Tariff value fixation updated for edible oils, brass scrap, precious metals and areca nut; new values effective end of August.
The Central Board of Indirect Taxes & Customs substitutes revised TABLE 1, TABLE 2 and TABLE 3 into the principal non tariff notification to set tariff values for specified edible oils, brass scrap, designated categories of gold and silver (with scope and exclusions), and areca nut; these revised benchmark US dollar tariff values apply for import valuation purposes and take effect from 30th August, 2025.

Customs exemption extension for raw cotton deadline extended, altering the terminal date of the existing notification.
Central Government, exercising powers under sub-section (1) of section 25 of the Customs Act, 1962 read with section 124 of the Finance Act, 2021, amends an earlier notification by substituting the terminal date in paragraph 2 to extend the operative period of the customs duty exemption on raw cotton.

Export Obligation period change extends EO for inputs under mandatory QCOs, aligning EO duration with Handbook provisions.
Amendment to Para 2.03(A)(i)(g) removes the 180-day EO restriction for inputs subject to mandatory Quality Control Orders and prescribes that the Export Obligation period for such Advance Authorisations shall henceforth follow the timeline specified in the Handbook of Procedures, thereby extending the EO applicable to those products from the previous six-month limit to the Handbook-prescribed duration.

Appointment of NFRA officers: Central Government names Chairperson and Members with fixed tenure and service rules.
Central Government appoints a Chairperson and three Full-Time Members of the National Financial Reporting Authority, effective from their date of entry into office, for three years or until attaining the age of sixty-five years, whichever is earlier; their terms and conditions of service are governed by the National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Rules, 2018.

Scientific research approval under Section 35(1)(iia) extends tax recognition to the company's R&D activities for specified years.
Approval is accorded to M/S IIT Madras Research Park for Scientific Research under the tax approval mechanism established by Section 35(1)(iia) read with the corresponding rule, recognising the company's research activities as qualifying for the tax provision and setting a time-bound period of applicability, with certification that retrospective effect does not adversely affect any person.

Companies (Incorporation) Second Amendment Rules 2025 substitute Form RD 1, mandating detailed application data, attachments, and declarations.
The amendment replaces Form RD-1 in the Companies (Incorporation) Rules, 2014, effective 15 September 2025, and requires applicants to file structured applications to the Central Government (Regional Director) for specified purposes (change of financial year, name rectification, conversion, or scheme approval). The form mandates identity and contact data, statutory basis, resolution details, creditor particulars, prior filing history, and attachments (board/special resolutions, advertisement, scheme, authorization), plus Rule 41 declarations and digital signature by authorized signatories.

Drawback rate adjustment for gold and silver jewellery updated, substituting earlier AIR figures with higher rates.
Amends the Customs notification setting drawback rates for gold and silver jewellery by substituting revised figures in the Schedule for specified Chapter 71 tariff entries. The amendment directs replacement of the prior column (4) amounts with new amounts for three listed tariff items, thereby modifying the applicable drawback amounts payable on export of the concerned articles under the existing drawback rules.

Minimum Export Price for natural honey reduced, lowering export threshold and effective immediately until policy period end.
The notification amends the Minimum Export Price (MEP) for natural honey under the export policy, reducing the MEP and making the revised MEP effective immediately until the end of the stated policy period; the change is effected under powers granted by the Foreign Trade (Development & Regulation) Act and amends an earlier DGFT notification.

Virgin multi-layer paper board imports now require PIMS registration and face a CIF minimum import price of INR 67,220/MT.
Imports under HS codes 48059100, 48059200, 48059300, 48109200 and 48109900 are free subject to Compulsory Registration under the Paper Import Monitoring System (PIMS); however, import of Virgin Multi-layer Paper Board (VPB) with CIF value below INR 67,220/MT is restricted and effectively subject to a Minimum Import Price (MIP) of INR 67,220/MT on CIF until 31 March 2026.

Tax exemption under section 10(46) for Credit Guarantee Fund Trust for specified income, subject to non-commercial and filing conditions.
Notification grants an income tax exemption to the Credit Guarantee Fund Trust for Animal Husbandry and Dairying for specified receipts - guarantee fees from eligible lending institutions, income from mutual funds, miscellaneous income, and interest income from banks/financial institutions - subject to conditions that the Trust not engage in commercial activity, that activities and nature of specified income remain unchanged, and that the Trust file returns as required by the relevant statutory return-filing provision.

Tax exemption under section 10(46) for construction workers' welfare board: specified receipts exempt subject to conditions.
Notification exempts specified receipts of the Karnataka State Building & Other Construction Workers' Welfare Board under section 10(46) of the Income-tax Act, covering Central Government grants, centrally decided other sums, cess collected under the Building and Other Construction Workers' Welfare Cess Act, registration fees and annual subscriptions, and bank deposit interest. The exemption is subject to conditions: no commercial activity, unchanged activities and income nature during the notified years, and filing returns as required by clause (g) of sub section (4C) of section 139.

