Daily Updates

Demand for GSTR-1 and GSTR-3B mismatch to be examined under sec. 73 post sec. 128A insertion sec. 74 order quashed { Zyvana Integrated Services (P.) Ltd. vs. Additional Commissioner of GST and Central Excise [2026] 187 taxmann.com 1062 (Madras)} Facts: Assessee disclosed outward supplies in GSTR-1 for the period from March 2018 to March 2021 …

Jucidicial Corner: Demand for GSTR-1 and GSTR-3B mismatch to be examined under sec. 73 post sec. 128A insertion sec. 74 order quashed { Zyvana Integrated Services (P.) Ltd. vs. Additional Commissioner of GST and Central Excise [2026] 187 taxmann.com 1062 (Madras)} (03.07.2026) Read More »

SCN and demand under GST invalid when issued to non-existent amalgamating company post-dissolution { Kanakia Spaces Realty (P.) Ltd. vs. Union of India [2026] 187 taxmann.com 1055 (Bombay)} Facts The transferor company merged with the petitioner under an approved amalgamation scheme and stood dissolved in 2015. The tax authorities were informed about the amalgamation and …

Judicial Corner: SCN and demand under GST invalid when issued to non-existent amalgamating company post-dissolution { Kanakia Spaces Realty (P.) Ltd. vs. Union of India [2026] 187 taxmann.com 1055 (Bombay)} (02.07.2026) Read More »

Ministry of Finance The Ministry of Finance has notified that the interest rates on various Small Savings Schemes for the second quarter of FY 2026–27 (1 July 2026 to 30 September 2026) shall remain unchanged from the rates applicable during the first quarter (1 April 2026 to 30 June 2026). The decision has been approved …

Ministry of Finanace: The Ministry of Finance has notified that the interest rates on various Small Savings Schemes for the second quarter of FY 2026–27 (1 July 2026 to 30 September 2026) shall remain unchanged from the rates applicable during the first quarter (1 April 2026 to 30 June 2026). The decision has been approved by the competent authority.(01.07.2026) Read More »

Home Affairs The Government has launched the FCRA 2.0 Portal and e‑OCI Card to enhance digital governance. The portal enables end‑to‑end online processing of foreign contribution compliance with faster approvals and better monitoring, while the e‑OCI system provides a fully digital, convenient solution for OCI cardholders. [PIB Release dated 30 June 2026]

Customs: The Ministry of Finance has amended Notification No. 13/2026-Customs dated 1 April 2026, which grants exemption from Agriculture Infrastructure and Development Cess (AIDC) on the import of Ammonium Nitrate. The amendment extends the validity of the exemption from 30 June 2026 to 15 July 2026, thereby ensuring the continued availability of the concessional AIDC …

Customs: The Ministry of Finance has amended Notification No. 13/2026-Customs dated 1 April 2026, which grants exemption from Agriculture Infrastructure and Development Cess (AIDC) on the import of Ammonium Nitrate. The amendment extends the validity of the exemption from 30 June 2026 to 15 July 2026, thereby ensuring the continued availability of the concessional AIDC rate in public interest.(01.07.2026) Read More »

Customs The Ministry of Finance has amended Notification No. 12/2026-Customs dated 1 April 2026, which grants Basic Customs Duty (BCD) exemption on the import of specified chemicals, petrochemicals, polymers and plastic raw materials. The amendment extends the validity of the exemption from 30 June 2026 to 15 July 2026, thereby ensuring the continued availability of …

Customs: The Ministry of Finance has amended Notification No. 12/2026-Customs dated 1 April 2026, which grants Basic Customs Duty (BCD) exemption on the import of specified chemicals, petrochemicals, polymers and plastic raw materials. The amendment extends the validity of the exemption from 30 June 2026 to 15 July 2026, thereby ensuring the continued availability of concessional import duty on the notified goods in public interest. (01.07.2026) Read More »

GSTAT: The Government has extended the GSTAT filing deadline to 31 July 2026 for taxpayer appeals against orders communicated before 1 May 2026 and departmental applications relating to orders passed before 1 February 2026. [Notification S.O. 3502(E)-DoR dated 30.06.2026]

