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    The cumulative exports (merchandise & services) during April-September 2026-27 are estimated at US$ 476.20 Billion, as compared to US$ 418.31 Billion ...
    Union Minister of Commerce and Industry Shri Piyush Goyal Calls on Youth to Drive India’s AI Journey
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October 15, 2026
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Merchandise and services trade estimates show export growth, import expansion, and a wider combined trade deficit over the reporting period.
Combined trade estimates for April-September 2026-27 show exports of US$ 476.20 billion and imports of US$ 551.13 billion, resulting in a trade deficit of US$ 74.93 billion. Merchandise exports rose to US$ 259.89 billion, while merchandise imports reached US$ 437.53 billion. Estimated services exports were US$ 216.31 billion and services imports were US$ 113.60 billion, producing a services trade surplus of US$ 102.71 billion. September services figures are estimates, and specified earlier-period data were revised using quarterly balance-of-payments data.
October 15, 2026
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Emerging technology skills and resilient supply chains are positioned as foundations for investment competitiveness and inclusive economic growth.
Ministerial policy priorities for India's trade, investment and technology agenda emphasise artificial intelligence, cybersecurity, technology adoption, manufacturing investment and lifelong skill development. Investment competitiveness is linked to political stability, resilient supply chains, and fair and transparent trading practices. The first tranche of a bilateral trade agreement with the United States has been finalised, while final contours and legal drafting continue before operationalisation.
October 14, 2026
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Majority stake acquisition in the jewellery sector receives competition clearance for GRT Jewellers' purchase of Tribhovandas Bhimji Zaveri.
Competition Commission of India approved GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. The transaction concerns entities operating in the Indian gems and jewellery market, including a private limited acquirer and a publicly listed target engaged in manufacturing and sale of gems and jewellery.
October 14, 2026
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Minority shareholding acquisition in mother and baby healthcare receives competition clearance for a private equity-backed investment.
Competition Commission of India clearance authorises NuageLux BidCo S.a r.l. to acquire approximately 23% of the fully diluted shareholding in Kids Clinic India Ltd. The transaction constitutes an acquisition of a minority equity interest in a healthcare provider operating under the Cloudnine brand. NuageLux BidCo is a Luxembourg-incorporated private limited special purpose vehicle, ultimately controlled by Permira Holdings Ltd.
October 14, 2026
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Competition clearance permits development finance and alternative investment funds to acquire equity in an agricultural commodities trading business.
Competition clearance has been granted for the acquisition of certain equity shareholding in FarMart Service Private Limited by Impact Fund Denmark, Belgian Investment Company for Developing Countries SA/NV, and Orios Fund IIIa. FarMart conducts business-to-business trading, purchasing and selling of agricultural products and commodities in India and international markets. The acquiring investors include development finance institutions and a sub-fund of a SEBI-registered Category II alternative investment fund.
October 14, 2026
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Strategic bank restructuring requires independent valuation, qualified bidding, regulatory fit-and-proper review, and a compliance roadmap before ownership transfer.
Strategic restructuring of IDBI Bank Ltd. involves the sale of 60.72% of its shareholding to an approved Strategic Buyer, comprising holdings of the Government of India and LIC. Qualified bids were evaluated against a benchmark derived from independent Market Multiple and Asset Valuation methods, with volatile stock-market prices disregarded. Further steps require fit-and-proper assessment, a regulatory compliance roadmap, withdrawal of government and LIC board nominees, and management or sale of their residual shareholdings under applicable procedures.
October 14, 2026
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Strategic bank divestment requires fit and proper screening, independent valuation, competitive bids, and continuing regulatory compliance.
Strategic restructuring of IDBI Bank Ltd. has been approved through sale of a 60.72% equity stake to a strategic buyer, with residual holdings retained by the Government of India and LIC. Bidder participation required fit-and-proper and security clearances. After initial bids fell below the reserve price, best offers were assessed against independent enterprise valuations based on the Market Multiple Method and Asset Valuation Method. The successful bid exceeded the benchmark and both fair-value estimates. Completion remains subject to regulatory credentials and a compliance roadmap.
October 14, 2026
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Illicit cannabis cultivation enforcement combines source destruction, technology-assisted identification, and alternative crop development to disrupt narcotics supply chains.
Operation Parivartan uses ground surveys and drone technology to identify and destroy illicit cannabis cultivation at source, with Forest and Police Department support in difficult terrain. It also incorporates public dialogue and alternative crop development under the NDPS Policy 2012. CBN, as the apex drug law-enforcement and regulatory agency under the Department of Revenue, is responsible for identifying and destroying illicit cannabis and opium cultivation and continues such operations nationwide.
October 14, 2026
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Import prohibition on Pakistani-origin goods: third-country routing and fabricated origin records triggered customs enforcement and arrests.
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October 14, 2026
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International financial cooperation will guide multilateral and bilateral discussions on economic outlook, reform priorities, investment opportunities, and infrastructure financing.
India's Finance Minister will participate in multilateral and bilateral economic discussions addressing economic developments, financial-sector issues, the global economic outlook, development priorities, international financial cooperation, and reform of the international financial architecture. Related engagements will examine trade resilience, investment opportunities, and mobilisation of private capital for urban and water infrastructure, while highlighting India's economic performance and reform priorities.
October 14, 2026
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GST annual return filing requires prior GSTR-1 and GSTR-3B filing before access to annual return forms.