Tax exemption under section 10(46A): Kanpur Development Authority notified as exempt authority effective assessment year 2024-25.
The Central Government notifies Kanpur Development Authority, constituted under the Uttar Pradesh Urban Planning and Development Act, as an exempt authority under the specified clause of the Income-tax Act, effective from assessment year 2024-2025, subject to its continuing status under the state urban planning statute and carrying one or more specified purposes required for eligibility; an explanatory memorandum certifies no person is adversely affected by retrospective effect.

Specified fund definition revised under rule 21AIA, aligning its meaning with the Income-tax Act explanation.
Rule 21AIA is amended by omitting sub-rule (4) and substituting the Explanation so that the expression "specified fund" shall have the same meaning as assigned in sub-clause (i) of clause (c) of the Explanation to clause (4D) of section 10 of the Income-tax Act; the amendment takes effect on publication in the Official Gazette.

IFSC Insurance Office gross income clarified; permits nil reporting in Form 10CCF when profits computed under First Schedule.
Form No. 10CCF (Annexure A) is amended to state that, for a Unit that is an IFSC Insurance Office undertaking insurance business, gross income in serial number 6 means the profit and gains calculated under the presumptive computation provisions and the First Schedule; and that the gross eligible income field in serial number 9 may be submitted as nil where profits and gains are so computed.

Extension of Return Due Date: GSTR-3B filing for specified Maharashtra districts moved to late August for July period.
The Commissioner, on the Council's recommendation, has extended the due date for furnishing FORM GSTR-3B for the month of July, 2025 to the twenty-seventh day of August, 2025 for registered persons whose principal place of business is located in the districts of Mumbai (City), Mumbai (sub-urban), Thane, Raigad and Palghar in Maharashtra and who are required to furnish returns under the statutory return-furnishing provisions read with the relevant rule of the Central Goods and Services Tax Rules, 2017.

Anti-dumping duty extension on fluoroelastomers preserves levy on imports from China PR pending further government action.
The Central Government amended the principal anti dumping notification to insert a provision that the anti dumping duty on imports of Fluoroelastomers (FKM) from China PR shall remain in force up to and including 26th February, 2026, unless revoked, superseded or amended earlier, following initiation of a review by the designated authority under the Customs Tariff Act and the anti dumping rules.

Anti-dumping duty on TDI originating in EU and Saudi Arabia extended to remain in force until 1 March 2026.
The Central Government amended the 2021 anti-dumping notification to insert a provision that, notwithstanding prior provisions, the anti-dumping duty on imports of Toluene Di isocyanate originating in or exported from the European Union and Saudi Arabia shall remain in force up to and inclusive of 1 March 2026 unless revoked, superseded or amended earlier, pursuant to powers under the Customs Tariff Act and the applicable trade remedy rules following a continuation review.

Diamond Imprest Authorization: CA certificate allowed in place of pending ITR; integrated tax cess exemption removed.
Para 4.61 now permits submission of a Chartered Accountant certificate in lieu of a not yet finalised Income Tax Return, provided the ITR is filed by 31 December of the application year; the existing eligibility and import entitlement (up to 5% of the three year average export performance subject to the stated cap) remain. Para 4.63 continues exemptions for Basic Customs Duty, Additional Customs Duty, Education Cess and various anti dumping/countervailing/safeguard duties, but removes exemption for the whole of the Integrated Tax and Compensation Cess.

Tax exemption under section 10(46) for specified regulatory commission income declared effective retrospectively for the relevant assessment year.
Notification under section 10(46) notifies Tamil Nadu Electricity Regulatory Commission as eligible for exemption for specified income for financial year 2022-2023 (assessment year 2023-2024). Specified incomes covered: Government grants; fees under clause (g) of sub section (1) of Section 86 read with Section 181 of the Electricity Act, 2003; penalties under section 146 of the Electricity Act, 2003; and interest on bank deposits. Exemption is subject to conditions prohibiting commercial activity, requiring unchanged activities and income, and mandating return filing under clause (g) of sub section (4C) of section 139.

Exemption from customs duty and AIDC on imported cotton temporarily suspends import levies to address public interest.
Exemption from customs duty and Agriculture Infrastructure and Development Cess (AIDC) is granted on imports of cotton under heading 5201 of the First Schedule to the Customs Tariff Act, 1975, exempting such goods from the whole of the customs duty and the whole of the AIDC when imported, on a public interest basis, subject to the temporal limits and administrative terms set out in the issuing notification.