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 …
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 …
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Central Excise: The Government has rescinded Notification No. 05/2023-Central Excise, withdrawing previous excise duty exemptions in public interest, effective from February 2, 2026.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]
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]
Customs: The Government has onboarded CDSCO, WCCB, Textile Committee, and MeitY onto the SWIFT 2.0 platform, creating a single touchpoint for trade to streamline clearances, effective February 1, 2026. [Circular No. 05/2026-Customs Dated 01.02.2026]
Customs: The Government has issued guidelines for the uniform implementation of the new Baggage Rules, 2026, ensuring standardized customs procedures across all field formations, effective from February 2, 2026. [Circular No. 04/2026-Customs Dated 01.02.2026]
Customs: The Government has extended the deferred payment period to 30 days and introduced “Eligible Manufacturer Importers” as a new class for duty deferral facilities. [Circular No. 03/2026-Customs Dated 01.02.2026]
Customs: The Government clarified that Remote Pilot Aircraft (RPA) for military use includes Drones, UAVs, and UAS, eligible for BCD and IGST exemptions when imported by specified defence entities. [Circular No. 02/2026-Customs Dated 01.02.2026]
Customs: The Government has added “Eligible Manufacturer Importers” as a new class under Section 47 of the Customs Act, 1962, allowing them duty deferral facilities, effective February 2, 2026. [Notification No. 12/2026-Customs (NT) Dated 01.02.2026]
Customs: The Government has amended the Deferred Payment of Import Duty Regulations, 2016, extending the duty deferral period for trusted entities from 15 to 30 days, effective February 2, 2026. [Notification No. 13/2026-Customs (NT) Dated 01.02.2026]
Customs: The Government has notified the Baggage Rules, 2026, which overhaul and consolidate previous regulations for international passengers, effective from February 2, 2026. [Notification No. 14/2026-Customs (NT) Dated 01.02.2026]
Customs: The Government has notified the Customs Baggage (Declaration & Processing) Regulations, 2026, streamlining digital declarations and processing for international passengers, effective from February 2, 2026. [Notification No. 15/2026-Customs (NT) Dated 01.02.2026]
