Supreme Court Questions Whether Bank Of India Alone Can Face Octroi Prosecution After Officials Get Relief

The Supreme Court on Friday questioned whether criminal proceedings for alleged octroi violations can continue against Bank of India after the Bombay High Court quashed proceedings against its senior officials while allowing the case against the bank to continue. The issue arose while the Court was hearing the Bank of India's plea challenging the Bombay High Court's December 8, 2025 judgment. The High Court had quashed proceedings before the Judicial Magistrate First Class (JMFC), Pune, against...

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 Says All Pending, Fresh Matters Must First Go Before Division Benches, Constitutes Benches Across India

The Goods and Services Tax Appellate Tribunal (GSTAT) has directed that all pending matters and future filings before its Principal Bench and State Benches must first be placed before Division Benches. The law permits matters involving tax liability or other issues valued below ₹50 lakh and not involving any question of law to be listed before a Single Bench with the approval of the President. In an office order dated May 14, 2026, GSTAT President Dr. Sanjaya Kumar Mishra said that under...

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,...

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...

UP RERA To Hear Complaints In Unregistered Projects After Amending General Regulations, 2019

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has amended its General Regulations, 2019, enabling the Authority to hear complaints filed by allottees in unregistered projects and prescribing limits on fees charged by promoters for the transfer of allotments. The amendment, notified on March 24, 2026, has come into force upon its publication on the official website of the Authority The amendment modifies Regulation 24 and Regulation 47 of the Uttar Pradesh Real Estate Regulatory...

GSTAT Rajkot Bench Starts Functioning

The GST Appellate Tribunal's Rajkot bench has begun functioning, with authorities issuing a trade notice on March 18 to inform businesses and tax professionals that the long-awaited forum is now operational in Gujarat. The tribunal is working from its office at the RK Iconic building on 150 Feet Ring Road in Rajkot. Officials said appeals can be filed through the GSTAT online portal, which was rolled out last year, and a toll-free helpline has also been provided to help users facing difficulty...

Aam Aadmi Party MP Raghav Chadha Introduces Asset Tokenisation Bill In Parliament

Aam Aadmi Party MP Raghav Chadha has introduced a Private Member's Bill in Parliament titled the Asset Tokenisation (Regulation) Bill, 2026, aiming to establish a legal framework for regulating tokenised real-world assets in India.A token is a digital item representing ownership or value and exists on a shared online system, such as a blockchain. Tokens may represent various assets or rights, including currencies, voting power, or other entitlements. A token's value can be monetary, social,...

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...