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    Punjab's GST collection rises nearly 25 pc in April-June
    CGST Delhi South observes GST Pakhwada 2026 with stakeholder outreach and recognition of excellence
    DRI busts cross-border gold smuggling racket in West Bengal; 24 kg foreign-origin gold worth ₹34 crore seized, seven held
    DRI busts illicit gold facility in pan-India operations; 9 kg smuggled gold, 42 kg silver, and forex worth ₹8.5 crore seized
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman embarks on official 4-day visit to France
    Kerala Assembly: LDF boycotts proceedings over Finance Bill’s Subject Committee bypass
    BCC urges Bengal CM to press for GST rationalisation in paperboard packaging
    Karnataka begins Gruha Jyothi verification; BJP questions PAN, caste certificate requirement
    GST mop-up grows 14 pc to Rs 1.95 lakh cr in June
    Kisan Credit Card loan 'scam' unearthed in J-K
    UPI Goes Live in Greece, Commerce and Industry Minister Shri Piyush Goyal Witnesses the Launch at Eurobank
    Govt hikes windfall tax on petrol, cuts levy on diesel, ATF exports
    Banks NPA at multi-decadal low of 1.8pc, Indian financial system remains resilient: RBI report
    Home Minister Amit Shah launches revamped FCRA portal, e-OCI card
    Monthly review of accounts of Government of India upto May 2026 (FY 2026-27)
    Government extends full customs duty exemption on critical petrochemical products in view of ongoing conflict in West Asia till 15th July 2026
    DRI busts trans-border gold smuggling syndicate; seizes 15 kg smuggled gold; four arrested
    US-Iran thaw to provide tailwinds for growth: RBI
    Domestic financial system remains resilient despite external shocks, says RBI report
    Government extends last date for filing appeals before the GST Appellate Tribunal to 31st July 2026
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    July 1, 2026
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    GST compliance and tax administration drive Punjab's higher revenue collections, faster refunds, and stronger anti-evasion enforcement.
    Punjab's GST revenue showed a substantial rise in the April-June quarter of FY 2026-27, with gross GST and SGST collections reflecting improved compliance, sustained economic activity and stronger tax administration. Timely GST refunds were issued to genuine businesses, while action against tax evasion included penalty recoveries, proceedings against bogus taxpayers for fake invoicing and fraudulent registrations, recovery of long-pending VAT dues through property auction proceedings, and an increase in VAT/CST collections.
    July 1, 2026
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    Taxpayer facilitation and voluntary compliance marked GST Pakhwada outreach, grievance redressal, and stakeholder engagement initiatives.
    Taxpayer facilitation and participative governance were emphasised through GST Pakhwada 2026 outreach activities undertaken by the CGST Delhi South Commissionerate to engage taxpayers and tax professionals, promote awareness, address concerns and strengthen voluntary compliance. An open dialogue and grievance-redressal session provided a forum for taxpayers to raise issues and suggestions, which were addressed by officers as part of a consultative compliance model. Certificates of commendation were issued to officers in recognition of exemplary service and contribution to a transparent and citizen-centric tax administration.
    July 1, 2026
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    Foreign-origin gold smuggling intercepted in West Bengal, with concealed bars seized and seven persons arrested.
    Cross-border smuggling of foreign-origin gold along the Indo-Bangladesh border in West Bengal was intercepted in an intelligence-led operation by the Directorate of Revenue Intelligence. Seven persons travelling on separate motorcycles were searched, resulting in recovery of foreign-marked and defaced gold bars concealed in specially tailored cloth belts worn around their waists to avoid detection. The recovered gold was seized under the Customs Act, 1962, and all seven persons involved in the smuggling operation were arrested.
    July 1, 2026
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    Cross-border gold smuggling and illicit currency routing exposed through coordinated DRI operations linking carriers, cargo consignments, and a melting unit.
    Cross-border gold smuggling was detected through coordinated DRI operations involving multiple carriers, train routes and a Delhi-based illicit melting facility. Foreign-origin gold concealed on persons and in a customised waist belt was recovered, and the persons involved were arrested. A separate Chennai operation unearthed the illicit movement of foreign currency through domestic air cargo consignments, with the currency being used to finance organised smuggling of gold and silver into India.
    July 1, 2026
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    India-France strategic economic partnership deepens through bilateral dialogue, investment promotion, technology collaboration and innovation-focused engagements.
