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May 15, 2026
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Credibility, compliance and consumer confidence drive Kimberley Process reforms for the natural diamond trade.
The Kimberley Process Intersessional Meeting 2026 concluded in Mumbai under India's Chairship with a focus on advancing Credibility, Compliance and Consumer Confidence in the natural diamond sector. Working Groups and Committees discussed monitoring, technical processes, governance, statistics and artisanal production, with emphasis on transparency, operational mechanisms and trust across the natural diamond value chain. The Kimberley Process Certification Scheme is described as a global initiative aimed at preventing conflict diamonds from entering legitimate trade and promoting responsible sourcing.
May 15, 2026
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Export growth and widening trade deficit shape India's April trade picture amid stronger imports and export support measures.
Exports rose in April at the fastest pace in five months, led by petroleum products, electronic goods and other major sectors, while trade deficit widened as imports climbed to a six-month high. Services exports also improved year on year, and the discussion noted that rupee depreciation, domestic-currency settlement efforts, export promotion measures and free trade agreements were expected to support future export growth.
May 15, 2026
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Foreign exchange reserves rise as gains in foreign currency assets, gold reserves and SDRs improve the overall position.
India's foreign exchange reserves increased during the reporting week, driven by gains in foreign currency assets and a sharp rise in gold reserves. The reserve position also showed marginal increases in Special Drawing Rights and the IMF reserve tranche position, while remaining below the earlier all-time high reached before the West Asia crisis and related rupee pressure.
May 15, 2026
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Income tax return filing enables online access for ITR-1 and ITR-4, with eligibility and deadlines clarified.
Online filing and Excel utility access were enabled on the e-Filing portal for ITR-1 (Sahaj) and ITR-4 (Sugam) for the assessment year 2026-27, allowing taxpayers to begin return filing for income earned during the relevant financial year. ITR-1 remains available to resident individuals within the prescribed income and source-income limits, while ITR-4 applies to eligible individuals, HUFs and firms other than LLPs having income from business or profession. The filing deadlines for ITR-1 and ITR-4 are also noted.
May 15, 2026
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Packaging innovation and sustainability drive India's export competitiveness, manufacturing growth and global market positioning.
Packaging innovation, sustainability and quality assurance were emphasized as central to India's export competitiveness, manufacturing growth and global market positioning at the Indian Institute of Packaging's Diamond Jubilee celebrations. The institute's six-decade contribution to scientific packaging, education, research, skill development and industrial advancement was highlighted alongside its role in promoting future-ready and environmentally responsible packaging aligned with the vision of Viksit Bharat.
May 15, 2026
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Rupee depreciation deepens as crude oil, inflation fears and dollar strength pressure the currency despite likely intervention.
The Indian rupee fell to a record intraday low and closed at a fresh all-time low against the US dollar, pressured by elevated crude oil prices, inflation concerns, a stronger dollar, weak net FDI inflows and broader capital flow weakness. Market participants said likely RBI intervention helped cushion the decline, while exports, imports, foreign investor flows and the trade deficit were also noted as relevant market factors.
May 15, 2026
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Sugar export ban sparks concern over domestic price crash, factory debt and weaker farmer payments.
A sudden ban on sugar exports until 30 September was criticised as likely to depress domestic sugar prices, strain factory finances and affect cane cultivators. Industry representatives said the restriction could make it harder to meet Fair and Remunerative Price dues, unsettle export relationships and weaken the sugar sector unless accompanied by greater sugar-based ethanol procurement and higher ethanol blending in petrol.
May 15, 2026
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Merchandise trade growth in India as exports and imports rise in April, while West Asia trade contracts sharply.
India's merchandise trade recorded higher export and import values in April, with exports rising by 13.78 per cent to USD 43.56 billion and imports increasing by 10 per cent to USD 71.94 billion. The trade deficit for the month stood at USD 28.38 billion. Exports to West Asia declined by 28 per cent, while imports from the region fell by 31.64 per cent, reflecting a regional contraction in both outbound and inbound trade flows.
May 15, 2026
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Revenue mobilisation and AI-driven GST scrutiny shape Andhra Pradesh's plan to strengthen collections and plug leakages.
Andhra Pradesh has set an own-revenue target for 2026-27 and directed revenue-generating departments to strengthen collections through technology-driven systems, tighter monitoring and efforts to plug leakages. The administration has called for AI-driven GST scrutiny, enhanced analytics and other advanced tools to identify revenue leakages and improve compliance without harassing taxpayers.
May 15, 2026
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Cross-border cultural exchange deepens China-Vietnam border friendship through sports, heritage, reading and folk traditions.
Cross-border cultural and community exchange activities were organised in Baise, Guangxi, to strengthen people-to-people connectivity, cultural mutual learning and neighbourly relations along the China-Vietnam border. The programme combined sports, intangible cultural heritage, reading, music and folk customs, including football and basketball friendlies, folk art exchanges, youth reading activities and border dwellers' cultural events. Baise stated that it would continue regular cross-border cultural and sports interactions to develop border exchange brands and sustain cultural coexistence and friendly cooperation.
May 15, 2026
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Advance Authorisation gold import cap tightened as rupee weakens under oil, dollar and geopolitical pressure.
