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April 2, 2026
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Lower or nil tax deduction certificate process under income tax law through electronic Form 128 filing and approval.
Form No. 128 is the electronic application under the Income-tax Act, 2025 for a certificate authorising lower or nil deduction of tax at source and lower collection of tax under section 395(1) and section 395(3). It may be filed by resident or non-resident applicants seeking reduced TDS or TCS on specified income, and requires applicant details, tax liability particulars, income estimates, supporting financial information, and payer/TAN details where applicable. The form is processed electronically, and any approved certificate can be shared with the payer for application of the authorised rate during its validity.
April 2, 2026
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Lower or nil tax deduction certificate through TRACES requires advance electronic filing, PAN, and supporting documents.
Form No. 128 is the electronic application for a certificate authorising lower or nil deduction of income-tax and lower collection of income-tax under section 395(1) and section 395(3) of the Income-tax Act, 2025. The form is optional, must be filed through the TRACES portal before the relevant transaction, and cannot be processed once the TDS/TCS transaction is completed. It requires PAN, supporting documents, and electronic submission with e-verification.
April 2, 2026
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Tax collection at source declaration for non-trading use of goods enables buyers to obtain goods without TCS.
Form No. 127 is the declaration required from a buyer to obtain goods without collection of tax at source where the goods are intended for manufacturing, processing, production, or generation of power and are not meant for trading. The buyer must furnish the declaration to the seller at or before the purchase or payment event, and the seller must verify the declaration, upload monthly details to the e-filing portal by the 7th of the following month, and forward the declaration to the tax authority.
April 2, 2026
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TCS exemption declaration for specified goods requires PAN, timely filing, and seller reporting obligations.
Form No. 127 is a buyer's declaration under section 394(2) of the Income-tax Act, 2025 for obtaining specified goods without collection of tax at source. A resident buyer may furnish the declaration to the seller where the goods are intended for manufacturing, processing, producing articles or things, or generating power, and not for trading. PAN is mandatory, the declaration must be furnished on or before the date of transaction, and once received the seller must report the particulars and include the transactions in the quarterly TCS statement.
April 2, 2026
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Tax deduction relief for non-resident branch operations through a unified Form No. 126 compliance framework.
Form No. 126 is a unified self-declaration and treaty-benefit request for specified non-residents carrying on business or profession in India through a branch to obtain a certificate for receipt of certain sums without deduction of tax at source. Banking companies and insurers, and other eligible non-resident persons, must satisfy the conditions in Rule 209, including tax compliance, branch-based receipt on own account, and, for non-banking applicants, continuous business in India for five years and prescribed fixed assets. The application is filed electronically, processed by the Assessing Officer, and the certificate remains valid for the relevant tax year unless cancelled earlier.
April 2, 2026
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Rupee recovery follows RBI cap on banks' net open position amid capital outflows and crude-driven pressure.
Rupee recovered in early trade after the Reserve Bank of India capped banks' net open position in the onshore forward delivery market and required compliance by April 10, 2026. The currency remained under pressure from foreign capital outflows, a stronger dollar, rising crude oil prices, geopolitical volatility, widening trade deficit, declining remittances and sustained foreign portfolio investor selling.
April 2, 2026
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Customs duty exemption on critical petrochemical imports aims to stabilise supply chains and ease cost pressures.
