Retail sale price valuation for specified tobacco goods reshapes GST assessment and narrows Rule 86B restrictions.
Retail sale price-based valuation is introduced for specified goods, including pan masala and certain tobacco and nicotine products, by deeming the value of supply to be the declared retail sale price less applicable tax. The rule prescribes a formula for computing tax and explains the meaning of applicable tax and retail sale price, including treatment of multiple or altered declared prices and area-wise price declarations. Rule 86B is amended to exempt a registered person other than a manufacturer, for goods covered by rule 31D, where tax has been paid on the retail sale price basis.

Pan masala and tobacco products valued at retail sale price less tax using a specified formula under GST rules.
Value of supply for pan masala and tobacco-related goods is deemed to be the retail sale price declared on packaged goods less the tax amount, calculated by the formula: Tax amount = (Retail sale price x tax rate) / (100 + sum of applicable tax rate); definitions specify applicable tax, retail sale price inclusivity, treatment of multiple or altered prices, and area-specific declared prices.

Supply of specified tobacco and pan masala goods subject to declared retail sale price from Feb 1, 2026.
Valuation for supply of specified packaged goods - pan masala; unmanufactured tobacco and refuse; cigars, cheroots, cigarillos, cigarettes; other manufactured tobacco and substitutes; and tobacco or nicotine inhalation products - shall be based on the declared retail sale price, defined as the maximum price on the package including all taxes, with rules for multiple prices, altered prices, area-specific prices, and tariff-term interpretation drawn from the First Schedule to the Customs Tariff Act, 1975; effective 1 February 2026.

GST registration can be granted electronically within three working days for applicants meeting Aadhaar and low-output-tax criteria.
Rule 9A allows electronic grant of registration by the common portal within three working days where identification is completed using data analysis and risk parameters. Rule 14A permits applicants whose output tax to registered persons does not exceed Rs. 2,50,000 per month to opt for electronic registration, subject to mandatory Aadhaar authentication, single-registration-per-PAN restriction, and portal-based verification. Withdrawal from the option requires FORM GST REG-32 with Aadhaar OTP/biometric verification, prescribed return-filing pre-conditions, and adjudication by the proper officer with specified reporting and amendment limitations.

Central Excise corrigendum: replaces "chewing tobacco and jarda scented tobacco" wording with "gutkha" in the notification.
The corrigendum to Notification No. 04/2025 Central Excise (published as G.S.R. 956(E), 31 December 2025) directs that, in the Gazette entry at page 38, line 17, the words "chewing tobacco and jarda scented tobacco" shall be read as "gutkha", as notified by G.S.R. 57(E) dated 22 January 2026 under F. No. CBIC 190349/72/2025 TRU.

Corrigendum to Central Excise notification corrects terminology, officer designation, and specified numeric provisions, clarifying the published text.
Corrigendum to Notification No. 05/2025-Central Excise (N.T.) corrects the published text by replacing "registered person" with "manufacturer", substituting "jurisdictional Superintendent of Central Excise" for references to Deputy or Assistant Commissioners, changing "forty-eight" to "twenty-four", amending two references from "6(6)" to "6(3)", and correcting a column entry from "14" to "16".

Fixation of tariff values for edible oils, brass scrap, areca nut, gold and silver effective 23 January 2026.
Substitution of TABLE-1, TABLE-2 and TABLE-3 in the principal customs notification fixes tariff value amounts in US dollars for specified imported goods: edible oils (various palm and soya bean oils), brass scrap (all grades), areca nut, and specified categories of gold and silver (with explanations and exclusions), indicating where values remain unchanged; the amendment is made under section 14(2) of the Customs Act, 1962 and takes effect from 23 January 2026.

Haryana adjusts GST categorisation, adding specific tobacco and inhalation products to higher-rate schedules and omitting others.
Notification amends Haryana GST schedules: inserts biris (HS 2403 19 21, 2403 19 29) into the 9% Schedule II; adds pan masala, unmanufactured tobacco and tobacco refuse, cigars/cheroots/cigarillos/cigarettes, other manufactured tobacco and substitutes (excluding biris), tobacco extracts and essences, and inhalation-without-combustion products into the 20% Schedule III; and omits certain entries from the 14% Schedule VII. Amendments take effect 1 February 2026.

Valuation of specified tobacco and nicotine products set at declared retail sale price, tax computed by prescribed reverse-calculation formula.
Establishes that the value of supply for specified packaged goods (pan masala, tobacco products, and nicotine inhalation products) shall be deemed to be the retail sale price declared on the package less tax, with tax amount calculated by the formula (Retail sale price x applicable tax rate) / (100 + sum of applicable tax rate); defines applicable tax and retail sale price rules for multiple, altered, or area-specific price labels.

Retail sale price valuation for pan masala and tobacco products now applies to specified packaged goods under GST.
Valuation of specified packaged goods-pan masala and various tobacco and nicotine products-shall be based on the declared retail sale price on the package, defined as the maximum consumer price including all taxes and charges; where multiple or altered prices exist the highest or altered price applies, area-specific declared prices govern regional supplies, and Customs Tariff Schedule classification rules apply to interpret the listed tariff items.

