20 updates requiring attention, 5 business briefs.
12 Sep (in 8 days) — GST Council to meet on September 12
12 Sep (in 8 days) — GST Council to meet on Sept 12; to focus on ease of doing biz, compliance
12 Sep (in 8 days) — GST Council to Meet on Sept 12
12 Sep (in 8 days) — GST Council to Hold 57th Meet on Sept 12
12 Sep (in 8 days) — GST Council to meet on Sept. 12
GST collections in August reached approximately ₹2 lakh crore, marking a 15% increase compared to ₹1.74 lakh crore in August 2025. However, this amount is lower than the ₹2.11 lakh crore collected in July. Domestic transactions contributed over ₹1.37 lakh crore, while revenue from imports was ₹62,604 crore.
In August 2026, the net GST revenue collection was approximately ₹1.68 trillion, reflecting an 8.3% increase from the same month last year. The gross GST revenue before refunds was about ₹1.99 trillion, showing a 14.8% annual growth. GST refunds increased by 68% year-on-year to ₹31,795 crore, with domestic refunds rising nearly 73% to ₹18,490 crore.
A GST dispute before the Supreme Court questions whether the National Highways Authority of India's (NHAI) grant of a right to collect toll can be treated as non-monetary consideration for constructing a highway. The Rajasthan High Court previously ruled that this arrangement constitutes barter. The Supreme Court's decision could set a precedent for how concession contracts are treated across various infrastructure sectors, impacting project bankability and GST pricing strategies.
GST collections from imports accelerated 29% year-on-year to ₹62,604 crore in August, while domestic revenue rose 9.3% to over ₹1.37 lakh crore. After refunds, net GST collections stood at ₹1.68 lakh crore, up 8.3% year-on-year. Refunds surged 68% to ₹31,795 crore.
India’s total goods and services tax (GST) collections rose 14.8% from a year earlier to ₹2 lakh crore in August. The Unified Payments Interface (UPI) platform processed a record 24.51 billion transactions worth ₹29.82 lakh crore in the month, with year-on-year transaction volume increasing by 22% and transaction value going up by 20%. Power consumption rose 12.9% YoY to 169 billion units.
The Income Tax portal has introduced a new feature allowing taxpayers to file complaints against officers for sexual misconduct or bribery. This feature provides a secure online method for reporting such grievances, which previously lacked a standardized process. Taxpayers can submit grievances under categories like 'Corruption' and 'Misbehaviour/Harassment/Sexual Harassment'.
The Income-tax Department conducted searches at multiple premises linked to the Dentsu Media Group in connection with a suspected case of tax evasion. The searches took place in Mumbai, Delhi, Chennai, and Bengaluru, covering various entities linked to the Japanese advertising and communications major’s operations in India. Search warrants were issued to 20 companies, including Dentsu Aegis Network, Dentsu Network Advertising, and others.
The government has reduced the windfall tax on petroleum product exports. The export duty on petrol has been decreased to ₹1.15 per litre from ₹3.5 per litre. The duty on diesel exports has been reduced to ₹25 per litre from ₹25.5 per litre.
The government has revised export duties on petroleum products effective September 1, 2026. The export duty on diesel has been increased to approximately ₹25 per litre from ₹24 per litre, and a new export duty of approximately ₹1.5 per litre has been imposed on petrol. The export duty on aviation turbine fuel (ATF) has been reduced to approximately ₹19 per litre from ₹19.5 per litre.
Pushpam Appala Naidu was convicted for making false statements and omitting material particulars in the company’s statutory filings. The court sentenced her to three months’ rigorous imprisonment and imposed a fine of ₹10,000 under Section 628 of the Companies Act, 1956. In default of payment, she will undergo a further two weeks’ simple imprisonment.
A five-member Bench of the NCLT has stayed an earlier order approving a ₹6.25 crore repayment plan proposed by Subhash Chandra, the founder of Essel Group. The Bench noted that there was no clear majority view among the members who had previously heard the matter. It also restrained Chandra from alienating any of his properties and issued notices to all parties involved.
The Union government announced healthcare coverage for gig workers registered on the e-Shram portal during the 2025-26 Budget. Finance Minister Nirmala Sitharaman stated that this measure is expected to benefit over one crore gig workers. However, as of January 29, 2026, only 8.58 lakh gig workers had registered on the portal, indicating that a majority remain unregistered and thus outside the government's reach.
Irdai has proposed the Public Insurance Registry (PIR) to create a population-scale digital infrastructure for the insurance sector. The PIR aims to consolidate information on policies held by individuals across insurers, including coverage, policy status, benefits, premiums, and claims history. The consultation paper outlines how this could improve accountability and curb mis-selling.
The Reserve Bank of India (RBI) has issued guidelines allowing banks to sell their stressed assets to other lenders, non-banking financial companies, and financial institutions, in addition to distressed-asset buyers. This move aims to expedite the resolution of bank bad loans, which collectively amount to ₹6.3 trillion in non-performing assets (NPAs). Banks are required to frame clear policies for stressed-asset sales and to identify assets for sale at the beginning of the year to achieve better pricing.
Lenders have sought a reduction in the cash reserve ratio on green deposits as part of the climate and transition finance framework.
Sebi and IFSCA are working on a framework to allow listed Indian companies to raise capital from global investors through dual listings at GIFT City. Companies may be permitted to raise capital in dollar denominations, while domestic investors may be excluded from trading these securities. The framework will address issues such as minimum public float, currency fluctuations, and tax implications.
A special window has been opened from 5 February 2026 to 4 February 2027 for the transfer and dematerialisation of physical securities sold/purchased prior to 1 April 2019. All securities transferred under this window must be credited in dematerialised form to the transferee’s demat account and will be subject to a one-year lock-in period. The transferee must submit all required documents to the Company’s Registrar to an Issue and Share Transfer Agent.
SEBI has proposed a revision to the advertising code for online bond platform providers, seeking tighter controls on how bonds are promoted to investors. The proposed changes include curbs on urgency-driven messaging and claims around 'fixed returns' and 'high yield', while requiring clearer communication of risks and greater accountability for advertising.
Stockbrokers anticipate a revenue decline of up to 20% due to the Securities and Exchange Board of India's (Sebi) new closing-price mechanism, which has significantly reduced trading volume in futures and options (F&O) markets. Since its implementation on 3 August, Bank Nifty futures volumes have fallen by about 41%, impacting overall market liquidity.
The Centre has reduced the stock holding limit for sugar dealers from 4,000 quintals to 2,000 quintals, effective from September 15 to November 30, 2026. The previous limit of 4,000 quintals, imposed on August 1, will remain unchanged for Kolkata and its extended metropolitan areas. Dealers are prohibited from holding any stock for more than 30 days from the date of receipt.
21. Current Account Deficit Widens to $4.2 b in Q1
22. Shriram Finance eyes clients in Japanese ecosystem after MUFG investment
23. Waaree arm to set up ₹192 cr transformer plant
24. Sun Pharma signs US drug pricing deal
25. Surplus liquidity hits ~6.65 trillion on FCNR(B) flows