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    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
    No concession or commitment on import of Ethanol for fuel blending from the United States
    Office of the Controller General of Patents, Designs and Trade Marks Announces Tentative Schedule for Patent and Trade Marks Agent Examinations 2027 a...
    RBI invites comments on the draft “Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Amendment Directions, 2026”
    West Bengal seeks 100pc foodgrain, 40pc sugar jute packaging quota at SAC meeting
    RBI clasifies Tata Sons, 16 others as large NBFCs
    Sensex climbs 374 points on buying in Reliance, ICICI Bank; Nifty ends flat
    Insurance Division, DFS Secures 3rd Rank in Group A Category of Grievance Redressal Assessment & Index (GRAI) for June 2026
    VKDL Group’s NPA Bazaar Strengthens India’s Distressed Asset Resolution Ecosystem Under the Leadership of V K Dubey
    Lok Sabha passes bill to authorise govt to permit banks to levy charges on UPI transactions
    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
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    August 7, 2026
    Show AI Summary
    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
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    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
    Show AI Summary
    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
    Show AI Summary
    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.
    August 6, 2026
    Show AI Summary
    Domestic ethanol sourcing for fuel blending continues unchanged, with no import commitments or concessions involving United States ethanol.
    Ethanol used for fuel blending under the Ethanol Blended with Petrol Programme is sourced entirely from domestic producers, with no imports from the United States for that purpose. No concessions or commitments on importing United States ethanol for fuel blending have been made in trade discussions. Fuel blending and ethanol procurement continue to be governed solely by domestic policy requirements, and claims of a policy change allowing large-scale imports are incorrect.
    August 6, 2026
    Show AI Summary
    Patent and trade marks agent qualification examinations require written-paper minimums, aggregate passing scores, and viva voce assessment for registration.
    Patent and trade marks agent examinations comprise an objective Paper I, a descriptive Paper II and a viva voce assessing suitability to practise before the Intellectual Property Office. Candidates must secure the stipulated minimum marks in each written paper and the required aggregate score to pass. Registration in the relevant Register of Patent Agents or Register of Trade Marks Agents is available only to candidates who satisfy all prescribed eligibility conditions and qualify the examination.
    August 6, 2026
    Show AI Summary
    Draft NBFC credit-facilities amendments open for stakeholder consultation through designated online and email feedback channels.
    Draft amendments to the Non-Banking Financial Companies credit-facilities framework have been released for public consultation. Regulated entities and other interested stakeholders may submit comments or feedback through the 'Connect 2 Regulate' platform or by email using the specified subject line.
    August 6, 2026
    Show AI Summary
    Mandatory jute packaging reservations were urged to protect cultivators, mill workers, crop absorption, and environmentally sustainable packaging.
    Mandatory jute packaging reservations were sought to be retained at full coverage for foodgrains and increased for sugar packaging for the forthcoming Jute Year. The submission before the Standing Advisory Committee emphasised absorption of bumper jute output, remunerative prices for cultivators, uninterrupted mill operations, and protection of farm and worker livelihoods. It also stressed that biodegradable jute bags offer an environmentally friendly alternative to HDPE and polypropylene woven sacks, and that dilution of compulsory packaging could undermine plastic-pollution reduction efforts.
    August 6, 2026
    Show AI Summary
    NBFC Upper Layer classification imposes enhanced regulation and listing obligations, while de-registration applications remain under examination.
    NBFC Upper Layer classification subjects identified large non-banking financial companies to enhanced regulatory requirements for at least five years and requires stock-exchange listing within three years of identification. The framework divides NBFCs into Base, Middle, Upper and Top Layers. Seventeen large NBFCs were included in the Upper Layer list, while Tata Sons' classification remains subject to the pending examination of its de-registration application.
    August 6, 2026
    Show AI Summary
    Closing auction price discovery may affect benchmark levels differently based on constituent liquidity and concentrated institutional order flow.
    The Closing Auction Session in the equity cash segment uses an auction-based method to determine closing prices of eligible shares with futures and options contracts, aiming to strengthen transparent and robust price discovery. Its effect on benchmark closing levels may differ according to constituent liquidity and institutional order flow. The Reserve Bank of India retained the policy repo rate and neutral stance, indicating that future policy decisions will be data-dependent and influenced by assessment of energy-cost effects on inflation.
    August 6, 2026
    Show AI Summary
    Public grievance redressal strengthens through monitoring, senior review, workshops, stakeholder coordination, and customer-centric service delivery improvements.
    Public grievance redressal is assessed through the Grievance Redressal Assessment and Index, which analyses grievance categories and disposal. The Department of Financial Services' Insurance and Banking Divisions received third and sixth ranks respectively in the June 2026 assessment. Its framework includes disposal of grievances, random reviews by senior officials, and workshops on effective grievance redressal, supporting best practices, stakeholder coordination, technology use, customer-centric service, and accountable public service delivery.
    August 6, 2026
    Show AI Summary
    Distressed asset resolution integrates restructuring, insolvency advisory, funding facilitation and digital marketplaces for transparent financial recovery transactions.
    The platform provides integrated advisory, management and transaction-facilitation services for Non-Performing Assets, stressed assets and distressed assets. Its services include NPA resolution, debt restructuring, One-Time Settlements, funding assistance, insolvency and bankruptcy advisory, asset reconstruction, financial restructuring and capital raising. Digital and offline marketplaces facilitate transactions involving distressed assets, receivables and related movable or immovable properties, supported by collaborations with banks, Non-Banking Financial Companies, Asset Reconstruction Companies, corporates and investors.
    August 6, 2026
    Show AI Summary
    Merchant discount rate framework may permit charges on notified UPI and digital payments through a government notification mechanism.
    The proposed amendment to Section 10A of the Payment and Settlement Systems Act, 2007 replaces the existing income-tax-linked reference with a Central Government notification-based mechanism for electronic payment modes. It removes the current statutory restriction preventing banks and payment service providers from charging Merchant Discount Rate on notified modes, enabling the Government to permit charges for UPI and other digital payments. The policy rationale is to support funding for payment infrastructure and a sustainable revenue model for service providers.
    August 6, 2026
    Show AI Summary
    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
    Show AI Summary
    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
    Show AI Summary
    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.

