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April 3, 2026
Show AI Summary
Mandatory quarterly remittance reporting by IFSC units requires online filing, DSC verification, and timely compliance.
Form No. 148 is a mandatory quarterly statement for IFSC units making remittances to a non-resident other than a company or to a foreign company. It must be filed online through the e-Filing portal, e-verified by DSC, and furnished by the 15th day of the month following each quarter. The form requires remittee and remittance details, cannot be modified after submission, and non-filing or late filing may attract a penalty of up to Rs. 1 lakh.
April 3, 2026
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Foreign remittance reporting requires quarterly Form No. 147 filing with linked Form No. 145 details and digital verification.
Form No. 147 requires authorised dealers to furnish a quarterly statement of remittances to non-residents and foreign companies through the e-Filing portal. Filing is due each quarter after obtaining ITDREIN and mapping an authorised person, with Part A covering dealer particulars and Part B covering remitter, remittee and remittance details, including Form No. 145 acknowledgement particulars where applicable. Non-filing within time attracts penalty, and the form is integrated with the Department's risk profiling and verification system.
April 3, 2026
Show AI Summary
Authorised dealer reporting for cross-border remittances requires mandatory quarterly Form No. 147 filing and electronic verification.
Form No. 147 is a mandatory quarterly statement filed by an Authorised Dealer for remittances to a non-resident, other than a company, or to a foreign company. It must be filed only through the e-Filing portal, after generation of ITDREIN and mapping of an authorised person with a valid Digital Signature Certificate for e-verification. The form is due quarterly by the 15th of the month following each quarter and is supported by Form No. 145 details. Late filing may attract penalty.
April 3, 2026
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Accountant's certificate for foreign remittances requires chargeability review, treaty relief analysis, and e-verification before payment is made.
Form No. 146 is the accountant's certificate for specified foreign remittances to a non-resident other than a company or to a foreign company where the payment or aggregate payments exceed the prescribed threshold and no Assessing Officer certificate has been obtained. It requires the Chartered Accountant to certify chargeability under domestic income-tax provisions and applicable DTAA relief, with supporting details on remitter, remittee, remittance, tax deduction, and verification. The form is filed through the e-filing system, e-verified using DSC, may be withdrawn within seven days, and inaccurate certification exposes the accountant to penalty.
April 3, 2026
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Accountant's certificate for foreign remittances governs taxability checks, digital filing, withdrawal limits, and one-time consumption for Part C.
Form No. 146 is the accountant's certificate required for filing Part C of Form No. 145 where a remittance is chargeable to tax and exceeds the prescribed threshold during the tax year. It is certified by a registered Chartered Accountant with a Digital Signature Certificate and assignment of Form No. 145, Part C, and it examines chargeability under the Income-tax Act and any applicable Double Taxation Avoidance Agreement. The form is filed online or through the offline utility, verified by Digital Signature Certificate, and may be withdrawn within seven days subject to the linked filing status.
April 3, 2026
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Pre-remittance declaration for foreign payments streamlines TDS compliance, verification, and risk profiling under the income-tax framework.
Form No. 145 is the mandatory pre-remittance declaration for payments to a non-resident not being a company or to a foreign company, intended to capture foreign remittances chargeable to tax in India and support TDS compliance, departmental verification, and risk profiling. It is an event-based form required before remittance, subject to specified exceptions, and is structured into four parts depending on whether the remittance is chargeable to tax, exceeds the prescribed threshold, or is supported by an Assessing Officer certificate, an accountant's certificate in Form No. 146, or no taxability. The guidance also covers filing methods, supporting documents, e-verification, withdrawal, penalties for non-compliance, and recent field-level changes for electronic reconciliation.
April 3, 2026
Show AI Summary
Mandatory foreign remittance declaration governs payments to non-residents, with exemptions, verification rules, and penalty exposure for non-compliance.
Mandatory declaration is required before remitting funds outside India to a non-resident, other than a company, or to a foreign company. The form is filed by the person responsible for the payment, subject to specified exemptions, and must be furnished before the remittance is made. The filing structure depends on whether the remittance is chargeable to tax, the applicable threshold during the tax year, and whether an Assessing Officer certificate or an Accountant's certificate has been obtained. Supporting documents, e-verification, withdrawal rights, and penalty consequences are also specified.
April 3, 2026
Show AI Summary
Tax deducted at source on non-resident payments is reported through Form 144 with quarterly deductee-wise compliance requirements.
Quarterly statement in Form No. 144 is the prescribed TDS return for reporting tax deducted at source on payments other than salary made to non-resident persons, including non-resident Indians and foreign companies. The form covers interest, royalty, technical fees, dividends, and similar cross-border remittances, and is filed by deductors for the relevant tax year. It contains deductor particulars, tax paid details, and a deductee-wise annexure, and requires challans, PAN details, and treaty documents where benefits are claimed.
April 2, 2026
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Egg brand initiative to boost poultry farming, strengthen local production and support rural entrepreneurship in Maharashtra.
Maharashtra is planning to develop a state-specific egg brand and expand poultry farming to strengthen local egg production, reduce dependence on imports from southern states and improve supply chain stability. The initiative is linked to rural entrepreneurship and allied agricultural activity, with the aim of creating a stable market for poultry farmers, improving quality assurance and increasing incomes in rural areas. Financial assistance is being provided under the Mukhyamantri Gramin Pashudhan Udyojakata Yojana for poultry units at two levels, with higher subsidy support for SC and ST beneficiaries.
April 2, 2026
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Parliamentary legislative reform advanced across insolvency, service law, decriminalisation, and transgender rights during the extended Budget session.
Parliament's extended Budget session focused on key legislative measures covering financial business, service law reform, decriminalisation, insolvency reform, state reorganisation, and transgender rights. Bills reported as passed or considered included measures on Central Armed Police Forces, Andhra Pradesh Reorganisation, transgender persons' protection, Jan Vishwas amendments, and the Insolvency and Bankruptcy Code, with some bills referred for further scrutiny and one proposed amendment on foreign contribution not taken up.
April 2, 2026
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GST revenue growth and tax administration reforms lifted Haryana's SGST collections and expanded the taxpayer base.
Haryana recorded 22 per cent growth in gross State GST revenue in FY26, with post-settlement SGST collections rising to Rs 48,289 crore and its national rank improving from ninth to sixth. The number of registered GST taxpayers increased to 6,30,818, while the growth was linked to GST rate rationalisation reforms and improved tax administration.
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

