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May 20, 2026
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GST tax deduction at source: registration, deduction, payment, monthly return filing and TDS certificate requirements for deductors.
Tax deduction at source under the GST Act applies to specified government entities and public bodies making payment for taxable supplies above the prescribed threshold. The tax deductor must register online in FORM GST REG-07, deduct tax at the applicable rate from taxable supply value, deposit the amount through the GST portal by the due date, file monthly return in FORM GSTR-7, and issue FORM GSTR-7A certificate to the deductee. The guideline also covers treasury and non-treasury payment procedures, amendment of registration and return details, transitional cases, and default consequences including interest, late fee and penalty.
May 19, 2026
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Green Technology and Innovation Strategic Partnership deepens India-Nordic cooperation on clean energy, sustainability and trusted technologies.
India and the Nordic countries agreed to elevate their relationship to a Green Technology and Innovation Strategic Partnership, focusing on clean energy, sustainability, innovation, emerging technologies and trusted technologies. The partnership is intended to combine innovation, scale and talent while advancing shared commitments to democracy, the rule of law, multilateralism and a rules-based global order. The leaders also discussed trade and investment ties, research collaboration, Arctic and polar research, skill development, talent mobility and cooperation in multilateral fora.
May 19, 2026
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Information Security Management Systems certification strengthens police data protection, cyber resilience, and confidentiality of sensitive digital infrastructure.
Karnataka State Police Data Center has been awarded ISO/IEC 27001 certification for Information Security Management Systems, recognising compliance with internationally accepted standards for information security, data protection, cyber security practices and information management processes. The certification is said to strengthen confidentiality, integrity and availability of sensitive information and critical digital infrastructure, while improving cyber resilience, protection against unauthorised access, and the security, privacy, transparency and accountability of data management.
May 19, 2026
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India-UK trade agreement implementation could ease whisky tariffs and support export growth, jobs and market access.
Swift implementation of the India-UK Comprehensive Economic and Trade Agreement is being sought by the Scotch Whisky Association, which expects the pact to support exports to India. The agreement has been signed and ratified in the UK, but operationalisation has encountered delays linked to proposed steel import restrictions. Officials are working on a creative solution so the agreement can be formalised at an early date, while the wider trade deal is presented as reducing whisky tariffs and supporting growth, jobs and export opportunities.
May 19, 2026
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Input tax credit refund filing now requires Annexure-B through the offline utility with invoice-wise HSN/SAC reporting and GSTR-2B validation.
Annexure-B for refund applications involving accumulated Input Tax Credit must be furnished through the prescribed offline utility on the GST portal for specified refund categories, including exports without payment of tax, supplies to SEZ units or developers, inverted tax structure claims, and export of electricity. The utility requires invoice-wise HSN/SAC-wise reporting, separate line items for different input categories, correct disclosure of taxable value, tax amount, blocked credit status, and proper reporting of ITC reversals. The generated JSON is to be uploaded for validation against GSTR-2B, subject to the system rules for validation, duplicate checks, and file limits.
May 19, 2026
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State Domestic Product estimation discussions focus on reconciling methodologies, data sources, and comparable GSDP estimates.
Annual joint discussions between the National Accounts Division and State/UT economics and statistics directorates are held to reconcile differences in State Domestic Product estimates compiled independently by the States/UTs and the national accounts authorities. The current exercise covers current price Gross State Domestic Product estimates for FY 2022-23, 2023-24 and 2024-25 on the revised base year 2022-23, with sectoral groups examining revised methodologies and data sources to arrive at comparable SDP estimates.
May 19, 2026
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Industry-government collaboration drives reforms, export growth and digital infrastructure expansion for stronger competitiveness and resilient growth.
Industry-government collaboration is urged to improve ease of doing business, strengthen competitiveness and accelerate reforms through resilience, productivity, supply-chain strength and export growth. Investment in data centres, cloud services and digital infrastructure is promoted, with cloud services from India or Indian data centres to the rest of the world described as enjoying 100 per cent tax-free status till 2047. Export-led growth, value addition, industrial parks, a single-window system and integrated digital access are presented as key operational priorities.
May 19, 2026
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Rupee depreciation driven by oil prices, capital outflows and dollar strength raises inflation and external pressure.
Sharp depreciation of the Indian rupee is attributed to elevated crude oil prices, sustained foreign portfolio outflows, widening trade deficits and broad US dollar strength. India's heavy dependence on imported oil increases dollar demand, while rising gold imports and higher overall imports widen the current account gap and add pressure on the currency. Reserve Bank of India intervention can smooth volatility, but it cannot fully offset structural pressure from oil costs and capital outflows.
May 19, 2026
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Pillar 3 disclosure requirements are being aligned with Basel norms as draft capital adequacy amendments invite public comments.
The Reserve Bank of India has issued draft amendment directions to align Pillar 3 disclosure requirements with the Basel Pillar 3 disclosure framework and invited public comments. The consultation covers proposed amendments to capital adequacy directions for commercial banks and small finance banks, reflecting a review aimed at greater consistency in prudential disclosure norms. Comments may be submitted through the designated online regulatory channel, by post, or by email within the stated consultation period.
May 19, 2026
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Inflation pass-through from fuel prices keeps CPI under watch as wholesale costs and RBI caution rise.
