CBIC Mandates Hazardous Cargo Declaration in Bills of Entry from July 1, 2026 The Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance (Department of Revenue) has issued a Circular No. 24/2026-Customs, dated May 14, 2026, regarding the identification and import clearance of hazardous cargo. This decision has been taken considering…
GSTAT constitutes benches for Listing Cases Before Single and Division Benches The Goods and Services Tax Appellate Tribunal (GSTAT), New Delhi, recently shared an office order (No. 3/GSTAT/PB/2026) regarding the creation of benches. The GSTAT stated that, under Section 109(8) of the CGST Act, 2017 and Rule 110A(1) of the CGST Rules, 2017, cases involving…
Akshar Spintex Pays Penalties After NSE Rejects Waiver Request Over SEBI LODR Violations Akshar Spintex Limited has disclosed to the Manager (Listing Department) of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that it had filed an application before the NSE seeking the waiver of penalties imposed on it for non-compliance of…
Chief Minister N. Chandrababu Naidu ordered all revenue-generating departments to strengthen measures to boost the state’s own revenue while simultaneously pursuing pending funds from the Centre. Analysing the performance of departments at the Secretariat, he outlined that Andhra Pradesh should convert growing investments into higher tax revenues and sustainable economic growth. As per officials, State…
Introduction Staying compliant with Goods and Services Tax (GST) is essential for businesses to avoid penalties and ensure smooth operations. The GST Compliance Calendar for May 2026 highlights important return filing deadlines such as GSTR-1, GSTR-3B, and QRMP filings. Timely submission of these returns helps maintain proper tax records and ensures seamless input tax credit…
OPC Compliance Calender: Introduction OPC Compliance Calendar May 2026 helps One Person Companies stay updated with important ROC, GST, TDS, and annual compliance deadlines. Whereas, OPCs have comparatively simpler compliance requirements than other business structures, timely filings and proper record maintenance are still essential to avoid penalties and legal issues. However, failure to meet…
Technology-driven taxpayer services and simplified tax laws will strengthen voluntary compliance,”-Dr. Sibichen K. Mathew, DG, NADT “PRARAMBH–2026”, an outreach and awareness programme has been organised by the Income Tax Department on the provisions of the Income Tax Act, 2025 and the Income-tax Rules, 2026 at Chitnavis Centre, Civil Lines, Nagpur on 14 May 2026. The…
GST Appellate Tribunal Extends Relaxation for Online Appeal Filing on GSTAT Portal Until Dec 31, 2026 Considering the difficulties faced by the applicants in the initial phase of filing appeals online on the GSTAT portal, the Principal Bench of the GST Appellate Tribunal (GSTAT), New Delhi, under the Ministry of Finance, has extended the relaxation…
ITAT Special Bench Upholds Section 36(1)(viia) Deduction for RBI-Mandated Bad Debt Provisions The Special Bench of the Income Tax Appellate Tribunal (ITAT), Chandigarh, on 5 May 2026, held that provisions created by banks for bad and doubtful debts in compliance with RBI prudential norms qualify for deduction under Section 36(1)(viia) of the Income Tax Act,…
Delhi ITAT Denies Profit Attribution Without Existence of Permanent Establishment The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) on 13 May 2026 held that remote access provided for maintenance and troubleshooting of IMAX theatre systems cannot by itself constitute a Fixed Place Permanent Establishment (PE) or a virtual Service PE in India under…
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