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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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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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Corp. Laws / SEBI / IBC

SC delivered key verdicts on presidential reference, Waqf law in 2025

December 27, 2025

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New Delhi, Dec 27 (PTI) Landmark verdicts on the powers of governors and the president on bills, staying few provisions of the Waqf law and a series of path-breaking judgements defined 2025 for the Supreme Court, a year which saw an unprecedented shoe attack on CJI B R Gavai and the discovery of huge cash at high court judge Yashwant Varma's bungalow here.

The apex judiciary saw a rare transition through three Chief Justices of India (CJIs) within a single year -- Sanjiv Khanna, Gavai, and the incumbent, Surya Kant.

In a move aimed at bolstering judicial independence, justices Khanna and Gavai publicly announced their decisions to not to take any post-retiral assignments, an issue which has been keenly debated.

This set the stage for further institutional transparency, as the court finally began uploading the asset statements of its judges to the public domain and introduced a first-of-its-kind reservation policy for SC/ST categories in its administrative staffing.

The judiciary was rocked after burnt wads of huge currency notes were found at the official residence of Justice Varma, the then sitting Delhi High Court judge, on March 14. This led to a series of decisions including administrative ones by the then CJI Khanna.

After an in-house inquiry panel indicted Justice Varma, he refused to resign even after being nudged by CJI Khanna, who was then compelled to write to President Droupadi Murmu and Prime Minister Narendra Modi for his impeachment.

Currently, a parliamentary panel is conducting its inquiry against Varma, a condition precedent before the impeachment.

On October 6, advocate Rakesh Kishore, now suspended, hurled a shoe towards then CJI Gavai during proceedings. He was apparently miffed over Gavai's alleged remarks on Hindu gods in an earlier proceeding.

As the incident sparked widespread condemnation, Modi spoke to the then CJI and said the attack was "reprehensible" and angered every Indian.

The year saw many path-breaking judgements on a range of issues related to public interest, politics, environment, business, crime and complex civil disputes, especially the challenges to the new Waqf (Amendment) Act, 2025 and the presidential reference.

In a boost to the Centre, the apex court said its deletion of the "waqf by user" provision in the waqf law was prima facie not arbitrary and the argument that waqf lands would be grabbed by governments held "no water".

It, however, put on hold a few provisions, including a clause that only those practising Islam for the last five years could create waqf.

The tug of war between governors and opposition-ruled states over delayed or non-grant of assent to bills passed by state assemblies culminated when President Murmu moved the SC seeking its opinion on a range of issues including whether a timeline of three months, as envisaged by a verdict penned by Justice J B Pardiwala, can be fixed for governors and the president.

Answering the reference, a five-judge bench on November 20 delivered unanimous opinion holding that the court cannot impose any timelines on governors and the president to grant assent to bills.

It, however, said governors do not have "unfettered" powers to sit on the bills for "perpetuity".

The stray dogs menace caught the apex court's attention as its two-judge bench took suo motu cognisance of a media report on canine bites leading to rabies, particularly among children, in Delhi.

A slew of directions, including permanent relocation of stray dogs from streets to shelters, created an uproar with several animal rights activists and organisations hitting the streets in protest leading to setting up of a three-judge bench to deal it afresh.

The larger bench modified on August 22 the direction prohibiting the release of vaccinated stray dogs from pounds in Delhi-NCR calling it "too harsh" and ordered the canines to be released post sterilisation and de-worming.

The spurt of cyber crime cases came under the top court's scanner as it took cognisance of the matter on December 1 asked the CBI to carry out a pan-India probe into digital arrest scam cases, especially where elderly people are duped of their hard earned monies.

The poll panel's decision to conduct special intensive revision (SIR) of electoral rolls in various states beginning from Bihar also came up for judicial scrutiny.

The issue relating to the horrific Air India Dreamliner crash in Ahmedabad that claimed 260 lives also came to the SC which said no one blamed the chief pilot of the flight for the incident.

Amid growing debate over apex court setting aside its own verdicts post retirement of the author judges, the top court on November 18 reversed its own judgement and paved the way for retrospective environmental clearance (EC) by the Centre and other authorities to projects found violating environmental norms on payment of heavy penalties.

Earlier on May 16, a Justice A S Oka-led bench had barred the Ministry of Environment, Forests and Climate Change and the authorities concerned from granting retrospective ECs to projects which are found in violation of green norms.

On September 26, the top court upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years.

However, in May, a two-judge bench had set aside a resolution plan of applicant JSW Steel Limited for BPSL and ordered its liquidation for violation of the Insolvency and Bankruptcy Code.

In another significant verdict, the SC struck down key provisions of the 2021 Tribunals Reforms law related to appointment, tenure, and service conditions of tribunal members and presiding officers, saying "Parliament cannot simply override judicial decision by reenacting" these with minor tweaks.

The SC also delivered a landmark verdict aimed at protecting lawyer-client privilege and issued a slew of directions to curb arbitrary summoning of advocates by probe agencies for rendering advice.

In a major blow to the West Bengal government, the SC invalidated the appointment of 25,753 teachers and staffers in the state-run and aided schools, calling the entire selection process "vitiated and tainted".

The cases pertaining to sensational Nithari killings, which came to light with the discovery of skeletal remains of eight children of poor background from a drain behind businessman Moninder Singh Pandher's house at Nithari in Noida on December 29, 2006, were finally closed by the SC with the rejection of CBI's appeals in 12 cases.

Surendra Koli, the only convict in one of the cases, finally walked free as the SC acquitted him of charges in the last such matter.

Former CJI Gavai led benches delivered a slew of verdicts on judiciary including the one in which it made three year experience as a lawyer mandatory for taking up entry-level judicial services exams.

In another verdict, the top court held that a judicial officer can take up exams for higher judiciary under bar quota.

Cracking its whip against social media influencers who were caught ridiculing persons with disabilities and rare genetic disorders, the SC asked the Centre to consider framing a statute to make such derogatory remarks a penal offence on the lines of the SC-ST Act.

It has also asked the Centre to frame guidelines to regulate such contents.

Vantara, Reliance Foundation's zoological rescue and rehabilitation centre, also came up under judicial scrutiny in SC which set up a probe team on August 25 headed by a former apex court judge to look into the allegations of irregularities.

It, however, got a clean chit on September 15 which was later accepted by the SC which said "no contravention of law" was found.

In a bid to enhance transparency, the SC uploaded statements of assets of judges on its website, in accordance with a full-court decision to place the relevant details in the public domain.

In a first, the apex court introduced a formal reservation policy for the direct appointment and promotion of its staffers belonging to Scheduled Castes and Scheduled Tribes categories.

In a notable development, it commenced contempt proceedings against Telangana Assembly speaker for not deciding within stipulated three-months time period the pleas seeking disqualification of some BRS MLAs who defected to the ruling Congress party.

CJI Khanna, in one of his last orders, gave a tongue lashing to BJP MP Nishikant Dubey who said that Justice Khanna was responsible for "civil wars" in the country.

"At the same time, we are of the firm opinion that courts are not as fragile as flowers to wither and wilt under such ludicrous statements," CJI Khanna said in his order. PTI ABA SJK PKS ZMN

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