Personal income tax introduced in Oman to diversify revenue and reduce hydrocarbon dependence, targeting top earners.
Oman will introduce a personal income tax at a five percent rate starting in 2028, applying only to income above a high threshold that captures the top one percent of earners; the levy is presented as part of Vision 2040 fiscal reforms to diversify revenue and reduce dependence on oil and gas receipts.

Appeal threshold revision prompts withdrawal of low-value departmental appeals, aiming to reduce litigation and expedite taxpayer relief.
The Finance Minister instructed tax officers to prioritise prompt, time-bound resolution of taxpayer grievances and timely processing of refunds, and directed Principal Chief Commissioners to accelerate disposal of disputed demands pending before faceless appellate authorities. She ordered identification and withdrawal of departmental appeals below the revised monetary thresholds within three months and targeted completion of a substantial number of pending appeals in the current fiscal year, while urging consolidation of recent administrative reforms and simplification of compliance processes.

GST tax evasion scheme uncovered after fake identity and firm registrations, leading to multiple arrests and ongoing probe.
An organized GST tax evasion scheme used forged Aadhaar and PAN documents, fake stamps, and approximately 240 sham firms to generate fictitious e-bills, open bank accounts, and show spurious transactions through GST-registered entities, resulting in an estimated revenue loss and ongoing multi-jurisdictional investigation with seven arrests.

Personal income tax introduced will apply to top earners from 2028 to diversify public revenue and reduce oil dependence.
Oman will introduce a personal income tax by royal decree: a five percent levy effective in 2028, directed at the top one percent of earners who exceed the announced income threshold, as a targeted rather than broad-based measure to diversify revenue.

Corporate Social Responsibility compliance under the Companies Act strengthens DSPU capacity through targeted training and institutional MoU.
A Memorandum of Understanding between the Indian Institute of Corporate Affairs and the National Academy of Defence Production establishes a collaborative capacity building programme to train Munitions India Limited officials in CSR as a strategic and Companies Act compliance obligation, focusing on CSR policy formulation, impact assessment, sustainability reporting, and alignment with national development priorities to strengthen DSPU leadership and implementation capacity.

Fake GST firm racket using identity misuse to generate bogus invoices and enable fraudulent tax adjustments.
The document describes a racket that used genuine identity documents to register and take over fake GST firms, alter contact details, and use accounting software to upload bogus invoices on the GST portal enabling fraudulent tax adjustments; investigations found multiple GST numbers linked to an unwitting PAN, fictitious addresses, and a market for buying pre-registered firms, leading to arrests of two suspects including a lawyer.

Direct tax collections dip on weaker advance tax mop-up and higher refunds, slowing corporate tax receipts.
Net direct tax collection declined due to slower advance tax mop-up and substantially higher refunds, with corporate advance tax growing modestly and non-corporate advance tax falling. Gross collections rose year-on-year but increased refund issuances reduced net realisation; corporate tax receipts slowed while non-corporate income tax edged up and Securities Transaction Tax strengthened. The current pace of collections versus the government's annual target highlights the need for stronger subsequent instalments.

GST registration simplification urged to speed processing, reduce wrongful ITC claims, and bolster taxpayer assistance.
Directives require simplification and digitisation of GST registration using technology and risk-based parameters, targeted awareness on mandatory documentation (notably principal place of business), and establishment of dedicated helpdesks to reduce rejections and speed processing. Zones must improve grievance redressal and ensure well-staffed service centres. Administrative priorities include timely refund processing, speedy closure of Customs and CGST investigations, prevention of tax evasion and wrongful Input Tax Credit claims, analyses to reduce the detection-recovery gap, expedited disciplinary proceedings, and filling vacant posts to bolster field capacity.

Direct tax collections dip as advance tax growth slows, corporate receipts decline while refunds and gross collections rise.
Net direct tax collections for April 1-June 19, 2025 fell 1.39% year on year to Rs 4.59 lakh crore, driven by a slowdown in advance tax receipts. Corporate tax collections and corporate advance tax contracted relative to the prior year, non corporate tax recorded a marginal increase, Securities Transaction Tax receipts rose, refunds increased markedly, and gross direct tax collections showed modest growth despite the net decline.

Time Release Study shows varied customs clearance efficiency across port types, highlighting bottlenecks and facilitation measures.
The fifth edition of the National Time Release Study provides stage-wise, process-specific assessment of Average Release Time across seaports, air cargo complexes, ICDs and ICPs using Customs Automated System data, reports import-side declines in ART at several port categories with an ICD increase, measures performance against NTFAP targets, attributes gains to the Path to Promptness measures (advance filing, RMS facilitation, AEO, DPD), and identifies delays in duty payment, amendment resolution, PGA interventions and post-LEO logistics; export analysis shows faster regulatory clearance at air cargo and ICPs and longer post-LEO logistics at seaports and ICDs.

