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    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
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August 1, 2026
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Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
August 1, 2026
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GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
August 1, 2026
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Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
August 1, 2026
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GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
August 1, 2026
Show AI Summary
GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
August 1, 2026
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Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
August 1, 2026
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Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
August 1, 2026
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Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
August 1, 2026
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Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
July 31, 2026
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Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
July 31, 2026
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Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
July 31, 2026
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Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
July 31, 2026
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Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
July 31, 2026
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Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
July 31, 2026
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Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
July 31, 2026
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India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
July 31, 2026
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Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
July 31, 2026
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One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
July 31, 2026
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Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
July 31, 2026
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Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.

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Customs, DGFT & SEZ

India's FTAs Deepen Global Market Access, Boost Export Diversification and Labour-Intensive Sectors.

July 28, 2026

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India recorded highest-ever exports in FY 2025-26 reaching a record US$ 863.1 billion, with merchandise exports reaching US$ 441.8 billion and services exports expanding further to US$ 421.3 billion, reflecting the combined strength of India’s merchandise and services sectors in driving export growth. Destination-wise data is available for merchandise exports and FTA wise India’s merchandise exports during FY 2025-26 is given below in Table 1.

Table 1: India’s Merchandise Exports to FTA partners in FY 2025-26 (US$ Mn)

Free Trade Agreements

Date of Implementations

Merchandise Exports in FY 2025-26 (US $ Mn)

India-Australia Economic Cooperation and Trade Agreement (ECTA)

29th December 2022

7284.17

India–Bhutan Agreement on Trade, Commerce and Transit

29th July 2006 and renewed with effect from 29 July 2017

 

1252.86

India–Japan Comprehensive Economic Partnership Agreement (CEPA)

1st August, 2011

6039.5

India–Republic of Korea Comprehensive Economic Partnership Agreement (CEPA)

1st January, 2010

6012.03

India–Malaysia Comprehensive Economic Cooperation Agreement (CECA)

1st July, 2011

 

6825.55

India–Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA)

1st April, 2021

 

473.64

India–Nepal Treaty of Trade

27-10-2009

7447.11

India–New Zealand Free Trade Agreement (FTA)

Signed, yet to be effective

566.51

India–Oman Comprehensive Economic Partnership Agreement (CEPA)

01st June 2026

 

4021.48

India–Singapore Comprehensive

Economic Cooperation Agreement (CECA)

1st August, 2005

 

11863.66

India–Sri Lanka Free Trade Agreement (ISFTA)

1st March, 2000

5516.83

India–Thailand Free Trade Agreement (Early Harvest Scheme)

1st September, 2004

5058.6

India–United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA)

1st May 2022

37359.11

India-UK Comprehensive Economic and Trade Agreement (CETA)

15th July 2026

13444.19

 

 

 

 

 

 

 

 

 

ASEAN–India Trade in Goods, Services and Investment Agreement (AIFTA)

Goods

1st January 2010 in respect of India and Malaysia, Singapore, Thailand.

1st June 2010 in respect of India and Vietnam.

1st September 2010 in respect of India and Myanmar.

1st October 2010 in respect of India and Indonesia.

1st November 2010 in respect of India and Brunei. 24th                     January 2011 in respect of India and Laos. 1st June 2011 in respect of India and the Philippines.

1st August, 2011 in respect of India and Cambodia.

Services and Investment

1st July, 2015

 

 

 

 

 

 

 

 

 

 

38416.33

 

South Asian Free Trade Area (SAFTA) Agreement

1st January 2006

(Tariff concessions implemented from 1st July, 2006)

 

25774.68

The Government monitors utilisation of preferential tariff benefits under newly operationalised trade agreements (signed post 2021) through Certificates of Origin and partner-country trade data.