Tamil Nadu e-Governance Agency: exempted specified incomes under section 10(46), subject to compliance conditions and applicable assessment years.
The Central Government notifies section 10(46) exemption for Tamil Nadu e-Governance Agency, listing exempt receipts: government grants for operations; service charges via Common Service Centres; fees for software development and IT consultancies and related interest; dividends from CSC-SPV; admin cost recoveries on UIDAI PEC grants; revenue sharing from online examinations; other incidental income; and interest on these items. The exemption is conditional on no commercial activity, unchanged activities and income nature, and filing returns under clause (g) of s.139(4C); non-compliance may lead to penalties and withdrawal. The notification covers AYs 2024-25, 2025-26 and applies to 2026-27 through 2028-29.

Dadra and Nagar Haveli welfare board exempted from tax on cess, registration fees and deposit interest, subject to compliance.
Notification grants tax exemption to the Dadra and Nagar Haveli Building and Other Construction Workers Welfare Board for cess collected, registration fees, and interest on bank deposits, subject to conditions: no commercial activity, unchanged activities and income character across financial years, and prescribed filing of income tax return; non-compliance may lead to penal actions and withdrawal of the exemption, and the notification is effective retrospectively for assessment years corresponding to financial years 2018-19 through 2022-23.

Karnataka State Rural Livelihood Promotion Society granted tax exemption on grants and bank interest, subject to compliance conditions.
Notification grants tax exemption under section 10(46) to Karnataka State Rural Livelihood Promotion Society for grants from the Central Government, grants from the State Government of Karnataka, and interest on bank deposits, subject to conditions: no commercial activity, unchanged activities and specified income across financial years, and filing returns under clause (g) of sub-section (4C) of section 139; non-compliance may lead to penal action and withdrawal of exemption, and the notification has retrospective and specified prospective application to listed assessment years.

Threshold change for high-value debt listed entities alters governance and disclosure obligations under listing regulations.
The amendment increases the threshold for classification as a high-value debt listed entity and revises transitional applicability; mandates crediting investor service requests for subdivision, split, consolidation, renewal, exchanges and duplicate securities in dematerialised form within thirty days; requires transfers and transmissions only in dematerialised form with limited grandfathering for specified physical transfers; directs unclaimed escrow amounts to prescribed investor protection funds without interest; centralises periodic corporate governance compliance reporting for HVDLEs; and modifies board appointment, vacancy-filling, meeting frequency, related party transaction carve-outs, subsidiary measurement and secretarial audit annexure requirements.

Non-convertible debt securities now allow incentives for retail investors ( Rs. 2 lakh) and specified categories, limited to initial allottees.
Amendment defines "retail individual investor" as an individual applying or bidding for debt securities up to two lakhs rupees and permits issuers to offer additional interest or an issue-price discount to specified categories of investors, including retail individual investors, senior citizens, women and defence personnel; such incentives are available only to the initial allottee and not on post-allotment transfer or transmission.

Tax exemption for Agra Development Authority effective assessment year 2024-25, subject to statutory purpose conditions.
Notifies Agra Development Authority (PAN AAALA0081F) as eligible for exemption of specified income under the Income-tax Act, on the basis that it is constituted under the Uttar Pradesh Urban Planning & Development Act. The notification is effective from assessment year 2024-25, conditional on the Authority continuing to meet the statutory purpose requirements set out in the exemption clause; an explanatory memorandum certifies no person is adversely affected by retrospective effect from the year of application.

Barnala Improvement Trust notified for tax exemption on specified income, effective from assessment year 2024-25.
The Central Government notifies the Barnala Improvement Trust, constituted under the Punjab Town Improvement Act, 1922, as an authority for the purpose of tax exemption on specified income under clause (46A) of section 10 of the Income-tax Act, 1961, effective from the assessment year 2024-25, subject to the condition that the Trust continues to be a local authority with one or more purposes specified in sub-clause (a) of clause (46A).

Aligarh Development Authority tax exemption notified under section 10(46A), effective AY 2025 26, subject to statutory purpose condition.
Central Government notifies Aligarh Development Authority as eligible for the specified income tax exemption, effective assessment year 2025 26, on condition that it continues to be an authority constituted under the Uttar Pradesh Urban Planning and Development Act, 1973 and performs one or more of the purposes specified in the relevant exemption clause; explanatory memorandum states no person is adversely affected by retrospective effect from the year of application.

Valuation of specified tobacco and nicotine products: retail sale price declared becomes basis for taxable value under amendment
An amendment adds a clause treating supplies of specified tobacco and nicotine-related goods as valuated on the basis of the retail sale price declared on packaged goods; it lists the covered goods, defines retail sale price (including multiple prices, altered prices, and area-specific prices), and adopts interpretation rules of the First Schedule to the Customs Tariff Act for tariff terms.

Wheat flour exports remain prohibited, but up to 5 LMT allowed under DGFT export authorisation and notified modalities.
Export of wheat and related flours under HS Code 1101 remains prohibited, but export of up to 5 LMT is permitted under an Export Authorisation issued by DGFT pursuant to modalities to be notified separately; existing policy conditions and prior notifications continue to apply except for this quantified allowance.