Centre Notifies Key IBC Amendment Provisions, Operationalises Creditor-Initiated Insolvency Resolution Process

The Centre has operationalised the new creditor-initiated insolvency resolution process (CIIRP), opening the door for specified financial creditors to directly trigger insolvency proceedings against eligible companies, after bringing key provisions of the Insolvency and Bankruptcy Code (Amendment) Act, 2026 into force from May 26. The notified provisions also reshape the liquidation framework, allow stalled insolvency resolution processes to be revived before a liquidation order is passed,...

IBBI Notifies New Valuation Norms For MSME Liquidation Under IBC, Allows Appointment Of Two Valuers

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Liquidation Process) (Third Amendment) Regulations, 2026, amending the valuation framework applicable to the liquidation of MSME corporate debtors. The amendment provides that where a corporate debtor is classified as a micro, small or medium enterprise under Section 7(1) of the Micro, Small and Medium Enterprises Development Act, 2006, the liquidator shall appoint one registered valuer...

Resolution Professionals Must Appoint Valuers Within 3 Days Under Amended IBBI Pre-Packaged Insolvency Norms

The Insolvency and Bankruptcy Board of India (IBBI) has amended its pre-packaged insolvency rules to require resolution professionals to appoint registered valuers within three days of taking charge, while allowing the consultation committee to require two sets of valuers if reasons are recorded in writing. The changes have been introduced through the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) (Second Amendment) Regulations, 2026, notified on May 19. ...

GSTAT Extends Relaxed GST Appeal Filing Guidelines On Portal Till December 31, 2026

The Goods and Services Tax Appellate Tribunal (GSTAT) Principal Bench, New Delhi, has extended till December 31, 2026 the relaxed filing framework for appeals on the GSTAT Portal, citing difficulties faced by appellants during the initial phase of the portal's functioning. The extension has been granted through an office order dated May 14, 2026.The order continues the earlier relaxation measures introduced through an office order dated January 20, 2026 and instructions issued on March 10,...

IBBI Amends Regulations To Appoint Its Nominee Directors On Insolvency Professional Agency Governing Boards

The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to provide for appointment of its nominee director on the governing board of an insolvency professional agency (IPA), with the nominee enjoying the same status, rights, duties, powers and responsibilities as other directors. The change has been introduced through amendments to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. ...

Centre Prohibits Sugar Exports Till September 30, Allows Limited Exceptions For EU, USA

The Central Government has prohibited the export of raw, white, and refined sugar with immediate effect, changing the export policy from “restricted” to “prohibited.” The Directorate General of Foreign Trade (DGFT), through a notification issued on May 13, 2026, said the ban will remain in force until September 30, 2026, or until further orders, whichever is earlier. However, the prohibition will not apply to sugar exports to the European Union and the United States under existing quota...

Centre Raises Gold, Silver Import Duty To 15% From 6% Effective Today

The Central Government has increased the effective import duty on gold and silver to 15% from 6% through a set of customs notifications issued by the Ministry of Finance, with the revised rates taking effect from May 13. The revised duty structure doubles the basic customs duty on the two precious metals to 10% from 5%, while increasing the Agriculture Infrastructure and Development Cess to 5% from 1%, taking the overall effective levy to 15%. The changes were notified through Notification...

GSTN Asks Taxpayers To Seek Rectification Where Adjudication Order Reflects NIL Demand Due To Portal Glitch

The Goods and Services Tax Network (GSTN) has advised taxpayers to approach adjudicating authorities for issuance of a rectification order in cases where they are unable to file appeals on the GST portal due to a “NIL” demand reflected in adjudication orders. In an advisory dated April 3, 2026, GSTN noted that taxpayers are facing difficulties in filing appeals in such cases despite underlying disputes on tax liability. The issue arises where taxpayers have made payments towards tax, interest,...

CBDT Clarifies Principal Commissioner Can Condone Delay In Filing Form 10A

The Central Board of Direct Taxes (CBDT) has clarified that the jurisdictional Principal Commissioner of Income-tax or Commissioner of Income-tax may condone delay in filing Form 10A for registration of trusts and institutions under the Income Tax Act, 1961. The Board issued the clarification through Circular No. 01/2026 dated 23 March 2026 to resolve ambiguity regarding the competent authority to condone such delay. Section 12A of the Act prescribes the conditions for claiming tax exemption...

Finance Bill 2026: 12% Surcharge on Buybacks Applies Only to Additional Tax on Promoters'; Income Tax Dept. Clarifies

The Income Tax Department has clarified that the proposed 12% surcharge in the Finance Bill, 2026 will apply only to the additional income-tax payable by promoters on capital gains arising from buybacks, and not on the entire gains. In a clarification issued on March 26, 2026, the Department explained that the amendment relates to taxation of capital gains earned by promoters when companies buy back their own shares under section 68 of the Companies Act, 2013, which governs share...

No Pre-Deposit For Revenue In GSTAT Appeals; Principal Bench Issues Instructions For Filing Appeals

The Goods and Services Tax Appellate Tribunal (GSTAT), Principal Bench has clarified that appeals filed by the Revenue will not require payment of pre-deposit or court fee while issuing instructions on the documents that must accompany appeals filed before the Tribunal under Section 112 of the Central Goods and Services Tax Act. In instructions dated March 10, 2025, the tribunal stated that appeals filed through Form APL-05 (appeal filed by Revenue) must include soft copies of the Show Cause...

Finance Minister Nirmala Sitharaman Launches PRARAMBH 2026, Unveils Income Tax Website 2.0

Union Finance Minister Nirmala Sitharaman on Friday (March 20) launched the Income Tax Department's nationwide outreach campaign 'PRARAMBH 2026' in New Delhi and also inaugurated the revamped Income Tax Website 2.0 as part of efforts to prepare taxpayers for the new Income Tax Act, which will come into force from April 1, 2026. The upgraded e-filing portal has been designed to provide improved usability, simpler navigation, and more efficient service delivery to taxpayers as part of the...