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    PAN Health Wins ‘Excellence in Manufacturing – Healthcare & Pharmaceuticals’ at ET Entrepreneur Awards 2026
    US report flags high import duties, non-tariff barriers in India
    Rupee rises 15 paise to 94.70 against US dollar in early trade
    CBDT signs record 219 Advance Pricing Agreements (APAs) in FY 2025–26, taking total number of APAs beyond milestone of 1000 (i.e. 1034) since incept...
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April 1, 2026
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Manufacturing excellence drives PAN Health's recognition for scale, quality, and growth in disposable personal hygiene products.
PAN Health received the 'Excellence in Manufacturing - Healthcare & Pharmaceuticals' award at the ET Entrepreneur Awards 2026 for its manufacturing scale, quality focus, and contribution to the disposable personal hygiene sector. The company is presented as a fast-growing Indian manufacturer aligned with the Make in India vision, operating a large facility in Rajkot, Gujarat, and producing multiple categories of hygiene products under brands including Little Angel, Liberty, and Everteen.
April 1, 2026
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Trade barriers and tariff flexibility in India draw fresh US concerns over market access, standards and digital restrictions.
The report says India maintains high applied import duties and wide tariff flexibility, while also using numerous non-tariff barriers such as licensing requirements, Quality Control Orders, customs barriers, testing and certification mandates, and price controls. It further criticises opaque quantitative restrictions, burdensome import licensing for remanufactured goods, discretionary tariff changes, and complex customs exemptions. The report also flags concerns over standards, government procurement, foreign equity limits, digital trade barriers and internet shutdowns affecting market access and commercial operations.
April 1, 2026
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Net open position cap for banks tightened to curb foreign exchange exposure and reinforce currency risk management.
RBI capped the Net Open Position in Indian rupees for banks at USD 100 million, with compliance required by April 10, 2026. The measure requires banks to reduce currency exposure and align positions with the prescribed limit, reflecting regulatory control over foreign exchange exposure and risk management in bank dealings.
April 1, 2026
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Advance Pricing Agreements boost transfer pricing certainty as safe harbour reforms streamline compliance and strengthen business certainty.
CBDT signed a record number of Advance Pricing Agreements with Indian taxpayers in FY 2025-26, including unilateral and bilateral agreements, taking the cumulative APA count beyond the 1,000-mark since inception. The APA programme is described as a mechanism for strengthening transfer pricing certainty, easing compliance, and improving ease of business. Safe Harbour Rules complement the framework by prescribing fixed margins for specified international transactions, while recent reforms consolidate technology service categories, raise the eligibility threshold, and introduce a more automated process.
April 1, 2026
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Domestic satellite preference and internet shutdown controls are flagged as trade barriers affecting satellite services and digital commerce.
Preference for domestic satellites in direct-to-home television services, restrictions on direct foreign contracting, and procedural delays in accessing foreign satellite capacity are described as barriers to foreign trade. The report also urges an open skies satellite policy to expand market access. Localised internet shutdowns and increased takedown requests are said to impede the digital economy, while satellite communication providers face security instructions on interception, blocking, routing, registration, disclosure, geo-fencing, data localisation, and phased sourcing of ground infrastructure.
March 31, 2026
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Disproportionate assets probe leads to recovery of cash, vehicles and property documents from senior officials.
Police action against two senior Bihar government officers for alleged possession of disproportionate assets led to searches at multiple locations and recovery of property documents, cash, luxury items and vehicle records. The Economic Offences Unit registered separate FIRs against Kishanganj SDPO Gautam Kumar and Saharsa DRDA director Vaibhav Kumar after preliminary findings indicated assets allegedly far in excess of their known income, with suspected benami properties and investments traced to family members and associates. Searches yielded documents relating to numerous land parcels, residential property, insurance and financial investments, bank deposits, cash, luxury watches, high-end vehicles and other valuables.
March 31, 2026
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Free trade agreements and apple imports raise concerns over Himachal orchardists' economic interests and market competitiveness.
Himachal Pradesh's apple sector was discussed in the context of free trade agreements with the European Union, the United States, New Zealand and other countries, with concern that lower import duties on apples could affect the economic interests of local growers. A private resolution urged the central government to frame a policy to safeguard orchardists, and the government accepted the resolution. The debate also noted that Himachal apples must improve in quality to compete with imports and that the state lags behind those markets in quality standards.
March 31, 2026
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Sanctions waiver revives Iranian crude trade as a cargo heads to Gujarat amid refinery inventory pressures.
India's crude oil trade may see a renewed shipment of Iranian oil after a sanctions waiver allowed oil "on the water" to be purchased for a limited period. A vessel carrying about 600,000 barrels of Iranian crude has reportedly been observed heading toward Vadinar in Gujarat, marking the first such delivery since imports stopped in 2019 after sanctions tightening. The development is linked to Indian refiners' need for cargoes amid tightening inventories, while the government has stated that any resumption of purchases will depend on techno-commercial feasibility.
March 31, 2026
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Registered non-profit organisation audit reporting in Form 112 standardises income, foreign contribution, and related person disclosures.
Form 112 is the annual audit report required to be furnished electronically under section 348 for a registered non-profit organisation whose total income exceeds the maximum amount not chargeable to income-tax in the relevant tax year. The form is filed through the e-filing portal on or before 30 September of the following year, with a Chartered Accountant certificate and annexure covering audited particulars, income classification, application of income, donations, related person transactions, specified violations, loans, borrowings, and supporting schedules. The guidance also consolidates earlier audit forms into a common Form 112 with different schedules for small and large registered non-profit organisations.
