Daily Updates

Income Tax  The Finance Ministry has invited suggestions for changes to the duty structure and rates, and for broadening the tax base, for the Union Budget of 2026-27. Suggestions and views may be supplemented and justified by relevant statistical information about production, prices, revenue implications of the changes suggested and any other information to support …

Income Tax: The Finance Ministry has invited suggestions for changes to the duty structure and rates, and for broadening the tax base, for the Union Budget of 2026-27.(28.10.2025) Read More »

DGFT: The Public Notice designates authorised agencies permitted to issue Preferential Certificates of Origin under the India-EFTA Trade and Economic Partnership Agreement (TEPA). [Public Notice No.30/2025-26 dated 28.10.2025]

DGFT  Amendment to Paras 2.88(a) and 2.91 of HBP 2023 enables exporters to obtain Certificates of Origin under the India-EFTA TEPA through self-declaration, alongside authorised agency-issued certificates. [Public Notice No.29/2025-26 dated 28.10.2025]

GST CBIC assigned proper officers in terms of their designations under Sections 74A, 75(2), and 122 of the CGST Act, specifying roles, monetary limits, and adjudication powers for tax determination, penalties, and issuance of show cause notices. [Circular No.  254/11/2025-GST dated 27.10.2025]

Customs  Government amended Drawback Notification No. 77/2023-Customs (N.T.), revising duty drawback rates under Chapter 71—enhancing rates for tariff items 711301, 711302, and 711401 with immediate effect. [Notification No.67/2025-Customs (N.T.) dated 27.10.2025]

DGFT: DGFT reinstated and amended SION C676 for export of Hot Dipped Galvanised Tension Bars/Rods, specifying revised input-output ratios and wastage norms for steel, billets, and zinc with immediate effect. [Public Notice No. 27 /2025-2026 dated 22.10.2025]

DGFT: DGFT amended Para 4.84(b) of HBP 2023, aligning it with FTP Para 4.36(a). Export obligation period clarified—120 days for imports, 180 days for gold/silver jewellery findings, with no extensions. [Public Notice No. 28 /2025-2026 dated 23.10.2025]

DGFT: Import of Synthetic Knitted Fabrics under ITC (HS) Code 60053600 shall remain “Restricted” and subject to MIP condition of USD 3.5/kg, except for fabrics falling within the 28 to 48 grams per square meter (GSM) range. [Notification No. 46/2025-26 dated 21.10.2025]

DGFT: DGFT clarified that import restrictions on silver jewellery (Notification 34/2025-26) don’t apply to SEZs, EOUs, or imports under Advance Authorisation/DFIA, provided goods aren’t sold in the Domestic Tariff Area. [Policy Circular No. 06 /2025-26 dated 27.10.2025]

Customs: CBIC has added Malur (Kolar District), Karnataka as a new Customs station for unloading imported goods and loading export goods. [Notification No. 66/2025 – Customs (N.T.) dated 23.10.2025]

Customs: Revised concessional or zero-duty rates on import of specified goods listed under Tables I to IV under defined conditions has been notified. [NotificationNo.45/2025–Customs dated 24.10.2025]

Income Tax: Revised India-Qatar DTAA has been notified effective from FY 2026-27. [Notification No. 154/2025 dated 24.10.2025]  

GST: The definition of “Nominated Agency has been changed  to include entities listed in Lists 13–15 of Notification No. 45/2025–Customs. The amendment takes effect from 1st November 2025. [Notification No. 18/2025-Central Tax/ State Tax/ Union Tax (Rate) dated 24.10.2025]  

SLP dismissed; HC held delay under 148A(b) to be computed from first notice, making it within sec. 149 time limit {Chandra Shekhar vs. Principal Commissioner of Income-tax 1 [2025] 179 taxmann.com 341 (SC)}   Facts The tax department issued a notice under Section 148A(b) of the Income‑tax Act, 1961 to the assessee on 28 March …

Judicial Corner:SLP dismissed; HC held delay under 148A(b) to be computed from first notice, making it within sec. 149 time limit {Chandra Shekhar vs. Principal Commissioner of Income-tax 1 [2025] 179 taxmann.com 341 (SC)} (27.10.2025) Read More »

SLP dismissed reopening invalid as AO relied solely on DRI information without independent application of mind {Assistant Commissioner of Income-tax  vs. Tungabhadra Minerals (P.) Ltd. [2025] 179 taxmann.com 255 (SC)}   Facts: Assessee company was issued a notice for reopening of assessment under Section 148 of the Income Tax Act. The Assessing Officer (AO) relied …

Judicial Corner:SLP dismissed reopening invalid as AO relied solely on DRI information without independent application of mind {Assistant Commissioner of Income-tax  vs. Tungabhadra Minerals (P.) Ltd. [2025] 179 taxmann.com 255 (SC)} (23.10.2025) Read More »

HC: Disallowance of ITC for period July 2018–March 2019 remanded as Section 16(5) stipulation not considered{ Vinod Udaipuri vs. Union of India [2025] 179 taxmann.com 106 (Jharkhand)}   Facts: Petitioner had claimed Input Tax Credit for the period July 2018 to March 2019. The department disallowed the ITC by invoking Section 16(4) of the CGST …

Judicial Corner: HC: Disallowance of ITC for period July 2018–March 2019 remanded as Section 16(5) stipulation not considered{ Vinod Udaipuri vs. Union of India [2025] 179 taxmann.com 106 (Jharkhand)}(17.10.2025) Read More »

TDS credit allowed despite deductor’s error in name and PAN of former firm: ITAT { Upasani Super Speciality Hospital (P.) Ltd. vs. Income -tax Officer [2025] 179 taxmann.com 199 (Mumbai – Trib.)} Facts: Assessee company took over a hospital business from a partnership firm. During the year, certain payments were made to the company after …

Judicial Corner : TDS credit allowed despite deductor’s error in name and PAN of former firm: ITAT { Upasani Super Speciality Hospital (P.) Ltd. vs. Income -tax Officer [2025] 179 taxmann.com 199 (Mumbai – Trib.)} (16.10.2025) Read More »

Company Law The MCA has extended the due date for filing e-form DIR-3-KYC and web-form DIR-3-KYC-WEB without payment of fees. Earlier, the last date was already extended to 15th October. Considering representations from stakeholders, the Ministry has now allowed filing without late fee up to 31st October 2025. [General Circular No. 05/2025  dated 15.10.2025]

SEBI: SEBI has extended the compliance deadline for Angel Funds to disclose their investment allocation methodology from October 15, 2025, to January 31, 2026. Investments after this date must follow the disclosed PPM methodology. [Circular No.. SEBI/HO/AFD/AFD-POD-1/P/CIR/2025/136  dated 15.10.2025]

SEBI: SEBI has issued a new Master Circular consolidating all directions on issuance and listing of non-convertible securities and related instruments, replacing earlier circulars [Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15.10.2025]