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    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
    Department of Commerce Holds Workshop on Trade and Sustainable Development Policy Landscape
    GeM Launches 10-Day Celebrations Ahead of 10th Foundation Day, Unveils Commemorative Logo
    All Indian exports of dual-use items comply with international obligations: MEA
    PM Modi to inaugurate Bhogapuram Airport in Andhra on Aug 1
    HIGHLIGHTS
    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
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    August 1, 2026
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    Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
    Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
    August 1, 2026
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    GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
    GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
    August 1, 2026
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    Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
    Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
    August 1, 2026
    Show AI Summary
    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    August 1, 2026
    Show AI Summary
    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
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    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
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    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
    August 1, 2026
    Show AI Summary
    Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
    Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
    August 1, 2026
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    Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
    Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
    July 31, 2026
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    Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
    Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
    July 31, 2026
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    Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
    A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
    July 31, 2026
    Show AI Summary
    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    July 31, 2026
    Show AI Summary
    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
    Show AI Summary
    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
    Show AI Summary
    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
    Show AI Summary
    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
    Show AI Summary
    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
    Show AI Summary
    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
    Show AI Summary
    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
    Show AI Summary
    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.

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      Customs & Trade

      Trump downplays tariff concerns as US stock sell-off worsens

      March 10, 2025

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      Washington, Mar 10 (AP) US President Donald Trump is dismissing business concerns over the uncertainty caused by his planned tariffs on a range of American trading partners and the prospect of higher prices and isn't ruling out the possibility of a recession this year.

      Also, Secretary of State Marco Rubio said Monday the Trump administration had finished its six-week purge of programs of the six-decade-old US Agency for International Development, and said he would move the 18% of aid and development programmes that survived under the State Department.

      Here's the latest: Homeland Security app once used for asylum applications is now for leaving US The Trump administration has overhauled the cellphone app once used to let migrants apply for asylum, turning it into a system that allows people living illegally in the US to announce they want to voluntarily leave.

      The renamed app, now called CBP Home, is part of the administration's campaign to encourage “self-deportations", touted as an easy and cost-effective way to nudge along Trump's push to deport millions of immigrants.

      “The app provides illegal aliens in the United States with a straightforward way to declare their intent to voluntarily depart, offering them the chance to leave before facing harsher consequences,” Pete Flores, the acting commissioner for US Customs and Border Protection, said in a statement.

      Moments after Trump took office, the former app, CBP One, stopped allowing migrants to apply for asylum, and tens of thousands of border appointments were cancelled.

      No more COVID-19 tests from US govt The federal government has shut down ordering from the site where Americans could have COVID-19 tests delivered to their mailboxes for no charge.

      “The free at-home COVID-19 test distribution programme is not currently accepting orders,” the website, covidtests.gov, reads.

      Americans were able to order up to four tests through the site and they were delivered by the United States Postal Service. The Biden administration launched the programme during the COVID-19 pandemic and would intermittently turn ordering on and off, typically reopening it ahead of the respiratory illness season in the fall.

      Any orders placed by 8 pm on Sunday, March 9 will still be shipped, according to the website.

      Abortion Provider Appreciation Day focuses on Trump policies Abortion rights supporters were marking the day Monday through letter and postcard writing events, donation drives, social media posts and sidewalk chalking with messages of support.

      The day honours the life of David Gunn, a doctor who was shot to death outside an abortion clinic in Pensacola, Florida in 1993. The Freedom of Access to Clinic Entrances Act, which is designed to protect abortion clinics from obstruction and threats, was passed in 1994 in response to Gunn's murder and mounting violence against clinics.

      Trump's Justice Department has curtailed prosecutions under the FACE Act, and he has pardoned anti-abortion activists convicted of blockading abortion clinic entrances.

      China learned from Trump's first trade war and changed its tactics when tariffs came again The leaders of both Canada and Mexico got on the phone with Trump this past week to seek solutions after he slapped tariffs on their countries, but China's president appears unlikely to make a similar call soon.

      Beijing, which unlike America's close partners and neighbours has been locked in a trade and tech war with the US for years, is taking a different approach to Trump in his second term, making it clear that any negotiations should be conducted on equal footing.

      China's leaders say they are open to talks, but they also made preparations for the higher US tariffs, which have risen 20% since Trump took office seven weeks ago. Intent on not being caught off guard as they were during Trump's first term, the Chinese were ready with retaliatory measures — imposing their own taxes this past week on key US farm imports and more.

      After the US this past week imposed another 10% tariff, on top of the 10% imposed on Feb 4, the Chinese foreign ministry uttered its sharpest retort yet: “If war is what the US wants, be it a tariff war, a trade war or any other type of war, we're ready to fight till the end.” Musk, DOGE try to slash govt by cutting out those who answer to voters For decades, conservatives in Congress have talked about the need to cut government deeply, but they have always pulled back from mandating specific reductions, fearful of voter backlash.

      Now, DOGE is trying to do exactly that.

      The dynamic of cutting government while also cutting out those who answer to voters has alarmed even some fiscal conservatives who have long pushed for Congress to reduce spending through the means laid out in the Constitution: a system of checks and balances that includes lawmakers elected across the country working with the president.

      “Some members of the Trump administration got frustrated that Congress won't cut spending and decided to go around them,” said Jessica Reidl of the conservative think tank The Manhattan Institute. Now, she said, “no one who has to face voters again is determining spending levels.” Trump downplays business concerns about uncertainty from his tariffs and prospect of higher prices Trump is dismissing business concerns over the uncertainty caused by his planned tariffs on a range of American trading partners and the prospect of higher prices, and isn't ruling out the possibility of a recession this year.

      After imposing and then quickly pausing 25% tariffs on imports from Mexico and Canada that sent markets tumbling over concerns of a trade war, Trump said his plans for broader “reciprocal” tariffs will go into effect April 2, raising them to match what other countries assess.

      Asked about the Atlanta Fed's warning of an economic contraction in the first quarter of the year, Trump seemingly acknowledged that his plans could affect US growth. Still, he claimed, it would ultimately be “great for us”.

      Though Trump's early implementation of tariffs has been inconsistent — with him imposing them, then pulling many back — he has been steadfast in endorsing the idea of 21st century protectionism. There have even been suggestions that higher import tariffs on the country's foreign trading partners could eventually replace the federal income tax.

      Trump loves Gilded Age and its tariffs. It was great time for the rich but not for many In Trump's idealised framing, the United States was at its zenith in the Gilded Age, a time of rapid population growth and transformation from an agricultural economy toward a sprawling industrial system.

      The desire to recreate that era is fuelled by Trump's fondness for tariffs and his admiration for the nation's 25th president, William McKinley.

      Though Trump's early implementation of tariffs has been inconsistent — with him imposing them, then pulling many back — he has been steadfast in endorsing the idea of 21st century protectionism. There have even been suggestions that higher import tariffs on the country's foreign trading partners could eventually replace the federal income tax.

      Experts on the era say Trump is idealising a time rife with government and business corruption, social turmoil and inequality. They argue he's also dramatically overestimating the role tariffs played in stimulating an economy that grew mostly due to factors other than the US raising taxes on imported goods.

      And Gilded Age policies, they maintain, have virtually nothing to do with how trade works in a globalised, modern economy. (AP) SCY SCY

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