GST: The functionality to utilize CGST or SGST ITC for payment of IGST liability, in any order of payment after complete exhaustion of IGST Credit, shall be available from February-2026 period. [GSTN advisory dated 19.02.2026]
Customs All Industry Rates (AIR) of Duty Drawback for specific items under Chapter 71 (Jewellery and Gold/Silver smiths’ wares) has been revised as follows: Tariff Item Description Previous Rate Revised Rate 711301 Silver Jewellery/Articles 524.27 639.59 711302 Gold Jewellery/Articles 6317.22 9089.33 711401 Other Gold Jewellery/Articles 6317.22 9089.33 [Notification No.21/2026-Customs (N.T.) dated 16.02.2026]
Customs: Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 14th February 2026. [Notification No. 20/2026-CUSTOMS (N.T.) dated 13.02.2026]
Customs CBIC has extended Anti-Dumping Duty on Toluene Di-Isocyanate (TDI) imported from the European Union and Saudi Arabia for 5 years, with rates ranging from $102.05 to $344.33 per MT [Notification No. 03/2026-Customs (ADD) dated 10.02.2026]
Income Tax: The CBDT has operationalized a feedback utility on the e-filing portal regarding the Draft Income-tax Rules, 2026. This initiative seeks to align the new rules with the Income-tax Act, 2025 through broad-based consultation. Stakeholders are encouraged to identify redundant provisions and suggest measures to reduce litigation and compliance costs. [Press Release dated 08.02.2026]
Income Tax: CBDT releases Draft Income-tax Rules, 2026 for public comments. The draft proposes reducing rules to 333 and forms to 190. Feedback window open until February 22, 2026. [Press Release dated 07.02.2026]
Income Tax: CBDT grants income tax exemption to District Legal Service Authority, Faridabad under Section 10(46). The exemption applies to grants, fees, and interest for Assessment Years 2023-24 through 2027-28. [Notification S.O. 571I [NO. 17 /2026/ F. NO. 300196/64/2018-ITA-I(PART-1)], dated 05.02.2026]
Income Tax CBDT has revised the Startup India definition. The turnover limit is raised to ₹200 crore, Cooperative Societies are now included, and Deep Tech startups are granted recognition for up to 20 years. [Notification No. G.S.R. 108(E) [F. NO. P-38015/19/2025-STARTUP INDIA], dated 04.02.2026]
DGFT The suffix of the GIA Laboratory, DMCC, Dubai, UAE listed S.No.19 of Para 4.73 of the HBoP-2023 has been changed from “DMCC” to “FZCO”. [Public Notice No. 47 /2025-2026 dated 11.02.2026]
DGFT: DGFT invites comments on the draft ‘Digital Trade Facilitation Bill, 2026’ within 30 days to grant statutory recognition to electronic trade documents and enable secure cross-border verification. This bill aims to support the BharatTradeNet initiative and resolve current legal gaps preventing interoperability with global digital trade systems. [Trade Notice No. 24 /2025-26 dated 09.02.2026]
DGFT: Mandatory i-CAS Halal certification for meat exports now extends to 20 additional countries, effective in two weeks for all 19 countries except for Egypt where a special six-month transition period is granted for exports. [Notification No. 59/2025-26 dated 09.02.2026]
Attachment of directors’ personal bank accounts for company’s dues during liquidation unjustified as recovery lies against company { N. Ramkhuar Narasimhan vs. Assistant Commissioner (ST) [2026] 183 taxmann.com 110 (Madras)} Facts A private company went into liquidation and a liquidator took control of its affairs. During liquidation, GST dues (interest & penalty) arose in the …
DGFT: DGFT clarifies that Industrial chemicals can now be warehoused in bonded warehouses. The exclusion of “hazardous chemicals” applies only to hazardous waste or prohibited items, not legitimate industrial inputs, provided safety and legal standards are met. [Policy Circular No 09/2025-26 dated 06.02.2026]
DGFT: DGFT implements NPCI-based Real-time Bank Account Validation for IEC, effective February 2026. Mandate: Applicants must declare all active bank accounts linked with PAN, ensuring exact matching of PAN, Name, and Bank details with bank records. Validation Workflow: Success: Application proceeds normally. In Progress: Placed under Automatic Review. Failed: New IEC: Application rejected. Modify IEC: …
Debit notes were reported in the wrong column in GSTR-1 causing ITC mismatch; authorities directed to reopen the portal to allow rectification of GSTR-1 and GSTR-3B, or permit manual correction. { Ambica Auto Sales and Service vs. Union Bank of India [2026] 182 taxmann.com 434 (Gujarat)} Facts The assessee issued debit notes to its vendor …
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 …
GST The GST portal has merged the “Additional Notices and Orders” tab into the existing “Notices and Orders” tab. All GST notices and orders will now be accessible from a single consolidated location. [GSTN update]
Customs Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 04th February 2026. [Notification No. 18/2026-CUSTOMS (N.T.) dated 05.02.2026]
DGFT: The period for filing of Annual RoDTEP Return (ARR) for FY 2023-24 has been extended from 30.11.2025 to 31.03.2026 with composition fee of Rs 15,000/- [Public Notice No. 46 /2025-2026 dated 05.02.2026]
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 …
