Daily Updates

Customs The Ministry of Home Affairs, vide OM No. 25022/05/2025-Imm. dated 01.05.2025, has partially modified its earlier direction dated 24.04.2025 regarding the closure of the Integrated Check Post (ICP), Attari. While the ICP was initially ordered to be closed for all categories of passenger and goods movement, it is now clarified that, until further orders, …

Customs: The Ministry of Home Affairs, vide OM No. 25022/05/2025-Imm. dated 01.05.2025, has partially modified its earlier direction dated 24.04.2025 regarding the closure of the Integrated Check Post (ICP), Attari.(06.05.2025) Read More »

GST CBIC has directed all GST field officers to ensure timely and complete production of records/information to the C&AG audit teams, following concerns raised in Audit Report No. 7 of 2024. Officers must also request taxpayers to provide necessary documents when those are not held by the department. Strict compliance and proactive follow-up are required …

GST: CBIC has directed all GST field officers to ensure timely and complete production of records/information to the C&AG audit teams, following concerns raised in Audit Report No. 7 of 2024. Officers must also request taxpayers to provide necessary documents when those are not held by the department. Strict compliance and proactive follow-up are required to meet the constitutional audit obligations under Article 149. The instruction aims to improve transparency and audit cooperation across GST formations.(06.05.2025) Read More »

Income Tax The Central Board of Direct Taxes (CBDT) has notified ITR forms 2 applicable for the Assessment year 2025-26. (Notification No. 43/2025 dated 3rd May 2025)

DGFT The Government of India has inserted Para 2.20A into the Foreign Trade Policy (FTP) 2023. Due to which, with immediate effect, the direct or indirect import or transit of all goods originating in or exported from Pakistan is strictly prohibited, irrespective of their import status under the policy. (Notification No. 06/2025-26 dated 2nd May …

DGFT: The Government of India has inserted Para 2.20A into the Foreign Trade Policy (FTP) 2023. Due to which, with immediate effect, the direct or indirect import or transit of all goods originating in or exported from Pakistan is strictly prohibited, irrespective of their import status under the policy. (03.05.2025) Read More »

GST The CBIC has issued instructions to establish a mechanism for GST registration applicants to address their grievances via email to the Zonal Principal Chief Commissioners/Chief Commissioners. These grievances will be resolved promptly, with monthly reports submitted to the DGGST. (Instruction No. 04/2025-GST dated 2nd May 2025)

Income Tax The Central Board of Direct Taxes (CBDT) has notified ITR-5, which is applicable for the Assessment year 2025-26. (Notification No. 42/2025 dated 1st May 2025)

GST The GSTN has issued an advisory for reporting under GSTR-1/1A effective from May 2025, requiring taxpayers to select HSN codes from a system dropdown in Table 12, with manual entry disabled.  Value validations will be introduced, and the table is now split into B2B and B2C tabs with enhanced features. Reporting in Table 13 …

GST: The GSTN has issued an advisory for reporting under GSTR-1/1A effective from May 2025, requiring taxpayers to select HSN codes from a system dropdown in Table 12, with manual entry disabled.  Value validations will be introduced, and the table is now split into B2B and B2C tabs with enhanced features. Reporting in Table 13 for issued documents will also be mandatory.(02.05.2025) Read More »

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ITR-3, which is applicable for the Assessment year 2025-26. (Notification No.41/2025 dated 30th April 2025)

Income Tax: The Central Board of Direct Taxes (CBDT) has notified ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2025-26. Forms can be filed if assessee has LTCG u/s 112A up to Rs. 1.25 lakh. (Notification No.40/2025 dated 29th April 2025)

Customs: The CBIC has rescinded Notification No. 04/2025-Customs, dated 1st February 2025 (G.S.R. 97(E)), with effect from 1st May 2025. The original notification had provided customs duty exemptions and concessional rates for specific goods including personal-use items, scrap metals, electronic parts, bicycles, and more, as part of tariff rationalization.  The rescission is due to a …

Customs: The CBIC has rescinded Notification No. 04/2025-Customs, dated 1st February 2025 (G.S.R. 97(E)), with effect from 1st May 2025. (30.04.2025) Read More »

Customs: The CBIC has notified amendments to the Second Schedule (Export Tariff) of the Customs Tariff Act to impose 20% export duty on specific categories of rice. Summary of amendment to second schedule is as follows:   Sl. No. Tariff Item Description of Goods Export Duty 6C 1006 30 11 Parboiled Rice, GI recognised 20% …

