Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.

Tax-invoice reporting under the Telangana Goods and Services Tax Rules, 2017 requires registered persons supplying specified chemicals to state the applicable eight-digit HSN code on invoices. The specified class covers 49 listed chemical substances and products, including organophosphorus compounds, phosphonates, phosphites, chlorides, cyanide-related chemicals, phosphorus compounds, sulfur chlorides, and certain ethanolamines. The obligation applies with effect from 1 December 2020.

Gujarat rescinds Notification No. 45/2017-State Tax (Rate), which had granted a concessional GST rate for specified supplies. The rescission takes effect from 18 July 2022 and preserves actions already taken, or omissions occurring, before that date. The earlier concessional-rate framework therefore ceases prospectively, subject to the saving for prior transactions and acts.

Gujarat GST registration exemption coverage for specified fly ash products is clarified by substituting the entry against serial number 4 in Notification No. 10/2019-State Tax. The substituted entry covers "Fly ash bricks; Fly ash aggregates; Fly ash blocks". The amendment takes effect from 18 July 2022.

Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.

Life insurance business profits are computed under section 44 read with Part A of the First Schedule, which overrides other Income-tax Act computation provisions. On the stated consistent Tribunal position, section 14A and rule 8D do not apply to expenditure related to exempt dividend income of an insurance company. Consequently, disallowance under section 14A read with rule 8D is inapplicable to a life insurance company, and deletion of that disallowance is sustained.

India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.

Registration applications require biometric Aadhaar authentication and photograph, or biometric and notified KYC verification where Aadhaar authentication is not chosen, with original-document verification at notified Facilitation Centres. Registration timelines are revised, with physical verification applying in specified cases. Cancellation grounds now include wrongful input tax credit, mismatched outward supplies and breach of electronic credit ledger restrictions. Significant return anomalies may cause suspension, during which refunds are barred. Input tax credit tolerance is reduced, return-filing blocks are introduced, and electronic credit ledger use is restricted subject to stated exceptions.

Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.

Telangana Goods and Services Tax (Second Amendment) Act, 2020 brought sections 3 to 10 into force with effect from 1 January 2021. The State Government fixed this appointed date under its statutory commencement power.

SCMTR requires Customs Brokers acting as other notified sea carriers to register as ANC, while licensed Customs Brokers and Authorised Economic Operators are exempt from the ANC bank-guarantee requirement. Custodians carrying out cargo transshipment must register as Authorised Transhippers and register a National Transhipper Bond, which is mandatory for transshipment manifests and inland transshipment messages and applies across India. Direct representatives of foreign shipping lines must register as Authorised Sea Carriers and provide the actual carrier or ASC PAN in manifests.

Special leave petition concerning an issue stated to be identical to that in connected petitions was issued notice, including on the request for interim relief. The matter was directed to be listed together with the connected batch, so consideration of the petition and interim-relief request will proceed alongside matters raising the same issue. No substantive determination of the underlying legal issue is recorded.

Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.

IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.

India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.

For concluded assessments, Section 153A permits additions or disallowances only where they have a nexus with incriminating material found during the search. Where the relevant assessments had already concluded before the search and the Revenue did not dispute that the additions and disallowances lacked such a connection, the search assessments exceeded jurisdiction. Additions made without reference to incriminating material in respect of concluded assessments are unsustainable.

Vizhinjam International Seaport is scheduled to commence EXIM operations after Customs clearance, issuance of Customs notifications, establishment of a Customs-bonded area, and temporary connectivity to NH-66. The port had previously handled transshipment operations. A proposed transfer of a stake in the port concessionaire to a foreign shipping company remains under committee examination and requires Central Government consideration of strategic and security aspects.

Renewable energy procurement is shifting beyond lowest tariffs towards dependable, dispatchable and affordable clean power, assessed through capacity value, balancing capability and system economics. Storage-backed renewable and hybrid projects can improve renewable utilisation, reduce variability and curtailment, and support peak demand. Higher renewable penetration also requires supportive storage policies, timely approvals, aligned intrastate transmission planning, stronger distribution infrastructure, and market mechanisms for ramping reserves, frequency response and fast-response balancing services.

The Supreme Court dismissed the customs appeal solely because the tax effect was below the monetary limit for filing an appeal. The question of law and the parties' rights and contentions in other pending matters involving the same issue were expressly kept open. No substantive determination was made on the underlying customs issue, and pending applications were disposed of.

GTA services are restructured to allow forward-charge payment by the GTA at either 2.5 per cent State tax without input tax credit on inputs and input services, or 6 per cent State tax. The option must be made in Annexure V by 15 March of the preceding financial year and cannot be changed for one year. Passenger and goods transport by ropeways are separately subject to 2.5 per cent State tax where specified input tax credit is not taken. Tax entries are also introduced for higher-charged clinical establishment rooms and biomedical waste treatment services.