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    Andhra records highest GST collection in February at Rs 3,061 cr
    Rice exporters cautioned against CIF contracts to Iran, Gulf countries amid West Asia conflict
    GST collection grows 8.1 pc to over Rs 1.83 lakh cr in Feb
    Iran crisis: Rice exporters stare at shipment disruptions, payment delays
    GST mop-up grows 8.1 pc to over Rs 1.83 lakh cr in Feb
    Iran Crisis: No immediate oil disruption for India; Russia pivot possible if conflict drags on
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    Maharashtra AI policy for agriculture laudable but implementation weak, says NCP (SP) leader
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    Delhi Police arrests man for Rs 1.37 crore investment fraud in meat export business
    APEDA Organises Sikkim Organic Conclave-cum-International Buyer Seller Meet in Gangtok
    Andhra to open coastline for rare earth mining, eyes China import cut
    CGA launches Government Bank Dashboard and Government Bank Manual to Strengthen Compliance, Reduce Risk, and Enhance Accountability in handling govern...
    DGGI busts Rs 593 crore fake invoice fraud; mastermind arrested in Bengaluru
    India, EU trade agreement includes model mediation procedures
    CM Yogi reviews tax collection in FY2025-26 so far
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March 1, 2026
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GST revenue growth maintained despite rate reductions; enhanced compliance and AI-driven analytics strengthened state collections effectively.
Andhra Pradesh achieves record net Goods and Services Tax receipts for February, with SGST and IGST growth offsetting marginal gross GST decline. Revenue momentum is supported by higher professional tax and petroleum VAT receipts. The state credits strengthened compliance-targeted audits, stricter return filing, coordinated IGST settlements, and performance based officer deployment-and advanced data analytics and AI oversight that detect evasion and reverse ineligible input tax credit claims for measurable recoveries.
March 1, 2026
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Shipping risk allocation: exporters urged to avoid CIF and prefer FOB as geopolitical risks raise freight and insurance exposure.
Advises exporters to avoid new Cost, Insurance and Freight (CIF) commitments to Iran and Gulf destinations and to conclude sales on Free-On-Board (FOB) terms where feasible so freight, insurance and related risks rest with the buyer. Notes that West Asia instability may sharply increase bunker prices, disrupt vessel availability, raise freight and insurance premiums, and produce price volatility; urges restraint, avoidance of open-ended unhedged positions, and monitoring of consignments in transit or awaiting clearance.
March 1, 2026
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GST rate restructuring boosts revenues as import and domestic consumption support post cut recovery in collections.
GST collections rose year on year following a statutory GST rate restructuring that reduced rates on numerous items and consolidated slabs; import revenue and domestic consumption supported recovery after an initial post cut dip. The pattern includes higher refunds, lower cess receipts, and divergent state level growth, raising considerations for revenue forecasting, state fiscal impacts, and the operational stability of the restructured indirect tax framework.
March 1, 2026
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Export disruptions to Iran risk shipment halts and payment delays for rice exporters amid regional conflict.
Shipments to Iran and consignments to Afghanistan via Bandar Abbas have been held up following military strikes, causing immediate shipment disruptions and likely payment delays until the security situation improves; exporters warn the impact depends on conflict duration and note heightened commercial risk from lack of war-risk insurance for vessels.
March 1, 2026
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Goods and Services Tax collections rose driven by import revenue growth, with higher refunds and lower cess receipts.
Gross collections under the Goods and Services Tax increased year on year, driven mainly by a stronger rise in import related GST receipts; domestic GST rose more modestly. Total refunds increased, and net GST receipts were higher year on year, while cess receipts declined markedly compared with the prior year period.
March 1, 2026
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Energy supply resilience mitigates immediate oil disruption risk, though prolonged Hormuz closure heightens price and supply concerns.
India's layered inventory buffers - commercial stocks, in-transit crude and strategic petroleum reserves - and full refinery tanks reduce the likelihood of immediate physical disruption from a short-term Strait of Hormuz closure, shifting the principal near-term impact to price, freight and insurance volatility; prolonged closure would more severely affect LNG and LPG due to contract rigidity and transit dependence, prompting reliance on diversified sourcing, Russian optionality, longer transit planning and strategic reserve drawdowns.
March 1, 2026
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Bail parity: Former CMO official released after court found investigation substantially complete and parity with other accused.
The court evaluated bail petitions in parallel Economic Offences Wing and Enforcement Directorate inquiries alleging a syndicate diverted liquor to government shops and laundered proceeds; it found the investigation substantially complete, trial unlikely to conclude soon, and that continued detention would not serve justice. Prosecution relied on asserted digital communications and co-accused statements alleging supervisory role and receipt/handling of proceeds; defence disputed incriminating material, reliance on statements, selective arrests and urged parity and repeated prior incarcerations. The court held evidentiary weight requires trial testing and noted parity with other released accused.
February 28, 2026
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Bail parity principle applied where investigational delay and statement based evidence affect custodial necessity in money laundering cases.
High Court review of bail in concurrent EOW criminal and ED money laundering investigations centred on investigational stage, evidentiary weight of digital material and co accused statements, and parity with released principal accused. The court noted protracted investigation timelines, contested allegations about supervisory involvement and receipt of alleged proceeds, and held that inferential and statement based evidence must be evaluated at trial, making the stage of probe and likelihood of prolonged proceedings relevant to custodial decisions.
February 28, 2026
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AI policy implementation: ensure agricultural AI delivers to farmers via infrastructure, governance and data protection.
Maharashtra's agricultural AI policy promises institutional development, digital public infrastructure, financial support and capacity building, but implementation is lagging: allocated funds remain unspent, innovation centres and leadership appointments are pending, and summit activities have not translated into grassroots adoption. Addressing the rural digital divide, establishing data protection safeguards, auditing the crop insurance scheme, stabilising price support and export policy, and creating a concrete roadmap with oversight are identified as necessary to ensure AI tools benefit ordinary farmers.