Customs: The CBIC has notified amendments to the Second Schedule (Export Tariff) of the Customs Tariff Act to impose 20% export duty on specific categories of rice. (30.04.2025) Read More »

Customs: The CBIC has issued Notification to amend Notification No. 27/2011-Customs and Notification No. 22/2024-Customs. Key highlights are as follows: Changes are primarily under Chapter Heading 1006 (Rice): New entries added for GI recognised parboiled rice (1006 30 11) and other parboiled rice (1006 30 19) – duty exempted. Tariff items updated under existing Sl. …

Customs: The CBIC has issued Notification to amend Notification No. 27/2011-Customs and Notification No. 22/2024-Customs.(30.04.2025) Read More »

Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver as follows: Table 1  Sl. No. Chapter/ heading/sub-heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) 1 1511 10 00 Crude Palm Oil 1049 2 1511 90 10 RBD Palm Oil 1101 …

Customs: The CBIC has issued a notification to amend tariff values of Edible oils, brass scrap, areca nuts, gold and silver (30.04.2025) Read More »

Income Tax The CBDT, vide Order F. No. 275/92/2024-IT(Budget) dated 28th March 2025, has allowed waiver or reduction of interest under sections 201(1A)(ii) and 206C(7) of the Income-tax Act in specific cases. This relief applies where TDS/TCS payments were initiated and debited from taxpayers’ accounts on or before the due date, but credit to the …

Income Tax: The CBDT, vide Order F. No. 275/92/2024-IT(Budget) dated 28th March 2025, has allowed waiver or reduction of interest under sections 201(1A)(ii) and 206C(7) of the Income-tax Act in specific cases.(29.04.2025) Read More »

Customs: The CBIC has issued a corrigendum to clarify that wherever the date “29.06.2020” is mentioned in reference to Circular No. 29/2020-Customs, it shall be read as “22.06.2020”. This corrigendum is issued to correct the inadvertent typographical error in the date cited.  [Corrigendum to Circular No. 13/2025-Customs dated 29.04.2025]

Customs: The CBIC has issued a notification to update the list of banks eligible under S. No. 359A of Notification No. 50/2017-Customs for duty exemptions during FY 2025–26. In the Annexure to the Table of Notification No. 50/2017-Customs, the existing List 34A and List 34B (which are linked to S. No. 359A of the Table) …

Customs: The CBIC has issued a notification to update the list of banks eligible under S. No. 359A of Notification No. 50/2017-Customs for duty exemptions during FY 2025–26.(29.04.2025) Read More »

DGFT The DGFT has announced a draft amendment to the Foreign Trade Policy (FTP) 2023 and the Handbook of Procedures (HBP) 2023 to include provisions for the export of SCOMET items for Testing and Evaluation purposes. This amendment is intended to regulate the temporary export of SCOMET items for demonstration, testing, and evaluation abroad. Key …

DGFT: The DGFT has announced a draft amendment to the Foreign Trade Policy (FTP) 2023 and the Handbook of Procedures (HBP) 2023 to include provisions for the export of SCOMET items for Testing and Evaluation purposes. (28.04.2025) Read More »

DGFT: The DGFT has notified that The Import of Synthetic Knitted Fabrics under ITC (HS) Codes 60019200, 60053600, 60053790 and 60053900, is “Restricted”. However, import is “Free” if CIF value is 3.5 US Dollar and above per Kilogram. Further inputs imported by Advance Authorisation holders, Export Oriented Units (EOUs) and units in the SEZ shall …

DGFT: The DGFT has notified that The Import of Synthetic Knitted Fabrics under ITC (HS) Codes 60019200, 60053600, 60053790 and 60053900, is “Restricted”. (28.04.2025) Read More »

DGFT: The DGFT has notified a new Standard Input Output Norm (SION) under the Chemical and Allied Product Group (Product Code ‘A’). The new SION has been assigned Serial Number A-3685. It specifies that for the export of Doxycycline 100 mg Dispersible Tablets (equivalent to Anhydrous Doxycycline 100 mg), the allowable import quantity of Doxycycline …

DGFT: The DGFT has notified a new Standard Input Output Norm (SION) under the Chemical and Allied Product Group (Product Code ‘A’). The new SION has been assigned Serial Number A-3685. (28.04.2025) Read More »

Income Tax: Exercising the power contained under section 37, the Central Government has notified that expenditure incurred to settle proceedings for contravention or defaults under SEBI Act, SCRA, Depositories Act, or Competition Act shall not be deemed incurred for business purposes and hence, not deductible/allowable under the Income-tax Act. [Notification No. 38/2025 dated 23.04.2025]