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May 6, 2026
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May 6, 2026
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India's startup ecosystem in 2026 is described as a diverse landscape of ventures spanning design, food, IP exchange, wellness, education, compliance, surveillance, gaming, real estate, digital platforms and social impact. The common focus is on solving real-world problems through scalable, future-ready models built on innovation, quality, sustainability, community enablement and purpose. The featured businesses include consumer brands, backend food production, IP trade infrastructure, agri-tourism, AI training, compliance advisory, premium manufacturing, lead generation, property discovery and child-focused medical support.
May 6, 2026
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Defensive Hormuz operations and nuclear pressure define the evolving US stance as conflict with Iran remains unresolved.
The United States said major military operations against Iran are concluded after the stated objectives were met, while treating recent clashes as defensive in nature. The reopening effort in the Strait of Hormuz was described as a way to protect commercial shipping and assist stranded civilian sailors, alongside demands that Iran abandon its nuclear ambitions and restore freedom of navigation through the waterway.
May 6, 2026
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India-US trade deal nears final closure as tariff changes prompt redrafting to protect trade interests.
India and the United States are in the final stage of negotiations on a bilateral trade agreement and are said to be very close to signing it, though one remaining issue still has to be resolved. The talks have continued for months, with the aim of reaching closure and moving ahead on other trade and economic matters. India is also seeking preferential access to the US market as part of the agreement.
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Sebi has cautioned regulated entities against cybersecurity risks from advanced AI-based vulnerability detection tools and highlighted concerns over exploitation of weaknesses, data confidentiality and the reliability of outputs. It has constituted the cyber-suraksha.ai task force to examine AI-related risks, develop mitigation strategies, share threat intelligence and best practices, and review third-party cybersecurity posture. Sebi has also advised regular vulnerability assessments, timely patching, enhanced monitoring, stronger API security, zero-trust architecture, vendor coordination and onboarding of the Market Security Operations Centre.
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Foreign exchange market conditions reflected pressure on the rupee from heightened geopolitical tensions, elevated crude oil prices, and foreign capital outflows. The currency touched an intra-day low before recovering to close slightly higher against the US dollar, with market participants attributing the support to possible RBI intervention and noting that import demand and broader risk aversion continued to weigh on sentiment. Market commentary linked the rupee's weakness to renewed clashes in the Gulf, concerns around the Strait of Hormuz, and the impact of higher Brent crude on oil-importing economies.
May 5, 2026
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Unclaimed deposits search portal and centralized database issues arise over tracing deceased depositors' funds for legal heirs.
The UDGAM portal enables registered users to search unclaimed deposits across multiple banks through an interactive facility, while the broader dispute concerns a centralised and searchable database for legal heirs to trace dormant bank deposits and related funds. The plea seeks an integrated online system under RBI control to inform heirs of deceased account holders and reduce unnecessary litigation in claims involving bank deposits, insurance and post office funds.
May 5, 2026
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Silver prices rose in the domestic market in line with firm global cues, supported by continued geopolitical tensions in West Asia and stronger commodity sentiment. Gold prices eased as investors reacted to energy-led inflation concerns, tighter monetary policy expectations, and a shift toward the US dollar and Treasury yields as safe-haven assets.
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Insurance penetration strategy focuses on wider coverage, stronger underwriting, digital expansion and improved service delivery.
Operational review of the Vision Strategy documents of LIC, GIC Re and OICL focused on medium-term and long-term planning for improving operational efficiency, financial stability and sustainable growth. Strategic directions were given to strengthen human resource and information technology frameworks to enhance service delivery and to align company policies with broader insurance-sector objectives. Insurance policy direction emphasized increasing insurance penetration and density while preserving market share, with a focus on widening coverage to a larger segment of the population and developing investment and underwriting strategies to reduce loss ratios.
May 5, 2026
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Non-food credit growth accelerated across sectors as banks saw broad-based demand from agriculture, industry, services and personal loans.
Scheduled commercial banks recorded robust non-food credit growth in FY 2025-26, with broad-based expansion across agriculture and allied activities, industry, services, and personal loans. The credit increase was supported by low interest rates, a government-backed capex cycle, structural reforms, and crowding-in of private investment. Agriculture benefited from sustained rural demand and improved formal credit flow, while industrial credit was led by micro and small industries and services growth was driven by non-banking financial companies, trade, and commercial real estate.
May 5, 2026
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AI and blockchain workforce verification strengthens attendance integrity, reduces ghost employee fraud, and supports offline public-sector operations.
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May 4, 2026
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Direct tax collections rise with stronger gross receipts and lower refunds, though the revised target remains unmet.
Net direct tax collections for 2025-26 rose 5.12 per cent to over Rs 23.40 lakh crore, but remained below the revised estimate of Rs 24.21 lakh crore. CBDT data showed net corporate tax collections at Rs 10.99 lakh crore and personal income tax, including Securities Transaction Tax, at about Rs 12.41 lakh crore. Gross direct tax collection stood at about Rs 28.12 lakh crore, while refund issuance declined 1.09 per cent to Rs 4.71 lakh crore.
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LNG storage capacity expansion gains urgency as supply disruptions and geopolitical risk expose India's energy security vulnerabilities.
India is seeking to increase LNG storage capacity in response to supply disruptions and heightened geopolitical risk affecting imports from West Asia. Petronet LNG plans to add new storage tanks at multiple terminals to strengthen buffer capacity and maintain normal supplies if import flows are interrupted. The expansion is presented as part of broader efforts to support energy security and manage future crisis conditions through additional strategic reserves.
May 4, 2026
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Loan waiver fraud warnings highlight false waiver claims, deceptive certificates, fee collection, and the need to avoid such entities.
Unauthorised and misleading campaigns promising loan waivers are cautioned against, including false claims of waiver of dues to banks or NBFCs, issuance of debt waiver certificates, and collection of fees under service or legal charges. The public is advised not to associate with such persons or entities, to approach lending institutions directly for loan information, and to report such campaigns to law enforcement agencies.
May 4, 2026
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Context-driven digital payments reshape spending as UPI, credit cards and EMIs serve different consumer needs.
India's digital payments are increasingly context-driven, with consumers choosing instruments according to ticket size, urgency, intent and time of day rather than relying on a single dominant mode. UPI continues to support everyday and high-value payments, while structured credit and EMIs are expanding into routine and recurring expenses. Payment behaviour also varies by timing, and merchants are increasingly offering multiple payment options to align with consumer intent and improve conversion.
May 4, 2026
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Aadhaar verification and identity proof concerns require legislative intervention for issuance safeguards and misuse prevention.
Legislative intervention and amendments in the existing legal framework are required for reliefs seeking restrictions on Aadhaar issuance and related safeguards. The petition also sought directions treating Aadhaar only as proof of identity, while alleging misuse through weak verification, diversion of public resources, and improper access to other identity records.
May 4, 2026
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Economic vulnerability mapping gains focus as India weighs supply disruption risks, energy dependence and inflation pressure from global shocks.
India must strengthen economic vulnerability mapping and risk management across energy, food, fertilisers, metals and critical minerals to address supply disruptions and price volatility arising from geopolitical shocks. The commentary emphasises expanding physical buffers, including strategic petroleum reserves and stockpiles of essential commodities, while reducing excessive import dependence through diversified supply sources, trade routes and more effective use of free trade agreements. It also notes that fiscal, monetary, trade and supply-side interventions, supported by an emergency response mechanism, are being used to cushion external shocks.

