on export credit. Exporters can now generate UIN after loan disbursal for eligible loans disbursed from 02.01.2026. (Trade Notice No. 03/2026-27 dated 13.05.26)

Customs: Amendments have been made in Table III of the customs exemption notification dated 30.04.2022 by revising the applicable rate and condition entries against Serial No. 12. The revised provisions will come into effect from 13.05.2026. (Notification No. 18/2026-Customs dated 12.05.26

Customs: Customs duty rate under the concessional scheme for specified gold and silver imports covered under Notification dated 08.05.2000 has been increased from 4.35% to 10%, effective from 13.05.2026. (Notification No. 17/2026-Customs dated 12.05.26

Customs: Increase in customs duty and changes in concessional duty rates on specified precious metals and related goods will be effective from 13.05.2026. The amendments also introduce revised concessional duty structures and conditions for spent catalyst, jewellery findings, coins, and precious metal imports. (Notification No. 16/2026-Customs dated 12.05.26)

Customs: Customs duty on specified precious metals and related goods under Chapter 71 has been increased from 5% to 10% effective 13.05.2026. Further, 10% duty has been imposed on spent catalyst or ash containing precious metals till 31.03.2027. (Notification No. 15/2026-Customs dated 12.05.26)

DGFT: Handbook of Procedures provisions have been amended to include India–UK CETA under the list of FTAs and to permit exporters to obtain Certificates of Origin through self-declaration, in addition to issuance through authorised agencies. (Public Notice No. 09/2026-27 dated 11.05.26)

DGFT: A list of authorised agencies has been notified for issuance of Preferential Certificates of Origin under the India–UK Comprehensive Economic and Trade Agreement (CETA), covering all products and specified sector-specific exports. (Public Notice No. 10/2026-27 dated 11.05.26)

DGFT: Fourteen new Pre-Shipment Inspection Agencies have been enlisted under Appendix-2G with immediate effect, while two existing agencies have been permitted to add additional inspection instruments for issuance of PSICs through the DGFT portal. (Public Notice No. 08 / 2026-27 dated 08.05.2026)

Customs: Tariff values for edible oils, brass scrap, gold, silver, and areca nuts have been revised under the Customs Valuation framework. Most tariff values remain unchanged, with revised applicability effective from 09.05.2026. (Notification No.  45/2026-CUSTOMS (N.T.) dated 08.05.2026)

Customs: Importers claiming exemption from safeguard duty on specified non-alloy and alloy steel flat products are now required to declare prescribed INFO Codes in the Single Window Table of the Bill of Entry for eligible imports based on CIF value, country of origin, or excluded product categories. (Circular No. 23/2026-Customs dated 07.05.2026)

Customs: The Samrang–Rangia–Tamulpur–Dimakuchi motorable road has been notified as an approved land customs route for movement of goods between India and Bhutan with effect from 06.05.2026. (Notification No. 43/2026-Customs (N.T.) dated 06.05.2026)