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September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.

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Customs, DGFT & SEZ

Shri Piyush Goyal urges fellow Ministers of neighbouring countries to work together to transform the subcontinent

December 14, 2021

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Shri Piyush Goyal urges fellow Ministers of neighbouring countries to work together to transform the subcontinent

Shri Piyush Goyal calls for enhancing economic ties between India and Southern African Customs Union

India is becoming the Global hub for innovation with the third largest Startup ecosystem in the world – Shri Piyush Goyal

India forging enhanced trade alliances with countries like UAE, EU, UK, Israel, Australia, Canada, Russia, Oman and the GCC- Shri Piyush Goyal

The path to economic growth must be intertwined with a commitment to sustainability- Shri Piyush Goyal

India has helped amplify the voice of the developing world in the G20 declaration – Shri Piyush Goyal

Indian Startups have the potential to catalyse India’s integration in Global Value Chains and create global impact

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today called upon fellow Ministers of neighbouring countries to work together to transform the subcontinent. He was addressing the “CII: Partnership Summit -Ministerial Meeting” virtually from New Delhi today. 

The Minister called for enhancing India’s economic ties with the nations of the Southern African Customs Union which consists of Botswana, Namibia, South Africa, Swaziland and Lesotho. He said that India is looking for FTAs with like-minded nations with transparency and mutual benefit and growth as key pillars.  He added that India is also reviewing existing FTAs with ASEAN, Japan, Korea to strengthen them and forging enhanced trade alliances with countries like UAE, EU, UK, Israel, Australia, Canada, Russia, Oman and the GCC.   

Shri Goyal said that during COVID-19 pandemic, India has emerged as a source of resilience and a trusted Partner and added that we had tried to the best of our ability to meet all our international service commitments. 

He said that during the course of the pandemic, India had not only become self-sufficient in production of critical medical supplies, PPEs, testing kits, masks etc. but had also supplied these necessities to nations in need. He highlighted India’s one-of-its-kind vaccination drive, through which 1.3 bn doses of vaccine have already been administered. 

The Minister also assured that India would continue helping nations in need as we intrinsically believed in brotherhood, partnership and the need to work together to solve problems collectively. He added that India had focussed on its neighbourhood during the pandemic and stood ready to support all its friends with vaccines and medical supplies. 

Pointing out that India’s voice was visible in the G20 declaration this year, which successfully amplified the voice of the developing countries of the world, the Minister said that the world is acknowledging India’s leadership. 

Shri Goyal said that Indian economy has recovered sharply and added that the rising economic indicators point towards ‘an India shaping up for a growth decade’. The Minister said that India had seen a GDP growth of 8.4% in Q2, high exports, high FDI and large amounts of investments being done by Indian companies in other nations, he urged the Ministers to invite Indian companies to invest in their economies and help create jobs. 

Shri Goyal said that we need to focus on vital aspects which will impact our future and direction of growth, as we deepen our global engagements. He outlined 6 areas on which India is focussing to build a sustainable, inclusive and resilient ecosystem for future partnerships; Trade Agreements, Investments, India’s strengths as a supply chain alternative, Ease of Doing Business, Innovation and Sustainability. 

Underscoring India’s initiatives in investment promotion, Shri Goyal said that the Government has been inviting businesses of other countries to seize investment opportunity as ‘India is the place to be’ with its accessibility, choice, openness and opportunities. 

Listing potential sectors for investments including healthcare, infrastructure, defence, energy, civil aviation, insurance and Technology, the Minister said that various schemes to facilitate trade and investment, including PLI Scheme, Liberalised FDI Policy, etc. were being executed. 

Shri Goyal said that India’s diverse business landscape, skilled workforce, relatively low labour cost and initiatives to boost infrastructure such as National Infrastructure Pipeline, GatiShakti, National Monetisation Plan would certainly give a fillip to investments and yield good returns. 

Speaking of India’s quest to improve Ease of Doing Business, he said that initiatives like the National Single Window System and the Industrial Land Bank were helping improve the ease of doing business significantly. 

Shri Piyush Goyal said that under Prime Minister Shri Narendra Modi, New India is becoming the Global hub for innovation with the third largest Startup ecosystem with 79 Unicorns. He said that Startups have the potential to catalyse India’s integration in Global Value Chains and create global impact. 

Emphasizing upon India’s initiatives in the direction of Sustainable Development, Shri Goyal said that India will reach its non-fossil energy capacity to 500 GW by 2030 and meet 50% of its energy requirements from Renewable Energy, one of the world’s most ambitious Renewable energy programs. It may be noted that India has pledged to achieve Net Zero Emissions by 2070.  

The path to economic growth must be intertwined with a commitment to sustainability. The Minister said that as India celebrates ‘Azadi ka Amrit Mahotsav’ to mark 75 years of Independence, it is also preparing a blueprint for next 25 years to determine where India will be at 100 years of independence.  He invited Ministers participating to join hands with India to bolster our collaboration in Research and Development, innovation, Intellectual Property Rights etc. 

Speaking of India’s confident march on the path of rapid growth with ‘Sabka Prayas’ of 130 crore citizens, Shri Goyal said that this is the time to be in India and invest in India! 

He called upon Ministers from various nations to take forth the agenda of strengthening partnerships between India and the world and re-stabilize and revitalize economies in the post COVID-19 world. 

Shri Goyal Congratulated CII for their efforts to organise the Partnership Summit and said that the Summit has given us a chance to deliberate and build new partnerships. 

The summit was attended by H.E. Sheikh Mohammed Bin Hamad Bin Qassim Al-Abdullah Al-Thani, Minister of Commerce & Industry, Qatar, H.E. Mr Loknath Sharma, Minister of Economic Affairs, Royal Government of Bhutan, H.E. Mr Gebre Meskel Chala, Minister for Trade & Regional Integration, Federal Democratic Republic of Ethiopia, H.E. Mr Faiyaz Koya, Minister for Commerce, Trade, Tourism & Transport, Fiji, H.E. Mr Fayyaz Ismail, Minister for Economic Development, Maldives, H.E. Mr Soodesh Satkam Callichurn, Minister of Commerce & Consumer Protection, Labour, Human Resource Development and Training, Mauritius H.E. Dr Pwint San, Minister for Commerce, Myanmar, H.E. Mr Bandula Gunawardhana, Minister of Trade, Government of Sri Lanka, H.E. Mr Chhuon Dara, Secretary of State, Ministry of Commerce, Kingdom of Cambodia and H.E. Giancarlo Giorgetti, Minister of Economic Development, Italy.

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