    Official visit to France focuses on strengthening the India-France strategic economic partnership through bilateral engagements directed at economic cooperation, investment promotion, technology collaboration and innovation. The Finance Minister is scheduled to co-chair the India-France Economic and Financial Dialogue and discuss broader areas of bilateral cooperation across sectors. The visit also includes meetings with global CEOs and business leaders, a panel discussion on expanding the middle class, visits to the ITER fusion project and Campus Cyber, discussions on investment, clean energy and technology cooperation, and a community event with the Indian diaspora.
    July 1, 2026
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    Subject committee scrutiny of finance bills sparks assembly boycott over liquor tax policy changes.
    Opposition members in the Kerala Assembly objected to the government moving the Finance Bill directly before the House without first referring it to the Subject Committee. The dispute concerned proposed changes to liquor-related tax policy, including amendments to the Kerala GST framework and a substantial reduction in taxes on certain liquor products. The Chief Minister said all legal and procedural requirements had been followed and that there was no legal basis for the objection, after which the Speaker rejected the point of order and the Opposition boycotted the proceedings.
    July 1, 2026
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    GST rationalisation for paperboard packaging sought to ease inverted duty structure and support MSMEs.
    A trade chamber has sought GST rationalisation for paper and paperboard used in manufacturing corrugated cartons, boxes and cases, proposing a reduction from 18 per cent to 5 per cent. The request is based on the inverted duty structure created when raw materials attract 5 per cent GST while the finished product attracts 18 per cent GST, leading to embedded tax costs. The chamber says the measure would support competitiveness, MSME liquidity, employment generation and exports.
    July 1, 2026
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    Beneficiary verification under free electricity scheme draws criticism over PAN and caste certificate requirements for eligibility checks.
    Door-to-door verification was begun for beneficiaries under the Gruha Jyothi scheme, with electricity staff collecting records through a mobile application and declaration form. Beneficiaries were asked to keep Aadhaar card for verification only, passport-size photograph, voter ID card, PAN card, tenancy or rental agreement where applicable, ration card, and caste certificate ready. The exercise was said to check misuse, while opposition criticism focused on the request for PAN cards and caste certificates.
    July 1, 2026
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    GST collections surge on strong import revenue and domestic supplies, with refunds rising alongside business liquidity support.
    GST collections rose sharply in June, with gross revenue increasing 14 per cent to about Rs 1.95 lakh crore, driven by higher receipts from imports and domestic supplies. Domestic transaction collections grew 6.5 per cent to about Rs 1.35 lakh crore, while import-related revenue surged 34.6 per cent to Rs 60,038 crore. After refunds of Rs 32,436 crore, net GST collection rose 11.2 per cent to over Rs 1.62 lakh crore.
    July 1, 2026
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    Kisan Credit Card misuse and banking credential fraud alleged in loan manipulation case, with chargesheet filed after investigation.
    Alleged manipulation of Kisan Credit Card accounts and unauthorised debit transactions was reported against a daily wage employee of J-K Bank, with investigators stating that banking credentials were misused to siphon funds and enhance credit limits without authorisation. A chargesheet was filed against the accused for allegedly obtaining an amount through unauthorised transactions, manipulation of KCC loan limits, and misuse of banking credentials.
    July 1, 2026
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    UPI expansion and cross-border digital payments advance as services go live in Greece alongside India-Greece business cooperation.
    UPI services were launched live in Greece through the Eurobank-NIPL partnership, extending India's digital payment ecosystem to a new international market. Eligible customers may transfer money instantly, securely, and seamlessly, with transaction costs reduced significantly compared with conventional money transfer methods. The accompanying India-Greece business engagements focused on strengthening trade, investment, and commercial cooperation across sectors including infrastructure, digital innovation, defence, food processing, and agriculture.
    June 30, 2026
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    Windfall tax on petroleum exports revised, with lower diesel and ATF levies and a higher petrol export duty.
    Windfall gains tax on petroleum exports was revised for the fortnight beginning July 1, with the levy on diesel exports reduced and the levy on ATF exports reduced, while the duty on petrol exports was increased. The revised special additional excise duty applies to exports only, and there is no change in the existing duty rates on petrol and diesel cleared for domestic consumption. The exemption earlier available for exports of petrol, diesel and ATF by Public Sector Oil Companies to Nepal, Bhutan, Bangladesh and Sri Lanka was extended to similar exports to Mauritius and Maldives.
