Tariff value fixation for specified imports updated, substituting previous tables and applying from the notified effective date.
The Central Board of Indirect Taxes & Customs, under section 14(2) of the Customs Act, substitutes revised TABLE-1, TABLE-2 and TABLE-3 in the principal customs notification to fix tariff values for specified imports-listing values for edible oils, brass scrap, areca nut, gold and silver, distinguishing commodity categories and including explanatory definitions for certain precious metal entries-and declares the amendment to commence on the notified effective date.

Public debt management update: issuance fell, yields hardened and average maturity of new dated securities increased.
Central government dated securities issuances fell year on year while repayments continued; primary issuance yields hardened and average maturity of new dated issuances increased. No cash management bills were issued and the Reserve Bank did not conduct open market operations for government securities; average daily liquidity absorption under LAF stayed elevated. Total government liabilities rose quarter on quarter with public debt accounting for a larger share; a significant portion of dated securities had residual maturity under five years. Secondary market yields hardened due to increased supply, trading concentrated in the 7-10 year bucket, and commercial bank holdings of government securities increased.

National GST tribunal using existing appellate tribunal to resolve place of supply disputes, reducing cost and duplication.
Recommend designating the existing CESTAT as the National GST Tribunal to hear primarily place of supply disputes by restructuring selected benches and adding one State Member per bench; implement this through minimal amendments to GST law with GST Council approval, leveraging existing judicial and technical capacity and handling allied classification and valuation issues while leaving other GST appeals to state appellate mechanisms.

Tax search and seizure exposes alleged undisclosed income, bogus invoices and real estate layering after coordinated raids.
Income-tax authorities carried out coordinated search and seizure operations across Rajasthan and Mumbai targeting a business group in handicrafts, bullion trading, cash financing and real estate. Seized evidence indicates suppression of profits by inflating purchases with bogus bullion bills, cash returned against cheques to bullion traders, use of cash for real estate investments and acquisition of shell companies through entry operators, revealing prima facie substantial unaccounted income and significant seizures of cash and gold.

Tax evasion exposure uncovers use of bogus purchase bills and cash back schemes during coordinated search operations.
Coordinated search and seizure operations on a Chennai industrial group uncovered documentary and digital evidence of systematic tax evasion by debiting non genuine purchase bills from suppliers and accommodation entry providers; cheque payments to suppliers were reportedly returned in cash to create unaccounted investments. The group is also alleged to have controlled back office operations for its international hotel chain from India. Initial seizures included undisclosed cash and unaccounted gold jewellery; investigations are ongoing to determine full tax consequences and identify additional corroborative evidence.

Search and seizure uncovering alleged tax evasion via unrecorded cash sales and undisclosed assets, investigations ongoing.
Search and seizure operations uncovered evidence indicating widespread unrecorded cash sales, systematic under-reporting and undervaluation of stocks, substantial unaccounted inventory at one location, recovery of undisclosed cash, and records suggesting large-scale tax evasion through concealed income and assets.

Net Direct Tax collections show substantial year on year growth, driven by higher advance, TDS and self assessment receipts.
Net Direct Tax collections for 2022-23 as of 16 June 2022 show substantial year on year growth, comprising significant Corporation Tax and Personal Income Tax components. Gross collections before refunds have likewise increased. Major receipt heads include Advance Tax, Tax Deducted at Source, Self Assessment Tax, Regular Assessment Tax, Tax on Distributed Profits and other minor heads. Advance Tax, TDS and Self Assessment Tax each exhibit notable growth compared to the prior year, and refunds have been issued during the period.

Financial cooperation between India and Japan upgraded, committing continued coordination on macroeconomic policy, digital finance and investment.
India and Japan upgraded their bilateral finance dialogue to the Vice Minister/Secretary level to institutionalize senior-level financial cooperation, with officials and financial regulators discussing macroeconomic conditions, financial system resilience, financial digitalization, and the investment environment, and agreeing to continue discussions to promote cooperation, regulatory engagement, and expanded cross-border investment while exploring the next Dialogue in Tokyo.

Sovereign Gold Bond eligibility and issuance terms defined; investors get fixed interest and capital gains exemption on redemption.
Sovereign Gold Bonds will be issued by the Reserve Bank on behalf of the Government through designated channels and restricted to resident individuals, HUFs, trusts, universities and charitable institutions. Bonds are gram-denominated with specified minimum and annual maximum subscription ceilings; issue and redemption prices use the simple average of published gold closing prices for the preceding three working days, with a digital-payment price concession. The tenor is eight years with premature redemption allowed after the fifth year; bonds are issued as Government of India Stock, tradable, convertible to demat, usable as collateral, and subject to KYC and PAN requirements.

Tax literacy through educational games: interactive board games, puzzles and comics to teach students core tax and financial concepts.
The Income Tax Department launched an outreach initiative to promote tax literacy among school students and young adults using educational games, puzzles and digital comics that simplify income tax concepts. The products include board games illustrating good and bad financial habits, a collaborative memory game linking taxes to infrastructure, a 3D puzzle conveying that taxes build public goods, and comics using popular characters. Distribution will proceed through Income Tax office networks to schools with plans for wider retail availability, framing tax education as interactive, collaborative public outreach rather than a change in fiscal law.

