Digital platforms require ex ante rules, stronger merger tests, and upgraded forensic tools to curb data based market power.
India must move beyond traditional price and market share analysis to address platform power rooted in data control, network effects, self preferencing and gatekeeping. Policy reforms should combine ex ante obligations for gatekeepers (interoperability, limits on data combining, bans on self preferencing), stronger structural remedies and expanded merger tests for minority and killer acquisitions, alongside upgraded CCI capabilities in algorithm audits, digital forensics, and inter agency coordination to detect algorithmic collusion and protect future competition. (AI Summary)

Black Money Act amendments exempt small foreign movable assets under Rs20 lakh from criminal prosecution, excluding immovable property.
Clause 144 proposes provisos to Sections 49 and 50, effective retrospectively from 1 October 2024, excluding from those criminal provisions any foreign movable assets whose aggregate value does not exceed Rs.20 lakh while expressly preserving prosecutions for foreign immovable property and higher-value holdings; the amendments therefore introduce a monetary threshold to limit criminal liability for minor omissions without altering the Act's core penal framework. (AI Summary)

Liberalised Remittance Scheme permits resident individuals to remit up to USD 250,000 annually for specified current and capital purposes.
Liberalised Remittance Scheme allows resident individuals (including minors with guardian countersignature) to remit up to USD 2,50,000 per financial year for specified current and capital account purposes under FEMA and RBI directions; remittances beyond this require RBI approval. Permitted uses include foreign bank accounts, overseas property, ODI/OPI subject to Overseas Investment Regulations, and specified current-account items. Prohibitions include transactions barred by FEMA, margin-trading remittances, transfers to FATF non-cooperative jurisdictions, and dealings with terrorist-linked entities. Compliance requires Form A2, PAN, designated Authorised Dealer branch, source-of-funds verification, repatriation of unutilised foreign exchange, KYC/AML, reporting, and record-keeping. (AI Summary)

Customs Tariff Act amendments introduce phased tariff changes: immediate, 1 April and 1 May 2026 implementation to ease transitions.
Clause 136 of the Finance Bill, 2026 institutes phased amendments to the First Schedule of the Customs Tariff Act, 1975 through multiple amendment schedules: the Second Schedule effects immediate tariff rationalisation on enactment, the Third Schedule revises duty rates from 1 April 2026, and the Fourth and Fifth Schedules introduce further entries and rate changes from 1 May 2026. The scheme relies on Harmonised System classification principles and aims to balance urgent policy responses, fiscal-year alignment, and extended transition for industry adjustment. (AI Summary)

Customs Act amendments: extend jurisdiction to Indian-flagged fishing vessels, duty-free offshore catch, and procedural simplifications.
The Finance Bill, 2026 proposes targeted amendments to the Customs Act, 1962: extending territorial application to fishing and fishing-related activities by Indian-flagged fishing vessels beyond territorial waters; inserting an exhaustive definition of "Indian-flagged fishing vessel"; deeming penalty under Section 28(5) as a charge for non-payment of duty; extending advance ruling validity from three to five years with a transitional request-based extension; creating Section 56A granting duty-free or export treatment for offshore-caught fish and empowering the Board to make detailed procedural regulations; dispensing with prior permission for inter-warehouse removals subject to prescribed conditions; and empowering custody regulations for goods by post or courier. (AI Summary)

Union Budget direct tax reforms: new Income Tax Act, eased compliance, TDS/TCS rationalisation and one-time foreign asset amnesty.
The Budget proposes a new Income Tax Act, 2025 to replace the 1961 Act, procedural relaxations including extended filing timelines and return updates after reassessment at an additional 10% tax, rationalisation of TDS/TCS regimes including PAN-based challans for non-resident property sales, enhanced STT on futures and options, MAT finality with exemptions for some non-residents, expanded safe-harbor for IT services, and a one-time amnesty with immunity for disclosure of specified foreign assets. (AI Summary)

GST summons: provide only requested documents, disclose missing records promptly, and limit answers to verifiable facts.
A GST summons is an information gathering power used to verify records and cooperation; it is not an accusation. Respond by producing exactly the documents requested, provide prompt written notice if records are missing, and avoid unsolicited materials or legal opinions. Limit statements to verifiable facts; say "I don't know" when outside personal knowledge. Obtain written management authorization before representing an entity, retain dated evidence of submissions, and seek counsel if pressured to sign or admit facts. (AI Summary)

ESOPs trigger tax at exercise as salary perquisite and again at sale as capital gains, affecting cash flow and planning.
ESOP taxation occurs at exercise and at sale. At exercise the FMV less exercise price is a perquisite taxed as salary with employer TDS; at sale capital gains apply using the FMV at exercise as cost of acquisition. Treatment varies by listed/unlisted status and holding period, and eligible startup employees may defer perquisite tax under statutory relief. (AI Summary)

Bank account validation now required for IECs: NPCI-based real-time checks determine auto-approval, deficiency, or rejection outcomes.
DGFT implemented an NPCI-based bank account validation workflow for IEC issuance and modifications requiring declaration of all active PAN-linked bank accounts with exact matching of PAN, name and account number. NPCI returns Success, In Progress, or Failed; Success permits normal processing, In Progress triggers Automatic Review with periodic polling and possible auto-approval upon success, while Failed validation prevents submission or, for modifications, causes a Deficient status on first failure and rejection on subsequent failure. (AI Summary)

