Daily Updates

RBI: Following the official formation and demarcation of the Bajali district in Assam, the Reserve Bank of India has assigned its Lead Bank responsibility to Canara Bank, allocating the district working code 01O. Lead bank responsibilities for all other districts in Assam remain unchanged. [FIDD.CO.LBS.BC.No.02/02.08.001/2026-27 dated 03.06.2026]

Customs: The Central Government has re-imposed Countervailing Duty (CVD) for a period of 5 years on imports of “Textured Toughened (Tempered) Coated and Uncoated Glass” (commonly called Solar Glass) originating in or exported from Malaysia, superseding Notification No. 3/2021-Customs (CVD). [Notification No. 02/2026-Customs (CVD) 02.06.2026]

DGFT: Appendix 2B of the FTP 2023 has been updated to list the specific authorized agencies permitted to issue Preferential Certificates of Origin under the India-Oman CEPA. The notified entities include the DGFT and its regional offices, the Export Inspection Council, APEDA, MPEDA, the Central Silk Board, the Coir Board, the Spices Board, the Textile …

DGFT: Appendix 2B of the FTP 2023 has been updated to list the specific authorized agencies permitted to issue Preferential Certificates of Origin under the India-Oman CEPA. The notified entities include the DGFT and its regional offices, the Export Inspection Council, APEDA, MPEDA, the Central Silk Board, the Coir Board, the Spices Board, the Textile Committee, the Tobacco Board, the Development Commissioner for Handicrafts, and various Special Economic Zones (such as Cochin, Falta, Kandla, MEPZ, NOIDA, SEEPZ, and Vishakhapatnam).(03.06.2026) Read More »

DGFT: Paragraph 2.88(a) of the HBP 2023 has been amended to include the India-Oman Comprehensive Economic Partnership Agreement (India-Oman CEPA) in the list of recognized Free Trade Agreements. This facilitates exporters in obtaining Certificates of Origin (CoO) through the electronic issuance system managed by authorized agencies. [Public Notice No. 16/2026-27 dated 02.06.2026]

ITC cannot be denied solely due to vendor’s non-filing of returns and J1-J2 mismatch { M/s Aayushi Telecom v. State of Maharashtra  S.A. No. 77 of 2024 dated 17.03.2026} Facts: ITC was disallowed during assessment due to J1-J2 mismatch. The First Appellate Authority partly allowed the claim. Appellant contended that the mismatch related to purchases …

Judicial Corner: ITC cannot be denied solely due to vendor’s non-filing of returns and J1-J2 mismatch { M/s Aayushi Telecom v. State of Maharashtra  S.A. No. 77 of 2024 dated 17.03.2026}(02.06.2026) Read More »

Income Tax:  The Central Board of Direct Taxes (CBDT) has notified that businesses engaged in infrastructure sub-sectors covered under the Updated Harmonised Master List, notified by the Department of Economic Affairs, will qualify as specified businesses for the purposes of Schedule V [Table: Sl. No. 7] of the Income-tax Act, 2025. The notification takes effect …

Income Tax:  The Central Board of Direct Taxes (CBDT) has notified that businesses engaged in infrastructure sub-sectors covered under the Updated Harmonised Master List, notified by the Department of Economic Affairs, will qualify as specified businesses for the purposes of Schedule V [Table: Sl. No. 7] of the Income-tax Act, 2025. The notification takes effect from 1 June 2026.(02.06.2026) Read More »

DGFT: The government has nominated 40 new non-official members from diverse industry, corporate, and institutional backgrounds to the Board of Trade, superseding the previous 2022 appointments. These members are tasked with articulating state-oriented trade perspectives, advising on short and long-term export strategies, reviewing sector-specific export performance, and addressing infrastructure impediments to boost India’s global trade …

DGFT: The government has nominated 40 new non-official members from diverse industry, corporate, and institutional backgrounds to the Board of Trade, superseding the previous 2022 appointments. These members are tasked with articulating state-oriented trade perspectives, advising on short and long-term export strategies, reviewing sector-specific export performance, and addressing infrastructure impediments to boost India’s global trade competitiveness.(02.06.2026) Read More »

DGFT: Imports of specific silver products under ITC HS Chapter 71 (including powder, grains, and unwrought forms)routed through nominated agencies (notified by the RBI or DGFT) and by qualified jewellers through the India International Bullion Exchange (IIBX) are now permitted only against a valid Import Authorisation issued directly by the DGFT. [Notification No. 19/2026-27 dated …