AAHAR 2026 inaugurated at Bharat Mandapam; Shri Piyush Goyal calls for stronger collaboration to position India as a global leader in agricultural and processed food exports

March 11, 2026

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At the inauguration of the 40th edition of AAHAR – The International Food & Hospitality Fair, the Minister highlighted India’s food and agricultural exports at nearly ₹5 lakh crore annually and outlined how FTAs are expanding market access while safeguarding farmers, fishermen and MSMEs.

New Delhi | 11 March 2026: The 40th edition of AAHAR – The International Food & Hospitality Fair was inaugurated today at Bharat Mandapam, New Delhi, with a clear message for the ecosystem: India’s next leap in global leadership will be built through collaboration across food, agriculture and hospitality, backed by stronger value addition and market linkages.

Addressing the gathering at the inauguration, Union Minister of Commerce & Industry Shri Piyush Goyal called upon stakeholders to work collectively towards making India the world’s largest exporter of agricultural and processed foods, citing the opportunities created by India’s expanding trade agreements and the growing global demand for Indian products.

Shri Goyal said India’s exports of food and agricultural products—including farm produce and fisheries—have reached nearly ₹5 lakh crore (over USD 55 billion) annually, making the country the seventh largest exporter of agricultural produce globally. He further noted that over the past eleven years (2014–2025), India’s agri and food exports have witnessed significant growth: processed foods have increased fourfold, fruit and pulses exports have tripled, processed vegetable exports have quadrupled, cocoa exports have tripled, and cereal exports have doubled—with rice exports growing by 62% during this period.

