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    AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001
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    NewsBill
    AMENDMENT TO SEVENTH SCHEDULE TO THE FINANCE ACT, 2001
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    Chewing and related tobacco NCCD schedule rates raised to 60% from May 1, 2026, while effective rate stays 25%.
    Seventh Schedule to the Finance Act, 2001 is amended to raise NCCD rates from 25% to 60% for HS 2403 99 10 (chewing tobacco), HS 2403 99 30 (jarda scented tobacco) and HS 2403 99 90 (other tobacco products including gutkha) effective 01.05.2026, while a notification will maintain the applied effective rate at 25%.
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    Biogas/CBG in blended CNG: value and related taxes excluded from transaction value for central excise from 02.02.2026.
    The value of Biogas/Compressed Biogas (CBG) contained in blended CNG, and the central, state, union territory or integrated taxes paid on that Biogas/CBG, are excluded from the transaction value for computing central excise duty on blended CNG; the exclusion is effected by amending the existing notification framework and takes effect from 02.02.2026, with the prior GST-only relief rescinded.
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    DEFERMENT OF DATE OF IMPLEMENTATION OF HIGHER EXCISE DUTY ON SALE OF UNBLENDED DIESEL
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    Unblended diesel additional excise duty implementation deferred until 31.03.2028 by amendment to existing notification effective immediately.
    The additional excise duty of Rs.2 per litre on unblended diesel is deferred until 31.03.2028 by amendment of Notification No. 11/2017 Central Excise through Notification No. 02/2026 Central Excise (01.02.2026), thereby postponing the levy of the higher duty on unblended diesel.
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    Goods and Services Tax: amendments remove discount-agreement link, expand refund scope, and allow interim appellate authorities.
    Amendments remove the requirement that a post-sale discount be linked to an agreement and prescribe issuance of a credit note under section 34 when input tax credit is reversed; section 34 is amended to reference section 15. Section 54 is amended to extend provisional refunds to inverted duty structure claims and to remove the sanction threshold for refunds on exported goods with tax paid. Section 101A gains sub-section (1A) allowing the Central Government to notify an existing authority or tribunal to hear appeals under section 101B pending the National Appellate Authority, with sub-sections (2)-(13) not applying where such empowerment occurs, effective 01.04.2026.
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    Place of supply for intermediary services will follow the IGST Act default provision after omission of the specific clause.
    The amendment omits clause (b) of sub section (8) of section 13 of the Integrated Goods and Services Tax Act, 2017 so that the place of supply for intermediary services will be determined by the default provision in section 13(2) of the IGST Act, aligning intermediary services with the Act's general place of supply framework.
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    Education consultancy commissions treated as exportable services, not intermediary services, where foreign institution is the contracting recipient.
    The Court held that the intermediary test focuses on whether a person merely "arranges or facilitates" a supply, excluding those who supply on their own account; where agreements and consideration establish a principal-to-principal supply to foreign educational institutions, the services qualify as export of services and not intermediary services, making place of supply the recipient's location and supporting refund entitlement.
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    The substituted text widens the jurisdictional trigger for third party assessments from strict ownership to where books or documents "pertain to" or contain information that "relates to" the other person; the first proviso's deeming fiction makes the date of receipt of seized material by the other person's Assessing Officer the operative reference point, so if receipt, satisfaction and issuance of notice occur after the amendment, the amended provision governs, subject to the requirement of recorded satisfaction that the material bears on determination of total income.
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    The tribunal permitted admission of additional legal grounds based on facts on record and held that the outer statutory limitation governs final assessments in eligible-assessee transfer pricing cases. The dispute-resolution procedural deadline requires prompt action after directions but does not enlarge the overall limitation; statutory extension available for transfer pricing references is to be applied to the outer limit, and external judicial limitation extensions do not extend the time for completing original assessments.
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    Section 153C jurisdiction requires seized or requisitioned books of account or documents from a search that relate to or pertain to a non searched person; digital images recovered in a third party search that did not name or connect the petitioners could not sustain Section 153C. The Assessing Officer's reliance on post search forms, voluntary supply of documents, public domain inquiries, and an inferential consideration mismatch rendered the recorded satisfaction de hors the statutory trigger, allowing writ relief for jurisdictional defect.
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    Omission of Rule 89(4B) and Rule 96(10) without an express saving clause causes pending proceedings and non-final orders founded solely on those rules to lapse, except for transactions past and closed. The General Clauses Act's preservation principle does not apply to omissions effected by subordinate rules/notification, and transitional or laying provisions of the parent statute do not operate as omnibus saving clauses. Consequently, undisposed show cause notices and orders dependent only on the omitted rules were quashed and affected refund applications were remitted for reconsideration after hearing within a stipulated period.
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    GST electronic service by portal or email may not trigger appeal limitation absent verifiable communication or retrieval evidence.
    Whether portal upload or e-mail intimation automatically triggers the limitation period under Section 107 depends on whether such electronic modes fall within the statutory deeming fictions of Section 169(2) or Section 169(3). Although Section 169(1)(c)-(d) and Rule 142 permit electronic service, the express deeming consequences are confined to specified modes; absent acknowledgement or verifiable retrieval logs, IT Act presumptions of dispatch/receipt do not alone establish communication for appeal limitation.
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    The Court held that contemporaneous extraction/printing records, device particulars, and un-retracted Section 108 statements acknowledging computer printouts can constitute substantive due compliance with Section 138C(4) of the Customs Act, 1962; a certificate not in prescribed format will not automatically invalidate admissibility where authenticity is not disputed, while other statutory evidentiary issues (including Section 138B) remain open for adjudication.
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    Aluminium shelving classed by import condition: use allowed only if statutorily permitted; supports aren't parts at import.
    Classification requires sequentially applying GRI 1 with relevant Section and Chapter Notes; aligned HSN Explanatory Notes guide interpretation. Use is relevant only where permitted and must reflect intended use objectively evident at importation per the as imported principle. A "part" must have an essential functional nexus to machine operation; mere supporting platforms or shelves that do not contribute mechanically to operation are not parts and may instead fall under material-based structure headings.
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    Section 68, Loan Credits, and the Limits of Suspicion: Evidentiary Discipline in Search-Linked Asses...
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    Unsecured loans through banking channels cannot be treated as unexplained credits absent transaction specific incriminating material.
    Unsecured bank routed loans cannot be treated as unexplained credits where the assessee produced confirmations, lender bank statements, audited accounts and tax filings, and the Assessing Officer relied chiefly on uncorroborated third party search statements or administrative press releases without transaction specific incriminating material. For years prior to the Finance Act, 2022 amendment, a generalized source of source obligation for loan credits is not mandated; repayments in the lender's account are distinct from fresh upstream borrowings. Appellate authorities may independently verify facts under their powers if the AO is given opportunity to respond.
    Case LawsIncome Tax
    JAO vs. FAO: Reassessment in the Faceless Era: The Continuing Validity of JAO Jurisdiction Pending S...
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    The Delhi High Court holds that both JAO and FAO possess concurrent jurisdiction to initiate reassessment under Section 148, construing Section 151A as administrative/enabling rather than jurisdiction-extinguishing. It reasons that routine SLP dismissals do not automatically create binding Article 141 precedent to overturn a coordinate-bench High Court view, and declines to treat the Delhi precedent as per incuriam absent a contrary Supreme Court ratio; interim apex stays are case-specific and do not displace the Delhi position.
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    Once a cheque's execution is admitted, statutory presumptions of consideration and of a legally enforceable debt arise and, though rebuttable, the initial burden lies on the accused; unsupported claims of payer incapacity or a 'blank cheque' are insufficient without positive evidence. Breach of tax-related cash-transaction rules attracts fiscal penalties but does not render the underlying loan unenforceable for cheque-dishonour purposes. Revisional courts may not overturn concurrent factual findings absent perversity or jurisdictional error. Procedural reforms and calibrated compounding measures are directed to expedite and streamline Section 138 proceedings.