Retail inflation remained below the RBI's medium-term target even as wholesale inflation rose sharply, with fuel and energy prices driving a marked divergence between CPI and WPI readings. Petrol and diesel price increases are expected to add to retail inflation gradually through transport, logistics, food distribution and other input costs. The RBI is expected to maintain a cautious pause on interest rates while monitoring global crude prices, food inflation and the transmission of fuel price increases into retail inflation.
May 19, 2026
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EV charging and critical power growth drive Exicom's strongest FY26 quarter with EBITDA breakeven and expanding capacity.
Exicom Tele-Systems reported its strongest quarter of FY26, with standalone revenue and EBITDA margin improving sharply and consolidated EBITDA turning breakeven for the first time since the Tritium acquisition. The company linked the improvement to stronger domestic EV charging demand, rising exports and Tritium's commercial scale-up, while noting that the full-year consolidated loss reflected a longer period of Tritium operations in FY26. It also highlighted growth in the critical power business and the inauguration of an integrated Hyderabad manufacturing facility.
May 19, 2026
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Trade confidence in SME family businesses remains strong, but worsening risk and governance tensions are dragging down export potential.
India's SME family business exporters show strong trade optimism, but that confidence is being reduced by a hostile and worsening risk environment. A study of 461 leaders uses four indices to measure forward-looking optimism, macro risk burden, risk momentum, and family governance risk, producing a modestly positive Net Trade Confidence Score. The report highlights a structural gap between business expectations and operating conditions and calls for targeted support on trade literacy, export finance, and family governance in internationalisation decisions.
May 19, 2026
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Money laundering through benami accounts and extortion allegations drove custodial interrogation in a large financial crime probe.
Proceedings under the Prevention of Money Laundering Act involved allegations that Ashok Kharat orchestrated an extortion racket and laundered more than Rs 70 crore through benami bank accounts. The agency alleged misuse of victims' documents, opening of multiple accounts in a single day, and acquisition of properties in the names of Kharat and his family members from the alleged proceeds.
May 19, 2026
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Temple gold monetisation rumours denied; official communications confirm no approved scheme or strategic reserve classification.
False claims regarding a proposed monetisation scheme for temple gold holdings are expressly denied. Assertions that the Government plans to issue gold bonds to temples in exchange for temple gold reserves, or that any such proposal has been approved, are stated to be completely false, misleading, and without basis. Claims that gold plates on temple towers, doors, or other temple structures would be treated as Strategic Gold Reserves of India are also denied as baseless.
May 18, 2026
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Sanctions compliance settlement follows alleged Iran-linked LPG shipments, with cooperation, self-disclosure and remedial controls credited.
Civil sanctions liability arising from alleged Iran-related LPG shipments was settled with the U.S. Treasury Department's Office of Foreign Assets Control, without any admission of the allegations. The company's purchases from a Dubai-based trader were alleged to have involved LPG that originated from Iran, despite being represented as Omani and Iraqi supply. OFAC credited extensive cooperation, proactive self-disclosure, suspension of LPG imports, and strengthened sanctions compliance measures across the corporate group.
May 18, 2026
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Supply shock monitoring shapes RBI's data-dependent inflation stance as temporary price spikes may be looked through.
The Reserve Bank of India is monitoring whether supply shocks become embedded in the general price level and require monetary policy action. Temporary first-round effects may be looked through, but sustained increases that raise wages, production and transportation costs and generate broader inflation may call for tighter policy. A wide inflation tolerance band provides space to absorb short-run volatility while keeping the medium-term focus on price stability and data-dependent policy.
May 18, 2026
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Sanctions compliance and voluntary self-reporting led to a reduced OFAC settlement for Iranian-origin LPG import allegations.
Adani Enterprises settled an OFAC sanctions matter involving apparent violations linked to imports of Iranian-origin LPG through Mundra Port by agreeing to pay USD 275 million. The company said the resolution did not constitute a finding of guilt or wrongdoing and resolved all related liabilities. OFAC reduced the amount after voluntary self-reporting, proactive disclosure, cooperation, and corrective compliance steps, including strengthened sanctions controls and enhanced internal measures across the corporate group.
May 18, 2026
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Rupee pressure and forex controls intensify as rising oil prices, dollar strength, and import curbs weigh on currency stability.
The rupee weakened to a record low against the US dollar amid a strong dollar, rising crude oil prices, geopolitical tensions, and foreign investor outflows. Market participants noted that the exchange rate remained under pressure from global sentiment and elevated oil prices. The commentary also noted that RBI intervention and restrictions on imports of gold and silver could support the rupee at lower levels, while higher import duty and licensing controls on precious metals were intended to curb non-essential imports and reduce forex outflows.
May 18, 2026
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Raw jute shortage and trade restrictions push jute mills toward closure, prompting demands for stock release and import relief.
Raw jute shortages, steep price escalation, and trade restrictions have disrupted jute mill operations in West Bengal, leaving mills without a transparent reference price or workable procurement conditions. Millers seek release of residual stocks, easing or withdrawal of stock and trade restrictions, permission for emergency imports, and restoration of a viable price corridor for raw jute. They also urge abolition of agricultural marketing fees and improved payment discipline to suppliers to stabilise supplies and protect employment across the jute belt.
May 18, 2026
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Tribunal infrastructure and capacity need urgent strengthening to support the NCLT and NCLAT insolvency framework.
Institutional strengthening of the NCLT and NCLAT is urged because of their central role in India's company law and insolvency framework. The concerns include permanent and modern infrastructure, uninterrupted courtroom operations, reliable power backup, additional bench strength, permanent staffing, and better support for judicial and technical members. A review of the compulsory rotation policy is also requested to improve continuity and specialisation within the tribunal system.