    June 30, 2026
    Show AI Summary
    Banking system resilience remains strong as NPAs fall, while funding costs and AI cyber threats intensify.
    Indian financial system remains resilient, supported by strong bank and non-bank balance sheets, with gross non-performing assets at a multi-decadal low of 1.8 per cent as of March 2026. The report flags funding challenges from a shift away from low-cost deposits to higher-cost liabilities, rising external risks from geopolitical tensions and commodity price pressures, and AI-enabled cyberattacks as the most important near-term bank cyber threat.
    June 30, 2026
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    Foreign contribution compliance becomes fully digital as the revamped FCRA portal streamlines verification, monitoring and online filing processes.
    A revamped online FCRA portal digitises registration, renewal, annual returns and other foreign contribution compliance processes, while incorporating the new amendment rules and enabling real-time monitoring through integrated database verification. A separate e-OCI Card provides a fully digital OCI process, online document submission and passport-detail updates without requiring a new booklet for older cardholders.
    June 30, 2026
    Show AI Summary
    Government of India monthly accounts show receipts, tax devolution, and expenditure composition up to May 2026.
    Government of India's monthly accounts up to May 2026 show consolidated receipts of Rs.7,18,669 crore, including net tax revenue, non-tax revenue, and non-debt capital receipts, with Rs.1,75,557 crore transferred to State Governments as tax devolution. Total expenditure stood at Rs.8,81,023 crore, covering revenue and capital account spending, including interest payments and major subsidies.
    June 30, 2026
    Show AI Summary
    Customs duty exemption on critical petrochemical imports extended to support supply chains and domestic availability.
    Full Customs Duty exemption on imports of critical petrochemical products has been extended until 15 July 2026 as temporary and targeted relief in view of the conflict in West Asia and disruptions in global supply chains. The extension is intended to ensure sufficient availability of petrochemicals in the domestic market, with the list of covered products unchanged from the earlier notification. The exemption is expected to support sectors dependent on petrochemical feedstock and intermediates and provide relief to consumers of final products.
    June 30, 2026
    Show AI Summary
    Trans-border gold smuggling and cryptocurrency financing exposed after concealed foreign-origin gold was recovered from a courier consignment.
    Trans-border gold smuggling operation involving foreign-origin gold concealed in an international courier consignment declared as "worn gear" was intercepted by the Directorate of Revenue Intelligence. Examination of the consignment led to recovery of foreign-origin smuggled gold hidden inside gear parts, and subsequent searches at the residence of the intended recipient and the alleged mastermind yielded additional concealed gold pieces. Four persons, including the alleged mastermind and a foreign national, were arrested, and preliminary investigation indicated use of cryptocurrency to finance the smuggling network.
    June 30, 2026
    Show AI Summary
    Economic growth resilience improves as supply chain normalisation, capital inflows and policy support offset external shocks and inflation pressures.
    The interim peace deal between Iran and the US is expected to support Indian economic growth by easing global turbulence and helping normalise supply chains. High-frequency indicators suggest firm activity, while government support to MSMEs and exports may cushion external shocks. Elevated commodity prices, a weak monsoon and limited fuel price pass-through could pressure inflation, the fiscal deficit and domestic growth, although external sector resilience and stronger capital inflows may mitigate funding constraints.
    June 30, 2026
    Show AI Summary
    Financial system resilience strengthened by capital buffers, improving asset quality, and stress-tested banking stability amid AI cyber threats.
    Domestic financial system remains resilient, supported by strong bank and non-bank balance sheets, with scheduled commercial banks described as safe and sound and stress tests showing capital ratios above regulatory thresholds even under adverse scenarios. Non-banking financial companies are also financially sound, while AI-enabled cyberattacks are identified as the most important near-term cyber threat.
    June 30, 2026
    Show AI Summary
    GST appeal filing deadline extended for tribunal appeals after portal pressure and stakeholder representations.
    The Government has extended the due date for filing appeals before the Goods and Services Tax Appellate Tribunal under Section 112(1) read with Section 112(3) to 31.07.2026. An earlier notification had fixed 30.06.2026 as the last date for such filings. The extension was issued in response to representations from stakeholders pointing to technical difficulties caused by a surge in filings on the GSTAT portal.

