Legal Chamber: FAILS TO PAY” IS NOT “DELAYED PAYMENT
Legal Chamber: FAILS TO PAY” IS NOT “DELAYED PAYMENT
Daily Updates
FEMA & Banking: IRDAI has delegated powers to impose penalties and issue directions under specified provisions of the Insurance Act, regulations and guidelines, covering insurers, corporate agents and insurance repositories.(21.09.2026)
FEMA and Banking IRDAI has delegated powers to impose penalties and issue directions under specified provisions of the Insurance Act, regulations and guidelines, covering insurers, corporate agents and insurance repositories. (Notification F. NO IRDAI/DOP/13/227/2026 dated 21.09.26)
Customs:Customs has clarified that SCNs under Section 28AAA should generally be adjudicated after scrip cancellation, but Customs must first decide shipping-bill misdeclaration and DGFT handles policy-related eligibility issues.(21.09.2026)
Customs Customs has clarified that SCNs under Section 28AAA should generally be adjudicated after scrip cancellation, but Customs must first decide shipping-bill misdeclaration and DGFT handles policy-related eligibility issues. (Instruction No. 17/2026-Cus dated 21.09.26)
FEMA & Marketing:The IFSC Authority has specified UAE, Singapore, Australia and the EU as eligible jurisdictions under Regulation 32, subject to FATF and Government risk criteria. (19.09.2026)
FEMA & Marketing: The IFSC Authority has specified UAE, Singapore, Australia and the EU as eligible jurisdictions under Regulation 32, subject to FATF and Government risk criteria. (Circular No. EF.NO. IFSCA-PLNP/45/2026-CAPITAL MARKETS dated 19.09.26)
FEMA & Banking : RBI has extended the KYC document verification facility to FPIs, allowing banks to accept certified documents from specified overseas officials, Notaries, Courts or Indian Embassies/Consulates. (19.09.2026)
FEMA and Banking RBI has extended the KYC document verification facility to FPIs, allowing banks to accept certified documents from specified overseas officials, Notaries, Courts or Indian Embassies/Consulates. (Notification No. RBI/2026-27/258 DOR.AML.REC.224/14.01.007/2026-27 dated 19.09.26)
GST: GST users with new DSC tokens issued from 21 September 2026 must upgrade to emSigner version 3.3, while existing valid tokens can continue using the current version if working properly. (19.09.2026)
GST GST users with new DSC tokens issued from 21 September 2026 must upgrade to emSigner version 3.3, while existing valid tokens can continue using the current version if working properly. (Advisory dated 19.09.26)
Legal Chamber : One ITC Claim, Three Tax Notices: Delhi HC Draws the Line on Parallel GST Proceedings
Legal Chamber : One ITC Claim, Three Tax Notices: Delhi HC Draws the Line on Parallel GST Proceedings
Legal Chamber : Supreme Court Unmasks AI-Hallucinated Precedents in a ₹425 Crore Case.