February 28, 2026
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Oil supply disruption could trigger sharp global price swings as Middle East strikes raise market uncertainty and transit risks.
Oil supply uncertainty from recent strikes threatens significant market volatility: a contained campaign may cause a short-lived price spike if shipping and infrastructure remain intact, while broader disruption of pipelines, terminals or tanker traffic through the Strait of Hormuz would force buyers-particularly China-to seek alternative supplies, amplifying sustained upward pressure on global oil prices.
February 28, 2026
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Supply chain disruption threatens longer routes and higher shipping and insurance costs for exporters in western markets.
Exporters expect logistical and insurance-cost disruptions from Middle East hostilities: altered air routes and uncertainty through the Red Sea and Gulf straits may force rerouting via the Cape of Good Hope, adding substantial transit time. Heightened geopolitical risk is likely to raise marine insurance premiums and container freight rates, increasing shipping costs; prolonged instability could also push up global energy-related input costs and exert currency pressure, prompting exporters to seek calibrated government support to sustain competitiveness.
February 28, 2026
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Investment fraud: man arrested for allegedly inducing funds via a false export venture and issuing dishonoured cheques.
The accused is alleged to have induced investment by falsely portraying a large meat export venture, obtained funds through bank transfers and arranged foreign payments via associates, and issued cheques despite insufficient funds; he absconded after committing the offence, was later arrested, and investigations aim to trace co accused and recover the cheated amount.
February 28, 2026
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Organic export compliance reinforced to boost traceability and market access following Sikkim supply chain and export readiness roadmap.
APEDA organised an Organic Conclave in Sikkim and released a Knowledge Report proposing a roadmap of infrastructure upgrades, streamlined processes, aggregation, price discovery and strategic positioning to improve export competitiveness while ensuring sustainability and traceability. The event included international buyer engagement and a technical session on the 8th Edition of the NPOP to raise compliance awareness among exporters, FPOs and certification bodies, and featured field visits to certified production clusters to strengthen farm to market linkages and buyer confidence in export readiness.
February 28, 2026
Show AI Summary
Critical mineral security: Andhra Pradesh opens coastline to build a domestic rare earth and titanium value chain.
Andhra Pradesh seeks to open its coastline to large-scale beach sand mining to build an integrated domestic value chain for titanium minerals and rare earths. APMDC has identified and secured approvals for multiple ilmenite, rutile, zircon and monazite deposits and plans extraction, separation, refining and downstream manufacturing near ports and industrial corridors to reduce import dependence and supply-chain vulnerability.
February 28, 2026
Show AI Summary
Government bank oversight reforms: standardized manual and real time dashboard to strengthen compliance and accountability.
Launch of a regulatory framework comprising the Government Bank Manual and Government Bank Dashboard to standardize bank handling of government transactions. The Manual prescribes operational procedures, reporting obligations, reconciliation timelines, and compliance requirements to reduce risk and strengthen accountability. The Dashboard provides real time monitoring of remittance timelines, scroll compliance, reconciliation status, transaction success rates, and service level adherence, enabling proactive oversight and performance management while supporting further digital integration and cybersecurity enhancements.
February 28, 2026
Show AI Summary
Wrongful availment of input tax credit exposed; GST practitioner arrested and probe launched under CGST provisions.
A tax enforcement operation exposed an organised network issuing fake invoices and e way bills to wrongfully avail input tax credit through numerous GST registrations and shell entities. A registered GST practitioner was identified as the coordinator, arrested under provisions of the CGST Act, and remanded; investigators are tracing beneficiaries and quantifying the fraudulent input tax credit claims.
February 27, 2026
Show AI Summary
Model mediation procedures enable mutually agreed mediation with a mediator and a time bound effort to reach a solution.
An annexure on model mediation procedures permits a Party to request mediation against a measure alleged to adversely affect trade, requires sufficiently detailed requests identifying the measure and effects, and makes mediation subject to mutual agreement. The annexure governs mediator selection, locations and modalities, provides that failure to agree on a mediator within the specified time results in rejection of the request, encourages a time bound endeavour to reach a mutually agreed solution after mediator appointment, and allows consideration of interim solutions.
February 27, 2026
Show AI Summary
Tax revenue review urges accelerated compliance measures and AI-driven enforcement to strengthen state tax collection.
The Chief Minister reviewed tax and non-tax receipts, identified a shortfall versus annual tax targets, and directed departments to accelerate collection through transparency, efficiency and innovation. The meeting highlighted strengthened compliance measures-GST 2.0, AI-based risk analysis, extensive taxpayer scrutiny, e-invoicing and e-way bill monitoring-resulting in targeted investigations, control of fake input tax credit claims, and recovery actions; the Chief Minister also ordered enhanced excise vigilance during festivals.
February 27, 2026
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Political accountability: Opposition criticised for AI Summit protest, while government affirms focus on national development and institutional strengthening.
Prime Minister Narendra Modi criticised the opposition for a shirtless protest at an AI summit as evidence of its decline, emphasising that the government will continue its development agenda. He argued that an opposition's democratic role is to offer alternatives rather than reflexive opposition, cited millennials and Gen Z voter shifts as eroding the opposition's support, and linked recent trade deals to strengthened national institutions and reclaimed capability.
February 27, 2026
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Border management measures: intensified vigilance and financial scrutiny to prevent illegal migration and secure identity records.
Directives mandate intensified vigilance, inter-agency coordination and stricter financial scrutiny in India-Nepal border districts to counter illegal migration. Authorities will verify reported migrants and death cases, update or delete identity records upon confirmation, and conduct door-to-door verification while safeguarding genuine voters. A zero-tolerance stance on illegal construction and encroachments is paired with verification of business financing. District magistrates must ensure bank compliance with RBI reporting and PAN linkage, and sub-registrar offices face accountability for defective reporting of high-value property transactions.