March 31, 2026
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Electronic audit report filing for registered non-profit organisations is mandatory, time-bound, and tied to exemption eligibility under the income-tax law.
Form 112 is the electronic audit report prescribed under section 348 of the Income-tax Act, 2025, for a registered non-profit organisation whose income exceeds the basic non-taxable limit. It must be filed annually through the e-filing portal, one month before the due date for the return of income, and cannot be edited after acknowledgment or filed offline. PAN is mandatory, and supporting documents include registration papers, audited financials, related forms, FCRA records, AIS, and TDS returns.
March 31, 2026
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Research-academia collaboration in cement and construction advances joint innovation, training, and sector-wide capacity building.
Strengthening research-academia collaboration in the cement and construction sector is pursued through a Memorandum of Understanding between the National Council for Cement and Building Materials and Delhi Technological University. The arrangement is directed toward joint research and innovation in cement and concrete technologies, along with training opportunities for students, professionals and other stakeholders. It also supports skill development and capacity building across the sector, with an emphasis on sharing technical knowledge, best practices and industry-relevant expertise.
March 31, 2026
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E-commerce export and courier trade reforms remove value caps, add Return to Origin processing, and simplify returns handling.
CBIC operationalised reforms for e-commerce exports and courier-based trade to improve ease of doing business, reduce logistics inefficiencies, and strengthen export competitiveness. The reforms remove the value cap on commercial courier export consignments, introduce a Return to Origin mechanism for uncleared or unclaimed imports after 15 days, and simplify re-import of returned or rejected goods through a risk-based approach and system-based processing.
March 31, 2026
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Amendment to accumulated income purpose through Form 110 requires electronic filing and Assessing Officer decision.
FORM 110 is an electronic application for a registered non-profit organisation seeking approval to amend the original purpose for which income was accumulated or set apart for a particular tax-year. It is filed on the e-filing portal before expiry of the period prescribed under Form 109 and must include details of the earlier Form 109, the proposed amendment, the amount unapplied, the reasons for the change, and an undertaking. The application is then forwarded to the jurisdictional Assessing Officer for decision and order in the prescribed ITNS form under section 342(6).
March 31, 2026
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Change of purpose for accumulated income requires online FN 110 filing and approval before amended utilisation.
FN 110 is the prescribed digital application for a registered non-profit organisation seeking approval to amend the original purpose stated in FN 109 for income accumulated or set apart for a particular tax year. The form is mandatory when such amendment is proposed, must be filed online through the e-filing portal, requires a valid PAN, and cannot be filed offline or edited after submission. After filing and acceptance in FN 111, the accumulated or set-apart amount may be applied toward the amended purpose as approved.
March 31, 2026
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Accumulation or set-aside of income by non-profit organisations requires annual electronic disclosure in Form 109.
Form 109 is an annual electronic statement for a registered non-profit organisation to report regular income accumulated or set apart under section 342(1) of the Income Tax Act, 2025. It must be furnished on the e-filing portal before the due date for filing the return of income and includes details of the amount, purpose, period of accumulation, prior-year accumulations, and any non-application due to injunction or court order. The reported amount may be claimed in a subsequent return for application within five tax years.
March 31, 2026
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Accumulation of income by non-profit organisations requires timely electronic filing of FN 109 with a valid PAN.
Registered non-profit organisations may furnish FN 109 electronically or digitally to indicate accumulation or setting apart of regular income under section 342(1) of the Income-tax Act, 2025, for application in subsequent tax years for a period not exceeding five tax years. The form is mandatory for claiming the accumulated or set-apart amount, must be filed by the return due date, requires a valid PAN, and is submitted online to the Commissioner of Income Tax (CPC) through the e-filing portal. It cannot be edited after submission or filed offline.
March 31, 2026
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Deemed application for non-profit income requires electronic filing of Form 108 before the return due date.
Form 108 requires a registered non-profit organisation to electronically furnish a statement exercising the option under section 341(7) for treating regular income as deemed application under section 341(5). The annual filing is due before the return of income due date and covers computation of the shortfall in application and the reasons for that shortfall. A reported shortfall may be claimed as deemed application in the subsequent return of income.
March 31, 2026
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Deemed application of income under FN 108 requires timely online filing by registered non-profit organisations.
Registered non-profit organisations may use FN 108 as the electronic statement for exercising the option to treat a shortfall in application of income as deemed application where income could not be applied because it was not received during the relevant tax year. The form is mandatory for such a claim, must be filed online by the return filing due date, requires a valid PAN, and cannot be edited after submission.
March 31, 2026
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Registration and approval conditions under Form 107 govern validity, disclosure, commercial activity, and cancellation safeguards.
Form No. 107 is the written order passed by the jurisdictional Principal Commissioner or Commissioner on an application in Form No. 105 for regular registration or approval, rejection of the application, cancellation of registration or approval, or a mixed order granting one section code while rejecting another. It records applicant particulars, the unique registration or approval number, the section, date, nature of activity, validity period and relevant tax years, and where applicable the reasons for rejection or cancellation. The form also sets out conditions on application of income, commercial activities, books of account, compliance with law, and true and complete disclosure.
March 31, 2026
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Registration and approval orders under Form 107 govern grant, rejection, cancellation, and validity periods for eligible applicants.
Form No. 107 is the written order by which the jurisdictional Principal Commissioner or Commissioner grants regular registration or approval, rejects the application, cancels registration or approval, or grants one section code while rejecting the other. It is passed on receipt of Form No. 105, ordinarily within six months from the end of the quarter in which the application is made. The order may issue a 16 digit alphanumeric Unique Registration Number, and the validity of regular registration or approval is generally five tax years, with stated exceptions extending validity in specified cases.

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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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