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September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
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
Show AI Summary
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.

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Customs & Trade

Rising inflation, deteriorating job market puts Fed and Americans in difficult spot

September 12, 2025

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Washington, Sep 11 (AP) Inflation rose last month as the price of gas, groceries and airfares jumped while new data showed applications for unemployment aid soared, putting the Federal Reserve in an increasingly tough spot as it prepares to cut rates at its meeting next week despite persistent price pressures.

Consumer prices increased 2.9 per cent in August from a year earlier, the Labour Department said Thursday, up from 2.7 per cent the previous month and the biggest jump since January. Excluding the volatile food and energy categories, core prices rose 3.1 per cent, the same as in July. Both figures are above the Federal Reserve's 2 per cent target.

A separate government report Thursday showed that weekly applications for unemployment aid jumped 27,000 to 263,000, the highest in nearly four years. Requests for jobless benefits are a proxy for layoffs. Recent reports have also showed that hiring has weakened dramatically this year and was lower than previously estimated last year.

The data raises the spectre of “stagflation,” a trend that last bedeviled the US economy in the 1970s. The term refers to a period of slower growth, higher unemployment along with rising inflation. It is unusual because a weak economy typically keeps inflation in check.

Such a scenario could create major headaches for the Fed as it prepares for a meeting next week, when policymakers are widely expected to cut their short-term rate to about 4.1 per cent from 4.3 per cent. The Fed is under relentless pressure from President Donald Trump to cut rates. At the same time, stubborn inflation while the job market is weakening is difficult for the central bank because they are diverging trends that require polar reactions from Fed policymakers to address.

Typically the Fed would cut its key rate when unemployment rises to spur more spending and growth. Yet it would do the opposite and raise rates — or at least keep them unchanged — in the face of rising inflation.

Last month, Chair Jerome Powell signalled that Fed officials are increasingly concerned about weaker hiring, setting the stage for a rate cut next week. Wall Street investors think there is an 85 per cent chance the Fed will cut twice more after that, according to futures pricing tracked by CME Fedwatch.

“Consumer inflation came in mildly hotter than forecast, but not nearly high enough to prevent the Fed from starting to cut rates next week,” Kathy Bostjancic, chief economist for Nationwide, said. “The labor market is losing steam and reinforces that the Fed needs to start cutting rates next week and that it will be the start of a series of rate reductions." Where inflation heads next is a key question for the Fed. While Thursday's report showed inflation picked up, data released Wednesday suggested prices at the wholesale level are cooling. Economists also noted that a separate measure of inflation that the Fed prefers, which will be released in about two weeks, should come in lower than Thursday's figures and paint a more benign picture of prices.

On a monthly basis, overall inflation accelerated, rising 0.4 per cent from July to August, faster than the 0.2 per cent pace the previous month. Core prices rose 0.3 per cent for the second straight month.

Many economists and some key members of the Fed think that the current pickup in inflation reflects one-time increases from Trump's sweeping tariffs and won't lead to a lasting inflationary trend. They argue that a weaker job market will hold down wages and force companies to keep prices in check.

Subadra Rajappa, head of US rates strategy at Societe Generale, said that while inflation was elevated last month, there were also signs that the cost of services moderated, suggesting that outside of tariffs, prices are cooling.

Yet Joe Brusuelas, chief economist at RSM, a tax and consulting firm, says that higher-income households are still spending sufficiently to push some prices higher, such as hotel and airfare costs, which leapt last month. Such spending could keep inflation stubbornly high even in a weak job market, he said.

“The Fed's getting ready to cut into a sustained increase in prices,” he said. “Very unusual spot. ... we can see tariff induced inflation in a slow, steady and methodical manner." Goods prices picked up last month, a sign Trump's sweeping tariffs are pushing up costs. Gas prices jumped 1.9 per cent just from July to August, the biggest monthly increase since a 4 per cent rise in December. Grocery prices climbed 0.6 per cent, pushed higher by more expensive tomatoes, apples, and beef. Rental costs also increased, rising 0.4 per cent, faster than the previous month.

Clothing costs rose 0.5 per cent just last month, though they are still just slightly more expensive than a year ago. Furniture costs rose 0.3 per cent and are 4.7 per cent higher than a year earlier.

Some restaurant owners have boosted prices to offset the rising costs of food. Cheetie Kumar, who owns Mediterranean eatery Ajja in Raleigh, North Carolina, said she's facing higher costs on everything ranging from spices she imports from India, coffee and chocolate she gets from Brazil, and soy she gets from Canada.

“Those are things that I cannot source locally, we do source a lot of produce and meat and everything else from local farmers, but I don't know any nutmeg growers in North Carolina," she said.

Her overall costs are up about 10 per cent from a year ago, with beef costs up 7 per cent, and much bigger increases for things like coffee, chocolate (300 per cent) and spices (100 per cent).

She's raised prices on some of her menu items by USD1 or USD2, but said she's at the limit of how much she can do so before demand wanes and she stops earning a profit.

Bigger companies are also feeling the pinch.

E.L.F. Cosmetics said this spring that it was raising prices by USD1. Last month, however, CFO Mandy Fields said it is no longer certain whether the USD1 price increases will be enough to offset rising tariff costs.

Shoppers have yet to feel the big sting economists predicted had earlier in the year after many retailers ordered goods ahead of tariffs and who also have absorbed a big chunk of the costs rather then passing them along to consumers grown increasingly leery of price increases.

But Walmart and other big chains have warned of costs increases as they replenish their inventories, with the full impact of tariffs in effect. (AP) RD RD

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