  • India-UAE Comprehensive Economic Partnership Agreement (CEPA): Since its entry into force on 1st May 2022, 4.45 lakh Certificates of Origin have been issued, reflecting robust utilisation of tariff concessions by Indian exporters. Further, the number of tariff lines at the HS 8-digit level exported to the UAE increased from 7,546 in FY 2021-22 (pre-CEPA) to 8,053 in FY 2025-26, with exports across these tariff lines valued at US$ 37.3 billion. This represents an increase of 507 tariff lines (6.7%), indicating greater export diversification and deeper market penetration in the UAE market following the implementation of CEPA.
  • India-Australia Economic Cooperation and Trade Agreement (ECTA): Since its entry into force in December 2022, 2.73 lakh Certificates of Origin have been issued. Prior to ECTA, only 1,482 Certificate of Origin were issued in FY 2020-21. Following implementation of the Agreement, Certificate of Origin issuance increased significantly, with an average of approximately 45,527 Certificate of Origin issued annually. In FY 2021-22, 5396 tariff lines at HS 8 level and after FTA in FY 2025-26, 5668 tariff lines at HS 8 level valuing US$ 7.2 Bn. This represents an increase of 272 tariff lines, indicating greater export diversification and expanded market access following the implementation of ECTA.
  • India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA): The CECPA entered into force on 1 April 2021. The Agreement provides preferential market access for 310 Indian product lines in Mauritius and covers goods, services, Rules of Origin, customs procedures and economic cooperation. Indian exporters have availed preferential tariff benefits through the issuance of 1,956 Certificates of Origin under the Agreement. Further, the number of tariff lines at the HS 8-digit level exported to Mauritius increased from 3,593 in FY 2021-22 (pre-CECPA) to 4,345 in FY 2025-26, with exports across these tariff lines valued at approximately US$ 473 million. This represents an increase of 752 tariff lines (20.9%), indicating greater export diversification and expanded market access following the implementation of CECPA.
  • India–Oman Comprehensive Economic Partnership Agreement (CEPA): CEPA grants duty-free access to 99.38% of India’s exports to Oman by value, covering 98.08% of Oman’s tariff lines, making it one of India’s most comprehensive market access outcomes in the Gulf region. Since its entry into force on 1 June 2026, 783 Certificates of Origin have been issued. Further, the  number of tariff lines at the HS 8-digit level exported to Oman increased from 2,879 in May 2026 to 3,371 in June 2026. Exports across these tariff lines stood at US$ 622.8 million in June 2026, compared to US$ 402.7 million in May 2026 (month-on-month growth of 54.7%) and US$ 215.1 million in June 2025 (year-on-year growth of 189.6%), indicating enhanced market access and export diversification following the implementation of the Agreement.
  • India EFTA-TEPA: Under TEPA, EFTA has offered 92.2% of tariff lines encompassing 99.6% of India’s exports. Includes 100% of non-agricultural products and tariff concessions on Processed Agricultural Products (PAP). Since its entry into force in October 2025, 7885 Certificates of Origin have been issued reflecting impressive utilisation of tariff concessions by Indian exporters

The labour-intensive sectors have remained a key priority in India's recent FTA negotiations. Agreements concluded with the UAE, Australia, the United Kingdom, Oman, New Zealand and EFTA have secured improved market access while adopting a calibrated approach to safeguard sensitive domestic sectors. Collectively, these agreements provide preferential access to a substantial share of partner-country tariff lines, for instance, 99% of Indian exports to the UK, 97% of EU tariff lines covering about 99.5% of bilateral trade value, 100% duty-free access for Indian exports to New Zealand, 98% of Oman's tariff lines, and 99.6% of tariff lines under the India–EFTA TEPA. These agreements provide significant export opportunities for labour-intensive sectors such as textiles & apparel, leather & footwear, gems & jewellery, marine products, carpets, handicrafts and agricultural products, while preserving adequate policy space for sensitive domestic sectors through calibrated tariff liberalisation and transition arrangements. This balanced approach seeks to promote employment-intensive exports, strengthen domestic manufacturing competitiveness and deepen India's integration into global value chains.

The Government has established a comprehensive framework to monitor export performance across sectors, including labor-intensive segments, through a whole-of-Government approach involving all stakeholders - the Department of Commerce, Directorate General of Foreign Trade (DGFT), Export Promotion Councils (EPCs), Commodity Boards, line Ministries, State Governments including districts and Indian Missions abroad.

The Department of Commerce has also significantly strengthened trade facilitation and trade intelligence platforms such as Trade e-Connect and the Trade Intelligence and Analytics (TIA) Portal. Trade e-Connect serves as a comprehensive exporter facilitation platform, integrating market intelligence, tariff information, non-tariff barriers, Rules of Origin guidance, buyer-seller information, trade events, country and product guides, and FTA-related advisory services to help exporters identify opportunities and effectively utilise preferential market access under India's FTAs. The platform also facilitates engagement between exporters, Indian Missions abroad and relevant government agencies, thereby reducing information asymmetries and improving access to international markets. The TIA Portal complements these efforts by providing extensive trade analytics, commodity-level data, partner-country information and interactive dashboards to support data-driven policymaking and real-time monitoring of export performance.

This information was given by Minister of State for Ministry of Commerce and Industry, Shri Jitin Prasada in a written reply in Lok Sabha today.

***

Abhishek Dayal/ Garima Singh/ Ishita Biswas

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