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March 27, 2026
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Excise duty cuts on petrol and diesel aim to stabilise fuel prices and ease consumer burden.
Excise duty on petrol and diesel has been reduced to moderate domestic fuel prices and shield consumers from the impact of rising global crude oil prices. The special additional excise duty on petrol has been cut from Rs 13 per litre to Rs 3 per litre, while the corresponding duty on diesel has been reduced from Rs 10 per litre to nil. Duties have also been reintroduced on the export of diesel and aviation turbine fuel to support oil marketing companies and mitigate external market volatility.
March 27, 2026
Show AI Summary
Excise duty reduction on petrol and diesel eases fuel price pressure while export duties curb domestic supply diversion.
Excise duty on petrol and diesel was reduced to offset the impact of sharply rising global crude prices and to prevent an immediate increase in retail fuel prices. The reduction lowered the special additional excise duty on petrol and removed the corresponding levy on diesel, while the overall incidence of excise on both fuels was recalibrated through the existing duty structure. The measure was presented as a fiscal intervention to ease under-recoveries of oil marketing companies and to protect consumers from supply-driven price pressure.
March 27, 2026
Show AI Summary
Minimum alternate tax relief through Form 53 applies to APA and secondary adjustment cases with recomputation of book profits.
Form 53 is the prescribed application for taxpayers affected by secondary adjustments or APA-related adjustments for past years to seek recomputation of book profits and minimum alternate tax liability. It is mandatory where book profit increases in a financial year because income of past year(s) is included pursuant to an Advance Pricing Agreement or a secondary adjustment. The form must be filed by the due date for the return, can be filed once a year, requires no specific supporting documents, cannot be edited after acknowledgment, and cannot be submitted without a valid PAN.
March 27, 2026
Show AI Summary
Advance Pricing Agreement compliance reporting requires annual filing of Form 52 with adjustments, critical assumptions, and supporting documentation.
Form 52 is an Annual Compliance Report for taxpayers covered by a unilateral, bilateral, or multilateral Advance Pricing Agreement. It requires annual confirmation that the APA methodology, critical assumptions, and agreed terms and conditions have been complied with, together with tabular computation of any adjustment where actual results differ from the APA. The form also requires disclosure of deviations, supporting documentation, and filing within the prescribed time under Rule 113 of the Income-tax Rules, 2026.
March 27, 2026
Show AI Summary
Advance Pricing Agreement compliance reporting under Form 52 requires annual online filing with supporting transfer pricing documentation.
Form 52 is the annual compliance report for Advance Pricing Agreements under the Income-tax Act, 2025. It is mandatory for taxpayers with unilateral, bilateral, or multilateral APAs, and must be filed once a year for each year covered by the agreement. The report is filed online through the Income Tax e-Filing portal, cannot be edited after submission, and must be supported by APA documents explaining transfer pricing methodology, arm's length price computation, and compliance with critical assumptions.
March 27, 2026
Show AI Summary
Advance Pricing Agreement application form streamlines transfer pricing disclosures, rollback requests, and electronic filing requirements
Form 51 is the application form for an Advance Pricing Agreement under the Income-tax framework and is used for both forward-looking APA requests and rollback requests where permitted. It consolidates the earlier separate application formats and is filed electronically under the prescribed rules to the competent tax authority. The form requires extensive disclosure on the applicant, associated enterprise, covered transactions, business structure, financials, transfer pricing background, relevant agreements, and transfer pricing methodology.
March 27, 2026
Show AI Summary
Advance Pricing Agreement filing form streamlines transfer pricing applications, rollback requests, and online compliance requirements.
Form 51 is the prescribed application for an Advance Pricing Agreement under the Income-tax Act, 2025, covering international transactions and specified domestic transactions for a specified period. It may be filed by a person who has entered into, or is contemplating entering into, international transactions with an associated enterprise, including eligible rollback applicants. The form must be filed online, with a valid PAN and proof of payment, and cannot be edited after submission and acknowledgment, except through the prescribed defect or amendment procedure. Supporting documents include financial statements and relevant inter-company agreements.
March 27, 2026
Show AI Summary
Advance Pricing Agreement pre-filing consultation form streamlines transfer pricing discussions, electronic filing, and anonymous representation options.
