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July 2, 2026
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Aggregate Annual Turnover amendment window revised on the GST Portal for FY 2025-26 with officer review timelines updated.
Aggregate Annual Turnover (AATO) functionality on the GST Portal is being upgraded to enable automatic updation of AATO as subsequent returns are filed after the amendment window. For FY 2025-26, taxpayers may submit AATO amendment applications from 1 July to 31 July 2026, and jurisdictional Tax Officers will review amended details from 1 August to 15 August 2026. The revised arrangement is intended to improve consistency, accuracy, and uniformity in AATO reporting.
July 2, 2026
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AI-generated precedents and judicial integrity: Supreme Court warns against hallucinated citations and demands human oversight in adjudication.
The Supreme Court stressed zero tolerance against citing, producing, or relying on fake, non-existent, or hallucinated precedents generated through artificial intelligence, and held that such material contaminates adjudication and undermines the sanctity of judicial decision-making. It said counsel commit misconduct by citing unverified AI-generated judgments, and that a judge's reliance on hallucinated material is an equally serious lapse. The Court also called for accountability measures and human oversight in the legitimate use of AI as an aid to adjudication.
July 2, 2026
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Money laundering probe over alleged CMRL-Exalogic transactions expands under PMLA amid payments without services and loan defaults.
Enforcement Directorate questioned the executive director of Cochin Minerals and Rutile Ltd. in a money laundering probe concerning alleged financial transactions between the company and Exalogic Solutions Pvt Ltd. The investigation concerns allegations that CMRL made payments without receiving corresponding services, and that related loan transactions were defaulted, forming the basis for examination of possible proceeds of crime under the Prevention of Money Laundering Act. The case was registered on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
July 2, 2026
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Aadhaar update drive for students continues as education department says benefits and admissions will not be
Students in Maharashtra with non-updated Aadhaar records are being covered under an ongoing school-level registration and authentication drive, and the education department has stated that no student is to be deprived of government scheme benefits or educational opportunities because of pending Aadhaar updates. The minister said that around 5.5 lakh students up to 18 years of age had pending Aadhaar updates as of May 2026, but denied that this was affecting school admissions, scholarships, DBT access, examination forms or bank account linking.
July 2, 2026
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Competition approval for consortium acquisition of Royal Challengers Sports and its cricket franchise operations
The Competition Commission of India approved the acquisition of 100% shareholding of Royal Challengers Sports Private Limited by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and other investors. The combination involved collective acquisition by the identified acquirers, including newly incorporated investment and sports-related vehicles, and the target's business consists of owning and operating the Royal Challengers Bengaluru franchise and related professional cricket teams.
July 2, 2026
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Competition Commission approval for share acquisition in Krazybee Services and Finnovation Tech Solutions by Mars Equity Dragon Fund VCC.
The Competition Commission of India approved the acquisition of certain shares in Krazybee Services Limited and Finnovation Tech Solutions Private Limited by Mars Equity Dragon Fund VCC. The proposed combination concerns Krazybee, a non-deposit taking non-banking financial institution and middle layer Investment and Credit Company, and Finnovation, the technology company that operates the KreditBee app and provides loan sourcing and payment-service access, including Unified Payments Interface facilities.
July 2, 2026
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Competition approval for infrastructure investment trust acquisition and unit issuance in highway project vehicles.
Competition approval was granted for a proposed combination involving the acquisition of shareholding in seven special purpose vehicles by Anantam Highways Trust, an infrastructure investment trust, together with the issuance of units of the trust to Build India Infrastructure Fund, Dilip Buildcon Limited and DBL Infraventures Private Limited. The transaction covered the SPVs connected with highway and expressway projects, and the parties were described by reference to their roles in infrastructure investment, engineering and construction, and related project development activities.
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
Show AI Summary
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
Show AI Summary
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.

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Customs, DGFT & SEZ

PLI Schemes Attract Over ₹2.40 Lakh Crore Investment, Generate More Than 14.15 Lakh Jobs

July 21, 2026

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PLI Schemes Drive Over ₹15.2 Lakh Crore Exports, Strengthen Manufacturing Across Key Sectors

The Government has launched Production Linked Incentive (PLI) Schemes for 14 key sectors with an approved financial outlay of ₹1.91 lakh crore to enhance India's manufacturing capabilities, attract investments, increase exports, generate employment and improve India's global competitiveness. The Department for Promotion of Industry and Internal Trade (DPIIT) acts as the nodal Department for overall coordination and monitoring of the PLI Schemes, while the respective Administrative Ministries/Departments are responsible for implementation of their respective Schemes.

As on 31.03.2026, under the PLI Schemes, resulted actual investment of over ₹2.40 lakh crore and employment generation of over 14.15 lakh (direct and indirect). The sector-wise details of investments and employment generated are at Annexure-I.