The rupee weakened in early trade amid pressure from elevated crude oil prices, a strong dollar and geopolitical uncertainty. Separately, the government tightened the Advance Authorisation framework for gold imports by imposing a 100 kg cap and strengthening issuance and monitoring conditions, while the scheme continues to allow duty-free import of inputs used in export products.
May 15, 2026
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Seafood export strategy strengthened through value addition, SPS compliance, MSME support and sustainable fisheries development.
India's seafood export strategy is to be advanced through a coordinated framework focused on value addition, infrastructure development, product diversification, quality assurance, market expansion, deep-sea fishing and wider stakeholder participation. A proposed Production Linked Incentive framework for seafood MSMEs is intended to strengthen international competitiveness, encourage technology adoption, support research and development, and expand export-oriented infrastructure. The initiative also emphasises tuna sector development, SPS compliance, traceability, laboratory upgrades, trade delegations and sustainable fisheries measures.
May 15, 2026
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India-Africa economic partnership expands through trade, technology and manufacturing cooperation, with focus on supply chains and diversified growth.
India-Africa Business Dialogue and Exhibition was presented as a platform to deepen economic and strategic engagement between India and African nations through trade, investment, technology partnerships and people-to-people cooperation. The cooperation agenda was stated to extend beyond traditional raw material trade towards higher-value manufacturing, integrated value chains, diversified supply chains and local production, with key sectors identified as agriculture and food processing, digital public infrastructure, healthcare and pharmaceuticals, renewable energy, critical minerals, electric mobility, manufacturing, defence production, digitalization and telecommunications.
May 14, 2026
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Money laundering probe over online gaming platform alleged BOT-based play, user losses, and laundering through investments and properties.
Enforcement action under the Prevention of Money Laundering Act involved searches at an online gaming platform and its founders, leading to freezing of bank and payment gateway deposits and seizure of jewellery, bullion and cash. The probe alleged that the platform hosted real-money rummy games, collected commission on wagering amounts, and used BOTs without users' knowledge or consent. It also alleged laundering of the alleged proceeds through foreign investments, dividends, mutual funds, bonds, and property investments.
May 14, 2026
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Sugar export prohibition imposed to protect domestic availability, preserve stocks, and contain rising prices.
India has amended the export policy for sugar, including raw sugar, white sugar and refined sugar, from restricted to prohibited with immediate effect until 30 September 2026 or further orders, whichever is earlier, to improve domestic availability and contain prices. The restriction does not apply to exports to the European Union and the United States under the CXL and Tariff Rate Quota arrangements, or to shipments under advance authorisation, government-to-government exports, and consignments already in the physical export pipeline.
May 14, 2026
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Rupee pressure from strong dollar and crude price surge as traders watch inflows, RBI support and inflation concerns.
The rupee weakened to a fresh all-time low against the US dollar before closing marginally higher, with pressure from a firm dollar, elevated crude prices, inflation worries and disruptions to crude imports linked to the West Asia crisis and the Strait of Hormuz blockade. Traders also cited foreign fund outflows, possible tax reductions for foreign investors, RBI intervention and higher import duty on gold and silver as factors that could influence rupee support and near-term range.
May 14, 2026
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Advance Authorisation scheme now caps gold imports, with stricter verification, export obligation conditions, and reporting requirements.
Gold imports under the Advance Authorisation scheme have been capped at a maximum remissible quantity of 100 kilograms. The scheme continues to permit duty-free import of inputs used in export production, including raw materials and other consumables, but the issuance of authorisation for gold imports is now subject to tighter control. First-time applicants face mandatory physical inspection, subsequent authorisations depend on 50 per cent export obligation fulfilment, and holders must file fortnightly certified performance reports.
May 14, 2026
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Trade resilience and democratic legacy shape India's development narrative amid global tensions and tariff pressures.
India's trade and economic resilience was linked to adverse global geopolitical and tariff conditions, with reference to trade agreements signed with 38 countries and their impact on international commerce. The address also recalled India's nuclear tests under sanctions, Bhairon Singh Shekhawat's grassroots political legacy, his support for democratic values, and his early advocacy of simultaneous elections, along with his Antyodaya-oriented concern for the poorest sections and development-focused politics.
May 14, 2026
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Taiwan and trade tensions shape China-US talks as both sides address energy security and Iran's nuclear issue.
China and the United States discussed Taiwan, trade, energy security and the Iran conflict, while signalling a new vision for a constructive and strategically stable bilateral relationship. The Chinese president warned that mishandling Taiwan could lead to clashes and conflicts and urged caution to preserve overall stability. The leaders also discussed wider market access, Chinese investment, agricultural purchases, fentanyl precursor controls, and keeping the Strait of Hormuz open while opposing Iran's acquisition of nuclear weapons.
May 14, 2026
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FD-backed business credit card offers dedicated spending limits, forex savings, rewards and cash-flow support for entrepreneurs.
IDFC FIRST Bank launched an FD-backed Business Multiplier Metal Credit Card for founders, entrepreneurs and business owners, designed for business spending and cash-flow management. The card provides a dedicated business credit limit linked to a fixed deposit, helping separate business and personal expenses while covering office supplies, digital marketing, SaaS subscriptions, travel, equipment purchases, inventory procurement, vendor payments and employee reimbursements. It also offers interest-free credit, 0% forex markup, rewards, UPI payments, lounge access, trip cancellation cover and employee card controls.

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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

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Acts Income Tax