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      Frequently Asked Questions-2 (FAQs-2) on the decisions of the 56th GST Council held in New Delhi

      September 16, 2025

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      Q1. Is it required to recall and re-label MRP on medicines already in the supply chain before 22nd September,2025? How will the re-labelling be implemented?

      Answer: The National Pharmaceutical Pricing Authority (NPPA) vide OMs dated 12.9.2025 and 13.9.2025 have clarified the following:

      • All manufacturers/ marketing companies selling drugs/ formulations shall revise the Maximum Retail Price (MRP) of drugs/formulations (including medical devices).
      • The manufacturers/ marketing companies shall issue revised price list or supplementary price list, in Form V/VI, to dealers and retailers for display to consumers, and to State Drug Controllers and the Government, reflecting the revised GST rates and revised MRP.
      • Recalling, re-labelling, or re-stickering on the label of container or pack of stocks released in the market prior to 22nd September, 2025 is not mandatory, if manufacturer/ marketing companies are able to ensure price compliance at the retailer level.

      The OMs are available in the website of the National Pharmaceutical Pricing Authority (NPPA) under Department of Pharmaceuticals:

      https://nppa.gov.in/uploads/tender/01da3cf0cd3d17c68c9a63fe23878260.pdf        and

      https://nppa.gov.in/uploads/tender/12fbbb0cb337f1d2d70afb3fbcb57f39.pdf

      Q2. Unmanned aircrafts (Drones) attracted 5%, 18% and 28% GST rate. The 56th GST Council had recommended 5% GST rate on drones. Whether this 5% GST rate will apply to all types of drones?

      Answer: Earlier unmanned aircrafts for personal use attracted 28% GST, unmanned aircrafts with digital camera/video camera recorders attracted 18% GST rate and all other unmanned aircrafts apart from aforementioned categories attracted 5% GST.