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      Customs, DGFT & SEZ

      MPEDA to Organise Second National Seafood Skill Olympiad During Seafood Expo Bharat 2026

      June 30, 2026

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      MPEDA Conducts 50 Nationwide Seafood Value Addition Training Programmes Ahead of National Seafood Skill Olympiad

      Seafood Expo Bharat 2026 to Bring Together 5,000 Global Stakeholders for Business and Technology Exchange

      The Marine Products Export Development Authority (MPEDA), under the Ministry of Commerce & Industry, will organise the second edition of the National Seafood Skill Olympiad from July 1 to 3, 2026, as part of Seafood Expo Bharat (SEB) 2026. The Olympiad will bring together skilled seafood processing professionals from across the country to showcase their expertise in preparing value-added seafood products.

      The competition aims to promote innovation, enhance quality standards, recognise industry talent, and strengthen workforce development in India's seafood processing sector, while encouraging greater value addition in marine exports.

      As a precursor to the second edition of the Skill Olympiad, MPEDA conducted an extensive nationwide capacity-building programme comprising 50 Seafood Value Addition Training Programmes. More than 2,500 seafood processing workers and professionals were trained in the preparation of value-added marine products that are in high demand in international markets.

      The training covered products such as breaded squid rings, Nobashi (stretched shrimp), breaded butterfly shrimp, cooked Peeled, Deveined, Tail-On (PDTO) shrimp, marinated shrimp skewers and fish fillets. Preliminary-level skill competitions were conducted following each training programme, and the best performers were shortlisted.

      The competition subsequently progressed through State-Level Skill Olympiads conducted across the coastal states, followed by Regional Skill Olympiads held in Mumbai for the West Coast and Vijayawada for the East Coast. The top 10 performers from these regional competitions have qualified for the National Seafood Skill Olympiad Grand Finale.

      During the Grand Finale, the finalists will demonstrate their technical expertise before an eminent jury comprising experts from the seafood processing industry and academia. The winners will be presented with medals, certificates and cash prizes of ₹1,00,000 for the first prize, ₹75,000 for the second prize, ₹50,000 for the third prize and ₹25,000 for the fourth prize (consolation).

      The event will be attended by senior officials from the Central and State Governments, seafood exporters, international buyers, industry leaders, technical experts and delegates participating in Seafood Expo Bharat 2026.

      The award-winning value-added seafood products prepared by the finalists will be showcased at the Skill Olympiad Pavilion. The pavilion will also feature live demonstrations and tasting sessions of export-oriented value-added seafood products developed through MPEDA's training programmes.

      MPEDA Chairman Shri P. Jawahar said that the National Seafood Skill Olympiad reflects MPEDA's commitment to fostering excellence across the seafood value chain. He said that by recognising and promoting skilled professionals, the initiative is strengthening the industry's workforce and further enhancing India's position as a trusted global supplier of high-quality seafood.

      He further stated that investment in human capital is essential for sustaining India's leadership in the blue economy and that the flagship initiative would help create a highly skilled workforce capable of meeting the evolving demands of international markets.

      Seafood Expo Bharat 2026, India's premier international seafood exposition will feature more than 325 exhibition stalls across dedicated segments covering seafood processing, aquaculture, packaging machinery, logistics and government pavilions.

      Over the three-day event, nearly 5,000 domestic and international stakeholders are expected to participate in high-level business-to-business meetings, engage with stakeholders across retail and aquaculture value chains, and attend five parallel technical sessions focusing on innovation, sustainability and emerging industry trends.

      The exposition will also host major workforce and culinary events, including the National Seafood Skill Olympiad and the Seafood Culinary Olympiad, providing a comprehensive platform for industry stakeholders to expand business opportunities, promote innovation and forge strategic partnerships across the global seafood value chain.

      India's seafood exports reached a record USD 8.45 billion during FY 2025-26, reaffirming the country's position as one of the world's leading seafood exporting nations. The country currently has 670 approved seafood processing units with a combined processing capacity exceeding 40,000 metric tonnes per day. Of these, 127 units manufacture value-added seafood products, contributing nearly 10 per cent (USD 0.84 billion) of India's total seafood exports.

      Recognising the significant growth potential of the value-added seafood segment, India has set an ambitious target of increasing the share of value-added products to 25 per cent of total seafood exports by 2030.

      To achieve this objective, MPEDA has been implementing a range of schemes and capacity-building initiatives to promote product innovation, strengthen processing and value addition infrastructure, develop a skilled workforce, and enhance awareness of quality standards across the seafood processing sector.

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