Summarises major tax, GST, customs, and regulatory changes released in early February 2026. The key takeaway is the breadth of compliance-impacting updates across sectors.
Explains how the amended law standardises limitation and why timely, structured replies matter. The key takeaway is that missed timelines can invalidate proceedings.
Budget 2026 strengthens MSMEs through a new equity fund, expanded TReDS financing, and low-cost compliance assistance. The key takeaway is a holistic push to scale, fund, and formalise MSMEs.
Clarifies that a GST notice is not an adjudication but the start of a legal process. The takeaway is to respond calmly with facts and law, not panic.
Courts have held that Section 130 cannot be invoked merely on suspicion or minor procedural lapses during transit. The key takeaway is that confiscation requires clear evidence of deliberate tax evasion.
The Tribunal held that royalty is includible in transaction value only for the normal period, while other statutory levies are excluded. Extended limitation, penalty, and interest were set aside due to absence of intent to evade duty.
Since the primary object was the advancement of an object of general public utility without a profit motive, the activities did not constitute trade, commerce, or business. Therefore, the restrictions in the proviso to Section 2(15) were not applicable and assessee was held entitled to the exemption under Section 11.
The amended borrowing regulations restrict use of ECB funds for specified sectors including real estate and securities trading. A revised ECB framework with updated definitions, limits, and reporting norms has been introduced.
The authority held that failure to attach a valuation report with Form PAS-3 violates Rule 12(7) of the PAS Rules. In the absence of a specific penalty, the residuary provision under Section 450 was applied, resulting in maximum penalties.
Failure to attach a valuation report with Form PAS-3 was held to breach Rule 12(7). Since continuing penalties were already imposed earlier, only the minimum penalty was levied in this instance.
