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    Bihar: Commercial taxes department records revenues worth Rs 43,324 cr in FY'26
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April 2, 2026
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GST revenue growth in Bihar remained strong despite rate rationalisation, election slowdown, and IGST settlement deductions.
Bihar's commercial taxes department reported total revenue collections of Rs 43,324 crore for the 2025-26 financial year, with GST collections of Rs 32,801 crore and net GST receipt of Rs 32,077 crore after IGST settlement deduction. The department said the 9.2 per cent GST growth remained significant despite GST rate rationalisation and an election-related slowdown. The state ranked fourth among large states in total GST collection, while petrol collections declined and the Registration Department exceeded its revenue target.
April 2, 2026
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Foreign exchange controls tighten as RBI caps bank rupee positions and restricts derivative rebooking to curb volatility.
Reserve Bank of India measures were reported to have triggered a sharp recovery in the rupee after recent foreign exchange volatility. The action included a cap on the net open position in the Indian rupee for banks, a bar on offering non-deliverable derivative contracts involving the rupee to resident or non-resident users, and a restriction on rebooking cancelled foreign exchange derivative contracts. The measures were described as a response to evolving market conditions and to curb risk in derivative activity.
April 2, 2026
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Foreign exchange counters at airports can now exchange Indian rupee notes for residents and non-residents beyond immigration controls.
Residents, as well as non-residents, may exchange Indian rupee notes at foreign exchange counters in departure halls of international airports beyond the immigration or customs desk. The earlier facility at such counters was limited to buying Indian rupees from non-residents and selling foreign currency to them. The Master Direction on Money Changing Activities is being amended to reflect the expanded exchange scope.
April 2, 2026
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Tax deduction statements for non-resident payments require quarterly electronic filing, with correction statements allowed after processing.
Form No. 144 is the quarterly statement for deduction of tax at source on payments other than salary made to non-residents. It is mandatory for every deductor required to deduct tax on such payments, must be filed electronically within the prescribed quarterly due dates, and cannot be edited after submission. Corrections may be filed after processing by CPC-TDS within two years from the end of the relevant tax year. Successful filing on TRACES generates an Acknowledgment Receipt Number.
April 2, 2026
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LPG supply prioritisation reshapes refinery allocations as propylene is partly redirected to ease petrochemical shortages.
The government has adjusted refinery output directions in response to LPG import disruptions and petrochemical feedstock shortages. After requiring C3 and C4 streams to be used exclusively for LPG production, the Ministry later allowed part of the propylene supply to return to the petrochemical industry. The policy is presented as a balance between domestic LPG supply security and the needs of sectors such as packaging and condom manufacturing, alongside partial restoration and enhancement of commercial LPG allocations for priority consumers.
April 2, 2026
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Tax collected at source reporting through Form 143 streamlines quarterly filing, certificate issuance, and collectee credit tracking.
Quarterly reporting of tax collected at source is filed in Form No. 143 by collectors responsible for collection on specified transactions under the Income-tax Act, 2025. The form requires collector particulars, challan and deposit details, and collectee-wise annexure information on amounts, dates, rates, tax collected and deposited, with quarterly due dates and utility-based electronic filing. Processing may lead to default corrections, issuance of the collectee tax certificate, and reflection of TCS as credit in the collectee's tax record.
April 2, 2026
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Tax collection at source statement filing requires quarterly electronic submission, correction limits, and acknowledgment on the portal.
Form No. 143 is the mandatory quarterly electronic statement for collection of tax at source on specified goods and transactions, to be filed by the collector, seller, operator or authorised person responsible for collection at the time of debit or receipt of payment. It follows a quarterly due-date schedule, cannot be edited after submission, and may be corrected only through a correction statement after processing by CPC-TDS, within two years from the end of the relevant tax year. Successful filing generates an Acknowledgment Receipt Number on the TRACES portal.
April 2, 2026
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Virtual Digital Asset TDS reporting requires quarterly electronic filing by exchanges with transaction-wise deduction, exemption, and challan details.
Form No. 142 is the quarterly electronic statement to be furnished by a Virtual Digital Asset exchange for reporting tax deducted at source on transfer of virtual digital assets and transactions where tax was not deducted under the notified exemption framework. It must be filed with the Director General of Income-tax (Systems) and includes exchange particulars, transaction details, challan data and a declaration of correctness. The filing process uses the e-filing portal and supports smart features such as auto-population, validation, API integration and standardised fields.
April 2, 2026
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Virtual digital asset tax reporting requires quarterly exchange filing, full tax deposit, and electronic submission with challan details.
Form No. 142 is a PAN-based quarterly statement to be filed electronically by a Virtual Digital Asset exchange that has agreed to deposit tax on transfers of virtual digital assets in place of deduction by the buyer or broker. It applies to VDA transactions where the exchange deposits tax, including purchase, exchange, and partly or fully in-kind settlements, and is mandatory for reporting transactions covered by the prescribed TDS mechanism. The form is filed quarterly, captures exchange, buyer or broker, transaction, and challan details, and requires full tax deposit before submission.
April 2, 2026
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Combined TDS Form 141 streamlines reporting for rent, property, professional fees, and virtual digital asset transfers.
Form No. 141 is the combined PAN-based challan-cum-statement for reporting and depositing tax deducted at source on rent, transfer of immovable property, specified professional, contract, commission and brokerage payments, and transfer of virtual digital assets. It replaces the earlier separate Forms 26QB, 26QC, 26QD and 26QE, is filed electronically within 30 days from the end of the month of deduction, and uses separate schedules for each transaction category. The revised form also allows consolidated reporting for same-status parties and introduces prefilled details, smart validations, standardised fields, and correction mechanisms.