Supreme Court Unmasks AI-Hallucinated Precedents in a ₹425 Crore Case
Judicial Corner: Department Cannot Maintain Appeal Below Monetary Limit Without Recording Reasons for Invoking Residual Power { Raghvendra Vikram Singh vs. Technomat Composheet (P.) Ltd. [2026] 190 taxmann.com 595 (GSTAT – GHAZIABAD)}(19.09.2026)
Department Cannot Maintain Appeal Below Monetary Limit Without Recording Reasons for Invoking Residual Power { Raghvendra Vikram Singh vs. Technomat Composheet (P.) Ltd. [2026] 190 taxmann.com 595 (GSTAT – GHAZIABAD)} Facts The dispute pertained to a penalty imposed for an alleged e-way bill violation under the GST law. The adjudicating authority passed an order …
Judicial Corner: Delayed Payment Cannot Be Equated with Failure to Pay{ M/s. Saudi Arabian Airlines v. Union of India & Ors 2026 INSC 933}(18.09.2026)
Delayed Payment Cannot Be Equated with Failure to Pay{ M/s. Saudi Arabian Airlines v. Union of India & Ors 2026 INSC 933} Facts: Appellant, Saudi Arabian Airlines, was liable to pay Foreign Travel Tax. On certain occasions, the tax was paid after the prescribed period, resulting in a delay in payment. The authorities treated such …
DGFT:PSIC issuance timeline is reduced to 2 days from inspection, with a one-time 7-day relaxation for backlog certificates relating to pre-25 August inspections.(18.09.2026)
DGFT: PSIC issuance timeline is reduced to 2 days from inspection, with a one-time 7-day relaxation for backlog certificates relating to pre-25 August inspections. (Trade Notice No. 28/2026-27 dated 16.09.26)
Customs: FSSAI has notified 172 authorised Points of Entry for food imports, adding ICD Dhanakya, Jaipur, with Customs officers authorised for clearance.(18.09.2026)
Customs FSSAI has notified 172 authorised Points of Entry for food imports, adding ICD Dhanakya, Jaipur, with Customs officers authorised for clearance. (Instruction No. 16/2026-Customs dated 18.09.26)
Income Tax: The Income-tax (Fourth Amendment) Rules, 2026 revise Rules 160, 176 and 225, extend Forms 169/171 filing deadlines to 31 March 2027, and update registration forms.(18.09.2026)
Income Tax: The Income-tax (Fourth Amendment) Rules, 2026 revise Rules 160, 176 and 225, extend Forms 169/171 filing deadlines to 31 March 2027, and update registration forms. (Notification No. 120/2026 dated 17.09.26)
Legal Chamber : Same HSN for Input and Output Doesn’t Kill a GST Refund : An apparel maker’s inverted-duty refund survives Revenue’s objections on HSN classification and manufacturer status.
Same HSN for Input and Output Doesn’t Kill a GST Refund : An apparel maker’s inverted-duty refund survives Revenue’s objections on HSN classification and manufacturer status.
FEMA & Banking : IFSCA Fund Management Regulations: Annual scheme reports can now be submitted within six months instead of four months, with PPM-based investor approvals and strengthened investor protection and regulatory governance measures.(17.09.2026)
FEMA and Banking IFSCA Fund Management Regulations: Annual scheme reports can now be submitted within six months instead of four months, with PPM-based investor approvals and strengthened investor protection and regulatory governance measures. (Press release dated 16.09.26)
Customs: SAED rates on exports of petrol and diesel outside India are revised to ₹0.50 per litre and ₹20 per litre, respectively, effective from the date of publication in the Official Gazette. (17.09.2026)
Customs: SAED rates on exports of petrol and diesel outside India are revised to ₹0.50 per litre and ₹20 per litre, respectively, effective from the date of publication in the Official Gazette. (Notification No. 49/2026-Central Excise dated 16.09.26)
Customs: SAED rate on exports of Aviation Turbine Fuel (ATF) outside India is amended to ₹15 per litre, effective from the date of publication in the Official Gazette. (17.09.2026)
Customs: SAED rate on exports of Aviation Turbine Fuel (ATF) outside India is amended to ₹15 per litre, effective from the date of publication in the Official Gazette. (Notification No. 50/2026-Central Excise dated 16.09.26)
Customs: RIC rate on exports of diesel outside India is amended to Nil, effective from the date of publication in the Official Gazette.(17.09.2026)
Customs RIC rate on exports of diesel outside India is amended to Nil, effective from the date of publication in the Official Gazette. (Notification No. 51/2026-Central Excise dated 16.09.26)
Judicial Corner: ITC Mismatch Requires Invoice-wise Verification- Hearing Mandatory { N.R. Builders vs. Commissioner of Commercial Taxes [2026] 190 taxmann.com 7 (GSTAT – BENGALURU) (17.09.2026)
ITC Mismatch Requires Invoice-wise Verification- Hearing Mandatory { N.R. Builders vs. Commissioner of Commercial Taxes [2026] 190 taxmann.com 7 (GSTAT – BENGALURU)} Facts: ITC was denied solely due to a GSTR-3B vs. GSTR-2A mismatch. The appellant claimed that some ITC related to FY 2017-18 invoices was validly availed in FY 2018-19 within the Section 16(4) …
