Nil excise duty now applies only to unbranded, non-retail raw tobacco, while other forms attract 18%, ensuring tax clarity and preventing misuse.
The law now permits deduction of post-supply discounts even if decided later. This eases commercial flexibility and reduces valuation disputes.
The Budget introduces a new tax law, automated processes, and rationalised penalties. The key takeaway is faster compliance with fewer disputes.
The Budget accelerates migration to the Income Tax Act, 2025 with wide procedural and structural changes effective from April 2026.
The rules clarify that special-rate incomes are excluded to test the ₹12 lakh limit, but rebate cannot reduce tax on STCG. The takeaway is clear separation between normal income rebate and special-rate taxation.
Budget 2026 focuses on easing compliance and expanding export opportunities for MSMEs. Simpler tax rules and removal of export caps aim to unlock growth and competitiveness.
New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passenger clearances.
To improve transparency and reduce disputes, customs officers must record physical cargo examinations using BWCs. The requirement becomes mandatory across all formations from April 2026.
Customs has expanded SWIFT 2.0 by integrating additional regulatory agencies into a unified digital platform. The move simplifies EXIM compliance and reduces clearance delays.
The circular consolidates all operative instructions under the new Baggage Rules, 2026 into a single master framework. It clarifies passenger rights, duties, and procedures to ensure uniform customs practices nationwide.
