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    Seeking stakeholders' input on the proposed Income-tax Rules and related Forms relating to the Income Tax Act, 2025
    Income tax Department carries out nation-wide verification exercise on Restaurants suppressing turnover
    Governments of India and France sign the Amending Protocol to amend the India-France Double Taxation Avoidance Convention
    Union Minister of Commerce & Industry Shri Piyush Goyal calls for stronger collaboration to position India as global leader in agricultural and proces...
    China's exports surge in Jan-Feb despite waning trade with US
    CreditAccess Grameen Advances Inclusive Growth With USD 75 Million Syndicated Social Loan Facility
    Looking to help exporters at insurance front to deal West Asia crisis: Goyal
    AAHAR 2026 – 40th Edition: Strengthening India’s role in the global food economy through a structured B2B platform
    Union Minister of Commerce & Industry Shri Piyush Goyal Calls for Making India’s IP Approval System Among Top Five Globally in Speed, Transparency a...
    FTAs Opening New Opportunities for Pharma, Healthcare and MedTech Sectors: Union Minister of Commerce & Industry Shri Piyush Goyal
    Design to Play Key Role in India’s Decisive Decade of Development: Union Minister of Commerce & Industry Shri Piyush Goyal
    Free Trade Agreements Create New Opportunities for MSMEs to Integrate into Global Supply Chains: Union Minister of State for Commerce and Industry Shr...
    Income tax Department carries out nation-wide verification exercise on restaurants suppressing turnover
    CGST Delhi South Commissionerate arrests director of a company for fraudulent availment of Input Tax Credit (ITC) amounting to ₹60.59 crore thro...
    Secretary, DFS chairs Review meeting to monitor the progress of Public Sector Banks to expedite pending cases at NCLT
    Crude oil prices spike as a broadening Iran war threatens both transport routes and production
    I-T dept detects hidden sales worth Rs 408 crore by restaurants in countrywide operation
    Iran war puts at risk key pipelines, terminals and refineries that supply the world with oil and gas
    Oil prices soar as Iran names new supreme leader and digs in
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March 10, 2026
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Stakeholder consultation on proposed Income tax Rules invites inputs via e filing portal, focused on simplification and compliance reduction.
Consultation is invited on the proposed Income tax Rules and related Forms implementing the Income tax Act, 2025, via a utility on the e filing portal. Stakeholders must submit inputs after OTP validation, specifying the exact rule, sub rule or Form number. Inputs are solicited under four categories: Simplification of Language; Reduction of Litigation; Reduction of Compliance Burden; and Identification of Redundant/Obsolete Rules and Forms, to be compiled and considered before final notification.
March 10, 2026
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Tax compliance verification using AI uncovers restaurant under reporting; taxpayers urged to file updated returns under Section 139(8A).
AI enabled transactional analytics compared point of sale data from restaurants with declared income and found deletion and modification of bills and exclusion of transactions leading to under reported sales. Preliminary surveys corroborated suppression and prompted targeted investigations. The Department combined targeted enforcement with a guidance campaign, SAKSHAM NUDGE, inviting identified taxpayers to file updated returns under Section 139(8A) and encouraging voluntary correction of returns.
March 10, 2026
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Dividend taxation restructured with preferential treatment for substantial holdings and altered withholding for other shareholders.
The Amending Protocol reallocates taxing rights on capital gains from sale of company shares to the jurisdiction of the company's residence, removes the Most Favoured Nation clause, introduces a split dividend withholding regime that differentiates substantial holders from other shareholders, aligns the definition of Fees for Technical Services with the India-US model, and expands Permanent Establishment to include a Service PE; it also enhances Exchange of Information, adds Assistance in Collection of Taxes, and incorporates applicable BEPS MLI provisions, subject to each Party's internal procedures for entry into effect.
March 10, 2026
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Free trade agreements expand preferential market access while protecting sensitive agricultural sectors and supporting export competitiveness.
India seeks to expand agricultural and processed food exports through recently concluded FTAs that grant preferential market access while explicitly protecting sensitive domestic sectors such as dairy and GM products and shielding key staples from import exposure. Complementary measures include promoting the Agriculture Infrastructure Fund for food processing and value addition, and providing exporter support via the Export Promotion Mission and DGFT to integrate Indian firms into global value chains.
March 10, 2026
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Trade tariff rollback boosts Chinese export resilience despite weaker US demand and geopolitical energy risks.