April 2, 2026
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Settlement-linked quashing of proceedings keeps SEBI closure issue alive for Sterling Biotech and the Sandesara brothers.
Settlement-linked quashing of proceedings concerning Sterling Biotech Limited and the Sandesara brothers remained under consideration, with the Supreme Court indicating that SEBI must close its proceedings in view of the earlier order under which deposit of the settlement amount was to trigger quashing of all proceedings. The Court recorded that the amount had already been deposited in the registry and that the earlier order had been given effect to, while SEBI sought time after internal deliberations on the closure issue.
April 2, 2026
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Trade liberalisation under India-Australia ECTA expands market access, boosts exports, and advances zero-duty access for Indian goods.
India-Australia Economic Cooperation and Trade Agreement has completed four years, marking stronger bilateral economic engagement through expanded market access, reduced trade barriers, and deeper trade and supply-chain linkages. India has granted preferential access on 70.3% of its tariff lines, while Australia has granted preferential access on 100% of its tariff lines and imports from India, with most lines duty-free immediately and all Indian exports eligible for zero-duty access from 1 January 2026. The Mutual Recognition Arrangement on Organic Products supports trade by recognising certification systems and reducing duplication, cost, and time.
April 2, 2026
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Customs duty exemption on critical petrochemical inputs aims to ease supply disruptions and support downstream manufacturing.
Full customs duty exemption is granted on critical petrochemical products as a temporary and targeted relief measure in response to the ongoing conflict in West Asia and resulting supply chain disruptions. The exemption continues until 30 June 2026 and is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and maintain supply stability. The notified products cover petrochemical feedstock, intermediates and related industrial inputs used across multiple manufacturing sectors.
April 2, 2026
Show AI Summary
Consolidated TDS reporting through Form 141 streamlines tax deduction filing, schedule-wise payment, and compliance for specified transactions.
Form No. 141 is a single consolidated challan-cum-statement for reporting and payment of tax deducted at source on specified transactions through separate schedules instead of multiple standalone forms. It replaces Forms 26QB, 26QC, 26QD and 26QE, and requires only the relevant schedule to be completed for the transaction reported. The form is filed using PAN, not TAN, and is available for rent, immovable property, contractor or professional payments, and transfer of virtual digital assets, with one transaction type per form.
April 2, 2026
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Defence exports growth reflects India's indigenous manufacturing strength, wider global acceptance, and streamlined export regulation.
India's defence exports recorded a new high, driven by indigenous manufacturing strength, wider global acceptance of Indian defence products, and a collaborative ecosystem involving defence public sector undertakings and private industry. The exports reached more than 80 countries, while the number of exporters increased, reflecting growing participation in the sector. The ministry also noted that streamlined export regulatory processes, a revamped online portal, and simplified authorisation procedures supported this growth.
April 2, 2026
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Foreign exchange market restrictions by RBI drove dollar unwinding and triggered a meaningful rupee rebound.
RBI took twin foreign exchange market restrictions by capping banks' net open rupee positions and barring non-deliverable forward offerings to corporates. The measures were directed at limiting banks' activity in onshore forward markets and were described as forcing dollar unwinding, thereby producing a meaningful rebound in the rupee.
April 2, 2026
Show AI Summary
Quarterly TDS statement for non-salary payments requires deductor details, deductee-wise reporting, and prescribed filing steps.
Form No. 140 is the quarterly TDS statement for non-salary payments to resident deductees, filed by persons responsible for deduction of tax on specified payments such as interest, commission, brokerage, professional fees, and rent. The form requires deductor particulars, tax payment details, and a deductee-wise annexure covering PAN, amount paid or credited, tax deducted and deposited, deduction rate, and related certificate details. Filing is quarterly, supported by challans and PAN details, and involves preparation, validation, and upload through the prescribed electronic or facilitation-centre process.
April 2, 2026
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Foreign exchange market curbs drive rupee higher as banks adjust positions under Reserve Bank restrictions.
Reserve Bank of India measures to curb banks' activity in the onshore and derivative foreign exchange markets led to a sharp appreciation in the rupee after recent volatility and heavy pressure from capital outflows, a stronger dollar and higher crude prices. The central bank capped the net open position on the Indian rupee for banks at USD 100 million and required compliance by a specified deadline, while also restricting authorised dealers from offering non-deliverable derivative contracts involving the rupee to resident or non-resident users. Users were further barred from rebooking foreign exchange derivative contracts, whether deliverable or non-deliverable, once cancelled after the issuance of the instructions.
April 2, 2026
Show AI Summary
Tax deduction statement filing governs quarterly reporting, electronic submission, correction limits, and acknowledgment for non-salary resident payments.
Form No. 140 is the quarterly electronic statement of deduction of tax at source for non-salary payments made to resident deductees, and it is mandatory for all deductors responsible for such payments. It must be filed within the prescribed quarterly due dates, cannot be edited after submission, and corrections may be filed only after processing by CPC-TDS within the specified two-year time limit. Successful filing on the TRACES portal generates an Acknowledgment Receipt Number.
April 2, 2026
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Excess TDS and TCS refund claims move through a TRACES-based electronic form with pre-filled challan details and digital signing.
Form No. 139 is the electronic refund application by which a deductor, collector, or eligible taxpayer may claim refund of excess tax paid under Chapter XIX. Filing is permitted where the corresponding TDS or TCS statement has been processed and the excess remains as an unmatched or unconsumed challan credit. The application requires challan particulars, utilisation details, refund amount, declaration, digital signature, and supporting bank and tax records.

