India raises petrol export duty, cuts diesel levy amid oil price volatility
India has raised the export duty on petrol to INR 2.5 per litre from INR 0.5 and cut the duty on diesel to INR 8.5 per litre from INR 16, according to a finance ministry notification. The revised rates took effect today, 16 October 2026. The export
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India, US trade negotiations move forward
India and the US have finalised the first phase of a trade deal, which is undergoing legal drafting, Trade Secretary Rajesh Agrawal said on Thursday. He said negotiations were progressing in the right direction. "We anticipate concluding and
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India, Mauritius: Amending protocol to 1982 tax treaty enters into force
India has issued Notification No. 135/2026, confirming that the amending protocol to the 1982 income and capital tax treaty with Mauritius entered into force on 10 August 2026. The protocol, signed on 7 March 2024, replaces the treaty preamble to
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India: GST Council raises prosecution threshold, cuts penalties
India’s Goods and Services Tax (GST) Council approved changes to GST enforcement rules on 8 October 2026, removing the power of arrest for GST offences, raising the prosecution threshold and reducing the general penalty. The measures aim to
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India imposes 3% IGST on precious metal imports
India’s Goods and Services Tax (GST) Council has withdrawn the Integrated GST (IGST) exemption on gold, silver and platinum imports through banks and nominated agencies, subjecting these imports to a 3% levy from 1 April. The change aims to
See MoreIndia copper sector seeks GST relief
Indian copper producers have urged the government to reduce the indirect goods and services tax (GST) on copper products to 5% from 18%, saying the existing rate had tied up more than INR 490 billion (USD 5.11 billion) in working capital. The
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India: CBDT extends income tax return deadline for AY 2026-27
India’s Central Board of Direct Taxes (CBDT) has extended the due date for furnishing Return of Income for Assessment Year 2026-27 from 31 October 2026 to 21 November 2026 for persons covered under S. No. 2 in the Table below Explanation 2 to
See MoreIndia, New Zealand complete ratification of free trade agreement
India and New Zealand will bring their bilateral free trade agreement into force on 20 October, after both countries confirmed on Monday that they had completed the procedures required for ratification. Indian Trade Minister Piyush Goyal said the
See MoreIndia cuts windfall tax on fuel exports
India's Finance Ministry has reduced the windfall gains tax on exports of petrol, diesel and aviation turbine fuel (ATF), with the revised levies taking effect from 16 September 2026. The export duty on diesel has been cut to INR 20 per litre
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India, Mauritius sign customs cooperation agreement
India and Mauritius signed an Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters in Mumbai on 3 September 2026, according to India's Central Board of Indirect Taxes & Customs (CBIC). Shri Vivek Chaturvedi,
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India enacts tax amendments with corporate rate changes, extended electronics incentives and new exemptions
India published the Taxation and Other Laws (Amendment) Act, 2026 (Act No. 21 of 2026) in the Official Gazette on 17 August 2026 after receiving the President’s assent. The legislation amends the Income-tax Act, 2025 and other laws, with most
See MoreIndia: MoF revises excise duty on ATF
India’s Ministry of Finance (MoF) has revised the Special Additional Excise Duty (SAED) rate on exports of Aviation Turbine Fuel (ATF) to INR 19.5 per litre, effective from 15 August 2026. The change was made through Notification No.
See MoreIndia publishes disclosure scheme rules for foreign assets of small taxpayers
The Indian Central Board of Direct Taxes (CBDT) Ministry of Finance, notified the Foreign Assets of Small Taxpayers - Disclosure Scheme Rules, 2026 on 14 August 2026, under Section 143 of the Finance Act, 2026. The rules provide the procedural
See MoreIndia: MoF issues new central excise notifications for petroleum products
India’s Ministry of Finance (MoF) has issued three notifications revising Central Excise duty rates on select petroleum products. The Department of Revenue issued Notification Nos. 40/2026-Central Excise, 41/2026-Central Excise and
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India: Lok Sabha approves taxation, other laws (Amendment) Bill 2026
India's Lok Sabha passed the Taxation and Other Laws (Amendment) Bill (Bill No. 150 of 2026) 2026 on 6 August 2026, after it was introduced in Parliament on 4 August. The Bill proposes a series of amendments to the Income-tax Act, 2025, the
See MoreIndia publishes 25-26 APA report highlighting record agreements
India's Income Tax Department has released the Advance Pricing Agreement (APA) Programme Annual APA Report FY 2025-26, detailing record activity under the country's APA programme, legislative reforms that took effect on 1 April 2026, and progress in
See MoreIndia issues revised FATCA, CRS guidance detailing crypto reporting obligations
India’s Ministry of Finance has updated its Guidance Note on FATCA and CRS, providing detailed guidance for crypto exchanges and other intermediaries on their reporting obligations as Reporting Financial Institutions (RFIs) under section 508 of
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US: Senate approves sweeping tariffs on Russian energy buyers including India
The US Senate moved forward on a bipartisan Russia sanctions bill with an 86-12 procedural vote, handing President Donald Trump the authority to impose tariffs reaching up to 100% on the five largest buyers of Russian oil and gas. India ranks
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