China's exports rose sharply in January-February driven by semiconductors, autos and electronics, with broader regional demand offsetting reduced shipments to the United States. A recent judicial ruling lowered US tariffs and, together with a potential extension of the October trade truce, has eased import barriers that supported export growth. Risks to export competitiveness include a slowing domestic economy, property-sector weakness and geopolitical energy disruptions that could curb global demand.
March 10, 2026
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External commercial borrowing qualifies under automatic route, structured as a syndicated social loan supporting eligible social projects.
A syndicated facility classified as an External Commercial Borrowing under the automatic route has been arranged to qualify as a social loan. Proceeds will be deployed under the borrower's Social Loan Framework aligned with the Social Loan Principles 2023, supported by a second-party opinion. The financing is intended to fund eligible social projects, enhance liquidity and asset-liability management, and diversify the borrower's foreign funding sources while imposing use-of-proceeds and governance conditions consistent with social loan practices.
March 10, 2026
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Insurance support for exporters to address shipping and insurance disruptions amid West Asia crisis, government seeks coordinated measures.
The government has issued Customs norms for export cargo returning to Indian ports and is developing insurance support schemes, consulting the Export Credit Guarantee Corporation and other departments to assist exporters whose goods have been shipped but face logistical and insurance problems, while an inter-ministerial group monitors developments and engages regularly with exporters.
March 10, 2026
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B2B platform expands India's food export access by linking producers, processors and MSMEs to global buyers and technology partners.
AAHAR 2026 operates as a structured B2B platform to convert India's agricultural and processing scale into global market access by enabling commercial matchmaking, export partnerships, technology transfer and investment linkages. The exhibition prioritises business outcomes-especially for MSMEs-through dedicated pavilions and buyer-seller interactions that translate government support and technological solutions into export orders, value addition and integration into international supply chains while emphasising sustainability across the food value chain.
March 10, 2026
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IP approval speed and transparency urged to position India's IP regime among global leaders with greater access for startups and women.
India aims to make its intellectual property approval system globally competitive by enhancing speed, transparency and efficiency through recruitment, technology upgrades and backlog reduction; it proposes fast track mechanisms and substantial fee concessions to improve access for startups, women entrepreneurs and micro and small enterprises while strengthening the broader innovation ecosystem via school innovation labs, incubation models and stakeholder engagement.
March 10, 2026
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Free Trade Agreements expand market access for pharmaceutical, healthcare and medtech sectors, requiring industry uptake and integrated healthcare ecosystems.
Free Trade Agreements create preferential market access for pharmaceuticals, healthcare and medtech, benefitting farmers, MSMEs and innovators but requiring active industry utilisation. Policy measures needed include building an integrated healthcare ecosystem linking manufacturing, innovation and hospitals; MSME quality upgradation and testing; skills development for caregivers and nurses to support exports; and adoption of digital health and AI for telemedicine and diagnostics.
March 10, 2026
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Design as strategic national capability: new NID and collaborative AI, industry and craft initiatives to mainstream innovation.
Design is promoted as a strategic national capability with a new National Institute of Design in eastern India to expand design education and link traditional crafts, MSMEs and industry. A five-point agenda sets out to position NIDs as regional knowledge hubs; deepen industry-academic and MSME linkages via design clinics and live cluster projects; create Service and Brand India design labs for citizen-facing services; establish joint AI and frontier-technology design labs with technical institutes; and develop the eastern NID as a model campus driven by public-private partnerships and artisan support.
March 10, 2026
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Free Trade Agreements expand market access for MSMEs, prompting quality-led growth and adoption of AI and digital tools.
Free Trade Agreements expand market access for MSMEs into developed markets but require a shift to quality-led growth because FTA coverage raises product quality expectations and duty concessions do not permit substandard goods. The statement emphasizes technology and AI adoption to improve MSME productivity and decision-making, and outlines targeted support for women entrepreneurs through digital commerce onboarding initiatives and an Assist Cell providing mentorship, funding, marketing and technology guidance to enable scaling and sustainability.
March 10, 2026
