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    CCI approves the proposed combination involving acquisition of certain shareholding in Nippon Life India AIF Management Limited by DWS Group GmbH & Co...
    Andhra clocks 16 per cent growth in tax revenue at nearly Rs 5,000 cr in June 2026
    EU issues new steel, e-commerce regulations to reduce trade imbalance with China
    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
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    July 2, 2026
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    Competition law approval for acquisition of shareholding in an alternative asset management company by a global asset manager.
    Competition law approval was granted for a proposed combination involving the acquisition of certain shareholding in Nippon Life India AIF Management Limited by DWS Group GmbH & Co. KGaA. The target is engaged in alternative asset management and acts as an investment manager and/or sponsor to SEBI-registered alternative investment funds, and is also registered as a co-investment portfolio manager.
    July 1, 2026
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    Tax revenue growth and AI-driven enforcement strengthen revenue mobilisation, with net GST and IGST settlements rising sharply.
    State tax revenue recorded strong year-on-year growth in June 2026, with total collections rising to nearly Rs 5,000 crore and net GST increasing to Rs 3,144 crore. Commercial taxes for the first quarter of FY27 also increased substantially compared with the corresponding period of the previous year, led by growth in net GST and VAT on petroleum products. The revenue performance was attributed to improved tax compliance, stronger enforcement, enhanced revenue monitoring and broader economic activity.
    July 1, 2026
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    E-commerce customs duty and steel import quotas mark the EU's push to curb unfair competition and protect industry.
    The European Union introduced new trade measures to address the surge in low-value e-commerce imports and protect domestic industry from unfair competition. The package removes the de minimis customs duty exemption for parcels valued below 150 euros and imposes a new 3 euro customs duty on small packages, while also introducing new steel import rules with tariff-free quotas, a 50 per cent out-of-quota duty, and enhanced traceability requirements for the melt and pour stage of production.
    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
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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.

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      Customs, DGFT & SEZ

      Union Minister of Commerce and Industry Shri Piyush Goyal Asks States to Fully Utilise BHAVYA Scheme and Accord Highest Priority to Exports at Board of Trade Meeting

      July 4, 2026

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      Shri Piyush Goyal Outlines Seven-Point Action Agenda for States and Industry to Accelerate India's Export Growth

      90-Day Export Drive to Cover 120 Priority Districts Across 27 States and UTs Under Districts as Export Hubs Initiative

      Shri Piyush Goyal Says ₹25,000 Crore Export Promotion Mission Will Drive MSME-Led Export Growth

      Shri Piyush Goyal Sets USD 1 Trillion Export Target for India, Calls for Coordinated Centre-State Effort

      Union Minister of Commerce and Industry Shri Piyush Goyal today urged State Governments to fully utilise the BHAVYA Industrial Parks Scheme and accord the highest priority to exports, calling for a coordinated national effort to strengthen India's export competitiveness. Addressing the one-day Board of Trade (BoT) meeting today in New Delhi, the Minister outlined a seven-point action agenda for States, Export Promotion Councils (EPCs), industry associations and exporters to accelerate India's export growth.

      The Board of Trade, the apex consultative platform of the Department of Commerce, met under the chairmanship of Shri Piyush Goyal. Minister of State for Commerce and Industry Shri Jitin Prasada, newly inducted members of the Board of Trade, Ministers and representatives from States and Union Territories, Export Promotion Councils, apex industry chambers and non-official members participated in the meeting.

      Addressing the gathering, the Minister, as the first point of agenda called upon all stakeholders to make exports a high-priority agenda item. He urged States, line ministries, EPCs and industry associations to establish export committees, hold regular engagements with exporters and conduct monthly review meetings, including through video conferencing where necessary.

      As the second point of the action agenda, Shri Goyal urged States to actively participate in the BHAVYA Industrial Parks Scheme, for which the first round is currently open. He also called upon States that have not yet notified labour rules under the labour codes to do so at the earliest, describing land and labour as two critical business enablers requiring urgent attention.

      The Minister's third action point focused on strengthening quality infrastructure. He assured States and industry that the Government would provide full support for establishing testing facilities in government, semi-government and university laboratories, which would significantly reduce testing costs and improve the competitiveness of Indian products.

      As the fourth point, Shri Goyal highlighted the support available under the Export Promotion Mission (EPM) for exporters, particularly micro and small enterprises. He said the Mission would finance a substantial portion of the expenditure incurred in obtaining international approvals and certifications, including those related to pharmaceuticals, agricultural products, SPS and TBT requirements, testing costs and compliance with regulations in developed markets. He also urged States to align their incentive structures and industrial policies with Central Government initiatives to create economies of scale and promote high-quality, high-productivity manufacturing units.

      Under the fifth action point, the Minister encouraged industries affected by unfair trade practices to approach the Directorate General of Trade Remedies (DGTR). He stated that DGTR would support domestic industries facing injury due to dumping or predatory pricing by foreign producers and could provide remedies through anti-dumping measures, safeguard duties and other available trade remedy instruments. He also highlighted DGTR's outreach mechanisms, including Jan Sunwai, for addressing industry concerns.

      The sixth action point focused on import substitution. Shri Goyal urged States and industry to identify products that are currently being imported but can be manufactured competitively in India. He said such efforts would not only reduce import dependence and save foreign exchange but also strengthen domestic supply chains and reduce vulnerabilities arising from excessive dependence on foreign suppliers.