DGFT: Imports of specific silver products under ITC HS Chapter 71 (including powder, grains, and unwrought forms)routed through nominated agencies (notified by the RBI or DGFT) and by qualified jewellers through the India International Bullion Exchange (IIBX) are now permitted only against a valid Import Authorisation issued directly by the DGFT. (02.06.2026) Read More »

DGFT: The government has amended the Foreign Trade Policy (FTP) 2023 to clarify that the exemption from Quality Control Orders (QCOs) under the BIS Act, 2016 for imports by SEZ Units and Developers applies exclusively to physical exports. Any goods manufactured or processed from these imports that are removed, transferred, or cleared into the Domestic …

DGFT:The government has amended the Foreign Trade Policy (FTP) 2023 to clarify that the exemption from Quality Control Orders (QCOs) under the BIS Act, 2016 for imports by SEZ Units and Developers applies exclusively to physical exports (02.06.2026) Read More »

DGFT: Six new SIONs for export products under Chemical & Allied Product Group ‘A’ are being notified to enable Regional Authorities (RAs) to issue Advance Authorisations directly, eliminating the need for case-by-case referrals to the Norms Committee. [Public Notice No. 14/2026-27 dated 01.06.2026]

DGFT: Electronic filing and issuance of Preferential Certificates of Origin (CoO) under the India–Oman CEPA will be available through the Trade Connect ePlatform from 1 June 2026, enabling issuance of digitally signed e-CoOs with QR code verification. (Trade Notice No. 06/2026-2027 dated 30.05.26)

Customs: Tariff values for specified imported goods, including crude and refined palm oil, palmolein, crude soybean oil, brass scrap and silver, have been revised, while tariff values for gold and areca nuts remain unchanged. The revised values are effective from 30 May 2026. (Notification No. 49/2026-CUSTOMS (N.T.) dated 29.05.26)

Customs: A customs duty and AIDC exemption has been provided on imports of cotton (Heading 5201) into India. The exemption is effective from 1 June 2026 to 31 October 2026 (both days inclusive). (NotificationNo.19/2026-Customs dated 30.05.26)

Customs: Concessional customs duty rates, including specified Tariff Rate Quotas (TRQs), have been notified for eligible goods imported from the Sultanate of Oman, subject to prescribed origin criteria and compliance with applicable Rules of Origin requirements. (Notification No. 20/2026-Customs dated 31.05.26)

Company and SEBI Law The MCA has amended CSR Rules and Schedule VII permitting CSR spending through Zero Coupon Zero Principal Instruments issued by eligible NPOs on Social Stock Exchange, subject to prescribed utilisation and disclosure conditions. (NOTIFICATION NO. G.S.R. 415(E) dated 29.05.26)

DGFT  Specific Standard Input Output Norms (SIONs) for Chemical and Allied Products under Product Group ‘A’ have been revised with immediate effect for A1090, A1794, A1827, A3105, A3106 and A3107 covering caustic soda, gelatine, ossein and chlorinated paraffin products. (Public Notice No. 3/2026-27 dated 29.05.26)

GST West Bengal Tax Dept Reduces E-Way Bill Threshold for Intra-State Movement of Goods from ₹1,00,000 to ₹50,000 with Effect from 1st June 2026 . (Notification No. 02/2026-C.T./GST dated 24.05.26)

DGFT :  A dedicated online module for issuance of Certificates of Origin (CoO) for Agarwood exports has been launched on the Trade Connect Platform. Effective 25 May 2026, applications, verification, approvals, and CoO issuance will be processed through a paperless digital workflow. (Trade Notice No.05/2026-27 dated 22.05.26)

DGFT : Exporters allotted Pharma Grade Sugar quota have been asked to submit utilization certificates and additional quantity requirements within 10 days. Unutilized quota may be reallocated, while eligible authorizations may be considered for revalidation for six months. (Trade Notice No.04/2026-27 dated 22.05.26)

DGFT India has allocated a tariff-rate quota of 8,606 MTRV for export of raw cane sugar to the USA under the TRQ scheme for US FY 2026 (1 October 2025 to 30 September 2026). APEDA will administer quota allocation and oversee export monitoring. (Public Notice No. 12/2026-2027 dated 22.05.26)