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Voluntary compliance: SAKSHAM NUDGE urges restaurants to update returns under Section 139(8A) to rectify filings.
The Income Tax Department used AI-enabled transactional analytics to detect widespread under-reporting in the Food & Beverage sector, conducted an on-site survey that revealed significant sales suppression, and has launched the SAKSHAM NUDGE campaign to encourage identified restaurants to file updated returns under Section 139(8A) while investigations continue.
March 10, 2026
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Fraudulent Input Tax Credit scheme exposed, director arrested amid allegations of bogus invoices and absence of genuine business activity.
Alleged fraudulent availment of Input Tax Credit through bogus invoices for purported supplies is based on GST return analysis and verification showing the supplier's declared premises lacked accounting records, stock or invoices and no verifiable payment trail exists; the director implicated failed to explain operations or payments and is said to have directly benefited from the non genuine paper transactions created solely to pass and utilise Input Tax Credit.
March 10, 2026
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IBC case resolution: banks urged to collaborate, reduce adjournments, and ensure time bound progression for improved recoveries.
Expediting resolution of large insolvency matters and correcting procedural inefficiencies was the focus of a high-level review. Banks were directed to adopt collaborative resolution strategies for asset value maximisation and improved recoveries, reduce adjournments and delays in filing CIRP applications, and ensure continuous monitoring of high-priority cases to achieve time-bound progression through insolvency processes.
March 10, 2026
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Force majeure declarations amid Iran conflict relieve suppliers of contractual obligations as oil shipments and production face disruption.
Intensifying hostilities involving Iran have disrupted crude oil production and tanker routes, causing widespread export constraints, storage shortages and elevated market volatility. Attacks on energy infrastructure and near-halt of tanker traffic through the Strait of Hormuz have led producers to cut output and declare force majeure, excusing contractual performance. Policymakers and market actors are considering coordinated responses-such as releasing strategic reserves or stockpiling-while alternative sourcing and technical restoration of production remain critical to stabilising supply.
March 9, 2026
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Under-reporting of sales detected - data-driven inquiry prompts compliance notices for restaurants to update tax filings.
A data-driven exercise found under-reporting of sales in the restaurant sector through AI analytics comparing transactional data with reported turnover, revealing deletion and modification of bills and omission of transactions. The tax authority has opened investigations and, under the NUDGE campaign, is directing identified outlets to update their income tax returns by a compliance deadline while probes into billing-software manipulation and sampled premises continue.
March 9, 2026
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Force majeure declarations disrupt oil and gas contractual supply chains, creating carriage, insurance and performance risks for parties.
Strikes and security-driven closures have caused shutdowns at major oil and gas terminals, pipelines and refineries, leading suppliers to invoke force majeure and creating contractual, insurance and logistical challenges. The effective closure of a maritime chokepoint and targeted attacks on alternative export terminals have increased carriage and routing risks, while storage constraints have forced producers to suspend output; once shut in, restart may take weeks or months, affecting mitigation, notice and performance obligations. State regulatory orders may create legal bases for interruption separate from force majeure.
March 9, 2026
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Force majeure invoked for oil shipments, suspending contractual delivery obligations amid Gulf supply disruptions and transit risks.
Military attacks and leadership developments in Iran have impaired Gulf oil and gas production and shipping, prompting a national oil company to invoke force majeure to suspend contractual shipment obligations due to extraordinary damage and security risks; resulting export curtailments, tanker transit disruptions through the Strait of Hormuz, and filled storage have reduced available supply, while governments consider reserve releases and impose regulatory measures against hoarding to stabilize markets and protect energy security.
March 9, 2026
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Fuel price freeze maintained as government directs companies to absorb costs and boosts LPG allocation to prevent shortages.
Government sources say retail petrol and diesel prices will not be raised immediately; oil marketing companies are expected to absorb current cost pressures. The state reports adequate crude and fuel stocks for six to eight weeks, has increased the minimum domestic LPG refill booking gap from 21 to 25 days to prevent hoarding, and has directed refineries to maximise LPG production while monitoring global energy developments and recalibrating allocations to maintain supply chain stability.