      The GST council in its 56th meeting held on 03.09.2025 has recommended uniform GST rate of 5% on all the drones.

      Q3. What is the current GST rate on bricks?

      Answer: A Special Composition Scheme on supply of the bricks (other than sand lime bricks) was implemented w.e.f 1st April,2022 based on the Report of the Group of Ministers on Capacity Based Taxation and Special Composition Scheme which was accepted by GST Council in its 45th meeting held on 17th Sep 2021. Under the scheme, bricks attract GST of 6% without ITC and 12% with ITC with threshold limit for bricks at Rs. 20 lakhs instead of Rs.40 lakhs as is applicable to goods. The GST council in its 56th meeting held on 3rd September, 2025 did not recommend any change on the special composition scheme rates except on sand lime bricks on which GST rate has been recommended to be reduced from 12% to 5%. Hence, all kinds of bricks except sand lime bricks continue to attract GST of 6% without ITC and 12% with ITC with a threshold limit of Rs. 20 lakhs.

      Q4. What are the insurance services covered within the ambit of the exemption granted to individual life and health insurance?

      Answer: Services of individual health and life insurance business provided by insurers to the insured, where the insured is not a group, are included within the ambit of the exemption. When these services are provided to an individual, or to an individual with his/her family, the same will be exempted.

      Q5. In addition to exempting services of individual health and life insurance supplied by insurers, will any input services of insurers be also exempted?

      Answer: At present, insurers are availing ITC on many inputs and input services such as commissions, brokerage and reinsurance, etc. Out of these input services, reinsurance services will be exempted. Input Tax Credit of other inputs or input services is to be reversed because the output services will be exempted.

      Q6. Do hotels which supply units of accommodation having value less than or equal to Rs 7500/- per unit day have the option of supplying such units at 18% with ITC?

      Answer: Suppliers of hotel accommodation service where the value of a unit of accommodation is less than or equal to Rs 7500/- per unit per day, shall have to charge GST at 5% without ITC on such units. It is a mandatory rate prescribed for such services, and the option to pay GST at the rate of 18% with ITC is not available for such units.

      Q7. Will hotels supplying units of accommodation having value less than or equal to Rs 7500/- per unit per day be able to avail ITC in relation to such units?

      Answer: The hotels supplying units of accommodation which have value less than or equal to Rs 7500/- per unit per day, shall not be able to avail ITC on such units, as the GST rate prescribed for such supplies is 5% without ITC.

      Q8. Is the 5% without ITC rate on beauty and physical well-being services mandatory? Can service providers charge 18% with ITC?

      Answer: The 5% without ITC rate on beauty and physical well-being services is mandatory. Service providers do not have the option to charge 18% with ITC on these services.

      Q9. How should a service provider deal with input tax credit (ITC) in cases where GST is payable at a rate of 5% without ITC?

      Answer: In such cases,

      (a) Credit of input tax charged on goods or services used exclusively in supplying such services shall not be taken by the service provider; and

      (b) Credit of input tax charged on goods or services used partly for supplying such services and partly for supplying other taxable supplies shall be reversed by the service provider as if the supply leviable to 5% without ITC is an exempt supply. Consequently, proportionate ITC shall be required to be reversed by the service provider as per Section 17(2) of the CGST Act, 2017 and the rules made thereunder.

      Q10. What is the GST rate applicable on job work services in relation to bus body building?

      Answer: Job work services in relation to bus body building are taxable at a GST rate of 18% with Input Tax Credit (ITC). Earlier, these services were covered under a specific entry [erstwhile Entry (ic) of Heading 9988] and attracted 18% with ITC. In the recent rate rationalization exercise, all residual job work services or other manufacturing services have been aligned to 18% with ITC, thereby subsuming the specific entry for bus body building.

      Q11. What is the GST rate applicable on job work services in relation to bricks?

      Answer: Job-work services in relation to those bricks that will attract GST @5% (E.g. sand lime bricks) will be taxable at the rate of 5% with ITC.