Form FN050 is the income-tax application for a pre-filing consultation in relation to an Advance Pricing Agreement, allowing an eligible person to discuss the proposed transfer pricing methodology for international transactions before formal APA filing. The form requires details of the applicant, the type of APA proposed, the transactions to be covered, and the relevant tax years, with annexures covering group structure, business model, functional profile, transfer pricing audit history, and other international transactions. It is filed electronically, assigned to an APA team, and taken up for consultation, with the Indian competent authority associated in bilateral or multilateral cases.
March 27, 2026
Show AI Summary
Advance Pricing Agreement pre-filing meeting form guides optional online application for transfer pricing discussions.
Form 50 is the prescribed income-tax application for requesting a pre-filing meeting in connection with an Advance Pricing Agreement under the transfer pricing framework. It is optional and available to a taxpayer intending to enter into an APA, enabling the taxpayer to place its proposed transfer pricing methodology before the tax authority before making a formal APA application. The form may be filed before undertaking the international transaction, only once in a year, and online only through the Income Tax e-Filing portal.
March 27, 2026
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RERA enforcement and insolvency accountability need overhaul to protect homebuyers from stalled projects and blocked ownership.
Stricter enforcement of RERA and insolvency law is sought to address homebuyers left without possession or legal title despite paying builders in full. The proposed reform emphasis includes attachment of a builder's personal assets on declaration of insolvency and the imposition of strict punishment after proper investigation. Concern is also expressed that delays within RERA allow default disputes to continue indefinitely, defeating the purpose of the regulatory regime.
March 27, 2026
Show AI Summary
Excise duty relief and export levies aim to shield fuel consumers and secure domestic supply amid global oil-price volatility.
Excise duty on petrol and diesel has been reduced to cushion domestic consumers against the rise in global crude oil prices and the resulting pressure on fuel costs. The special additional excise duty on petrol has been cut and the corresponding levy on diesel has been removed, while export duties have been reintroduced on diesel and aviation turbine fuel to preserve domestic availability of these products. The measure applies to diesel and aviation turbine fuel, but no windfall tax has been imposed on domestic crude oil producers.
March 27, 2026
Show AI Summary
Safe harbour filing requirements under Form 49 cover eligible transactions, due dates, disclosures, and accountant certification.
Safe harbour option under Form No. 49 is to be exercised by an eligible assessee by furnishing the merged and simplified form on or before the due date. The form replaces the erstwhile Forms 3CEFA, 3CEFB and 3CEFC and is used to furnish particulars relating to eligible international transactions, eligible specified domestic transactions and eligible business for the relevant tax year. Different filing timelines apply depending on the nature of the transaction, including a special filing window for provision of information technology services and a due-date-linked filing requirement for other cases.
March 27, 2026
Show AI Summary
Safe Harbour compliance through Form No. 49 now consolidates transaction disclosures, eligibility conditions, and online filing requirements.
Form No. 49 is the electronic application for opting for Safe Harbour under the Income-tax Act, 2025 and the Income-tax Rules, 2026. It merges the earlier Forms 3CEFA, 3CEFB and 3CEFC into a single smart e-form for eligible international transactions, eligible specified domestic transactions and eligible business. The FAQs state that filing is mandatory only for assessees intending to opt for Safe Harbour, it must be filed online through the e-filing portal, and it requires disclosure of associated enterprises, transaction-specific details, supporting documents, accountant reports, and prescribed e-verification.
March 27, 2026
Show AI Summary
Transfer pricing reporting requires structured transaction-wise disclosure, arm's length price details, and accountant certification under Form 48.
Form No. 48 requires an accountant's report to be furnished under the Income-tax Act, 2025 for international transactions and specified domestic transactions with associated enterprises. The form is filed annually by the prescribed due date and uses a structured, transaction-wise format covering the assessee's particulars, associated enterprises or persons, transaction details, advance pricing agreement information, arm's length price determination, and any adjustment. Part F contains the accountant's certification of maintenance of the required information and documents.
March 27, 2026
Show AI Summary
Form No. 48 reporting rules for international and specified domestic transactions, online filing, PAN requirement, and arm's length pricing.