Full customs duty exemption has been granted on specified critical petrochemical imports as a temporary and targeted measure to protect supply stability amid disruptions in global supply chains caused by the West Asia crisis. The exemption is intended to ensure continued availability of essential petrochemical inputs for domestic industry, reduce cost pressures on downstream sectors, and provide relief to consumers of final products. The exemption remains valid until June 30 and covers Methanol, Anhydrous ammonia, Toluene, Styrene, Dichloromethane, Vinyl chloride monomer, Poly butadiene, Styrene butadiene and Unsaturated polyester resins.
April 2, 2026
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GST fraud through fake firms and fake invoices exposed alleged illegal input tax credit claims and circular trading.
GST fraud involving fake firms, shell companies, fake invoices and circular trading was detected during a police investigation. The alleged racket used fake Aadhaar and PAN details to unlawfully avail input tax credit and underreported sales in GST returns, causing an estimated loss of around Rs 3 crore to the government exchequer, with the total involvement suspected to be higher. One accused was arrested, while efforts continued to trace other persons involved.
April 1, 2026
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GST revenues rise on stronger imports and domestic sales, marking one of the highest monthly collections this fiscal.
GST revenues rose about 9 per cent in March to over two lakh crore rupees, reaching the third highest monthly collection in the 2025-26 fiscal. The increase was supported by higher receipts from imports as well as domestic sales and purchases, reflecting a recovery in tax mop-ups after earlier tax cuts.
April 1, 2026
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State GST collection growth in Haryana leads the country, driven by stronger compliance, economic activity and taxpayer base expansion.
State GST collection growth in Haryana was reported as the highest among all states in FY26, with post-settlement SGST collection rising to Rs 48,289 crore from Rs 39,743 crore in FY25. The increase of 21.5 per cent exceeded the national average SGST growth of 5.7 per cent. Total GST collection in the State also grew by 8.6 per cent, placing Haryana fifth among states and Union Territories in gross domestic GST collection.
April 1, 2026
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Insolvency resolution framework tightened to speed up admissions, reduce delays, and support rescue of viable businesses.
Parliament has amended the Insolvency and Bankruptcy Code to speed up admission and resolution of insolvency cases, reduce backlog, and preserve enterprise value. The changes introduce stricter timelines, greater reliance on information utilities, stronger liquidation oversight, and an enabling framework for group and cross-border insolvency. The bill also replaces the underused fast-track process with a creditor-initiated framework, exempts MSMEs from disqualification under specified provisions, and requires insolvency applications to be admitted within 14 days once default is established.
April 1, 2026
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Tax devolution dispute intensifies as Karnataka alleges unfair GST returns, denied compensation, and shrinking fiscal share.
Karnataka Chief Minister Siddaramaiah alleged that the Union Government's tax devolution and fiscal policy towards Karnataka amounted to tax terrorism or tax plunder, saying the state receives only a small share in return for its tax contribution. He said Karnataka has repeatedly raised concerns about unfair distribution of taxes, cess, surcharge revenues, GST compensation, and central funding, and claimed these issues have weakened the state's finances and increased dependence on borrowing. He also described GST implementation as flawed and unscientific, leading to significant financial losses.
April 1, 2026
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Money laundering probe leads to searches, cash seizure and firearm recovery in Kolkata-linked premises.
Money laundering investigation under the Prevention of Money Laundering Act led to searches at multiple premises in Kolkata linked to an alleged criminal syndicate, including the residence and commercial premises of an accused history-sheeter, a business entity, and associated persons. During the raids, the Enforcement Directorate seized about Rs 1.2 crore cash from a location linked to one associate and recovered a country-made pistol from the accused's premises.
April 1, 2026
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Corporate resolution under insolvency law gains faster admission, stronger creditor oversight, and MSME promoter participation safeguards.