GSTR-9/9C annual return filing for FY 2025-26 is enabled on the GST portal from 8 October 2026. Access to the annual-return filing tile requires filing all GSTR-1 and GSTR-3B returns for the relevant financial year. Taxpayers requiring filing assistance may submit a support ticket through the GSTN helpdesk.
October 13, 2026
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Automated GST registration and refunds streamline compliance through risk-based processing, electronic verification, and limited officer intervention.
GST refund administration is proposed to use phased risk-based system processing, with acknowledgement or deficiency action within ten days, deemed acknowledgement on inaction, automated provisional refund for eligible low-risk zero-rated and inverted-duty claims, and fully automated refund of excess electronic cash-ledger balances. Validation failures require correction and fresh filing or referral for officer scrutiny, while final scrutiny remains applicable in specified cases. Applicants must file all due returns and submit supporting material electronically. Delayed-refund interest applies beyond the statutory period, and eligible input-service and capital-goods credit is proposed to be included in prescribed refund computations.
October 13, 2026
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Integrated infrastructure planning under PM GatiShakti uses geospatial data and coordinated appraisal to strengthen multimodal connectivity and logistics efficiency.
PM GatiShakti National Master Plan uses an integrated geospatial planning framework to coordinate infrastructure, economic and social-sector development. The framework supports multimodal connectivity, intermodal links, last-mile access, project appraisal and synchronised implementation. It has expanded to district-level planning for local services and is supported by public-access, knowledge-sharing, decentralised data-management and monitoring systems. The Integrated Transport and Logistics Authority is intended to strengthen transport and logistics research, planning, appraisal, monitoring and impact assessment.
October 13, 2026
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Public asset e-auctions enable transparent land monetisation through registration, due diligence, and competitive online bidding.
NLMC's first end-to-end e-auction monetised surplus RINL land through transparent, competitive online bidding, selling 150 plots at bids above the aggregate reserve price. The process is coordinated with the asset owner and includes bidder outreach, registration, documentation, Earnest Money Deposit requirements, and online participation. A final phase for the remaining parcels requires timely registration, review of reserve prices, eligibility conditions and participation requirements, due diligence, and completion of prescribed formalities.
October 13, 2026
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Bribery allegations involving tax enforcement powers led to arrest during an alleged acceptance of undue advantage.
Bribery allegations concern a CGST Superintendent accused of demanding a monthly undue advantage from a scrap-business proprietor in exchange for not intercepting scrap vehicles or obstructing the business. A criminal case was registered, and a trap operation resulted in the Superintendent being apprehended while allegedly accepting the demanded undue advantage. Searches recovered cash and immovable-property documents, and the investigation remains ongoing.
October 13, 2026
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Financial connectivity and investment cooperation focused on institutional capital, digital finance, and strategic-sector investment opportunities.
Bilateral investment and financial cooperation between India and Singapore focused on mobilising long-term institutional capital, expanding financial connectivity, and increasing investment in infrastructure and strategic sectors. Investment discussions covered AI-related infrastructure, semiconductors, renewable energy, manufacturing, MSMEs, trade finance, healthcare and food supply chains. Financial-technology dialogue addressed asset tokenisation, digital money, CBDCs, interoperability and trusted settlement arrangements, alongside possible cooperation on their use in financial markets.
October 12, 2026
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CETA implementation prioritises accessible origin rules, customs guidance, and business engagement to expand bilateral trade and investment.
Effective CETA implementation depends on accessible tariff schedules, rules of origin and documentation guidance, together with support for businesses navigating tariff reductions, customs procedures, regulatory requirements and procurement opportunities. Committees, working groups and a joint utilisation review are intended to receive business feedback, address implementation issues and improve use of the agreement. Sectoral round tables, delegations and exhibitions, along with mutual recognition and capacity-building, are envisaged to support new exporters, product lines, investment and partnerships.
October 12, 2026
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CETA implementation establishes annual utilisation data exchanges and institutional mechanisms to support preferential trade and resolve business barriers.
CETA implementation includes annual exchanges of utilisation data and business feedback, beginning one year after entry into force, to identify barriers to preferential tariff use and support needs. Committees, working groups and government contact points will be established to maintain operational implementation and address emerging issues. Certificates of Origin issued through self-certification support claims for preferential treatment, while tariff-rate quotas apply to specified vehicle imports.
October 12, 2026
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Trade openness and domestic manufacturing are positioned to expand technology access, investment, employment, and global competitiveness.
Global market engagement through Free Trade Agreements is paired with domestic manufacturing and employment objectives. Access to advanced technologies and electronics is linked to investment in electronics, white goods and semiconductor manufacturing. Tourism, demographic advantage and international demand for Indian workers are identified as employment opportunities. Car-import quota arrangements with the United Kingdom and European Union are described as focused on expensive vehicles, while domestic automobile manufacturing and world-class quality standards are positioned as central to global competitiveness.
October 12, 2026
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NDPS enforcement targets concealed poppy straw trafficking through intelligence-led vehicle interceptions, seizures, arrests, and continuing network investigation.
NDPS Act enforcement involved two intelligence-based vehicle interceptions leading to seizure of 4,209.80 kg of concealed poppy straw, two vehicles and wheat bags used as cover cargo. Three persons were arrested under the relevant provisions. The recovered contraband included lanced poppy straw, unlanced poppy straw and poppy straw powder. Investigation continues to identify the source, intended recipients and other persons connected with the trafficking network.