Form No. 48 is the mandatory accountant's report for international transactions and specified domestic transactions under section 172 of the Income-tax Act, 2025. It must be filed annually, only online through the Income Tax e-Filing portal, and requires a valid PAN. The form contains six parts covering assessee details, transaction aggregates, international and specified domestic transaction particulars, arm's length price computation, and threshold-based reporting. The FAQs also explain transaction identifiers, relationship coding, aggregation treatment, arm's length price auto-population, and the computation rules for transfer pricing methods.
March 27, 2026
Show AI Summary
Excise duty cut on petrol and diesel eases fuel cost pressure amid rising global crude prices.
Excise duty on petrol has been reduced and diesel has been exempted from the levy with immediate effect to cushion consumers and fuel retailers from the impact of rising global crude prices. The notification lowers the duty on petrol and brings the diesel duty to nil, reflecting a policy response to volatility in international oil markets and the strain created by unchanged retail pump prices. The duty reduction is intended to provide headroom to fuel retailers by easing input-cost pressure and supporting price stability in the domestic market.
March 27, 2026
Show AI Summary
Energy security and import dependence drive debate as fuel supply assurances counter claims of shortages and misinformation
Rising dependence on crude oil, LPG and natural gas imports is presented as an energy-security concern, alongside criticism that the promised push toward self-reliance has not been realised. The discussion also refers to earlier claims about a major gas discovery in the Krishna-Godavari basin and allegations that later audit reports treated the episode as a large-scale irregularity. Government and oil marketing companies, however, state that petrol, diesel and LPG supplies remain stable and adequately stocked.
March 27, 2026
Show AI Summary
Excise duty cut on petrol and diesel aims to ease pressure on fuel retailers amid rising global crude prices.
Excise duty on petrol has been reduced to Rs 3 a litre from Rs 13 a litre, while excise duty on diesel has been reduced to nil from Rs 10 a litre, with immediate effect. The duty cuts are intended to ease pressure on oil marketing companies facing elevated global crude prices and frozen retail fuel prices amid geopolitical disruption in oil markets.
March 26, 2026
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WTO dispute settlement and e-commerce duty moratorium face renewed calls for reform and careful reconsideration.
A dysfunctional WTO dispute settlement system is described as having deprived members of effective redressal, and restoration of an automatic and binding dispute settlement mechanism is called for. Careful reconsideration of the continued extension of the moratorium on customs duties on electronic transmissions is urged because its scope remains unsettled and may have significant revenue implications. WTO reform is presented as needing to be transparent, inclusive and member-driven, anchored in development, non-discrimination, consensus-based decision-making, equity and effective special and differential treatment.
March 26, 2026
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Transatlantic trade safeguards shape EU approval of the US deal, allowing suspension if the agreement is undermined.
European lawmakers approved the transatlantic trade agreement with safeguard amendments that permit suspension if the United States undermines the deal, discriminates against EU economic operators, threatens territorial integrity or foreign and defence policies, or engages in economic coercion. The agreement retains a 15 per cent tariff on most goods and proceeds to further negotiation between EU and US trade representatives, with the added language intended to preserve European interests and provide greater certainty for businesses.

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Customs & Trade

Strategic trade mission capitalises on UK-India Free Trade Agreement opportunity

March 11, 2026

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• Mayoral-led mission to India strengthens economic and cultural partnerships during the year of the Free Trade Agreement in order to deliver impact for the West Midlands. • New civic, academic and innovation partnerships secured across Ahmedabad, Mumbai and Bengaluru to boost bilateral collaboration, trade and tourism BIRMINGHAM, England, March 10, 2026 /PRNewswire/ -- A strategic trade mission to the UK's West Midlands region has strengthened economic and cultural ties with India's subregions, building on the recent signing of the landmark UK-India Free Trade Agreement. Led by West Midlands Mayor, Richard Parker between 22nd and 27th February and representing the first outbound mission from the UK in 2026, the delegation of business, political and academic leaders visited Ahmedabad, Mumbai and Bengaluru. With the aim of reinforcing the long-established, trusted partnership between the West Midlands and India, the mission set out to deliver real impact for the West Midlands, strengthening economic and cultural links and boosting collaboration for the benefit of the region's businesses, people and academic institutions. The mission was organised by the West Midlands Growth Company (WMGC), with support from the India Global Forum and Greater Birmingham Chambers of Commerce. The