      As the seventh action point, the Minister urged States and industry associations to actively participate in international exhibitions, trade fairs and business delegations. He called upon States to prepare lists of associations and exporters interested in exploring overseas markets, particularly new exporters and MSMEs. He said the Export Promotion Mission would support eligible enterprises by assisting with overseas exhibitions and international business outreach, enabling them to take advantage of India's expanding network of Free Trade Agreements.

      Setting the broader agenda for the meeting, Shri Goyal noted that India had concluded FY 2025-26 with its highest-ever exports of USD 863 billion, registering growth of 4.6 per cent despite tariff realignments, freight disruptions and slowing global demand. Merchandise exports remained resilient at around USD 442 billion, while services exports reached a record level of over USD 421 billion.

      Referring to India's record export performance in FY 2025-26, the Minister said that the achievement had come despite significant global challenges, including tariff realignments, freight disruptions and slowing demand. He attributed the strong performance to the resilience of Indian exporters, diversification of markets and the transformative reforms undertaken under the leadership of Honourable Prime Minister Shri Narendra Modi.

      The Minister announced a time-bound 90-Day Drive under the Districts as Export Hubs initiative covering 120 priority districts across 27 States and Union Territories. Supported by 24 DGFT Regional Authorities and 11 partner agencies, the drive will focus on measurable outcomes, including new exporter registrations and export value growth, while converging with the One District One Product initiative, GI products and MSME clusters.

      Highlighting the Government's support architecture for exporters, Shri Goyal placed the Export Promotion Mission, jointly implemented by the Ministries of Commerce, MSME and Finance with an outlay of over ₹25,000 crore, at the centre of MSME-led export growth. Through its two pillars, NIRYAT PROTSAHAN for trade finance and NIRYAT DISHA for market access, and eleven interventions covering credit, collateral, factoring, warehousing, freight, compliance, trade intelligence and Brand India, the Mission addresses the complete exporter journey.

      The Board reviewed presentations across key pillars of India's trade and industrial ecosystem. These included India's Free Trade Agreements, which have opened markets accounting for over USD 27 trillion in GDP; DGTR and its new SETU digital platform; the Government e-Marketplace (GeM), where procurement has crossed ₹5 lakh crore with 45 per cent benefiting MSMEs; DPIIT's startup ecosystem comprising more than 2.35 lakh startups and the Fund of Funds 2.0; the BHAVYA Industrial Parks Scheme with an outlay of ₹33,660 crore for development of 100 industrial parks; the Ministry of Textiles' Vision 2030 targeting USD 100 billion in exports; the data-centre ecosystem with nearly ₹7 lakh crore in announced investments; and electronics manufacturing, presented by Apple India Managing Director Mr. Virat Bhatia, highlighting Production Linked Incentive (PLI)-driven mobile phone production of approximately ₹6.25 lakh crore.

      The Minister described cross-border e-commerce as the lowest-barrier entry point for first-time exporters and urged States to leverage Dak Ghar Niryat Kendras so that every district emerges as an exporting district. Emphasising that import substitution and export promotion are complementary objectives in the pursuit of an Aatmanirbhar Bharat, he reaffirmed the Government's commitment to strengthening testing and certification infrastructure and highlighted significant opportunities in container manufacturing.

      During the meeting, Ministers and representatives from States and Union Territories shared State-specific experiences, best practices and perspectives on export promotion, while reaffirming their support for the Centre's initiatives to strengthen India's external trade. Representatives of Export Promotion Councils, apex chambers and industry associations also shared suggestions for enhancing India's export competitiveness.

      The Minister set a target of achieving USD 1 trillion in exports, comprising approximately USD 530 billion in merchandise exports and USD 470 billion in services exports. He described the target as ambitious but achievable through coordinated action by the Centre, States, industry and exporters.

      Calling for a stronger Centre-State partnership, Shri Goyal urged States to place exports firmly on their governance agenda, convene State Export Promotion Committees without delay, undertake monthly reviews of district-level export performance, address regulatory, taxation and infrastructure bottlenecks, and align State-level schemes with Central Government programmes to ensure seamless support for MSMEs.

      Shri Goyal expressed confidence that the combined efforts of the States, the dynamism of India's youth and the leadership of Honourable Prime Minister Shri Narendra Modi would accelerate the country's journey towards becoming a globally competitive, self-reliant and developed nation.

      The meeting was attended by Shri Bimal Borah (Assam), Ms Shreyasi Singh (Bihar), Shri Manjinder Singh Sirsa (Delhi), Shri Subhash Pal Desai (Goa), Shri Kamlesh Bhai Patel (Gujarat), Shri Rao Narbir Singh (Haryana), Shri Harshwardhan Chauhan (Himachal Pradesh), Shri Sanjay Prasad Yadav (Jharkhand), Shri Chetanya Kumar Kashyap (Madhya Pradesh), Shri P. U. F. Rodingliana (Mizoram), Shri Tshering Thendup Bhutia (Sikkim), Smt Hekani Jakhalu (Nagaland), Shri D. Sridhar Babu (Telangana), Shri Bharat Singh Chaudhary (Uttarakhand), Shri Nand Gopal Gupta (Uttar Pradesh) and Shri Tapas Roy (West Bengal).

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