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    Haryana logs 22 pc growth in SGST revenue in FY26
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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
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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
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.
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

Trump's tariffs hurting American manufacturers instead of helping them

March 18, 2026

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Washington, Mar 17 (AP) Jay Allen is a fan of President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.

But the tariffs at the core of Trump's economic agenda have wreaked havoc on his company, Allen Engineering Corp., which makes industrial equipment used to install, finish and pave concrete. The import taxes have raised the costs of engines, steel, gearboxes and clutches made abroad that Allen needs to build power trowels that can sell for up to USD 100,000 each.

Allen's experience embodies a growing body of evidence that the tariffs that Trump said would help American factories are, in fact, squashing many of them.

The problem could get worse as the administration scrambles to craft new tariffs to replace the emergency import taxes that the Supreme Court ruled illegal in February.

Allen said he ran his company at a loss in 2025 because of tariffs. His payroll has fallen to 140 workers from a peak of 205. To get by this year, he has hiked prices by 8 per cent to 10 per cent, even though that might mean fewer sales.

“What's really sad is the unintended consequences of his tariffs are hurting manufacturing in our country,” said Allen. “Unfortunately, the working-class people are getting squeezed.” Manufacturing jobs have declined during Trump's first year back Trump's core rationale for tariffs has been that they would force more factories to open in the US and would generate enough revenue to close federal budget deficits. But that hasn't materialized.

Factories continue to shed workers, with 98,000 manufacturing jobs lost during Trump's first full 12 months back in the White House. American companies that foot the bill for tariffs are now suing the Trump administration for more than $130 billion in tariff refunds. Meanwhile, the federal deficit is projected to climb over the next decade.

The White House maintains that construction spending is high, more workers are being hired to build factories, new investments are being made and labour productivity in manufacturing is increasing — which could eventually fuel a factory revival.

“It takes time to get production online, and therefore it will be some more time before we fully materialise the benefits of the president's policies,” Pierre Yared, the acting chairman of the White House Council of Economic Advisers, said in an email.

Construction is up — but that's due to Biden's bill Some of the bright spots in construction cited by the White House appear to be the result of programmes launched by then-President Joe Biden, a Democrat.

Factory construction spending began to accelerate in 2022 with the anticipation of government support from Biden's CHIPS and Science Act, which included big subsidies for computer chip plants. The law was a primary contributor to a historic surge in the annualised rate of construction spending on manufacturing facilities, said Skanda Amarnath, executive director of the economic policy group Employ America.

Construction spending on factories has slipped during Trump's presidency, but the pace remains relatively high largely because of continuing work on Biden-era projects in Arizona, Texas and Idaho, Amarnath said.

Amarnath has also gone through the interviews regional Federal Reserve banks have held with businesses. Those comments show some companies might expand by taking advantage of Trump's tax breaks on investments in equipment and new buildings.

But while the pharmaceutical drug sector might be expanding, the comments show no overall uptick in manufacturing because of Trump's tariffs.

“You don't get the sense that there is this new manufacturing renaissance underway,” Amarnath said.

Uncertainty in tariffs has deterred investments Based on orders, proclamations and other statements, Trump has taken more than 50 actions on tariffs so far — and that tally doesn't include the tariff threats he regularly makes on social media or in conversations with reporters but hasn't formally put in place.

The flurry of announcements, reversals, exemptions and legal challenges — as well as Trump's decision to bypass Congress to impose tariffs — has made it difficult for smaller manufacturing companies to plan.

For example, Allen Engineering imports its 75-horsepower diesel engines from Germany. Building them in the United States would require a USD 20 million investment — a huge risk if the status of the tariffs is unclear.

Are engine-makers “going to spend that kind of money to move production from Germany to the US when they don't know what the landscape is going to be in three years?” Allen said. “I don't know who is going to be in the White House, and what the stance is going to be on these tariffs.” Joseph Steinberg, an economist at the University of Toronto, said research shows that under the best-case scenario “it would take a decade for manufacturing employment to rise above where it was before tariffs were enacted.” But Steinberg said “the current situation is nothing like the best case”, since US trade policy is unsettled and that leaves companies reluctant to expand.

Equipment makers have been hit hard by rising steel costs About 98 per cent of US manufacturing establishments have fewer than 200 workers, according to Census Bureau data, and don't have the kind of name-brand recognition or lobbying heft to minimise the damage from tariffs that big players like Apple, General Motors and Ford possess.

The Association of Equipment Manufacturers in February reported that America's share of global manufacturing severely lags China's. The group has urged tax credits to offset the expense of tariffs, and specifically called for tariff relief on raw materials, parts and components that cannot be acquired domestically at scale.

Steel tariffs have been a particular concern. Trump imposed them last March and hiked them to 50 per cent in June. They were not affected by the Supreme Court decision.

Trump has credited the tariffs with restoring profits at American steel mills. But they have hurt companies that use that steel, like Calder Brothers in South Carolina, which makes equipment to pave asphalt.

“The steel tariffs were the first thing that got my attention,” said Glen Calder, the company's president. “My steel pricing jumped 25 per cent two weeks before the tariffs went into effect for domestic steel. The market price just jumped. It has stayed elevated.” Meanwhile, China's trade surplus has grown Part of Trump's push to expand manufacturing was to help American companies compete against China — a country he plans to visit this spring for talks with its leader, Xi Jinping.

But the US manufacturing trade imbalance rose last year under Trump instead of narrowing. Meanwhile, China's trade surplus with the world climbed to a record USD 1.2 trillion.

This trend exposes one of the big problems with Trump's tariff strategy, said Lori Wallach, director of the Rethink Trade program at American Economic Liberties Project. She noted that he largely bypassed Congress and failed to address gaps in the World Trade Organisation's rules for the trade frameworks that he negotiated with other countries.

Instead of working with partners to ensure there were penalties for foreign manufacturers with abusive labour practices and unfair subsidies, Trump chose against rallying partners to counter China as a unified group. American manufacturers are at a disadvantage, Wallach argued, because there is not a coalition of nations that can impose penalties for currency manipulation, subsidies and schemes to evade tariffs.

“The general revulsion of this administration to international cooperation means they're trying to do it alone,” Wallach said. (AP) PY PY

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