The Insolvency and Bankruptcy Code is presented as a framework for corporate resolution and banking-sector improvement through asset recovery, with liquidation remaining a residual measure where resolution fails. The current amendments focus on expeditious admission based on the existence of default, greater reliance on information utilities, statutory timelines, stronger liquidation oversight, and a creditor-initiated insolvency framework with out-of-court initiation, debtor-in-possession structure, and defined timelines. The amendments also enable group and cross-border insolvency and exempt MSMEs from specified disqualifications so that existing promoters may participate in resolution.
April 1, 2026
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Insolvency and bankruptcy reform debate centers on creditor haircuts, tribunal backlog, and concerns over corporate defaulter protection.
The Rajya Sabha debated the Insolvency and Bankruptcy Code (Amendment) Bill, 2026, amid criticism of repeated amendments, substantial creditor haircuts, alleged favouritism toward large corporate defaulters, and ongoing pendency and infrastructure bottlenecks in insolvency tribunals. Members raised concerns over proposed creditor-initiated insolvency changes, executive rule-making on cross-border insolvency, and the limited effectiveness of MSME resolution mechanisms, while others supported the Code and urged stronger institutional capacity and better use of insolvency funds.
April 1, 2026
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Tax deduction at source relief for branch-based non-residents through Form No. 126 and Assessing Officer certification.
Form No. 126 is an optional self-declaration and treaty-benefit request for a specified non-resident person carrying on business or profession in India through a branch, to obtain an Assessing Officer certificate authorising receipt of specified sums without deduction of tax at source. Eligibility depends on whether the applicant is a banking company or insurer, or another branch-based business or profession, and the form must be filed online before income is received. The certificate is valid for the relevant tax year unless cancelled earlier.
April 1, 2026
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Specified senior citizen declaration governs pension and interest income reporting, bank deduction, and return-filing exemption.
Form No. 125 is the declaration furnished by a specified senior citizen to the specified bank for pension and interest income. It applies to a resident aged seventy-five years or more who has pension income and only interest from the same specified bank, and who gives the prescribed declaration. The form is used by the deductor for reporting and is stated to exempt the taxpayer from return-filing compliance for the relevant tax year. It is filed once each financial year and requires key personal, bank, pension, and tax-regime details.
April 1, 2026
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Insolvency and Bankruptcy Code amendments aim to speed resolution, cut backlog, and strengthen the financial ecosystem.
Amendments to the Insolvency and Bankruptcy Code were passed to accelerate insolvency resolution, reduce case backlog, and strengthen the financial ecosystem. The changes focus on shortening the time taken for admission of insolvency resolution applications and improving the efficiency of the resolution framework. The government accepted all recommendations made by the Lok Sabha Select Committee and added one further recommendation from the Ministry of Corporate Affairs.
April 1, 2026
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Specified senior citizen declaration governs return-filing exemption for pension and interest income through a specified bank.
Form No. 125 is the declaration to be furnished by a specified senior citizen in relation to pension income and interest received or receivable through a specified bank. The declaration is confined to pension and interest income and does not extend to other income. Filing the form enables exemption from filing an income-tax return, while the specified bank computes total income and deducts tax accordingly. The form must be submitted once for each tax year, may be filed in paper or electronically, and may be revised or withdrawn if income details change.
April 1, 2026
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Tax deduction at source claims form requires employee details, supporting evidence, and annual disclosure to employer.
Form No. 124 is the employee's statement of particulars of claims for deduction of tax at source under section 392(5)(b) of the Income-tax Act, 2025 read with Rule 205 of the Income-tax Rules, 2026. It is furnished to the current employer so that deductions, exemptions and allowances may be considered for correct tax deduction from salary. The form is filed once every financial year and requires employee details, claim particulars, supporting evidence and a declaration that the particulars are correct and complete.

