https://www.taxtmi.com/article/detailed?id=15843 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. en-us Mon, 09 Feb 2026 09:20:26 +0530 Mon, 09 Feb 2026 09:20:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=15843 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. Articles Budget - Tax Proposals Mon, 09 Feb 2026 09:20:26 +0530 https://www.taxtmi.com/article/detailed?id=15843