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Customs & Trade

Murky outlook for businesses after tariff ruling prompts countermoves by Trump

February 21, 2026

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New York, Feb 21 (AP) Businesses face a new wave of uncertainty after the Supreme Court struck down tariffs imposed by President Donald Trump under an emergency powers law and Trump vowed to work around the ruling to keep his tariffs in place.

The Trump administration says its tariffs help boost American manufacturers and reduce the trade gap. But many US businesses have had to raise prices and adjust in other ways to offset higher costs spurred by the tariffs.

It remains to be seen how much relief businesses and consumers will actually get from Friday's ruling. Within hours of the court's decision, Trump pledged to use a different law to impose a 10 per cent tariff on all imports that would last 150 days, and to explore other ways to impose additional tariffs on countries he says engage in unfair trade practices.

“Any boost to the economy from lowering tariffs in the near-term is likely to be partly offset by a prolonged period of uncertainty,” said Michael Pearce, an economist at Oxford Economics. “With the administration likely to rebuild tariffs through other, more durable, means, the overall tariffs rate may yet end up settling close to current levels.” Efforts to claw back the estimated USD 133 billion to USD 175 billion of previously collected tariffs now deemed illegal are bound to be complicated, and will likely favour larger companies with more resources. Consumers hoping for a refund are unlikely to be compensated.

The fight against tariffs continues ------------------------------------- With Trump's unyielding position on tariffs, many business are braced for years of court battles.

Basic Fun, a Florida-based maker of toys such as Lincoln Logs and Tonka trucks, last week joined a slew of other businesses in a lawsuit seeking to claw back tariffs paid to the government.

