The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.

GST exemption for catering services supplied to educational institutions covers serving food in schools and pre-schools, including mid-day meal services. Anganwadis providing pre-school non-formal education are treated as educational institutions. Accordingly, food-serving and catering services supplied to schools or Anganwadis are exempt from GST irrespective of whether they are funded through government grants or corporate donations.

Tax exemption under Schedule III read with section 11 of the Income-tax Act, 2025 is notified for the District Legal Services Authority, Charkhi Dadri in respect of specified grants, government grants or donations, court-ordered amounts, recruitment application fees and bank-deposit interest. The exemption for tax year 2026-27 requires that the authority undertake no commercial activity, file its income-tax return as prescribed, and keep its activities and specified-income nature unchanged. Non-compliance results in withdrawal of exemption and proceedings under the Act.

Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.

The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.

GST exemption applies where the Central Government, a State Government or a Union territory supplies services to its undertakings or public sector undertakings by guaranteeing loans obtained from banking companies or financial institutions. Such government loan-guarantee services are specifically exempt under the applicable exemption entry.

MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.

Composite milling services for wheat flour, including fortification, or rice supplied for Public Distribution System purposes may be exempt where the goods component, including inputs and packing material, does not exceed 25 per cent of the composite supply value. Compliance with this limit requires case-specific verification. If exemption is unavailable because the goods component exceeds that limit, the milling supply is taxable at the concessional job-work rate when provided to a registered person, including a person registered solely for tax deduction purposes.

Extended limitation for denying Cenvat credit was unavailable where similarly placed assessees had received the credit and Revenue had challenged those favourable orders, demonstrating divergent departmental views on entitlement. The show-cause notice was therefore time-barred, making the denial of Cenvat credit and the impugned order unsustainable.

Laterals and parts supplied separately for sprinklers or drip irrigation systems attract GST at 12% where they are intended solely or principally for use with those systems and are classifiable under heading 8424. This treatment includes pipes used solely with such systems and parts suitable solely or principally for their use. Parts of general use classifiable under a heading other than 8424 are taxable at the rate applicable to their respective classification.

imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.

Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.

Estimated liquor-business profit following rejection of accounts must reflect commercial factors, including competition, manufacturer incentives affecting purchase cost, turnover and past profit history. Estimation at 3% of purchases was considered appropriate rather than 5%, based on the earlier effective profit rate and increased turnover. Once business profit is estimated after rejecting the accounts, allowable business expenditure, including licence fees, is treated as allowed and cannot support a separate addition. Declared business income must also be excluded from the estimated-profit computation, while non-business income remains separately taxable. Taxable business profit is therefore recomputed on the 3% basis without separate business-related additions.

Extension of limitation under GST law is limited to judicial and quasi-judicial remedial proceedings, including appeals against quasi-judicial orders and proceedings for review, revision or rectification. Taxpayer compliances, original adjudication, scrutiny of returns, summons, search, enquiry, investigation, arrest, issuance of show-cause notices, reply periods and passing orders remain governed by statutory or notified timelines. Pending judicial, quasi-judicial and appellate matters may continue to be heard and disposed of.

The deadline for applying for revocation of cancellation of registration is extended until 30 September 2021 where the original due date falls between 1 March 2020 and 31 August 2021 for specified cancellation grounds. The benefit applies to unfiled, pending, rejected and appellate-stage matters, with fresh applications permitted in stated rejected cases. Further statutory extensions beyond the extended deadline depend on the period elapsed and the satisfaction of the competent officer.

Penalty for belated filing of TDS returns was described as invalid where tax deducted and applicable interest had been remitted, but the penalty was imposed nearly eight years later without a prior determination of TDS default. The penalty order did not identify the precise default or the statutory statement and particulars required from the assessee, indicating non-application of mind. The penalty was consequently deleted.

Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.

The amendments revise GST refund, appellate, annual return, and reconciliation procedures. System-based risk evaluation governs provisional refund orders, with recorded reasons required where provisional refund is not granted. Tribunal appeals receive provisional and final acknowledgements through FORM GST APL-02A, while Single Member Bench allocation depends on absence of a legal question and prior consideration of identical issues. FORM GSTR-9 and FORM GSTR-9C introduce expanded reporting of input tax credit, reversals, succeeding-year transactions, electronic commerce operator supplies, tax payments, and late fees.

The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.

Residential property leased to a GST-registered business entity as contractual lessee is subject to reverse charge, notwithstanding residential occupation by its consultant and family. The landlords' GST registration status does not change this treatment. Input tax credit on reverse-charge tax is uncertain where the accommodation is used personally, unless a documented business necessity under the consultancy arrangement establishes a sufficient business nexus. A direct lease to the consultant personally for family residence may ordinarily remain exempt if the business entity is not the actual recipient and the contractual and payment arrangements support that position.