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Customs, DGFT & SEZ

Union Minister of Commerce and Industry Shri Piyush Goyal Felicitates LEAPS 2025 Winners Across 13 Categories Celebrating Excellence in Logistics and Innovation

May 14, 2026

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Shri Piyush Goyal Releases LEADS 2025 Report to Benchmark Logistics Performance Across States and Union Territories

India’s FTAs Now Cover Over Two-Thirds of Global Trade; Five More Agreements to Become Operational Within 12 Months: Shri Piyush Goyal

India Advancing Trade Talks with GCC, Canada, Chile, Mexico and Other Key Regions: Shri Piyush Goyal

India Achieves Record USD 863 Billion Exports Despite Global Headwinds; Sets USD 1 Trillion Export Target for Current Year: Shri Piyush Goyal

Prime Minister Shri Narendra Modi’s Mission to Reduce Logistics Costs Driving Infrastructure Growth, Seamless Supply Chains and Greater Global Competitiveness: Shri Piyush Goyal

 

Union Minister of Commerce and Industry Shri Piyush Goyal felicitated the winners of LEAPS Awards 2025 across 13 categories spanning Core Logistics, MSMEs, Startups, Institutions and Special Categories at the LEAPS Awards 2025 and release of the LEADS Report 2025 today in New Delhi.

Shri Goyal today also released the LEADS 2025 report at the LEAPS Awards 2025 ceremony. The event witnessed participation from senior government officials, industry associations, logistics stakeholders, startups, MSMEs, academic institutions, members of evaluation committees and representatives from the logistics ecosystem.

Shri Piyush Goyal while addressing the LEAPS Awards 2025 and release of the LEADS Report 2025,  said India has covered 38 developed and prosperous economies through nine Free Trade Agreements (FTAs) over the last three and a half years, with four already operational and five more expected to come into force in the next 12 months. Minister said along with the FTAs concluded earlier with Japan, Korea and ASEAN countries, these agreements now cover more than two-thirds of global trade and economies.

Shri Goyal said India is also actively negotiating trade agreements with several countries and regions including Chile and Maldives, with both agreements expected to be concluded before the end of the year. He added that negotiations are also underway with the Gulf Cooperation Council (GCC), which will cover all six Gulf nations including Qatar, Kuwait, Bahrain and Saudi Arabia, in addition to Oman and the UAE. The Minister further said India is in active discussions with Canada, Eurasia, Mexico, SACU and Mercosur to expand trade engagement and market access opportunities.