While company CEO Jay Foreman is concerned about any new tariffs Trump may impose, he doesn't think they will affect toys. Still, he said, “I do worry about some type of perpetual fight over this, at least for the next three years.” The new 10 per cent tariff Trump announced Friday immediately raised questions for Daniel Posner, the owner of Grapes The Wine Co., in White Plains, New York. Since wine shipments take about two weeks to cross the Atlantic, he wonders if a shipment arriving Monday will be affected.

“We're reactive to what's become a very unstable situation,” Posner said.

Ron Kurnik owns Superior Coffee Roasting Co. in Sault Ste. Marie, Michigan, across the border from Canada. In addition to US tariffs, Kurnik faced retaliatory tariffs from Canada for much of last year when he exported his coffee.

“It's like a nightmare we just want to wake up from,” said Kurnik, whose company has raised prices by 6 per cent twice since the tariffs went into effect. While he's pleased with the Supreme Court's ruling, he doesn't think he will ever see a refund.

Industries pine for more stability ------------------------------------ A wide array of industries, including retail, tech and the agricultural sector, used the Supreme Court ruling as an opportunity to remind Trump of how his trade policies have affected their businesses.

The Business Roundtable, a group that lobbies on behalf of more than 200 US companies, released a statement encouraging the administration to limit the focus of tariffs going forward to specific unfair trade practices and national security concerns.

In the retail industry, stores of all stripes have embraced different ways to offset the effects of tariffs — from absorbing some of the costs themselves, to cutting expenses and diversifying their supply network.

Still, they have had to pass on some price increases at a time when shoppers have been particularly sensitive to inflationary pressures.

Dave French, executive vice president of government relations for The National Retail Federation, the nation's largest retail industry trade group, said he hoped lower courts would ensure “a seamless process” to refund tariffs. That issue wasn't addressed in Friday's ruling.

For the technology sector, Trump's tariffs caused major headaches. Many of its products are either built overseas or depend on imports of key components. The Computer & Communications Industry Association, which represents a spectrum of technology companies employing more than 1.6 million people, expressed hope that the decision will ease the trade tensions.

"With this decision behind us, we look forward to bringing more stability to trade policy,” said Jonathan McHale, the association's vice president for digital trade.

Farmers, who have been stung by higher prices for equipment and fertilizer since the tariffs went into effect, and reduced demand for their exports, also spoke out.

“We strongly encourage the president to avoid using any other available authorities to impose tariffs on agricultural inputs that would further increase costs,” said American Farm Bureau Federation President Zippy Duvall.

Industries that aren't feeling any relief ------------------------------------------- The Supreme Court ruled 6-3 that the International Emergency Economic Powers Act did not give the president authority to tax imports, a power that belongs to Congress. But the decision only affects tariffs imposed under that law, so some industries will see no relief at all.

The decision leaves in effect tariffs on steel, upholstered furniture, kitchen cabinets and bathroom vanities, according to the Home Furnishings Association, which represents 15,000 furniture stores in North America.

At Revolution Brewing in Chicago, the aluminum they use for cans costs as much as the ingredients that go inside them because of tariffs Trump has placed on metals that are not affected by the Supreme Court ruling. While the cans are made in Chicago, the aluminum comes from Canada, said Josh Deth, managing partner at the brewery.

Tariffs have been just one challenge for his business, which is also affected by volatile barley prices and a slowdown in demand for craft beer.

“Everything kind of adds up,” he said. “The beverage industry needs relief here. We're getting crushed by the prices of aluminum.” Reaction overseas --------------------- Italian winemakers hard-hit by the tariffs greeted the Supreme Court decision with scepticism, warning that the decision may just deepen uncertainty around trade with the US.

The US is Italy's largest wine market, with sales having tripled in value over the past 20 years. New tariffs on the EU, which the Trump administration initially threatened would be 200 per cent, had sent fear throughout the industry, which remained even after the US reduced, delayed and negotiated down.

“There is a more than likely risk that tariffs will be reimposed through alternative legal channels, compounded by the uncertainty this ruling may generate in commercial relations between Europe and the United States,” said Lamberto Frescobaldi, president of UIV, a trade association that represents more than 800 winemakers.

Elsewhere in Europe, initial reaction focused on renewed upheaval and confusion regarding costs facing businesses exporting to the US.

Trump's tariffs could hit pharmaceuticals, chemicals and auto parts, said Carsten Brzeski, an economist at ING bank. “Europe should not be mistaken, this ruling will not bring relief," he said. "The legal authority may be different, but the economic impact could be identical or worse.” (AP) GSP

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