GST Council should raise registration thresholds and meet more frequently to reduce litigation and focus enforcement.
Proposes increasing GST registration exemption thresholds to Rs.50 lakh for services and Rs.100 lakh for goods effective 01/04/2027, arguing this will reduce registrations, free audit and investigation capacity, likely improve collections, and lessen litigation; urges the GST Council to convene at least two to three meetings annually to decide and implement such reforms and to address pending issues, noting a cited Madurai Bench decision that quashed a duplicate demand as evidence of adjudicatory deficiencies affecting small taxpayers. (AI Summary)

Money changing activities now require RBI authorisation, NOF compliance, detailed reporting and 75% sale-to-public rule.
The Direction requires FFMCs and other Authorised Persons to obtain RBI authorisation, meet corporate and minimum Net Owned Funds criteria, apply via APConnect with prescribed documentation, satisfy a "fit and proper" assessment, and comply with operational controls including maintenance of FLM registers, periodic reporting, concurrent audits and a mandate that at least 75% of foreign currency purchased be sold to the public quarterly; non-bank APs must follow RBI KYC Directions, 2025, and boards must meet enhanced governance requirements. (AI Summary)

GST assessments cannot be made against deceased registrants; assessments must involve legal representatives and recoveries limited to the estate.
Assessments and proceedings under the GST framework cannot validly be directed at a deceased person; instead assessment must be carried out by involving the deceased's legal representative or the person carrying on the business. Section 93 governs recovery-either from a continued business or, if discontinued, from the deceased's estate to the extent the estate can meet the charge-but does not authorise determination against a dead person without issuing notice to the legal representative. (AI Summary)

India-Oman CEPA compliance requires domestic legal alignment, streamlined customs operations, and rules of origin verification for preferential trade and investment.
The note explains that effective CEPA implementation requires domestic alignment of tariffs, customs, investment and services regulations with treaty commitments; streamlined customs procedures, advance rulings, electronic certificates of origin, and post clearance audits to enforce Rules of Origin; regulatory coordination for services and investment where foreign suppliers and investors remain subject to host state licensing and standards; and institutional oversight via a Joint Committee, sub committees, transparency obligations, and a dispute settlement framework prioritising consultation with arbitration as a backstop. (AI Summary)

Goods and Services Tax: denial of input tax credit due to supplier default clashes with anti cascading and verification principles.
Denial of input tax credit when a supplier defaults raises a conflict between anti fraud enforcement and protecting purchasers who have paid GST and produced corroborative returns; High Court decisions stress that credit should not be reflexively refused without verifying supplier registration at transaction date, documentary genuineness including GSTR filings and banked tax payments, and proper fact finding by authorities. (AI Summary)

India-Oman CEPA expands tariff-free market access, services mobility, and investment protections to boost bilateral trade and supply chains.
The CEPA creates a comprehensive framework granting tariff elimination and reduction, disciplining non-tariff measures, streamlining customs and electronic certification, and applying rules of origin to protect preferential treatment. It secures market access and national treatment for goods, broad services commitments across all supply modes with mutual recognition of qualifications, and investment safeguards including fair and equitable treatment, protection from arbitrary expropriation, and free transfer of funds to promote stable cross-border investment. (AI Summary)

Bid rigging in public procurement harms procurement integrity; CCI presumes AAEC and deploys leniency and raids.
Bid rigging and cartels are per se anti competitive under Section 3(3); bid rigging (cover bids, suppression, rotation, pre arranged subcontracting) triggers a presumption of AAEC that shifts the burden to respondents. CCI enforcement relies on economic analysis, bidding patterns, communication and forensic evidence, empowered by DG dawn raids and a leniency programme that incentivises disclosures. Remedies include monetary penalties, individual liability, structural or behavioural directions, and limited use of settlements for non hardcore cases. (AI Summary)

ISD distributes vendor input tax credits; cross charge allocates internal service costs to prevent trapped credits and working capital strain.
The note explains that ISD distributes input tax credit from external vendor invoices across registrations under the same PAN, while cross charge allocates costs for internally supplied services where no vendor invoice exists; businesses must use ISD for third party bills and cross charge for internal services, supported by MOUs, defensible allocation methods, arms length pricing, regular invoicing, and audit quality documentation to avoid trapped credits and regulatory scrutiny. (AI Summary)

GST registration amendment and cancellation unsustainable where CIRP installed management is treated as a distinct person under tax law.
Rejection of an amendment application and suo motu cancellation of GST registration are unsustainable where a corporate debtor underwent CIRP and a new management was installed by tribunal order; the new management must be treated as a distinct person for GST purposes, and proceedings based on the premise of the old management should be set aside so the registrant may seek amendment of its registration certificate in accordance with the CIRP specific registration regime. (AI Summary)

Cross state ITC transfer on amalgamation cannot be blocked by GST portal restrictions; statute governs entitlement.
The court held that Section 18(3) permits transfer of unutilised ITC on amalgamation without an express territorial restriction, Rule 41 and portal procedures cannot add a state based bar, and Section 25(4)'s separate registration concept governs levy and compliance rather than extinguishing statutory credit transfers; technological or administrative constraints must yield to statutory entitlement, with manual facilitation directed pending GSTN backend upgrades where no revenue loss arises. (AI Summary)

Indian Rice Exporters Federation promotes export policy advocacy, market access, and quality assurance for global rice trade.
IREF advocates exporter interests with key regulatory agencies to secure stable export policy and regulatory compliance, while running trade-promotion programmes and providing market intelligence. The federation also delivers capacity building, quality assurance, SOPs, and certification support to members, consolidating a unified industry voice and coordinating measures to protect export continuity and enhance global market access for Indian rice. (AI Summary)