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Budget 2011 - Service Tax - Alteration or expansion in the scope of existing services

February 28, 2011

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A number of existing services are being modified or substituted as follows:  

3.1 Authorized Service Station's Services [section 65 (105) (zo)]: The existing service is being replaced with a new definition to cover all persons and all motor vehicles other than those meant for goods carriage or three wheeler auto rickshaw.  

3.2 Life Insurance Service [section 65 (105) (zx)]: The scope of this service is proposed to be expanded to cover all services, including in relation to management of investments.  

3.3 Commercial Training or Coaching Service [section 65 (105) (zzc)]: The scope of the service is proposed to be expanded to include all coaching and training that is not recognized by law irrespective of whether the institute is providing any other course(s) recognized by law.  

3.4 Club or Association Service [section 65 (105) (zzze)]: The scope of the service is proposed to be expanded to include service provided to non-members as well.  

3.5 Business Support Service [section 65 (105) (zzzq)]: The scope of the service is being expanded to include operational or administrative assistance of any kind.  

3.6 Services by legal professionals [section 65 (105) (zzzzm)]: The scope of the existing service is being expanded to include:  

(i) Services of advice, consultancy or assistance provided by a business entity to individuals as well;  

(ii) Representational services provided by any person to a business entity; and  

(iii)Services provided by arbitrators to business entities. Services provided by individuals to other individual will remain outside the levy.  

3.7 Services provided by clinical establishments [section 65 (105) (zzzzo)]: The existing levy on health services is proposed to be replaced as follows:  

(i) Any service provided by a clinical establishment having the facility of central air- conditioning in any part of the establishment and more than 25 beds for in-patient treatment at any time of the year;  

(ii) Diagnostic services provided by a clinical establishment with the aid of laboratory or medical equipment; and

(iii) Health-related services provided by doctors, not being employees, providing health-related services from the premises of a clinical establishment.  

3.8 The scope of these changes and other relevant details are given at Annexure B.  

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Annexure B  

Amendments, substitution or expansion of existing services  

1. Authorized Service Station’s Services [section 65 (105) (zo)]: The existing service is being substituted with a new definition to cover:  

a) Services provided by any person i.e. whether authorized service station or otherwise;  

b) All motor vehicles, other than vehicles used for goods transport and three-wheeler auto-rickshaws; and  

c) Repair, re-conditioning or restoration - which are already taxable - and services of decoration and any other related services.  

2. Life Insurance business [section 65 (105) (zx)]:  

2.1 Life insurance companies provide services relating to risk cover and managing investment for the policy holders. The former is already subjected to service tax. The latter is now being brought into the tax net. Similar services rendered by way of ULIP are already subject to service tax since 2008.  