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Customs, DGFT & SEZ

APEDA Showcases India’s Agri and Processed Food Export Strength at AAHAR 2026

March 11, 2026

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India’s Agri and Processed Food Exports Cross ₹5 Lakh Crore; FTAs Opening New Global Opportunities: Union Minister of Commerce and Industry Shri Piyush Goyal

APEDA Releases Research Reports on Key Agricultural Products, Launches Packaging Solutions for GI and Region-Specific Exports

Basmati, Organic and Plant-Based Foods Highlighted at APEDA Pavilion at AAHAR 2026

The Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce & Industry, participated in the 40th edition of AAHAR 2026 held from 10–14 March 2026 at Bharat Mandapam, New Delhi. APEDA presented a pavilion highlighting India’s agricultural and processed food export capabilities, bringing together exporters, State representatives and industry stakeholders on a common platform.

The 40th edition of AAHAR – The International Food & Hospitality Fair was inaugurated by Union Minister of Commerce and Industry Shri Piyush Goyal. Organised by the India Trade Promotion Organisation (ITPO), the landmark edition of the event features Italy as the Country Partner. The inauguration ceremony was attended by senior officials from the Embassy of Italy, representatives of ITPO, government officials, industry leaders, exhibitors and delegates from India and abroad.

In his keynote address, Union Minister of Commerce and Industry Shri Piyush Goyal said that India’s food and agriculture sector is entering a new phase of global opportunity. He noted that with exports of agricultural and processed food products crossing ₹5 lakh crore annually, India today stands among the world’s leading exporters. Over the past decade, exports of processed foods, fruits, pulses and vegetables have grown significantly, reflecting the strength and diversity of farmers, fishermen and food processors across the country.

The Minister further said that India’s expanding network of Free Trade Agreements has opened significant opportunities for the country’s food and agricultural exports. In recent years, India has concluded trade agreements with countries and regions including the United Arab Emirates, Australia, Switzerland and other EFTA nations, while strengthening engagement with partners such as Japan, Korea, the United Kingdom, Oman and Mauritius, and advancing discussions with Canada and the European Union. He noted that these agreements are enabling preferential market access for Indian products across nearly two-thirds of global trade, creating new opportunities for farmers, MSMEs and food processors to expand exports and access high-value markets.

The APEDA Pavilion was inaugurated by Additional Secretary, Department of Commerce Shri Nitin Kumar Yadav along with Chairman, APEDA Shri Abhishek Dev and Managing Director, ITPO Shri Neeraj Kharwal in the presence of senior officials from the Government of India, APEDA, participating State Governments, exporters and industry representatives. The pavilion served as an important platform to showcase India’s diverse agri-export basket and facilitate interactions between exporters and buyers from domestic as well as international markets.

On the occasion, research reports on cucumber, cashew, pineapple and pomegranate prepared by APEDA in collaboration with ICRIER as the knowledge partner were also released. The reports provide insights on supply chains, export potential and strategies to enhance India’s competitiveness in global markets.

APEDA also announced the launch of packaging design solutions and technical standards for selected region-specific agricultural products developed in collaboration with the Indian Institute of Packaging (IIP). The initiative focuses particularly on GI-tagged and organic products and aims to improve product protection, shelf life and market presentation for exports. The products covered under this initiative include Karbi Anglong Ginger (Assam), G4 Chilli and Jalgaon Banana (Maharashtra), Assam Kaji Nemu (Assam) and Prayagraj Surkha Guava (Uttar Pradesh).

Spread across an exhibition area of 2,500 square metres, the APEDA Pavilion hosted over 100 exhibitors representing exporters, producer organisations, startups and food processing enterprises from across the country. The exhibition provided opportunities for industry stakeholders to explore collaborations, expand market linkages and promote value-added agricultural products.

The pavilion highlighted key export segments including Basmati Rice, Non-Basmati Rice, Organic Products and emerging plant-based food products, reflecting India’s expanding portfolio in global agri-food markets. A special feature on plant-based products showcased innovative and sustainable food alternatives gaining traction in international markets.

Several State Pavilions were featured within the APEDA space with participation from Andhra Pradesh, Assam, Bihar, Delhi, Gujarat, Haryana, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal. These pavilions showcased region-specific products, traditional food items and export-ready agricultural produce, reflecting the diversity and strength of India’s agri-food sector.

APEDA’s participation at AAHAR 2026 attracted significant industry engagement, with over one lakh visitors during the five-day event. The exhibition created opportunities for exporters, food processors and agri-entrepreneurs to interact with buyers, distributors and institutional stakeholders from India and abroad.

A key highlight of the APEDA Pavilion was live wet sampling sessions conducted by a renowned chef presenting innovative recipes and applications using Indian agricultural and processed food products. The pavilion also featured focused displays on Basmati Rice, Non-Basmati Rice, Organic Products and Plant-Based Food products, enabling buyers and visitors to explore India’s export-ready offerings.

AAHAR continues to be one of the largest B2B platforms for the food and hospitality industry in South Asia, offering an important interface for business networking, product promotion and knowledge exchange across the agri-food value chain.

Through its participation at AAHAR 2026, APEDA showcased India’s growing capabilities in high-quality agricultural production, value addition and export-oriented supply chains. The pavilion brought together exporters, startups, State agencies and producer organisations, highlighting opportunities to expand India’s presence in international markets.

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