The Minister added India achieved an all-time high export figure of USD 863 billion in the financial year ending March 31, 2026, despite global challenges including high tariffs, the continuing Ukraine conflict and the West Asia crisis. He noted that while global growth has slowed, India’s exports continued to grow, with services exports recording growth of around 8.5-9 per cent and overall exports growing by nearly 5 per cent over the previous year. He said the Government has now set an aspirational export target of USD 1 trillion for the current year, supported by the operationalisation of multiple FTAs and enhanced market access opportunities.

The Minister said the West Asia crisis, slowing global growth and other international disruptions should be viewed by India as opportunities to improve efficiency, reduce logistics costs, strengthen competitiveness and expand export markets. He stressed that continuous improvements in logistics, technology adoption and business processes would help India further enhance its export competitiveness and foreign exchange earnings.

Shri Piyush Goyal said Prime Minister Shri Narendra Modi has taken up reduction of logistics costs as an urgent national mission to make India globally competitive. He said investments in infrastructure, seamless logistics systems, faster transportation and improved delivery mechanisms are helping improve efficiencies, productivity and competitiveness. The Minister noted that both State Governments and private companies have contributed significantly towards strengthening the logistics ecosystem and expressed confidence that India can further reduce logistics costs through continued investments, innovation, startup-led solutions and improved efficiencies. He also highlighted that initiatives such as GST, decriminalisation of laws, reduction of compliance burdens and simplification of business processes are helping create a more seamless logistics and business environment in the country.

The Minister said India’s strengths include its democratic framework, large domestic demand, young population, diverse product and service offerings, strong digital infrastructure and skilled workforce. He highlighted that India produces 1.4 million STEM graduates annually and has emerged as a major destination for Global Capability Centres (GCCs), with nearly 1,700-1,800 GCCs already operational and another 500 in the pipeline.

He said the world is increasingly looking towards India for innovation, research and development and competitive manufacturing and services. He added that multinational companies are leveraging India’s talent pool, lower operational costs and robust digital ecosystem for expanding their global operations.

Referring to ongoing efforts to improve ease of doing business, Shri Goyal said the Government has undertaken decriminalisation of nearly 1,000 offences through the Jan Vishwas Bill and reduced around 42,000 compliance burdens. He added that further work is underway to simplify procedures, integrate databases and move more processes online.

The Minister also underlined the importance of balancing physical engagements with digital technologies in official interactions and negotiations. He said India is increasingly leveraging videoconferencing and digital platforms in trade negotiations and governance processes to improve efficiency.

The Minister urged all stakeholders to work collectively towards nation building and further strengthening India’s global competitiveness. He said every effort to improve efficiency, reduce costs and enhance productivity contributes towards making India a stronger economic power.

The Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, organised the award ceremony of LEAPS 2025 (Logistics Excellence, Advancement and Performance Shield), the flagship national initiative recognising excellence, innovation and best practices across the logistics ecosystem.

LEAPS 2025, the fourth edition of the initiative, has been designed to acknowledge organisations that have demonstrated leadership, operational excellence, innovation and sustainability in logistics and supply chain management. The initiative aligns with the vision of PM GatiShakti and the National Logistics Policy by promoting multimodality, efficiency enhancement, technology adoption and sustainable logistics practices.

Speaking on the occasion, Secretary, DPIIT Shri Amardeep Singh Bhatia highlighted the importance of an efficient and resilient logistics ecosystem in improving India’s global competitiveness and reducing logistics costs. He noted that LEAPS provides an important platform for recognising organisations that are driving transformation in the logistics sector through innovation, digitisation, sustainability and operational excellence.

The evaluation process for LEAPS 2025 was conducted through a structured and transparent mechanism. Online applications were invited through the Awrad portal of MHA (https://awards.gov.in/), from 13th October to 26th December 2025.

The Expert Committee meeting for LEAPS 2025 was held under the chairmanship of Joint Secretary, Logistics, DPIIT on 11th and 12th February 2026. Subsequently, the Award Committee meeting was held under the chairmanship of Secretary, DPIIT on 17th March 2026.

Applications were received across 13 categories, comprising Core Logistics, MSMEs, Institutions, Startups and Special Categories were evaluated and presented before the Expert Committee. The shortlisted applicants were further evaluated by the Award Committee.

The applicants were assessed on parameters including technological innovation, Environmental, Social and Governance (ESG) practices, multimodality, alignment with the National Logistics Policy, operational efficiency, safety, research and development, gender diversity and contribution towards employment generation and skill development.