delegation included Dr Julie Nugent, CEO at Coventry City Council, Prof. David Mba, Vice-Chancellor at Birmingham City University and Greg Clark, Executive Chair of University of Warwick Innovation District. Official trade mission partners included Aston University, Birmingham City University (BCU), energy provider E.ON, GEDU Global Education, University of Birmingham and University of Warwick. The delegation was also made up of a number of high-potential West Midlands businesses, led by the Greater Birmingham Chambers of Commerce, interested in exploring trade opportunities in India. These included Goldilock; School of Coding Limited; World Wide Generation Limited; Agilyx EMEA Ltd; Econominds; CyberQ Group and Cybercy Group. Throughout the week, the West Midlands delegation attended a series of meetings with senior figures from leading Indian manufacturing companies, with discussion centred around their shared commitment to the future of engineering innovation. This included clean energy company Atri Energy Transition and motorcycle manufacturer and major investor into the West Midlands, TVS Motor Company. Mayor Richard Parker also met with Natarajan Chandrasekaran, Chair of Tata Group – the region's biggest source of foreign direct investment (FDI) – to discuss how to accelerate collaboration across technology, energy, steel and communications between the two markets. This momentum was reflected through the announcement of a new alliance between the University of Warwick and Tata Power, focused on energy storage and industrial decarbonisation. Marking an important step toward strengthening long-term research capability, talent development, and global academic engagement aligned with Tata Power's strategic priorities, the collaboration highlights the importance of West Midlands-borne research expertise to Indian industry partners. During the mission, Aston University also entered into new partnerships with Indian academic institutions the All India Management Association and Xavier School of Management, creating new pathways for skills and talent. In line with the mission's focus on opening pathways around digital innovation and AI collaboration, the delegation visited some of India's most significant industry hubs. These included the Confederation of Indian Industry (CII) - which hosted an interactive industry session focused on unlocking cross-border growth and scaling innovation following the UK-India FTA – the offices of multinational technology company and West Midlands investor Infosys and Tata Consultancy Services. The delegation also visited Gujarat-based GIFT City – India's globally connected financial centre – with the region is now taking forward plans for a joint taskforce with the State of Gujarat, with the ambition of establishing a formal partnership for growth across shared priority sectors. In support of the region's ambition to grow its creative industries, the delegation visited the iconic Yash Raj Films to discuss how to build partnerships between Mumbai and the West Midlands, focused on attracting productions and opening up new opportunities for the region's studios, freelancers and young creatives. Throughout the mission, the West Midlands delegation hosted activity to promote cultural exchange and building strong foundations for future partnership with India. This included an event on "The Commonwealth Legacy", to share lessons from hosting the Birmingham 2022 Commonwealth Games, ahead of Ahmedabad hosting the major sporting event in 2030. The mission also successfully profiled the West Midlands across Ahmedabad, Mumbai and Bengaluru – engaging 30 tour operators through targeted roundtables, alongside five hosted meetings to focus on educational product development, route development and forward planning. Organised in collaboration with VisitBritain, this activity also focused on commemorating the top travel agents for driving inbound tourism from India into the region, with the number of visits from Indian tourists to the region having grown by more than 20 per cent over the last decade. India and the West Midlands have strong economic links, with India representing the UK's second largest source of investment projects for six consecutive years and the West Midlands representing the UK's largest recipient of FDI projects from India outside London. These strong economic ties are supported by organisations including the CII, Federation of Indian Chambers of Commerce & Industry (FICCI) and the National Association of Software and Service Companies (NASSCOM), with plans in place to host the NASSCOM UK Forum in Birmingham in the near future, following the trade mission. Richard Parker, Mayor of the West Midlands, said: "This mission was about turning the UK-India Free Trade Agreement into real opportunities for the West Midlands. "In just one week we strengthened relationships with some of India's biggest employers and fastest growing industries. We opened the door to new partnerships in clean energy, technology, education and the creative industries - sectors that will create jobs, investment and opportunity for people across our region. "The West Midlands already has one of the strongest relationships with India anywhere in the UK outside London. My job is to build on that foundation and turn it into practical results for our businesses, universities and communities. "We've come back with a strong pipeline of partnerships and projects. The next step is simple - turn those conversations into investment, collaboration and