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      Bill

      Increase in tax rates of Securities Transaction Tax

      1 February, 2026

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      Union Budget 2026-27 - Finance Bill, 2026

      Securities Transaction Tax (STT) was introduced by the Finance (No. 2) Act, 2004 as a mechanism for efficient collection of tax on transactions in specified securities carried out through recognised market infrastructure. Under the STT framework, the obligation to collect and deposit the tax is placed on recognised stock exchanges, mutual funds in respect of equity-oriented schemes, insurance companies, or lead merchant bankers, as applicable. Over time, STT has become an integral component of the securities market ecosystem and supports the policy objective of promoting transparent, exchange-traded transactions.

      2. The rates of STT have been revised periodically to reflect changes in market structure and trading behaviour. In view of the scale and depth achieved by the derivatives market, it is considered appropriate to undertake a calibrated revision of the applicable rates of STT on options and futures transactions.

      3. It is proposed to increase the rate of STT on sale of an option in securities from 0.1 per cent to 0.15 per cent of the option premium, on sale of an option where the option is exercised from 0.125 per cent to 0.15 per cent of the intrinsic price, and on sale of a future in securities from 0.02 per cent to 0.05 per cent of the traded price. This will address issue of disproportionate increase in speculation in futures and options trading.

      4. These amendments shall take effect from the 1st day of April, 2026, and the revised rates shall apply to transactions in options and futures in securities entered into on or after that date.

      [Clause 143]

       

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      Union Budget 2026-27 - Finance Bill, 2026

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