      Q12. What is the GST rate applicable on multimodal transport of goods?

      Answer: Multimodal transport of goods (where at least two different modes are used by a multimodal transporter) will be taxable as follows:

      (a) 5% with restricted input tax credit — i.e. ITC allowed only on input services of transportation of goods limited to 5% of the value; when no leg of transport of goods is by air.

      (b) 18%, with full input tax credit; when at least one leg of the transport is by air.

      Q13. Can ITC be taken on multimodal transport services, where no leg of transport is by air and the applicable rate is 5%?

      Answer. Input services of goods transportation limited to 5% of the value will be allowed even if supplier of such services has charged a higher rate of tax. ITC will not be allowed for other inputs or input services.

      Example: ‘A’ engages ‘B’ (multimodal transporter) for transport of goods from New Delhi to Gaya for Rs. 1200, without involving any transportation through air. B’ hires GTA ‘C’ for Rs. 600 who charges tax @18% and Container Transport Operator ‘D’ for Rs. 400 who charges tax @5%.

      GST Rate applicable for the service provided by ‘B’: 5%

      ITC available to ‘B’:

      (a) GTA input: Rs. 30 (5% of Rs. 600), not Rs. 108 (18% of 600)

      (b) CTO input: Rs. 20 (5% of Rs. 400).

      Q14. What is the tax treatment if multimodal transportation involves transport of goods through air also?

      Answer: If at least one leg of transport is through air, the applicable GST rate will be 18%. In such cases entire ITC of inputs or input services is allowed.

      Example: ‘A’ engages ‘B’ (multimodal transporter) for transport of goods from New Delhi to Gaya for Rs. 1200, which involves transportation through air. B’ engages a service provider ‘C’ providing   services   of   transport   of   goods   through   air   for   Rs   800 and a GTA ‘D’ for Rs. 200 who charges tax @18%.

      GST rate applicable on the service provided by B: 18% ITC available to ‘B’:

      (a) GTA input: Rs 36 (18% of Rs. 200)

      (b) Input on the services of goods transportation by air: Rs 144 (18% of Rs. 800).

      Q15. Who is liable to pay GST for Local Delivery Services provided through ECO?

      Answer: Services by way of local delivery provided through an e-commerce operator (ECO) where the person supplying such services is not liable to register under Section 22(1) will be covered under Section 9(5) of the CGST Act. In such cases, the liability to pay GST will be on the ECO.

      Q16. At what rate are local delivery services taxable? Answer: The services of local delivery are taxable at 18%.

      If such services of local delivery are supplied directly by a registered person: GST @ 18% payable by that person.

      If such services of local delivery are supplied through ECO by a person who is not liable to be registered: GST @ 18% payable by the ECO under section 9(5).

      If such services of local delivery are supplied through ECO by a registered person: GST@18% is payable by the supplier of the local delivery service, i.e., the registered person supplying through ECO.

      Q17. Whether an ECO providing the local delivery services are covered within the scope of GTA? What will be the effect if the local delivery services are provided through an ECO?

      Answer: “Goods Transport Agency” (GTA) will not include:

      (a) “electronic commerce operator by whom the services of local delivery are provided,”

      and

      (b) “electronic commerce operator through whom the services of local delivery are provided.”

      Q18. What is tax treatment for leasing or renting services without operator?

      Answer: Majority of leasing or rental services without operator are taxed at the same rate of tax as applicable on supply of like goods. No change is proposed in this regard. The tax rate on such services will continue to be equal to the tax rate applicable on supply of like goods. For example, if cars or machines are taxed at 18% then the rate of 18% will be applicable for leasing or renting (without operator) of such cars or machines. Similarly, if supply of any motor vehicle is taxed at 40% or 5% then the leasing or renting services (without operator) will also be taxed at 40% or 5% respectively.

      Q19. What is the applicable tax rate on leasing/renting a car with operator?

      Answer: Supplier of services of leasing/renting a car with operator (for example, driver) will now have the option of charging 5% with ITC of input services in same line of business or 18% with full ITC.

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      ActsIncome Tax