Haryana recorded the highest State GST growth rate in India at 22% in May 2026. The achievement is attributed to strong tax administration, anti-evasion measures, and improved taxpayer compliance.
IBBI imposed a ₹1 lakh penalty after finding that an insolvency professional accepted and continued an assignment despite suspension of his Authorisation for Assignment. The ruling underscores that valid AFA is mandatory for undertaking insolvency assignments.
ICAI’s Board of Studies has invited Expressions of Interest from qualified professionals and academicians for empanelment as faculty for CA Live Virtual Classes. Eligible candidates must meet prescribed qualification and experience requirements.
ROC Haryana held that mentioning an incorrect purpose in e-Form MGT-14 constitutes a violation under Rule 8(3) read with Section 450 of the Companies Act. However, the penalty was reduced due to the company’s Small Company and Start-up status.
IBBI has introduced standardized Forms A, B, and C for insolvency proceedings involving personal guarantors to corporate debtors. The move aims to ensure procedural uniformity, transparency, and efficient administration of claims and creditor meetings.
IBBI has notified standardized formats for key CIRP activities, including claims, public announcements, withdrawals, and resolution plans. The circular aims to promote consistency and procedural compliance across insolvency proceedings.
DGFT has widened QCO/BIS exemptions for SEZ Units and Developers by allowing imports of all permissible goods required for authorized operations. Compliance will apply only when goods are cleared into the Domestic Tariff Area.
Gross GST collections reached ₹1.94 lakh crore in May 2026, registering 3.2% growth. The increase was driven largely by a 19.1% rise in GST revenue from imports despite a decline in domestic collections.
A new customs notification grants full exemption from customs duty and Agriculture Infrastructure and Development Cess on cotton imports. The relief is available for imports made between June and October 2026.
DGFT has introduced electronic Preferential Certificates of Origin through the Trade Connect platform for exports to Oman under the India-Oman CEPA. The move digitizes issuance, verification, and authentication of origin certificates.