growth here in the West Midlands." Harjinder Kang, His Majesty's Trade Commissioner to South Asia & Deputy High Commissioner to Western India, said: "We were delighted to welcome the West Midlands Mayoral-led trade delegation to India. As a result of the UK-India FTA, we have witnessed a great deal of interest amongst Indian businesses to deepen their collaboration with this key UK region. Beyond business ties, a number of exciting new partnerships spanning research, energy, skills, and talent were also announced - reflecting the strength of the region and our bilateral relationship. The success of this mission, underpinned by growth across both countries, is inspiring to see." Further commentary from the delegation: Professor Gurpreet Singh Jagpal OBE, Chief Commercial Officer at Aston University, said: "Aston University was proud to sponsor the mission to focus on strengthening economic and cultural ties between the West Midlands and India. We explored new education and business partnership opportunities to help boost investment and deepen UK–India collaboration. "While there we were delighted to sign agreements with two Indian higher education institutions. XLRI has a reputation for producing employer-ready graduates which makes it a strong platform for promoting West Midlands-India engagement in skills, talent, and business ties, and AIMA is a national management body with wide reach across corporate and institutional leaders. These agreements will help foster education, research and business engagement initiatives with the West Midlands. The mission also gave us the opportunity to contribute to several round table panels and host some of our esteemed Indian alumni at networking events." Professor David Mba, Vice-Chancellor at Birmingham City University, said: "The Mayoral Trade Mission was a powerful opportunity to deepen Birmingham's partnership with counterparts across India. "From Commonwealth Games collaboration to visits to world-leading cultural and technology hubs, I return with new relationships secured and clear ambition for how BCU can work more closely with the institutions we met. We are ready to turn dialogue into delivery and ambition into lasting impact." Vijay Tank, Chief Commercial Officer at E.ON Energy Infrastructure Solutions, said: "The free trade agreement between India and the UK opens up major opportunities for new investment and deeper partnerships between our two countries. Both nations share a commitment to an energy transition that boosts business competitiveness while driving cleaner and more secure energy – an ideal foundation for long–term collaboration. "It was a privilege to join the Mayor in meeting political and industry leaders in Ahmedabad, Mumbai and Bengaluru. Those conversations reinforced that the opportunities ahead of us are real and significant. With a shared sense of purpose we have a genuine chance to build scalable, sustainable solutions that will benefit our people, businesses and communities." Kevin McCole, Managing Director at GEDU Global Education, said: "The week in India was really enjoyable and successful for the West Midlands and the delegates. There was a positive response from the political and business leaders in all three cities, and a genuine commitment to deepening the trade, investment and cultural ties." Professor Mark Lee, Deputy Pro-Vice-Chancellor at the University of Birmingham, said: "The West Midlands mission to India has been a powerful opportunity to deepen the partnerships that connect Birmingham with one of our most important global collaborators. Through initiatives such as our joint postgraduate programmes with IIT Madras and our new Future Skills scholarships for Indian students, the University of Birmingham is committed to creating opportunities that strengthen talent pipelines, support sustainable growth, and bring our region closer to India." Greg Clark, Executive Chair of Warwick Innovation District, said: "The University of Warwick has extensive and long-standing connections with India through our students, alumni, research collaborations and industrial and innovation Partnerships. The dynamism and confidence of the Indian economy and the UK-India free trade agreement present further opportunities for the West Midlands and India to deepen our relationships. "The University of Warwick's new strategic alliance with Tata Power, announced during the visit, is a clear example of how world-class research and education can work with Indian businesses to make for a better and more prosperous world together. The West Midlands delegation advanced those connections at a time of momentum in the UK-India relationship." West Midlands Growth Company The West Midlands Growth Company focuses on the WMCA geography of Greater Birmingham and Solihull, Coventry and Warwickshire, and the Black Country.Once the powerhouse of the industrial revolution, the West Midlands has evolved into a world-class and highly sought-after international business destination, with an economy worth £117bn. Situated at the heart of the UK, the region is home to three major cities (Birmingham, Coventry, Wolverhampton) and four thriving boroughs, which come together to form one of Europe's most dynamic and diverse metropolitan clusters. Photo - https://mma.prnewswire.com/media/2930557/West_Midlands_Growth_Company.jpg' alt='Embedded Media' /> Logo - https://mma.prnewswire.com/media/2702236/5856235/WMGC_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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