DGFT: The eligibility timelines under Component II of the EPM RELIEF intervention are extended up to 30th September 2026 to support Indian exporters and mitigate logistics challenges arising out of the continuing West Asia Crisis. [Notification No. 21/2026-27 dated 29.06.2026]

Customs: Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 30th June 2026. [Notification No. 59/2026-CUSTOMS (N.T.) dated 29.06.2026]

GST: The CBIC has clarified that when a taxpayer transfers to a new jurisdiction, all past actions taken by the old authority remain valid. The old authority cannot start new proceedings post-migration, while the new authority takes over pending cases, implements past orders, and handles all subsequent legal actions and appeals. [Circular No. 255/01/2026-GST dated …

GST: The CBIC has clarified that when a taxpayer transfers to a new jurisdiction, all past actions taken by the old authority remain valid. The old authority cannot start new proceedings post-migration, while the new authority takes over pending cases, implements past orders, and handles all subsequent legal actions and appeals. (26.06.2026) Read More »

Customs:  The Central Board of Indirect Taxes and Customs has established a Green Channel mechanism at designated air and sea ports for the expeditious and round-the-clock Customs clearance of pollution response equipment and materials during marine oil and hazardous substance spill emergencies. [Instruction No. 11/2026-Customs dated 23.06.2026]

RBI: The Reserve Bank of India has issued a comprehensive Master Direction to rationalise and harmonise guidelines for Trade Receivables Discounting System (TReDS) platform operators and participants. [RBI/DPSS/2026-27/406 CO.DPSS.POLC.No.S257/02-01-010/2026-27 dated 23.06.2026]

RBI: The prudential treatment of underlying credit facilities, including pre-sanctioned UPI credit lines at Small Finance Banks, shall be solely determined by the nature of the facility under applicable regulatory norms.   [RBI/2026-27/151 DOR.STR.REC.129/21-07-001/2026-27 dated 23.06.2026]

RBI: The prudential treatment of underlying credit facilities, including pre-sanctioned UPI credit lines at commercial banks, shall be solely determined by the nature of the facility under applicable regulatory norms. [RBI/2026-27/152 DOR.STR.REC.128/21.04.048/2026-27 dated 23.06.2026]

RBI: Authorised Dealer Category-I banks has been directed to exclude positions from hedged transactions related to FCNR(B) deposits, External Commercial Borrowings, and Overseas Foreign Currency Borrowings when computing their net overnight open positions. [RBI/2026-27/153 A.P. (DIR Series) Circular No.16 dated 23.06.2026]

GST: GSTN will mandatorily capture “Ship-to GSTIN” (entering “URP” for unregistered persons) and implement the voluntary closure of e-Way Bills in the production environment effective from 1st August, 2026. [GSTN Advisory dated 17.06.2026]

Customs: CBIC has mandated strict data-entry timelines and value thresholds for logging all customs offense cases onto the DIGIT platform across their entire enforcement lifecycle from investigation to prosecution. [Instruction No. 10/2026-Customs dated 18.06.2026]

Customs: Navi Mumbai International Airport (NMIA) has been authorized to process and clear international couriers. [Notification No. 57/2026-Customs (N.T.) dated 18.06.2026]

Judicial Corner: Unsigned GST Show Cause Notice and Assessment Order Invalid { High Noon Consulting Private Limited v. Deputy Commissioner of State Tax W.P. No. 17720 of 2024} Facts The petitioner challenged a GST Show Cause Notice and the consequential Assessment Order issued under the CGST/TGST Acts. The principal ground of challenge was that neither …

Judicial Corner : Unsigned GST Show Cause Notice and Assessment Order Invalid (22.06.2026) Read More »

Supreme Court Affirms that Rule 86A Cannot Be Used for Negative Blocking of Electronic Credit Ledger { Union of India & Ors. v. M/s. K.K. Alloys 2026 Taxo.online 1720 (Supreme Court)} Facts: GST Department blocked the taxpayer’s Electronic Credit Ledger under Rule 86A by an amount exceeding the ITC actually available, thereby creating a negative …

Judicial Corner : Supreme Court Affirms that Rule 86A Cannot Be Used for Negative Blocking of Electronic Credit Ledger (22.06.2026) Read More »