Central Bank Digital Currencies Not 'Relevant Crypto-Assets' For CRS Reporting: CBDT

The Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962, to clarify that Central Bank Digital Currencies (CBDCs) will not fall within the definition of “relevant crypto-assets” for Common Reporting Standard (CRS) framework.The amendment forms part of the Income-tax (Amendment) Rules, 2026 notified on March 5, 2026 and the changes introduce new definitions and reporting provisions relating to crypto-assets, electronic money products and digital currencies under the Common...

Finance Ministry Allows CIBIL To Use Aadhaar Authentication For User Identity Verification

The Ministry of Finance on Wednesday notified that TransUnion CIBIL Limited may use Aadhaar authentication to establish the identity of users during registration and login on the CIBIL platform for accessing credit information reports, subject to the user's consent and on a voluntary basis. The notification states that TransUnion CIBIL Limited “may be allowed to perform authentication and be permitted the use of Aadhaar number during authentication for establishing identity of Aadhaar number...

GSTN Activates Withdrawal Facility For Small Taxpayers To Opt Out Of Simplified Registration Option

As of 21 February 2026, the Goods and Services Tax Network (GSTN) has activated the facility to file Form GST REG-32 for taxpayers who wish to opt out of registration under Rule 14A of the Central Goods and Services Tax (CGST) Rules.To mitigate compliance burdens, as part of the 'Next Generation GST Reforms', a Simplified GST Registration Scheme for Small and Low-Risk Businesses under Rule 14A was introduced in 2025.Rule 14A provides a simplified registration option for small and low-risk...

CBDT Issues Draft Income Tax Rules And Forms For New Act With 34% Fewer Rules [Read Draft Rules Here]

The Central Board of Direct Taxes (CBDT) has released the draft Income Tax Rules, 2026 along with the draft forms, in connection with the Income Tax Act, 2025, which is scheduled to come into force from April 1, 2026. The draft rules and forms have been placed in the public domain to invite comments and suggestions from stakeholders and the general public.As per the CBDT, the draft Income Tax Rules, 2026 will remain open for public feedback for a period of 15 days, up to February 22,...

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...

DGFT Imposes Import Curbs On Umbrellas With CIF Value Below ₹100

On 5 February 2026, the Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, issued a notification amending the import policy for umbrellas from “Free” to “Restricted”. The change applies to umbrellas classified under Chapter 66 of Schedule I (Import Policy) of India's Import Trade Classification (Harmonised System), 2022. However, imports of umbrellas will continue to be treated as “Free” where the CIF value is Rs. 100 or more per piece. CIF value...

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...

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...

GSTN Issues Advisory On RSP-Based Valuation For Tobacco Products

Ahead of the rollout of the Retail Sale Price (RSP)–based valuation mechanism from 1 February 2026, the Goods and Services Tax Network (GSTN) has issued an advisory for taxpayers.The advisory provides guidance on reporting taxable value and tax liability under the RSP-based valuation in e-invoices, e-way bills, GSTR-1, GSTR-1A, and the Invoice Furnishing Facility (IFF).As part of the RSP-based system, GST on notified tobacco products has been computed at 40% and the taxable value will now be...

CBIC Revises Gold Tariff Values, No Change in Edible Oils, Brass Scrap & Areca Nuts

In a notification dated 22 January 2026, the Central Board of Indirect Taxes and Customs (CBIC) has updated tariff values for gold while keeping tariff values unchanged for edible oils, all types of brass scrap, silver, and areca nuts. The notifications stated that from 23 January 2026 tariff rates are effective at USD 1,567 per 10 g for gold and USD 2,950 per kg for silver. The notification also specifies tariff values for various edible oils, brass scrap, gold, silver, and areca nuts. These...

Government Proposes Protection For Metaverse Designs, Virtual Products Under Designs Act

The Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry has proposed bringing metaverse-based and other virtual designs within the scope of India's design protection law under amendments to the Designs Act, 2000. The proposal forms part of a concept note issued by the department on Friday and placed in the public domain for stakeholder consultation. DPIIT has invited comments within 30 days The concept note states that the Designs Act...

Road Transport Ministry Revises Highway Contracts, Bars Arbitration For ₹10 Crore-Plus Disputes

Disputes valued at Rs 10 crore or more, as well as declaratory and non-monetary disputes, under national highway contracts will no longer be referred to arbitration, under a circular issued by the Ministry of Road Transport and Highways on January 12, 2026. Such disputes will instead be dealt with through conciliation, without barring the parties from approaching civil courts. The circular updates the dispute resolution clauses in standard contracts used for Build-Operate-Transfer (Toll),...