Introduction On 1 October 2025, India’s Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) comes into force. The EFTA states comprise Switzerland, Norway, Iceland, and Liechtenstein. After nearly 16 years of negotiations, this marks India’s first trade agreement with a European bloc. The pact includes, for the first time in […]
1. Background of the Case M/s Simran Exports, a Delhi-based exporter, had exported garments in 2009 declaring an FOB value of ₹1.06 crore and claimed duty drawback. Later, the Directorate of Revenue Intelligence (DRI) alleged that the goods were grossly over-invoiced to avail ineligible drawback. Based on this allegation, the adjudicating authority ordered confiscation of […]
On 28 August 2025, the Supreme Court of India delivered a significant ruling in Union of India v. Adani Power Ltd. (Civil Appeal No. 4489 of 2023 and connected matters), clarifying the levy of export duty on supplies from the Domestic Tariff Area (DTA) to Special Economic Zones (SEZs) Background The appeals arose from judgments […]
The Central Board of Indirect Taxes and Customs on 12th September, 2025 has notified the Customs (Finalisation of Provisional Assessment) Regulations, 2025, replacing the 2018 framework. These new regulations mark a significant reform in the way provisional assessments are managed, introducing greater clarity, stricter timelines, and accountability for both businesses and customs authorities. At the […]
M/S Shah Nanji Nagsi Exports Pvt. Ltd. v. Union of India (2025 INSC 1032) Introduction In a landmark ruling delivered on 19 August 2025, the Supreme Court of India in M/S Shah Nanji Nagsi Exports Pvt. Ltd. v. Union of India clarified the law on exporters’ entitlement under the Merchandise Exports from India Scheme (MEIS). […]
The Directorate General of Foreign Trade (DGFT), vide Public Notice No. 20/2025-26 dated 26 August 2025, has suspended with immediate effect the Standard Input Output Norms (SIONs) pertaining to food products. The suspension has been necessitated as DGFT has observed that in several cases, (i) input descriptions are generic, and (ii) quantities of alternative inputs […]
Introduction The India-UK Free Trade Agreement (FTA), officially termed as the India-UK Comprehensive Economic Partnership Agreement (CEPA), marks a significant milestone in India’s evolving global trade architecture. With negotiations launched in January 2022 finally signed on 24th July 2025, the FTA aims to create a liberal, equitable, and mutually beneficial trade framework between two major […]
In a significant move to bolster India’s export competitiveness, the Government of India has announced the restoration of benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for exporters operating under Advance Authorisation (AA), Special Economic Zones (SEZs), and Export-Oriented Units (EOUs). This reinstatement will take effect from June 1, 2025. […]
By OSGAN Consultants Pvt. Ltd.Your Trusted Partner for Business Setup & Compliance in India IntroductionThe recent Supreme Court judgment permitting businesses to use their Electronic Credit Ledger (ECL) for making the mandatory 10% pre-deposit in Goods and Services Tax (GST) appeals marks a landmark development in Indian tax litigation. This ruling not only alleviates cash […]
The Reserve Bank of India (RBI) has initiated a major regulatory transformation with the release of the Draft Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2025. This landmark reform is set to redefine India’s foreign exchange management landscape by streamlining trade-related compliance under FEMA, 1999, improving ease of doing business, and […]