The Minister said these achievements should inspire India to aspire for the top position globally in agricultural and processed food exports, aligning with the Prime Minister’s vision that India should become the “food basket of the world.” He added that the nine Free Trade Agreements concluded over the past three and a half years have opened access to 38 developed and prosperous countries, and that India now has preferential market access covering nearly two-thirds of global trade—strengthening India’s position as an investment destination and enabling businesses to integrate into global value chains.

At the same time, Shri Goyal underlined that India’s trade negotiations have carefully safeguarded domestic interests—especially those of farmers, fishermen and MSMEs. He said sensitive sectors such as dairy have been protected, with no concessions to foreign producers, and that genetically modified (GM) products have not been granted duty concessions or market access. He further clarified that key commodities such as rice, wheat, maize, soy meal and several varieties of pulses have been protected, and that concessions in sugar have generally not been extended to prevent imports that could adversely affect domestic producers.

Shri Goyal encouraged farmers and entrepreneurs to take advantage of the ₹1 lakh crore Agriculture Infrastructure Fund, and to focus on food processing and value addition to access higher-value global markets, noting that an increasing number of small enterprises are entering the food processing sector and creating avenues for growth and employment.

International partnership formed another key note at the inauguration. Shri Goyal welcomed Italy as the partner country for the 40th edition and said India should learn from best practices in Italy’s food and hospitality sector while building collaborations with Italian companies—steps that can help promote Indian cuisine, expand the global taste for Indian products and strengthen trade linkages. He also pointed to opportunities arising from India’s agreements and partnerships with multiple regions and country groupings, and noted that negotiations with Canada are progressing while discussions with the six-nation GCC group have recently been launched.

From the organiser’s perspective, today’s inauguration also marked the introduction of several new visitor- and exhibitor-facing enhancements at the venue. In his address, CHAIRMAN, ITPO, Jawed Ashraf spoke about new elements being introduced this year, including Italian chefs conducting masterclasses, a larger culinary art competition, and a hospitality challenge at Bharat Mandapam. He also highlighted improved on-ground experience measures, including air-conditioned food courts, along with other newly introduced amenities.

A key addition for this edition is the official AAHAR digital app, positioned as a comprehensive tool designed to support both visitors and exhibitors with a smoother, more structured experience on-ground. The app has been introduced to enable practical business outcomes through QR-enabled interactions and tools that support discovery and planning, including: • Scan profile QRs and schedule meetings instantly • Exhibitor directory with hall details • Live session updates with My Schedule planner • Easy QR-based navigation across halls • Dedicated Community section for organiser updates • Built-in tutorial and dedicated help support • B2B networking tools for exhibitors to boost visibility Chairman, ITPO, Jawed Ashraf also noted that the edition will host a number of summits and food-based seminars on themes including plant-based food products and other key areas of the hospitality, catering and restaurant sector, along with a leadership summit for the HORECA sector. He further stated that the fair attracts 1,800 participants, including 155 international participants from 17 countries, and that despite global turbulence there has been no cancellation of international participation, which he described as encouraging. He added that the fair is spread across 125,000 square meters, bringing together a vast global community of food and hospitality professionals.

Shri Goyal described the 40th edition of AAHAR as a landmark event for the food and hospitality sector and noted that for the first time AAHAR has a partner country, Italy. He also announced that the exhibition will be opened to the general public on the evening of Friday the 13th and throughout Saturday, allowing visitors—especially young people—to experience the strengths of the food, beverage and hospitality sectors from India and across the world.

Concluding his address, Shri Piyush Goyal assured exporters that under the Export Promotion Mission, the Government will provide comprehensive support and handholding, including through the Ministry of Commerce & Industry and the Directorate General of Foreign Trade (DGFT). Chairman, ITPO, Jawed Ashraf extended best wishes to participants, exhibitors and visitors for productive engagement over the next five days.

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

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