Team Bizsol

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)

Daily Updates / By

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 »

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)

Daily Updates / By

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 »

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. (05.02.2026)

Daily Updates / By

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. (05.02.2026)

Daily Updates / By

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]

Article on ‘TREATY SHOPPING UNDER SEIGE India’s New Compliance Landscape’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. ( February 2026)

Bizsol Thinkline / By

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 …

Article on ‘TREATY SHOPPING UNDER SEIGE India’s New Compliance Landscape’ by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. ( February 2026) Read More »

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)

Daily Updates / By

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.(02.02.2026)

Daily Updates / By

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 (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.(02.02.2026)

Daily Updates / By

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. (02.02.2026)

Daily Updates / By

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 is fully automating several key customs procedures to minimize the need for physical interaction between trade entities and customs officers. (02.02.2026)

Daily Updates / By

Customs: The government is fully automating several key customs procedures to minimize the need for physical interaction between trade entities and customs officers. This update specifically moves out-of-charge (OOC) for imports and let-export-orders (LEO) for exports into a digital, system-driven workflow to speed up cargo clearance. [Circular No. 06/2026-Customs Dated 01.02.2026]  

Bizsol ProfileContactUseful LinksSubscribe