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Customs & Trade

HIGHLIGHTS

February 12, 2026

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New Delhi, Feb 12 (PTI) Following are the top stories at 5 pm: NATION DEL45 DEF-RAFALE (4.33 PM)

India clears procurement of 114 Rafale jets, other acquisition projects totalling Rs 3.6 lakh cr New Delhi: The defence ministry on Thursday cleared a long-pending proposal to procure 114 Rafale fighter jets under a government-to-government framework from France, nearly 13 years after a similar acquisition was almost firmed up.

DEL22 STRIKE-CONG (2.42 PM)

Govt ignored voices of workers, farmers while making decisions concerning their future: Rahul New Delhi: With trade unions observing a day-long strike against the Centre's policies, the Congress on Thursday expressed support for them and Rahul Gandhi alleged that the government ignored the voices of workers and farmers while making decisions concerning their future.

DEL13 DUBEY-RAHUL-LD LS-MOTION (12.29 PM)

BJP's Nishikant Dubey files notice to cancel Rahul Gandhi's Lok Sabha membership New Delhi: BJP MP Nishikant Dubey on Thursday said he has given a notice to initiate a 'substantive motion' against Congress leader Rahul Gandhi, and demanded that his Lok Sabha membership be cancelled and he be debarred from contesting elections for life.

MDS13 KL-STRIKE-THAROOR (4.00 PM)

Trade union strike: Tharoor slams shutdown in Kerala, calls it 'organised tyranny' Thiruvananthapuram: Congress MP Shashi Tharoor on Thursday criticised the total shutdown in Kerala as part of the nationwide strike observed by trade unions against the Centre’s labour codes, calling it a "lamentable irony" that turned into a mere “Kerala Bandh”.

MDS12 TL-STRIKE (3.47 PM)

Cong, Left parties, trade unions take part in nationwide strike against labour codes Hyderabad: Congress, CPI, CPI(M) leaders and workers held protests in Hyderabad and other places in Telangana on Thursday as part of the nationwide strike called by trade unions against the Centre's labour codes.

DEL32 UP-LAMBORGHINI-BAIL (3.59 PM)

Lamborghini crash: Shivam Mishra gets bail from Kanpur court Kanpur: Shivam Mishra, son of local tobacco baron K K Mishra, got bail from a court here on Thursday, hours after his arrest in connection with the high-profile Lamborghini crash that left several people injured on the VIP Road earlier this week.

DEL43 ROLLSROYCE-INDIA-LD EXPANSION (4.22 PM)

Rolls-Royce unveils mega roadmap for India; offers co-development next-gen fighter jet engine with full IP rights New Delhi: A day after meeting Prime Minister Narendra Modi, Rolls-Royce CEO Tufan Erginbilgic on Thursday unveiled a strategic roadmap to scale up the company's Indian operations across defence, energy and civil aviation domains including plans to co-develop a aero-engine for India's next-generation combat jets with full intellectual property transfer.

PAR8 LS-LABOUR (3.33 PM)

Govt favouring industrialists over labourers: Opposition in LS New Delhi: The opposition on Thursday accused the government of favouring industrialists over workers while drafting the industrial relations code, even snatching away their right to protest for demands.

BOM10 MP-2NDLD STRIKE (2.38 pm)

MP: Trade union strike sees protests in few districts, 25,000 civilian defence staff reach work late Bhopal/Indore: The nationwide strike called by trade unions against the Centre's policies on Thursday triggered protests in a few districts of Madhya Pradesh, while over 25,000 civilian employees of defence establishments reported to work an hour late across the state.

LEGAL LGD14 SC-RERA (3.47 PM)

RERA doing nothing except facilitating defaulting builders: SC New Delhi: The Supreme Court on Thursday said it is high time all states rethought the constitution of the real estate regulatory authority (RERA) as the institution is doing nothing, except facilitating defaulting builders.

LGD10 SC-LD MOVIE (1.21 PM)

You can't denigrate section of society by such title: SC raps Neeraj Pandey on 'Ghooskhor Pandat' New Delhi: Observing that a section of society cannot be denigrated in the name of freedom of expression, the Supreme Court on Thursday rapped filmmaker Neeraj Pandey over the title of his movie 'Ghooskhor Pandat'.

BUSINESS DEL46 BIZ-INFLATION (4.33 PM)

Retail inflation at 2.75 pc in Jan under new CPI series New Delhi: Retail inflation stood at 2.75 per cent in January under the new series of All India Consumer Price Index (CPI), with 2024 as the base year, released on Thursday.

DEL21 BIZ-LD STRIKE (2.41 PM)

No major impact on normal life due to one-day nationwide strike call New Delhi: Normal life largely remained unaffected by the strike call given by a joint forum of central trade unions across the country on Thursday to protest against the alleged "anti-worker, anti-farmer and anti-national pro-corporate policies of the central government".

FOREIGN FGN29 BANGLA-3RDLD ELECTIONS (2.34 PM)

Over 32 per cent voter turnout recorded till noon in crucial Bangladesh polls Dhaka: Over 32 per cent of the electorate voted till noon in the crucial parliamentary elections in Bangladesh, marred by sporadic incidents of violence.

FGN20 BIZ-INDIA-EU-ORGANIC TRADE (10.51 AM)

Free trade agreement lifts hopes of India-EU organic food players Nuremberg: Organic food traders from India and the European Union are bullish on the recently announced free trade agreement, saying it will expand market access on both sides and create significant opportunities for the sector. By Rajesh Rai

PTI SHS SHS

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