Blogs

Covestro India Pvt. Ltd. vs. Assistant Commissioner of Customs, Nhava Sheva (2026) 43 Centax 158 (Bom.) [16-04-2026]

Introduction

India's expanding network of Free Trade Agreements (FTAs) plays a pivotal role in facilitating international trade by allowing eligible imports to avail preferential customs duty, subject to compliance with the applicable Rules of Origin (RoO). These rules ensure that tariff concessions are available only to goods genuinely originating from the partner...

On 1st July 2017, India embarked on its most ambitious indirect tax reform since independence — the Goods and Services Tax (GST). Touted as "One Nation, One Tax, One Market". Nine years on, GST has undeniably widened the tax base, improved the ease of doing business, and improved GST collections. But it has also generated an enormous litigation, procedural friction, and interpretational disputes. Past 9 years, both the taxpayers and the government have faced uncertainty over...

Published in TaxTMI https://www.taxtmi.com/article/detailed?id=15991

Budget 2026 introduced a new Foreign Assets Disclosure Scheme (‘Scheme’) providing an option to individual taxpayers to regularise previous non-disclosures of foreign assets and income arising therefrom. Suo-moto disclosure of undisclosed foreign income and foreign assets up to ?5 crore and cases involving reporting lapses is permitted, in situations where income has already been offered to tax but the corresponding...

Published in May’26 edition of The Bombay Chartered Accountant Journal

The Union Budget 2026 introduced a one-time Foreign Assets Disclosure Scheme (FAST-DS 2026) to provide a compliance window to individual taxpayers for regularising past non-disclosures of overseas income and assets. The scheme permits voluntary disclosure of undisclosed foreign income and foreign assets up to ?5 crore and cases involving mere reporting lapses, where income has already been offered to tax in India...