COMPLIANCE AND REGULATORY
CBDT Issues Draft Income Tax Rules 2026 Navigator Mapping Existing Rules To New Framework
With the Income Tax Act, 2025 set to come into force on 1 April 2026, the Central Board of Direct Taxes (CBDT) has released the Draft Income Tax Rules, 2026 for public consultation. To assist stakeholders in navigating the transition, the CBDT has also published an official navigator that maps each of the 333 draft rules to their corresponding provisions under the existing Income Tax Rules, 1962, which currently comprise 511 rules. In addition to revising and consolidating existing draft...
CCI Penalises Allcargo Logistics ₹50 Lakh For Closing Gati Express Deal Without Prior Approval
The Competition Commission of India (CCI) has recently imposed a penalty of Rs 50 lakh on Allcargo Logistics Limited after finding that its acquisition of the remaining stake in Gati Express led to a change from joint control to sole control and was completed without prior notification. Before the deal, Allcargo held a 70% stake in Gati Express through its subsidiary, while KWE owned the remaining 30%. Even so, the Commission noted that KWE's holding gave it the power to block special...
Deep Tech Startups To Retain Status For 20 years Under New DPIIT Notification
On 4 February, the Ministry of Commerce and Industry, through the Department for Promotion of Industry and Internal Trade (DPIIT), issued a notification extending enhanced tax incentives and revising the startup recognition criteria for “Deep Tech Startups” (DTSs) DTSs are entities engaged in developing advanced scientific or engineering solutions involving high research and development intensity, significant intellectual property creation, long gestation periods, and elevated technical or...
CBIC Extends Deferred Import Duty Facility To Compliant Businesses From March 2026
On 1 February 2026, the Central Board of Indirect Taxes and Customs (CBIC) proposed extending the deferred payment of import duty facility to compliant businesses from 1 March 2026 through Notification No. 13/2026. Per the Notification, the facility will be available until 31 March 2028, and payments will be monitored through Indian Customs Electronic System (ICES) dashboards.The move is aimed at encouraging domestic manufacturers to obtain the Authorised Economic Operator (AEO)...
Baggage Rules 2026 Allow Returning Indians To Bring Jewellery Upto 40 Gram Duty-Free
The Central Government has notified the Baggage Regulations, 2026, giving a limited category of international passengers a special duty-free allowance for jewellery. Under the Regulations , Indian residents and tourists of Indian origin who have lived abroad for more than one year can bring jewellery over and above their personal effects into India without paying customs duty, within specified limits. The allowance is upto 20gms for male passengers a 40gm for female passengers. Jewellery...
Changes In Interest Calculation For GST Monthly Return From January 2026; GSTN Issues Advisory
The Goods and Services Tax Network (GSTN) has issued an advisory setting out changes to interest computation and related system features in the monthly return GSTR-3B (GST). The changes will apply from the January 2026 tax period onwards. From January 2026, interest shown in Table 5.1 of GSTR-3B (GST) will be calculated after adjusting the minimum cash balance available in the Electronic Cash Ledger from the due date of filing until the date of tax payment. The change follows the proviso to...
Finance Bill, 2026 Proposes Enabling GST Appellate Tribunal To Hear Advance Ruling Appeals
The Finance Bill, 2026, proposes a change in the GST appellate framework that will allow the Goods and Services Tax Appellate Tribunal to hear a limited category of advance ruling appeals. GSTAT will continue to function as the appellate forum for regular GST disputes such as classification, valuation, and input tax credit. The proposed change does not alter this role. Under the GST law, advance rulings are issued by state-level Authorities for Advance Rulings. Appeals lie before the...
Finance Bill 2026 Proposes GST Relief For Intermediaries By Treating Services To Overseas Clients As Exports
The Finance Bill, 2026, proposes a key change in the GST treatment of certain cross-border services, especially those provided by Indian intermediaries to overseas clients. Under the current GST regime, the place of supply for cross-border services is governed by Section 13 of the Integrated Goods and Services Tax (IGST) Act, 2017. This section applies when either the supplier or the recipient of a service is located outside India. At present, Section 13(8)(b) of the IGST Act lays down a...
DGFT Revises Bulk Drug Policy, PEN-G, Amoxycillin Subject To Minimum Import Price Till Jan 2027
In a Notification dated 29 January 2026, the Directorate General of Foreign Trade (DGFT) has revised the import policy for certain bulk drugs, including Penicillin G-Potassium (PEN-G) and its salts. According to the notification, specific antibiotics such as PEN-G, Amoxycillin and its salts, and 6-APA have been moved from the 'Free' category to the 'Restricted' category. Further, the notification prescribes a Minimum Import Price (MIP) for certain imports. It is the lowest price at which a...
CCI Approves Elliott-Managed Funds' Proposed Stake Purchase In Toyota Industries
The Competition Commission of India (CCI) has approved a proposal involving the acquisition of equity shares and voting rights in Toyota Industries Corporation by funds managed by US-based Elliott Investment Management. Under the approval, Elliott Associates L.P., Elliott International L.P. and The Liverpool Limited Partnership will acquire shares of Toyota Industries through on-market purchases on the Tokyo Stock Exchange and the Nagoya Stock Exchange. As the transaction involves the...
DGFT Allows Limited Export Of 5 Lakh Metric Tonnes Of Wheat Flour, Products
The Directorate General of Foreign Trade (DGFT) has allowed exports of up to 5 lakh metric tonnes (LMT) of wheat flour and related wheat products while retaining the overall prohibition on such exports. The easing was notified through an amendment to the export policy for items classified under HS Code 1101, which covers wheat or meslin flour (atta), maida, semolina (ravi/sirgi), wholemeal atta, and resultant atta. Under the amended policy, exports of these wheat products will continue to be...