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    Gross GST mop-up grows 15 pc to Rs 2 lakh cr in Aug
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September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
Show AI Summary
National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.
August 31, 2026
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Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access.
India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
August 31, 2026
Show AI Summary
Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan.
Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
August 31, 2026
Show AI Summary
Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations.
Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.
August 31, 2026
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Indigenous defence technology and exports anchor the annual performance review of public sector defence enterprises.
Annual performance review of 16 Defence Public Sector Undertakings is scheduled with emphasis on indigenous technology, innovation, self-reliance and enhancement of defence exports. Chairpersons and managing directors of seven specified undertakings will present dividends attributable to the Government's equity shareholding. Publications cover self-reliance, student awareness of defence technologies, and modernisation and indigenisation roadmaps. Reported performance includes growth in turnover, profit after tax and defence exports.
August 31, 2026
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Employee provident fund and gratuity dues remain protected outside the liquidation estate despite competing financial creditor claims in insolvency proceedings.
Employee provident fund and gratuity dues of former Jet Airways workmen and employees were required to be paid in full by the liquidator. The NCLAT position upheld treats statutory employee dues relating to provident fund, gratuity and pension funds as outside the liquidation estate, protecting them from competing creditor claims. Financial creditors had argued that such dues should be distributed through the liquidation estate unless dedicated funds existed at the commencement of liquidation. The underlying questions of law remain open for an appropriate case.
August 31, 2026
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Rupee exchange-rate support amid dollar strength and oil risks as foreign-currency deposit flows bolster market sentiment.
Foreign-exchange market conditions saw the rupee recover from early losses amid possible Reserve Bank of India intervention to contain significant depreciation. Higher US Treasury yields, a broader dollar rally, rising crude oil prices and geopolitical supply risks pressured the currency. The special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised foreign-exchange inflows supported by non-resident Indian participation, strengthening market sentiment.

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Customs & Trade

US Trade Representative to hold trade pact talks with Goyal next week

June 15, 2026

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New Delhi, June 15 (PTI) US Trade Representative Jamieson Greer is scheduled to visit India next week for a two-day meeting with Commerce and Industry Minister Piyush Goyal on June 23-24 to discuss issues pertaining to the interim trade agreement, a top government official said on Monday.

Commerce Secretary Rajesh Agrawal said: "Our expectation is that discussions will be centred around giving final touches to the framework deal, which has been discussed during the visit of their (US) delegation,...and also on the larger BTA (bilateral trade agreement), that has also been under discussions between the two sides." The USTR is expected to land here on June 22.

Earlier, on June 2-4, the US team, headed by its chief negotiator Brendan Lynch, held discussions with Indian officials on finalisation of the deal.

On June 5, Goyal said that India and the US are moving towards closing all the open ends of the interim trade agreement, and both sides are likely to execute the "very, very vibrant" first phase of the BTA by the middle of next month.

At the chief negotiators' level, the two sides held discussions across a wide range of issues, covering trade in goods, non-tariff measures, customs and trade facilitation, economic security alignment and other areas of mutual interest.

On February 7, India and the US issued a joint statement finalising the contours or framework of the first phase of the BTA or an interim trade deal.

According to that framework, the US had agreed to reduce tariffs on India to 18 per cent from 50 per cent. It had removed the 25 per cent tariffs on Indian goods for buying Russian oil and was to cut the remaining 25 per cent to 18 per cent under the pact.

But, on February 20, the US Supreme Court ruled against President Donald Trump's sweeping reciprocal tariffs, which were imposed under the 1977 International Emergency Economic Powers Act (IEEPA).

After that, the US President announced the imposition of 10 per cent tariffs on all countries for 150 days, starting February 24. It will end on July 24. Both sides are expected to finalise the interim deal before that.

As the tariff landscape has changed in the US, both sides may wish to revisit the agreement's framework.

The February joint statement on the framework has a clause that in the event of any changes to the agreed upon tariffs of either country, the US and India agree that the other country may modify its commitments.

Under the agreed framework, India proposed to eliminate or reduce tariffs on all US industrial goods and a wide range of food and agricultural products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.

New Delhi has also expressed its intentions to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.

When the framework was agreed, India had a comparative advantage over its competitor countries, such as Sri Lanka, Pakistan and Bangladesh.

Now, with all US trading partners facing a uniform 10 per cent tariff, the pact requires recalibration.

It is important that India gets an advantage over its competitor nations on the tariff front in the trade pact.

As the US Supreme Court has ruled against Trump's sweeping tariffs, the US administration now has the option of using the Section 301 investigation mechanism to impose new tariffs.

Sources have earlier stated that the US could use this mechanism as a pressure tactic to bring its trading partners on the table to negotiate trade deals.

In March, the US Trade Representative (USTR) launched two unilateral Section 301 investigations against a number of countries, including India, over excess capacity and failures to eradicate forced labour in global supply chains.

On June 2, the USTR proposed imposing 12.5 per cent tariffs on 54 countries, including India, for allegedly failing to prohibit the import of goods produced with forced labour.

The proposed duty follows investigations launched in March against 60 countries under Section 301 of the Trade Act of 1974 over concerns related to forced labour.

The measure remains a proposal and has not yet been finalised, the USTR said, adding that interested parties can submit requests to appear at hearings and summaries of testimony by June 22. The USTR is scheduled to hold hearings on July 7.

The US was the second-largest trading partner of India in 2025-26.

India's outbound shipments to the US grew marginally by 0.92 per cent to USD 87.3 billion during the last fiscal year, while imports increased 15.95 per cent to USD 52.9 billion. The trade surplus declined to USD 34.4 billion in 2025-26 from USD 40.89 billion in 2024-25. PTI RR HVA

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