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Filing of Annexure-B for Refund Applications involving Accumulated ITC using the offline utility in GST portal

May 19, 2026

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Until now, while filing refund applications under specific categories involving accumulated Input Tax Credit (ITC), taxpayers were uploading Annexure-B in a PDF format, in terms of extant guidelines. In order to further automate the refund filing process and enable system-based verification of invoices and documents, a standardized Annexure-B Offline Utility has now been deployed on the portal. In order to bring uniformity, taxpayers are required to furnish Annexure-B through this prescribed utility going forward.

Taxpayers are advised to carefully note the following instructions while filing refund applications under the below mentioned refund categories where refund is claimed on account of accumulated Input Tax Credit (ITC).

1. Introduction of Annexure-B in Offline Utility for following categories

Annexure-B is required to be furnished through an offline utility for the following refund categories:

  • Exports of Goods/Services without payment of tax (accumulated ITC) (excluding electricity)
  • Supplies made to SEZ Unit/SEZ Developer without payment of tax
  • ITC accumulated due to Inverted Tax Structure [Clause (ii) of first proviso to section 54(3)]
  • Export of Electricity without payment of tax (accumulated ITC)

2. Annexure-B Offline Utility

An offline utility in Excel format has been introduced to enable taxpayers to enter invoice-wise details of inward supplies for which refund is claimed. The details in the offline utility are required to be reported HSN/SAC-wise, by segregating invoices into separate line items based on distinct HSN/SAC codes and categories of input supplies (Inputs, Input Services, Capital Goods), wherever applicable.

Further, all other columns in the utility must be filled specifically with respect to the HSN/SAC code and category of input supply reported in that line item, including the corresponding taxable value, tax amount, and whether such ITC is blocked under section 17(5) of the CGST Act or otherwise. A maximum of 10,000 entries can be made in one offline utility file. If there are more than 10,000 entries, the user should use multiple offline utility files to enter the data.

