India’s GST collections surged 13.9% to Rs 1.95 lakh crore in June 2026, fueled by a significant 34.6% jump in import tax revenues. This robust growth, despite global uncertainties, highlights the maturing and resilient nature of India’s tax system. Increased refund disbursements also supported business liquidity, demonstrating improved tax administration and a predictable revenue framework.
Russia grapples with a severe fuel shortage, a direct consequence of Ukrainian drone attacks on its oil refineries. This has led to widespread rationing, lengthy queues at petrol stations, and escalating prices, impacting everyday citizens and businesses. President Putin acknowledged the issues, though he downplayed their severity.
It’s important to note that the HRA exemption is available only to taxpayers who opt for the old tax regime. It is not an option under the new income tax regime.
The Reserve Bank of India’s intervention to shield the rupee from volatility, fueled by Middle East tensions, has widened its net short forward position to a record $106.6 billion. Despite a recent dip to a historic low, the rupee has shown recovery, buoyed by anticipated foreign capital inflows. These expected inflows are seen as a
As GST completes nine years, the focus may now shift from implementation to the future. The next phase of reforms may ensure that India’s tax system keeps pace with the changing needs of the automotive industry.
Crude oil prices edged up as stalled Iran-US talks reignited fears of Middle East supply disruptions. Despite claims of Strait of Hormuz reopening, uncertainty persists. Analysts have lowered oil price forecasts, but US inventory data and ongoing diplomatic efforts remain key market drivers. Investors await official US figures for further direction.
Nayara Energy, India’s largest private fuel retailer, has slashed petrol prices by Rs 5 and diesel by Rs 3 per litre nationwide. This marks the first price reduction by any fuel retailer in over two years, driven by easing Middle East tensions and falling international crude oil prices. While Nayara passed on the benefits, state-run
One of the most notable achievements of GST has been the reduction in the tax burden on several mass-consumption products. Over the years, the GST Council has rationalized tax rates on a range of FMCG products, making essential goods more affordable for consumers.