2.2 When the entire premium is only for risk cover the same shall continue to be taxed even in the revised definition. However in the case of other schemes, a significant portion of the premium is used towards investment, while the rest is allocated towards various overheads and mortality. IRDA in its circular Ref: IRDA/ACT/CIR/VIP/171/2010 dated November 21, 2010 has made it mandatory for the insurance companies to share this break-up with the policy holders in the case of “Variable Insurance Policies” under the heads: premium received, deductions towards mortality, commission and expenses, interest added and closing balance. Thus amounts relating to deductions for mortality, commission and expenses are not available for investment. After the enactment of the new levy, it is proposed to amend the Service Tax Rules to give the option to pay tax at the standard rate on that portion of the premium that has not been invested and is so indicated in any of the documents given to the policy holder. Where the break-up is not indicated in any document issued to the policy holder, option will be given to pay tax @ 1.5% of the gross amount of premium.  

3. Commercial Training or Coaching Service [section 65 (105) (zzc)]:  

3.1 The levy in its present form keeps outside its purview unrecognized education which is imparted by an institute that issues any certificate or diploma or degree or any educational qualification recognized by law. Thus two identical courses may be treated differently merely because one of the institutes also conducts another course that is recognized by law. This anomaly is proposed to be corrected by subjecting all such unrecognized education to tax.  

3.2 In the Finance Bill the definition of „commercial training coaching centre” has been amended. Suitable exemption will be given after the enactment of the Finance bill to preschool coaching and training and to coaching or training relating to educational qualifications that are recognized by law.  

4. Club or Association [section 65 (105) (zzze)]:  

4.1 Services provided by a club or association to its members are already subjected to tax since 2005. When a member avails the facilities for his guest, he is already covered by the existing definition as the services are paid for by the member and not by the guest. However a number of clubs or associations allow non-members to use their facilities in their own capacity for a separate charge. Clubs also entertain members of other affiliated clubs. Such services are proposed to be brought within the revised definition.  

5. Business Support Service [section 65 (105) (zzzq)]:  

5.1 The scope of the service is being expanded to include operational or administrative assistance of any kind. The scope will cover all support activities for others on a contract or fee, that are ongoing business support functions that businesses and organizations commonly do for themselves but sometimes find it economical or otherwise worthwhile to outsource.  

5.2 The words “operational and administrative assistance” have wide connotation and can include certain services already taxed under any other head of more specific description. The correct classification will continue to be governed by Section 65A.  

6. Health services [section 65 (105) (zzzzo)]:  

6.1 The existing service is being substituted with a new description as follows:  

a) Services provided by a clinical establishment having the facility of central air- conditioning in whole or any part of the establishment and more than 25 beds for in-patient treatment at any time of the year; and  

b) Services provided by a clinical establishment in relation to diagnostic tests of any kind or investigative services with the help of a laboratory or medical equipment  

c) Service provided by doctors, who are not employees, from the premises of a clinical establishment.  

6.2 The head will not cover an establishment under the ownership or control of government or a local authority including Primary Health Centre and ESIC hospital. Autonomous medical institutes set-up by the government by a special act of parliament are also outside the levy.

6.3 Only such doctors will be covered who provide services from the specified premises of a clinical establishment in a capacity other than as employee of such establishment.

6.4 Finance Minister has announced 50% exemption from the value of this service.

The exemption notification will be issued when the new levy is enacted.

6.5 Parliament has already passed The Clinical Establishment (Registration and Regulation) Bill, 2010. The Act will apply to such States as have given their consent for the same. The Act prescribes registration of all Clinical Establishments and maintenance of prescribed records and other reporting requirements. These can be referred to the extent they are relevant for the purpose of this levy.

7. Money changing services [section 65 (105) (zm and zzk)]:

7.1 There is no change in the scope of the levy of these services. However the following changes have been made in the actual collection of tax:  

a) A new rule (2B) has been introduced in the Service tax (Determination of Value) Rules, 2006 prescribing the value of the service in terms of Section 67 of the Act. The value shall be as follows:

(i) The difference between the buying rate or the selling rate, as the case may be, and the RBI reference rate for that currency for that day multiplied by units of currency exchanged;

(ii) If RBI reference rate is not available the value shall be 1% of the value of money exchanged in Indian rupees;

(iii) When both the currencies are not Indian rupees, 1% of the lesser of the amounts receivable if the two currencies are converted at RBI reference rate.

b) The rate of composition under rule 6(7B) has been lowered from 0.25% to 0.1% of the gross amount of money exchanged. However, the proviso relating to paying tax on billed charges has been deleted. Thus now the assesse will have the option to pay tax @0.1% of gross amount exchanged or else at standard rated on the value of service in terms of rule 2B, as mentioned above.  

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