3. Structure of Annexure-B Offline Utility

The utility contains the following two tables:

  • Table 1 – Reversal Details
  • Table 2 – HSN/SAC-wise Inward Invoice Details for which ITC has been claimed in GSTR-3B

4. Reporting of Invoices with Multiple Categories / HSN-SAC Codes

In cases where a single invoice includes: Multiple categories of supplies such as Inputs, Input Services, and Capital Goods, and/or Multiple HSN/SAC codes

  • Taxpayers are required to split the invoice into separate line items in the offline utility.
  • Each line item must represent only one category of input supply mapped to one HSN/SAC code.
  • Invoice value and tax amounts must be proportionately distributed across such line items.

A specific note has been added in the Read Me section (Point 6) of the utility for taxpayer guidance. Users are requested to read these instructions clearly before entering the data in the utility to avoid validation errors.

5. Duplicate Document Validation

(Validation is applied separately for each type of inward supply and each document type):

  • Supplier GSTIN
  • Invoice Number
  • Invoice Date
  • Category of Input Supply
  • HSN/SAC

For the same invoice, where the category of input supply and HSN/SAC are identical, only one line item should be reported.

Multiple entries under identical parameters will not be accepted.

6. Reporting of ITC Reversals

Taxpayers are required to correctly report ITC reversals as applicable:

  • Reversals made under Rules 38, 42, 43 of the CGST Rules and section 17(5) shall be reported as per the corresponding month’s GSTR-3B.
  • Other ITC reversals reflected in Table 4(B)(2) of GSTR-3B shall also be reported accordingly.
  • In cases where multiple offline utility files are used, reversal amounts shall be entered only in the final utility file, with all previous utility files reflecting reversal amounts as zero. The system recalculates the consolidated Net ITC after upload of all JSON files. Taxpayers are advised to review the consolidated summary carefully prior to submission.

7. Uploading Annexure-B JSON File

Upon generation of the Annexure-B JSON file, the taxpayer shall upload the same on the RFD-01 screen by clicking on the hyperlink “Click to upload the Statement of invoices (Unutilized ITC)” and proceed further for validation.

8. Post-Upload Validation and Reports

  • Uploaded invoices shall be validated with GSTR-2B.
  • Where validation against GSTR-2B is performed, results shall be displayed in the Valid documents sheet, indicating whether the invoices are present in GSTR-2B or not.
  • In respect of invoices pertaining to GSTR-2B periods up to October 2024 or earlier, the system will not carry out validation with GSTR-2B data. However, taxpayers will be allowed to enter details of such invoices in the utility and upload on the portal. In such cases, the system will display a generic message indicating that the invoices are not validated, however, these invoices will be part of the validated documents. This is an expected system behavior and shall not be treated as an error. Taxpayers may proceed with filing the refund application in such scenarios.
  • Any mismatches or validation failures in invoices pertaining to November 2024 or later period, shall be reflected in an Invalid documents Report.

9. Following details may be noted in respect of the Annexure B offline utility, namely :

  • Copy-paste functionality has been enabled for dropdown values in the offline utility. While using this feature, users must ensure that the value that user if copying and pasting must match with the exact dropdown value. Any deviation, including leading or trailing spaces, may result in validation errors. Additionally, users should not paste data into any frozen/protected fields, as this may lead to processing or validation issues.
  • Before using the newly downloaded utility, users should ensure that any previous version of the Annexure B Offline Utility is completely closed. Keeping an older version open simultaneously may cause issues with the enhanced copy-paste functionality.
  • Users are advised to avoid using unnecessary spaces while entering or copy-pasting data (for example, extra spaces after supplier name or in other fields), as such inconsistencies may result in errors during JSON generation or upload.
  • Users are requested to ensure that no changes are made directly to the JSON file after it has been generated. In case any modifications are required, the same should be made in the offline utility, followed by revalidation and generation of a fresh JSON file for upload. Further, the name of the JSON file should not be altered after creation, as this may lead to upload issues.

10. Line-Item Upload Limit in offline utility uploaded with Refund Applications

Present system functionality allows taxpayers to enter up to 10,000 line items in one offline utility file and upload up to 25 such files, i. e. a total of 2,50,000 line items can be entered in a single refund application. In cases where the number of line items exceeds this limit, taxpayers should upload up to 2,50,000 line items through the offline utility, and the remaining invoices can be submitted as supporting documents after converting them into PDF format. Approaches to support higher-volume data ingestion are being evaluated and will be implemented in upcoming enhancements.

Taxpayers are requested to ensure accurate reporting in the offline utility to facilitate smooth and timely processing of refund applications. A detailed user manual along with screenshots explaining the process will be shared shortly.

Thanks,
Team GSTN

Topics

Acts Income Tax