The Union Budget was presented in the Lower House (Lok Sabha) of the Indian Parliament today, i.e., 1 February 2026. Some of the major changes in the Customs law, including the changes in the rate of customs duties for certain specified goods, as per the Finance Bill, 2026 and the Customs notifications issued today, are highlighted below.

Section 15(3) of CGST Act allows deduction of eligible discounts from the value of supply, subject to condition that the discount was known and agreed upon before or at the time of supply and linked to the relevant tax invoice.

New Delhi, January 02, 2026: Lakshmikumaran & Sridharan Attorneys (“LKS”) advised Inox Clean Energy Limited (“Inox”), a part of the INOXGFL Group, in relation to its acquisition of a 1,337 MW renewable energy platform from Macquarie Corporate Holdings Pty Limited (“Macquarie”) and other shareholders. The platform comprises of a diversified renewable energy portfolio of wind, solar and hybrid projects, with around 800 MW currently operational across multiple Indian states.

The Delhi High Court has partly allowed a writ petition filed by an Association of Chillies Exporters, challenging the foreclosure of the Transport and Marketing Assistance Scheme for Specified Agricultural Products notified by Notification No. 9 September 2021, by Notification dated 25 March 2022. The Court held that while the Central Government lacks statutory power under the Foreign Trade law to issue or withdraw export incentive schemes retrospectively, exporters cannot claim incentives for a period when no valid scheme was in operation.

The Andhra Pradesh High Court has held that the interest and penalty, recovered by a foreman, in relation to default in payment of installments by the chit fund subscribers would not be exigible to tax under the GST provisions. The assessee was represented by Lakshmikumaran & Sridharan Attorneys here.