Latest update 20.05.2025

A. Amendment

DGFT Notif. 8/2025-26 dt 19.05.2025

DGFT issued Notification No. 8/2025-26 dated 19.05.2025 regarding Amendment in Import Policy and Policy Conditions of specific ITC (HS) codes under Chapter 71 of Schedule –I (Import Policy) of ITC (HS) 2022 in sync with the Finance Act 2025

DGFT Notif. 9/2025-26 dt 19.05.2025

DGFT issued Notification No. 9/2025-26 dated 19.05.2025 regarding Harmonisation of Schedule-Il (Export Policy), ITC (US) 2022 with amendments introduced vide Finance Act, 2025

Instruction No.11/2025-Customs dated 17.05.2025

CBIC issued Instruction no. 11/2025-Customs dated 17.05.2025 regarding Port restriction on import of certain goods from Bangladesh to India – Insertion of a new Para 19 under ‘General Notes Regarding Import Policy’ under ITC (HS), 2022 Schedule 1 (Import Policy)

Notification no. 49/2025 dated 19.05.2025- Income tax

CBDT issued notification no. 49/2025 dated 19.05.2025 to amend the Income-tax Rule, 1962 to substitute ITR-U (ITR for updated return).

B. Article

DAY 4 │ WHEN THE NUMBERS AREN’T FINAL — PROVISIONAL ASSESSMENT, SVB & ADVANCE RULINGS

by CA Navjot Singh

Day-4 of 30-Day Series on the Customs Act 1962 and FTP 2023 by CA Navjot Singh.

C. Tax in Media

SC allows use of input tax credit for mandatory pre-deposit under GST

In a landmark ruling with wide-reaching implications for businesses across India, the Supreme Court on Monday, May 19, upheld the Gujarat High Court’s decision allowing the use of the Electronic Credit Ledger (ECL) which contains accumulated input tax credit (ITC) to make the mandatory pre-deposit required for filing an appeal under the Goods and Services Tax (GST) law.

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