Automatic exchange of information prompts increased voluntary reporting of foreign assets, triggering verification and enforcement measures.
AEOI and other international information transmissions are systematically matched with filed ITRs by the CBDT; targeted communications and verification measures (including enquiries, search and survey actions) are used to secure correct disclosure of foreign assets and income. Outreach (SMS and email) prompted many taxpayers to revise returns or file belated returns reporting previously undeclared foreign assets and income, while non responsive cases are subject to consideration for statutory enforcement under existing law.

Monetary policy rate cut eases borrowing costs and shifts stance to neutral to support growth amid benign inflation.
The Monetary Policy Committee resolved to reduce the policy repo rate by 50 basis points, adjust the associated standing deposit and marginal standing facility/Bank Rate accordingly, and change the monetary policy stance from accommodative to neutral. This action, taken after review of surveys, staff macro projections, and risk scenarios, is intended to support growth while guiding CPI inflation toward the medium term target. The minutes record each member's vote, individual statements explaining the rationale for front loaded easing or a more measured cut, and note limited residual policy space and the need to monitor transmission and incoming data.

Import restriction on precious metal alloys extended; low gold alloys allowed and authorisations required for colloidal compounds.
Imports of certain precious metal alloys containing more than one percent gold by weight are restricted, with the restriction extended to the relevant customs tariff heading at the four digit level to ensure uniform coverage. Alloys containing less than one percent gold remain freely importable to preserve industrial supply. Imports of colloidal metals and compounds under the chemical tariff heading are restricted but may be permitted for industrial and manufacturing sectors upon presentation of an import authorisation to verify actual use.

Free Trade Agreement implementation advances joint governance, SME access, and mobility to deepen trade and technology cooperation.
The Government advances an operational roadmap for the Free Trade Agreement to convert the negotiated text into implementable measures by establishing joint governance mechanisms, unlocking early market access for SMEs and startups, and facilitating mobility of skilled professionals; sectoral focus includes goods, services, defence production, advanced manufacturing, and scaling digital public infrastructure and innovations internationally.

Inclusive entrepreneurship pact expands access to digital tools and networks for entrepreneurs across tiered and rural India.
A government memorandum of understanding creates a public-private partnership to promote inclusive entrepreneurship in Tier II, Tier III and rural India by deploying AI-powered tools, venture launchpads and regional language storytelling under a branded initiative. The collaboration focuses on expanding access to networks and knowledge for underserved founders and leverages flagship startup events and developer platforms to enable innovation showcases, founder-investor networking, and engagement in emerging technology sectors including AI, generative AI, data platforms and blockchain.

Digital payments recognition: awards incentivise innovation and inclusion supported by a regulatory sandbox and public payment rails.
The release details a government awards initiative recognising banks and fintechs for performance across digital payment metrics-transactions, merchant acquisition, fraud and grievance management, acceptance infrastructure, product innovation, and system resilience-while emphasising regulatory facilitation through the central bank's sandbox and public payment rails to accelerate fintech-led inclusion and extend digital payments to remote areas.

Merger control: Competition approval clears Delhivery's near complete acquisition of Ecom Express's shareholding, pending detailed order.
Approval under India's merger control framework for Delhivery Limited's acquisition of at least 99.44% of the fully diluted equity and preference shareholding of Ecom Express Limited; the Proposed Combination is a near complete shareholding transfer between an integrated logistics provider and an e commerce logistics services provider, and the Commission's clearance is subject to a detailed order to follow.

Combination approval enables acquisition of a commercial-vehicle manufacturer by a diversified conglomerate, detailed order to follow.
The Competition Commission approved the proposed combination in which Mahindra and Mahindra Limited will acquire SML Isuzu Limited, a manufacturer and seller of commercial vehicles; the Acquirer is a flagship diversified conglomerate and the Commission's detailed order and any conditions will follow.

Rupee interest rate derivatives: draft RBI Directions set participation rules, product limits, PVBP cap and comprehensive trade reporting.
The draft Master Direction governs OTC and exchange traded Rupee Interest Rate Derivatives, specifying eligible participants, market maker involvement, product eligibility by retail/non retail classification, permitted cross border and back to back arrangements, an aggregate PVBP cap of INR 1,000 crore for non hedging non resident positions, and comprehensive Trade Repository reporting requirements for onshore and offshore related party IRD transactions, with market maker responsibility for accuracy, reconciliation and compliance.

Trade growth and sector drivers show rising exports but a larger merchandise trade deficit in April-May 2025 period.
Estimated merchandise and services trade totals for May 2025 and April-May 2025 are compared with the prior year, reporting merchandise and services exports and imports, combined trade totals, and resulting trade and merchandise deficits; May services data are provisional pending central bank revision. Sectoral export drivers (notably Electronic Goods, Chemicals, Pharmaceuticals, Marine Products, and RMG) and negative import growth categories are identified, and non petroleum/non gems & jewellery trade is reported separately. Top trading partners showing largest year on year value changes for exports and imports are listed.