Daily Updates

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)

Customs: Anti-dumping duty was imposed on imports of “Natural Mica Based Pearl Industrial Pigments (excluding cosmetic grade)” originating in or exported from China PR. The levy, originally applicable for five years, has now been extended up to 25 November 2026. (Notification No. 09/2026-Customs (ADD) dated 22.05.26)

Composite GST assessment order for multiple periods invalid separate orders required for each year { A Square Associates vs. Deputy Assistant Commissioner Sti [2026] 186 taxmann.com 204 (Andhra Pradesh)} Facts Petitioner challenged a GST assessment order passed by the department. The impugned order covered more than one financial year/tax period through a single consolidated assessment …

Judicial Corner: Composite GST assessment order for multiple periods invalid separate orders required for each year { A Square Associates vs. Deputy Assistant Commissioner Sti [2026] 186 taxmann.com 204 (Andhra Pradesh)} (22.05.2026) Read More »

Insolvency and Bankruptcy Code: Valuation provisions under the CIRP, Liquidation and Pre-Packaged Insolvency Resolution frameworks have been revised. The amendments allow a single set of valuers in specified MSME cases and modify the methodology for determining valuation under the pre-pack insolvency process. (NOTIFICATION F. NO. IBBI/2026-27/GN/REG141 dated 20.05.26)

GST: Rule 35 of the Health Security and National Security Cess Rules, 2026 has been amended to streamline cess fund administration by removing the quarterly transfer requirement and revising the framework for allocation, utilisation, and accounting of cess collections. (NOTIFICATION NO. 03/2026-HSNS CESS dated 20.05.26)

FEMA and Banking: The Debts Recovery Tribunals (Refund of Court Fees) Amendment Rules, 2026 now permit refund applications to be filed by the applicant alone or jointly with the defendant, easing procedural requirements. (NOTIFICATION NO. G.S.R 372(E) dated 20.05.26)    

Customs: Customs has standardized procedures for Entry Inward and Vessel Sail-out Clearance. Such clearances shall not be linked to physical boarding of vessels and may be granted remotely based on electronic filings, while boarding will follow a risk-based approach. (Circular No. 26/2026-Customs dated 19.05.2026)

Customs: Imports of anodized aluminium frames for solar panels/modules from China PR by M/s Anhui Krant Aluminum Products Co., Ltd. will undergo provisional assessment during the New Shipper Review. Importers may need to furnish security and could be liable for retrospective anti-dumping duty. (Notification No. 07/2026-Customs (ADD)  dated 19.05.2026)

Customs: Effective from 20 May 2026, revised customs tariff values have been prescribed. Tariff values for edible oils, brass scrap, gold and areca nuts remain unchanged, while the tariff value for silver has been fixed at USD 2,455 per kilogram. (Notification No. 47/2026-Customs (N.T.) dated 19.05.2026)

RBI: Local Area Banks are now subject to the third amendment directions comprehensively updating the presentation and disclosure norms for their financial statements. [Notification No. RBI/2026-2027/92 dated 18.05.2026]

RBI: Commercial Banks must adopt the sixth amendment directions regarding the presentation and disclosure of financial statements to enhance reporting transparency and consistency. [Notification No. RBI/2026-2027/91 dated 18.05.2026]

RBI: The prudential norms on capital adequacy for Commercial Banks have been amended, revising risk weights and capital requirements to strengthen financial resilience. [Notification No. RBI/2026-2027/90 dated 18.05.2026]

RBI: Regional Rural Banks must strictly comply with the recent amendments concerning the classification, valuation, and operational guidelines of their investment portfolios. [Notification No. RBI/2026-2027/89 dated 18.05.2026]

RBI: The regulatory framework for the classification, valuation, and operation of investment portfolios of Rural Co-operative Banks has been amended to improve reporting transparency. [Notification No. RBI/2026-2027/88 dated 18.05.2026]