Goods and Services Tax museum highlights GST's evolution and showcases customs enforcement artifacts for public tax education.
Dharohar - the National Museum of Customs and GST in Panaji occupies a historic Alfandega building and displays artifacts seized by Indian Customs alongside exhibits explaining basic customs procedures. The museum includes historical manuscripts, replicas and seized items to illustrate enforcement practices and cultural artefacts. A GST gallery traces the legislative and administrative development of the Goods and Services Tax, presenting GST as a significant indirect tax reform and providing a public educational resource on tax procedure and compliance-related history.

Tax literacy leads public engagement as Finance Ministry launches museum exhibits, games and media to promote tax awareness.
The Finance Ministry's closing ceremony dedicates the National Museum of Customs & GST and inaugurates a GST Gallery, while launching films and child focused educational products-board games, 3D puzzles and digital comics-to promote Tax Literacy and public awareness of taxes and fiscal reforms; complementary releases include commemorative postage items, a budget brochure and outreach media linking taxes to national development.

Public Sector Policy promotes CPSEs' role in core sectors, urging modernization, tech adoption and township smart city conversion.
The government will support CPSE contributions in identified core sectors under the New Public Sector Policy, prioritising proper public fund utilisation, capacity building, diversification and adoption of technologies such as Web 3.0 and Industrial Revolution 4.0. Complementary measures include a CEOs roundtable to chart a CPSE roadmap for self-reliance, workshops on CSR, appraisal systems, procurement from MSEs and GeM engagement, and conversion of selected CPSE townships into mini smart cities to strengthen operational capability and stakeholder engagement.

Direct tax reform promotes voluntary compliance and simplification to expand the taxpayer base and modernise administration.
The e book "Aarohan" documents the Income Tax Department's evolution and major reforms in direct taxation, highlighting measures that increased voluntary compliance, expanded the taxpayer and return filer base, and shifted taxpayer behaviour. It calls for continued simplification of tax laws and processes to broaden the taxpayer base and modernise tax administration, and chronicles leadership contributions across decades; the e book is available on the Department's official website.

Input Tax Credit and Cost Accounting reforms to strengthen project appraisal, monitoring, and infrastructure delivery outcomes.
The Office of Chief Adviser Cost organized seminars and workshops emphasizing Appraisal & Monitoring of Infrastructure Projects to address time and cost overruns through technology and expert appraisal, and recommended independent appraisal and monitoring by ICoAS officers during appraisal, execution, and post completion. Parallel workshops focused on Input Tax Credit under the Goods and Services Tax Act and Cost Accounting Standard 19 on joint costs to strengthen tax-compliance and standardized cost accounting in support of capital expenditure and infrastructure delivery.

Destruction of seized narcotics confirms approved incineration and coordinated Customs enforcement against evolving smuggling methods.
Destruction of seized narcotics was conducted through approved incineration across multiple sites as part of a coordinated Customs and DRI enforcement programme, with State Pollution Control Board approvals and public witnesses ensuring safe, non-hazardous disposal. Customs and DRI interdicted smuggling via air, sea, land, courier and postal channels using intelligence-led operations, responding to evolving concealment methods including container misuse, clandestine courier consignments, internet facilitation and cryptocurrencies, and noting geographic vulnerabilities and major categories of narcotics encountered.

Indirect taxation focus: CBIC launches e-lecture series to discuss tax policy and business implications, opening with RBI Governor.
CBIC is inaugurating an e-lecture series focused on national interest topics and indirect taxation as part of ICONIC Week; the opening lecture will be delivered by the RBI Governor, senior revenue and CBIC officials and trade representatives will attend, and the event will be live streamed on CBIC's YouTube channel and Facebook page to facilitate stakeholder engagement.

Targeted economic assistance reduced consumption shocks and borrowing while supporting livelihoods and external development partnerships.
The summary presents government resilience measures and reforms since 2014, pandemic-era targeted programmes (PMGKY, ECLGS, Ayushman Bharat) shown to reduce consumption shortfalls, emergency borrowing and out-of-pocket health expenditure, and DEA's external assistance via IDEAS. It notes the launch of the NETRA portal for IDEAS, outreach films and financial literacy initiatives, and identifies macro-policy challenges of sustaining growth, moderating inflation, maintaining fiscal balance and stabilising the currency while realising benefits of GST and IBC.

Tax administration reforms highlighted in e-book showcasing outreach initiatives improving revenue collection and taxpayer services.
The e-book "Pratidhwani" compiles the Income Tax Department's advertisements and outreach materials from 2000-2022 across four chapters, demonstrating how awareness campaigns and a deliberate communication strategy, alongside service innovations like AIS, e-PAN and Faceless Assessment, have supported a service-oriented, transparent tax administration and contributed to sustaining revenue collection and building taxpayer trust.

Single Nodal Agency model improves transparency and timely disbursement of centrally sponsored scheme funds via dashboard.
The release describes the Single Nodal Agency (SNA) model by which each State designates a single bank account per scheme to receive all Central releases and from which implementing agencies effect expenditures, combining a centralised core with a decentralised periphery to preserve implementation autonomy. The SNA Dashboard visualises ministry releases, treasury transfers to SNA accounts, agency expenditures and bank interest credits, supporting timely allocations, improved fund tracking, reduced float and enhanced cash management of Centrally Sponsored Schemes.