The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
The authority has termed it an unfair trade practice under the Consumer Protection Act, 2019, pointing out that only applicable taxes can be added to the price mentioned in the menu.
The United States has implemented a 10 per cent tariff on goods imported from India and 16 other countries, citing efforts to combat forced labour in production.
Iranian Foreign Minister Seyed Abbas Araghchi mocked US President Donald Trump's claim of the US being the 'guardian' of the Strait of Hormuz, asserting that Iran has always been and will remain the sole guardian, while also suggesting that any entity providing security should be compensated, though Trump's proposed '20 per cent' levy is 'too much'.
US President Donald Trump announced the 'reinstatement' of an 'Iranian Blockade' in the Strait of Hormuz, stating the US would charge a 20 per cent levy on transiting cargo for providing security, while Iran warned against any US interference, reaffirming its authority over the critical waterway.
Indian top seed Anahat Singh and three male players, Aryaveer Dewan, Yusha Nafees, and Gurveer Singh, have advanced in their respective categories at the World Squash Junior Individual Championships in Ontario, Canada, showcasing a strong start for the Indian contingent.
The Competition Commission of India (CCI) has imposed a total penalty of approximately Rs 142.37 crore on HP India Sales Private Limited and several of its resellers for engaging in cartelisation and bid rigging on the Government e-Marketplace (GeM).
The Union Territory administration in Ladakh has announced the establishment of an Autonomous Hill Development Council (AHDC) for each of its seven districts, significantly expanding democratic decentralisation. This move extends elected local self-governance beyond Leh and Kargil, with a proposed Union Territory-level body under a customised Article 371 framework to oversee these councils.
State-owned refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have reported substantial losses for the first quarter of financial year 2026-27 (Q1FY27), primarily driven by a sharp increase in crude oil prices exacerbated by the ongoing West Asia crisis and suppressed marketing margins on petroleum products.
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
As India marks a decade of the Goods and Services Tax (GST), the focus is shifting towards enhancing efficiency through artificial intelligence, data sharing, and process simplification. The reform, which unified India's indirect tax system, has significantly broadened the tax base and boosted revenues, with future plans including a streamlined two-tier rate structure and continued technological integration to reduce compliance costs and combat evasion.
India's net direct tax collections have surged by 16.4 per cent year-on-year to 6.51 trillion as of July 13, primarily driven by robust growth in corporate tax receipts, according to provisional data from the Central Board of Direct Taxes (CBDT).
Donald Trump announced he is replacing the 20% reimbursement fee for securing the Strait of Hormuz with massive trade and investment deals from Gulf States into the United States, while maintaining a full blockade on Iranian ship traffic.
Maharashtra plans new policy to make domicile certificate mandatory for driving licence from August 2026, alongside efforts to regulate bike taxi services for revenue and job creation.
Air India and Air India Express are introducing a fuel surcharge on domestic and international flights due to rising jet fuel prices, impacting travel costs for passengers.
Nayara Energy, India's largest private fuel retailer, has reduced petrol prices by Rs 5 per litre and diesel by Rs 3 per litre nationwide, marking the first such cut in over two years. This reduction follows easing tensions in West Asia and stabilised international crude oil prices, though public sector retailers have not yet followed suit.
Ebrahim Azizi, Head of the Iranian Parliament's National Security Committee, warned the US against interfering with the Strait of Hormuz, asserting Iran's sovereignty after former President Donald Trump threatened to 'take over' the strategic waterway. Despite the heated rhetoric, Iran and the US have established a direct communication line to prevent incidents during a 60-day negotiation period.
IT stocks had their worst first half fall in decades, with the Nifty IT index declining 31% in the January-June 2026 period, its biggest decline in the first six months of a calendar year since 2003.
The diplomatic intervention follows various media reports which attributed comments to Iranian lawmaker Alaeddin Boroujerdi, suggesting that merchant vessels were being charged USD 2 million for safe passage through the "conflict-hit Hormuz."
Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes while recycling of old jewellery has increased following the recent hike in import duties.
Tamil Nadu Governor RV Arlekar announced that the TVK regime, led by Chief Minister C Joseph Vijay, will take steps to ensure fair financial devolution from the Centre, including pursuing the matter in the Supreme Court. The government also plans to conduct a 'Social Justice Survey' and address the state's severe financial deterioration.
Prime Minister Narendra Modi has strongly refuted a media report suggesting the government is considering levying a tax, cess, or surcharge on foreign travel, calling the news "totally false".
Loss-making Air India has introduced a new 'Basic Fare' category for select domestic flights, which does not include complimentary meals, as part of its efforts to trim expenses amid rising operational costs.
The Reserve Bank of India has imposed a penalty of Rs 41.8 lakh on Canara Bank for non-compliance with KYC norms and incorrect account classification, and Rs 3.1 lakh on Puran Associates Pvt Ltd for asset classification violations.
As the 2026 FIFA World Cup comes to the United States, Bay Area soccer clubs and supporters hope the tournament will inspire a new generation of fans and strengthen the region's thriving grassroots football culture.
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
Two members of the People's Liberation Front of India (PLFI), an outlawed Maoist splinter group, were arrested in Jharkhand's Khunti district, police said on Sunday.
Chennai Super Kings captain Ruturaj Gaikwad has been fined after his team maintained a slow over-rate during their IPL match against Gujarat Titans, resulting in a penalty of INR 24 lakhs.
Delhi Police busted a counterfeit garment manufacturing racket in Naraina Industrial Area, seizing over 3,400 fake branded jeans, forged labels, and stitching machines.
The Economic Offences Wing (EOW) has attached properties worth Rs 4 crore belonging to suspended IAS officer Sameer Vishnoi, an accused in a coal levy scam, for allegedly amassing assets beyond his known sources of income.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
Authorities in Chhattisgarh have attached properties worth Rs 4 crore belonging to suspended IAS officer Sameer Vishnoi, an accused in the coal levy scam, for allegedly amassing assets beyond his known sources of income.
The National Payments Corporation of India (NPCI) is set to consider linking the ATM interchange fee to the Wholesale Price Index (WPI), alongside a potential hike from the current 19 to 21-22, which could impact customer charges for transactions beyond the free limit.
Yuvraj Sandhu made the cut at the Soudal Open, while Shubhankar Sharma missed out. South Africa's Zander Lombard and France's Tom Vaillant share the lead.
'Customers do not recover the original making charges paid on old jewellery. Sentimental value is lost when heirlooms are exchanged.'
Finance Minister Nirmala Sitharaman on Monday introduced two bills in the Lok Sabha to levy excise duty on tobacco and tobacco products, and a new cess on manufacturing of pan masala, which will replace the GST compensation cess on such sin goods.
Bharti Airtel reported a 33.5 per cent decline in consolidated net profit to Rs 7,325 crore for the March 2026 quarter, primarily attributed to one-time provisions for statutory and tax liabilities.
The NTA has also confirmed that the upcoming re-examination, scheduled for June 21, 2026, will be conducted entirely free of cost for all previously registered candidates, funded fully through the agency's internal reserves.
Commerce and Industry Minister Piyush Goyal announced that a US team is expected to visit India next month for trade talks, following an earlier Indian delegation's visit to Washington, DC, in April to finalise an interim pact and advance negotiations for a broader bilateral trade agreement.
Petrol and diesel prices in India have seen their fourth increase in less than two weeks, pushing cumulative hikes to nearly Rs 7.5 per litre since May 15, reaching their highest levels since May 2022. This surge, driven by global crude oil costs and the Iran conflict, is expected to exacerbate inflationary pressures and raise transportation costs across the economy.