Shri Piyush Goyal also released the Logistics Ease Across Different States (LEADS) 2025 report today. LEADS is DPIIT’s flagship assessment of logistics performance across States and Union Territories and serves as a key benchmarking and reform tool for improving logistics efficiency across the country.

LEADS 2025 reflects the Government’s continued focus on integrated and data-driven logistics reforms under the PM GatiShakti National Master Plan and National Logistics Policy. The framework supports cooperative and competitive federalism by enabling States and UTs to benchmark performance, identify gaps and prioritise targeted logistics interventions.

The seventh edition of LEADS- LEADS 2025 marks a significant evolution in the assessment of India’s logistics landscape, featuring a more rigorous and refined evaluation methodology compared to previous years. LEADS 2025 also places greater emphasis on measurable and evidence-based indicators, with nearly 59% weightage assigned to objective indicators to strengthen assessment robustness and implementation tracking.

To better reflect the maturity and diverse progress of logistics ecosystems across the country, the LEADS 2025 framework has transitioned from its previous three-tier classification to a more comprehensive four-tier performance framework. The revised framework enables more nuanced assessment of logistics performance and supports targeted improvement pathways across different stages of logistics ecosystem development.

The New Four-Tier Categorization

The new four-tier categorization is as follows:

  • Exemplars: Exemplars represent the top-performing States and Union Territories, demonstrating sustained excellence across policy, infrastructure, service delivery, and regulatory dimensions.

  • Coastal States: Tamil Nadu

  • Landlocked States: Uttar Pradesh

  • North- Eastern States: Mizoram

  • Union Territories: Delhi

  • High Performers: High Performers comprise States and Union Territories that demonstrate strong and consistent outcomes across the majority of performance indicators.

    • Coastal States: Gujarat, Kerala, Maharashtra

    • Landlocked States: Haryana, Telangana, Chhattisgarh, Bihar

    • North- Eastern States: Tripura, Meghalaya

    • Union Territories: Jammu & Kashmir, Puducherry

  • Accelerators: Accelerators comprise States and Union Territories that have demonstrated notable improvement momentum and a clear reform orientation in recent years.

    • Coastal States: Andhra Pradesh, Odisha, Goa, Karnataka

    • Landlocked States: Punjab, Jharkhand, Madhya Pradesh, Uttarakhand, Himachal Pradesh

    • North- Eastern States: Nagaland, Arunachal Pradesh, Manipur, Assam

    • Union Territories: Dadra & Nagar Haveli and Daman & Diu, Chandigarh, Ladakh, Lakshadweep

  • Growth-Seekers:  Growth Seekers represent States and Union Territories that are at a foundational stage of logistics system development and institutional strengthening.

  • Coastal States: West Bengal

  • Landlocked States: Rajasthan

  • North- Eastern States: Sikkim

  • Union Territories: Andaman & Nicobar Islands

 

Overall, LEADS marks an important step toward strengthening evidence-based logistics planning and performance monitoring across States and Union Territories to support targeted reforms aimed at improving logistics efficiency, reducing logistics costs and strengthening India’s competitiveness.

The winners of LEAPS 2025 are as follows:

A. Core Logistics

  1. Air Freight Service Provider – FedEx Express Transportation and Supply Chain Services (India) Pvt Ltd

  2. Maritime Freight Service Provider – MSC Agency India Private Limited

  3. Road Freight Service Provider – Safexpress Private Limited

  4. Rail Freight Service Provider – DP World Rail Logistics Private Limited

  5. Multimodal Transport Operators (MTOs) – Paradeep Parivahan Limited

  6. Warehouse Service Provider (Industrial & Consumables) – TVS Industrial and Logistics Parks

  7. Warehouse Service Provider (Agriculture) – Indicold Pvt Ltd

B. MSME

  1. MSME Logistics Service Provider – Shipwaves Online Limited

C. Startup

  1. Startup – Logistics Technology Service Provider – MatchLog Solutions Pvt Ltd

  2. Startup – Logistics Operation Service Provider – Yellowings Delivery Services Private Limited

D. Institutions

  1. Education Institute Promoting Logistics Sector – IIM Mumbai

E. Special Categories

  1. Logistics Service Delivery for E-Commerce Operations – Delhivery Ltd

  2. Multimodal Logistics Service Provider (3PL Service Provider, Freight Forwarder, Custom Broker/Agent) – Indev Infra Private Limited

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