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Customs & Trade

Italian Milling Industry Showcases 'Pure Flour from Europe' in New Delhi as Indian Demand Reaches Record Levels

March 11, 2026

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New Delhi, Delhi, India (NewsVoir) ITALMOPA, the Italian Association of Milling Industries, returns to India with its European campaign “Pure Flour from Europe”, highlighting the quality, safety and performance of premium EU and Italian soft wheat flour.

The association hosted an exclusive presentation on 9 March 2026 at Le Méridien New Delhi, followed by participation at AAHAR 2026 from 10-14 March at Pragati Maidan. The initiative comes at a time of strong growth in India’s imports of European soft wheat flour, reflecting rising demand from professional chefs, artisan bakers and increasingly discerning home cooks seeking premium, fully traceable ingredients.

India: A High-Potential Growth Market India continues to demonstrate robust demand for imported soft wheat flour: • Imports reached €1.7 million in 2024, the third highest level ever recorded.

• In the first ten months of 2025 alone, imports totalled €2.5 million, already surpassing previous annual figures.

• Forecasts indicate imports may exceed €3 million by the end of 2025, marking a historic high.

Italy remains the leading European Union exporter of soft wheat flour to India, with exports projected to reach approximately €378,000 in 2025.

“India represents a strategic and fast-growing market for high-quality European flour,” said Vincenzo Martinelli, President of ITALMOPA. “Although India is one of the world’s largest producers of soft wheat flour, we are witnessing increasing demand for premium imported products, particularly within the hospitality sector. The current growth trajectory confirms the significant long-term potential of this market.” Promoting Excellence through “Pure Flour from Europe” The “Pure Flour from Europe” campaign aims to raise awareness of the superior characteristics of European soft wheat flour - especially Italian flour recognised worldwide for: • Consistent baking performance • Excellent elasticity and dough stability • High food safety standards • Full traceability • Sustainable production practices.

Italian soft wheat flour is particularly valued for uses such as Neapolitan pizza, focaccia, artisan breads, pastries and fresh pasta, where flour performance is essential to achieving authentic texture and structure.

Rigorous Safety, Traceability and Sustainability Standards Founded in 1958 and headquartered in Rome, ITALMOPA represents more than 80 industrial milling companies across Italy and is the largest flour milling association in the European Union. European milling operations are subject to some of the world’s most stringent food safety regulations. Quality controls begin with the careful selection of wheat and continue throughout the milling and distribution process via fully computerised traceability systems.

Thousands of analytical tests and cross-checks are conducted annually by independent accredited laboratories to ensure compliance with EU standards. In addition to quality assurance, the European milling industry remains committed to sustainability, investing continuously in energy efficiency, emissions reduction and responsible by-product utilisation.

Live Demonstrations and Tastings at AAHAR 2026 Visitors to AAHAR 2026 can discover “Pure Flour from Europe” at Booth 13B, Hall 1G, where representatives from leading Italian milling companies, including Molini Agugiaro & Figna and Mulino Caputo, will meet industry professionals and buyers. Live culinary demonstrations will be led by Italian master chefs Giuseppe Ottolano and Riccardo Scaioli, who will prepare authentic Neapolitan pizza and Pizza in pala using premium Italian flour, enabling visitors to experience its performance first-hand.

Strengthening EU–India Trade Relations The campaign also reflects the strengthening of trade relations between the European Union and India. Following the closure of negotiations on a landmark free trade agreement between the European Union and India, further agri-food exchanges will be facilitated, opening new opportunities for high-quality European products within the Indian market.

With India’s rapidly expanding hospitality sector and growing appetite for international cuisines, Italian soft wheat flour is well positioned to support chefs and bakers seeking authenticity, consistency and premium quality.

About ITALMOPA Founded in 1958 and based in Rome, ITALMOPA (Italian Association of Milling Industries) represents over 80 industrial milling companies and promotes the excellence, innovation and sustainability of Italian flour production worldwide. The association plays a key role in advancing quality standards and supporting international market development for Italian milling products.

For further information, visit www.pureflourfromeurope.com and follow the campaign on Instagram - Facebook - YouTube.

(Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR PWR PWR

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