Team Bizsol

ITC Blocking Under Rule 86A Automatically Lapses After One Year { M/s Metal Trade Incorporation v. State Tax Officer 2026 LLBiz HC (Mad) 244 W.P. No.: 35866 of 2023} Facts: Petitioner’s ITC was blocked by the department under Rule 86A(1) of the CGST Rules. The restriction continued even after one year from the date of …

Judicial Corner:ITC Blocking Under Rule 86A Automatically Lapses After One Year { M/s Metal Trade Incorporation v. State Tax Officer 2026 LLBiz HC (Mad) 244 W.P. No.: 35866 of 2023}(16.09.2026) Read More »

GSTAT: Detention upheld as e-way bill showed wrong vehicle with no proof of breakdown, indicating evasion intent{ Ferrous Infra Solutions vs. Commissioner SGST Uttar Pradesh [2026] 190 taxmann.com 324 (GSTAT – LUCKNOW)} Facts Appellant was transporting goods covered by an e-way bill. On interception, the vehicle number mentioned in the e-way bill was different from …

Judicial Corner:GSTAT: Detention upheld as e-way bill showed wrong vehicle with no proof of breakdown, indicating evasion intent{ Ferrous Infra Solutions vs. Commissioner SGST Uttar Pradesh [2026] 190 taxmann.com 324 (15.09.2026) Read More »

Income Tax: Format, procedure and guidelines prescribed for depositories to report capital gains arising from transfer of listed securities and mutual fund units under Section 508 of the Income-tax Act, 2025. (Notification 1 OF 2026 dated 14.09.26)

Customs: Anti-dumping duty on Calcined Gypsum Powder/Gypsum Plaster (HSN 2520) from Iran, Oman, Saudi Arabia and UAE is extended up to 16 March 2027. (Notification No. 22/2026-Customs (ADD) dated 14.09.26)

DGFT: DGFT is establishing a Central Processing Department (CPD), Delhi to implement a faceless, paperless and jurisdiction-free trade facilitation system, with operations targeted from October 2026. (OFFICE MEMORANDUM dated 14.09.26)

DGFT: Proposed amendment to Para 2.93 introduces comprehensive Non-Preferential Rules of Origin for exports and imports, including processing criteria, 35% value addition/CTH for imports, CoO procedures and importer self-declaration. (Trade Notice No.27 /2026-27 dated 14.09.26)

DGFT: TRQ holders can surrender unutilised raw sugar import quota up to 30 September 2026, subject to payment of 0.5% of CIF value of the surrendered quantity. (Public Notice No. 30/2026-2027 dated 14.09.26)

DGFT: Small-value export consignments with FOB value up to ₹3 lakh are exempt from RCMC/Certificate of Registration requirements, promoting exports through postal, courier and emerging channels. (Notification No. 36/2026-27 dated 15.09.26)

FEMA & Banking: IFSCA notified the FEM (Non-Debt Instruments) (Fourth Amendment) Rules, 2026, permitting inventory-based e-commerce exclusively for exporting Indian-manufactured or produced goods under applicable regulations. (NOTIFICATION NO. S.O. 4870(E). [F.NO. 1/4/2026-EM] dated 05.09.26)

FEMA & Banking: IFSCA notified the 2026 Market Abuse Regulations, establishing measures against insider trading, manipulation, fraudulent practices, and unfair trading to protect investors. (NOTIFICATION NO. IFSCA/GN/2026/012 dated 07.09.26)

DGFT: 544 SIONs that remained unutilized under the Advance Authorisation/DFIA Schemes during the last three financial years are proposed for suspension. Stakeholders may submit comments within 15 days. (Trade Notice No. 26/2026-27 dated 07.09.26)

GST:  Taxpayers can now file appeals in Form GST APL-01 against NIL/Zero demand orders where a tax liability dispute exists, even if the disputed amount was paid before the order. (Update, dated 07.09.26)

DGFT An Open API facility for Certificate of Origin has been introduced on Trade Connect, enabling ERP/software integration for electronic CoO applications and reducing manual data entry. (Trade Notice No. 25/2026-27 dated 07.09.26)

Waiver of Interest under Sections 234A, 234B & 234C Denied Where Assessee Did Not Act Pursuant to Existing HC Order { K.R. Ushasree vs. Chief Commissioner of Income-tax 2026] 189 taxmann.com 667 (Kerala)} Facts: The assessee’s had claimed deductions under Section 80HHC in their income-tax returns. Subsequently, due to a change in law by the …

Judicial Corner: Waiver of Interest under Sections 234A, 234B & 234C Denied Where Assessee Did Not Act Pursuant to Existing HC Order { K.R. Ushasree vs. Chief Commissioner of Income-tax 2026] 189 taxmann.com 667 (Kerala)} (07.09.2026) Read More »

Customs The National Assessment Centre (NAC) Portal has been launched as a common platform for accessing assessment decisions, rulings, advisories and audit observations, promoting uniformity and transparency. (Circular No.41/2026-Customs dated 03.09.26)

Central Excise: The excise duty rate has been revised to ₹1 per litre, effective from publication date. (Notification No. 48/2026-Central Excise dated 01.09.26)