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    BCC urges Bengal CM to press for GST rationalisation in paperboard packaging
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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
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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
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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
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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
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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
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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
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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.
June 30, 2026
Show AI Summary
CBDT chairmanship tenure extension on contract basis under re-employment terms and relaxed recruitment rules.
The Union government extended the tenure of the CBDT Chairman, Ravi Agrawal, by six months on a contract basis from 01.07.2026 or until further orders, whichever is earlier. The extension is on the terms and conditions applicable to re-employed central government officers, in relaxation of the Recruitment Rules, for his continued service as Chairman of the Central Board of Direct Taxes.
June 30, 2026
Show AI Summary
INR-settled crypto derivatives trading stands out with low fees, tax treatment differences, and beginner-friendly platform features.
Delta Exchange India is presented as an INR-focused crypto trading platform designed to simplify futures, options, and tracker trading through low fees, full rupee settlement, and features for beginners and advanced traders. The platform integrates with UPI and IMPS, offers a demo account, strategy builder, basket orders, API access, and an algo marketplace, while operating in line with Indian regulations and using security measures such as two-factor authentication and multi-signature wallets. It also states that INR-settled derivatives are treated differently from direct crypto purchases under Indian tax rules and are not subject to the 1% TDS or 30% flat tax applied to direct crypto transactions.
June 30, 2026
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Rice export incentives aim to open overseas markets, support quality-compliant industries, and improve returns for farmers and millers.
Telangana is considering incentives and a dedicated policy framework to boost rice exports and help rice producers access overseas markets. Government support would extend to industries meeting export quality standards, including speedy approvals and necessary clearances, along with support for value-added rice products to improve returns for farmers and rice millers.
June 30, 2026
Show AI Summary
GSTAT appeal filing deadline extended to July 31 amid portal congestion and technical difficulties for taxpayers.
The government extended the due date for filing appeals before the Goods and Services Tax Appellate Tribunal (GSTAT) to July 31, 2026, after stakeholders reported technical difficulties caused by heavy traffic on the GSTAT portal. Taxpayers were advised to file well in advance rather than wait until the deadline, to reduce the risk of portal congestion and technical disruption during the transition to the newly operational tribunal framework.
June 30, 2026
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IPO subscription and expansion strategy drive research analysts' Subscribe view for Aastha Spintex amid textile sector growth.
Aastha Spintex Limited has opened a fresh public issue for subscription, with the proposed listing of its shares subject to completion of the issue process and regulatory approvals. The issue proceeds are stated to be earmarked mainly for acquisition of Falcon Yarns, working capital needs, and general corporate purposes. SEBI-registered research analysts have covered the issue and assigned a Subscribe view for investors with a medium- to long-term horizon, citing expansion plans, improving financial performance, operational efficiencies, and exposure to the textile sector.
June 30, 2026
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Manufacturing growth in China gains pace as AI hardware exports lift factory activity and external demand remains key.
China's manufacturing sector expanded in June as the purchasing managers' index moved above the neutral threshold, supported by stronger new orders, production and robust exports driven by demand for artificial intelligence hardware. The report said external demand remained the main engine of growth, while domestic consumption stayed sluggish amid continued caution after the property sector downturn.

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Kerala Assembly: LDF boycotts proceedings over Finance Bill’s Subject Committee bypass

July 1, 2026

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Thiruvananthapuram, Jul 1 (PTI) The Opposition LDF on Wednesday boycotted Kerala Assembly proceedings after the Speaker rejected its objection to the government taking up the Kerala Finance Bill—which proposes a sharp cut in taxes on certain liquor products—without referring it to the Subject Committee.

The protest came after Chief Minister V D Satheesan moved the Bill for consideration.

The LDF argued that the Bill should have undergone detailed scrutiny by the Subject Committee before being brought before the House.

Former finance minister K N Balagopal raised a point of order, saying the Bill had been brought "in great haste" and dealt primarily with liquor policy.

"Normally, a Finance Bill of this nature should be referred to the Subject Committee. That did not happen in this case," he said, adding, "almost all the major provisions in it relate to liquor. There are hardly any other significant provisions." He said members had been assured that such an important proposal would be implemented only after detailed discussions, but that commitment had not been honoured.

Balagopal argued that bypassing the committee undermined the legislature's role.

"Bringing this Finance Bill directly before the House without giving the Subject Committee an opportunity to examine it undermines the rights of the legislature. It reflects an approach that discourages discussion rather than encourages it," he said.

He questioned the substance of the Bill, saying it proposed amendments to the Kerala GST Act, including a 120 per cent levy in certain categories, and dealt with a policy that had been under discussion for nearly three years.

According to Balagopal, although the previous LDF government had examined similar proposals, it had consciously decided not to implement them, arguing that any change in excise policy should first be debated at the policy level.

Satheesan rejected the objections, saying all legal and procedural requirements had been followed.

He said the Bill was being taken up on the basis of a report of the Business Advisory Committee approved by the Assembly on June 24, 2026.

"When the House considered and approved the BAC report, not a single amendment was moved. The BAC included party leaders, including the honourable member himself. The decision was taken by the BAC. There was no objection at that stage," Satheesan said.

The CM rejected the Opposition's contention that the Bill should have been referred to the Subject Committee, asking whether the Finance Bill introduced on February 24, when the Left was in power, had been referred to the committee.

"If he wants to make political arguments or level allegations, he is free to do so during the debate on the Bill. But there is no legal basis for the objection he has raised," the CM said.

After the Speaker rejected the procedural objection, Leader of the Opposition Pinarayi Vijayan accused the government of pushing through a major policy change without adequate discussion.

Vijayan said the Opposition had initially agreed to the proposal at the BAC meeting because it had been informed that there would be no major changes to the Bill.

"None of us realised that such an important matter was being brought in this manner," he said. "It was only after we understood the implications that we registered our strong objection." Vijayan said the previous LDF government had only discussed promoting fruit wine made from locally produced agricultural products to benefit farmers and small industries, but had never taken a final decision.

"What is being done is entirely different. Instead of supporting local producers, the government is giving large liquor companies the freedom to market their products by substantially reducing taxes," Vijayan said.

He alleged that the proposed tax reduction exceeded 130 per cent and questioned why the government was insisting on implementing the measure despite the Opposition's objections.

Calling the move "unacceptable", Vijayan announced that the LDF would boycott the Assembly proceedings in protest against both the decision and the manner in which the Finance Bill had been brought before the House. PTI LGK SSK

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