The sectoral impact of the Production Linked Incentive (PLI) Schemes across various sectors is as under:

  • The PLI Schemes have collectively enabled exports of over ₹15.2 lakh crore since their inception, reflecting India's growing integration with global value chains.
  • In the Large Scale Electronics Manufacturing sector, mobile phone production has increased by around 2.4 times since the launch of the Scheme. Mobile phone imports have declined by about 77%, and around 99.2% of mobile phones used in India are now manufactured domestically.
  • The Pharmaceuticals sector has recorded cumulative sales of over ₹3.64 lakh crore under the Scheme. It has also enabled the domestic manufacture of 1,931 pharmaceutical products, including 191 bulk drugs manufactured in India for the first time, thereby strengthening domestic manufacturing capabilities.
  • In the Bulk Drugs sector, manufacturing capacity of about 55,000 MT has been established across 26 critical Active Pharmaceutical Ingredients (APIs), significantly enhancing domestic production capacity and reducing import dependence for products such as Paracetamol, Levofloxacin and Norfloxacin.
  • The PLI Scheme for Manufacturing of Medical Devices has facilitated domestic manufacturing of advanced medical equipment such as CT Scanners, MRI Systems, Cath Labs and Ultrasonography equipment. 22 applicants have commenced operations and 55 unique medical devices have been commissioned.
  • In the Telecom & Networking Products sector, the Scheme has supported the development of indigenous 4G technology and domestic manufacturing capability for 5G telecom equipment, strengthening India's telecom manufacturing ecosystem.
  • The PLI Scheme for White Goods has contributed to a significant expansion in domestic manufacturing. Compressor manufacturing capacity has increased from 1 million units in 2021 to 10 million units in 2025-26, while localisation of key components such as PCBAs and Cross Flow Fans has improved substantially, leading to domestic manufacturing of several critical air-conditioner components.

The cumulative exports reported under the Sectors of PLI Schemes have shown a steady increase over the last three years. The cumulative exports reported as on 31.03.2024 were ₹4 lakh crore, which increased to ₹15.2 lakh crore as on 31.03.2026. The year-wise details are given at Annexure-II.

The implementation of the PLI Schemes is reviewed periodically by the Empowered Group of Secretaries (EGoS), chaired by the Cabinet Secretary, as well as by the respective Administrative Ministries/Departments. Based on stakeholder feedback and implementation experience, modifications have been carried out in certain Schemes, wherever required, to address implementation challenges and facilitate effective implementation.

The Government has undertaken several measures to improve the effectiveness of the PLI Schemes. These include periodic review of Scheme implementation, rationalisation of Scheme guidelines, relaxation of certain eligibility conditions, strengthening of project monitoring mechanisms, regular

stakeholder consultations, and timely resolution of implementation issues in coordination with the concerned Ministries/Departments through the Empowered Group of Secretaries (EGoS). These measures are aimed at improving Scheme uptake, accelerating investments, enhancing production and exports, generating employment and strengthening domestic manufacturing ecosystems.

This information was given by Minister of State for Ministry of Commerce and Industry, Shri Jitin Prasada in a written reply in Lok Sabha today.

***

ANNEXURE-I

Sl.

No.

Sectors

Cumulative Investment till March, 2026

(Rs. In crore)

Cumulative Employment till March, 2026

1

Large Scale Electronics Manufacturing -

[MeitY]

20,580

1,69,249

2

IT Hardware 2.0 - [MeitY]

908

4,859

3

Bulk Drugs - [D/o Pharma]

5,070

5,226

4

Manufacturing of Medical Devices - [D/o Pharma]

1,151

5,268

5

Pharmaceuticals Drugs -

[D/o Pharma]

45,158

1,14,880

6

Telecom & Networking Products - [D/o Telecom]

5,278

33,610

7

Food Products - [MoFPI]

9,207

3,29,200

8

Drones and Drone Components - [M/o Civil Aviation]*

595

2,650

9

White Goods – [DPIIT]

6,409

52,703

10

Automobiles          &       Auto Components – [MHI]

44,326

67,820

11

Advance Chemistry Cell (ACC) Battery– [MHI]

4,570

1,245

12

Textile Products – [M/o Textiles]

8,117

33,427

13

Specialty Steel – [M/o Steel]

23,896

14,138

14

High Efficiency Solar PV Modules (MNRE)

64,873

14,794

 

TOTAL

2,40,138

8,49,069

* Note: Indirect employment generation of 5.66 lakhs have been reported under 3 sectors (LSEM, IT Hardwar & Solar PV Modules).

ANNEXURE-II

Financial Year

Cumulative Exports Reported under PLI Schemes

FY 2023-24

₹4.0 lakh crore

FY 2024-25

₹6.5 lakh crore

FY 2025-26

₹15.2 lakh crore

 

Topics

Acts Income Tax