Windfall Tax on Diesel & Jet Fuel Exports Cut to Rs 23 & Rs 33 per Litre for May 2026 Fortnight

Viksit Bharat: States, Finance Ministry Discuss Agricultural Exports, Energy Transition, Private Investment

Union Finance Ministry held a first-of-its-kind conference with state finance ministers on 'Financing India's Journey towards Viksit Bharat'. Key discussions included boosting agricultural exports, addressing logistical gaps, energy transition challenges, and the need for private sector investment. The conference highlighted examples like Meghalaya flowers vs Vietnam and sesame seed value addition, emphasizing India's untapped export potential.

Anti-Dumping Duty on Chinese TiO2: DGTR Final Findings (Aug 3, 2026) - Centre Assures KMML, TTPL

The Centre has assured Kerala of imposing anti-dumping duty on Chinese titanium dioxide following DGTR's final findings. This protects PSUs like KMML and TTPL from low-cost imports. Key for Prelims: DGTR process, anti-dumping mechanism, and dates.

CBDT's SAKSHAM NUDGE Campaign: ₹9,493 Cr Additional Tax from 1.25 Cr Updated ITRs

The CBDT's NUDGE campaign (now SAKSHAM NUDGE) has yielded ₹9,493 crore in additional tax from 1.25 crore updated ITRs in FY 2024-25 and 2025-26. This data-driven, non-intrusive compliance approach is a major shift from post-facto enforcement to preventive tax collection, a key theme for UPSC GS3 (Tax Reforms) and Banking exams.

ED Registers 1,080 PMLA Cases in FY 2025-26, Conviction Rate at 0.93% Over 5 Years

ED registered 1,080 PMLA cases in FY 2025-26 — a four-year high — but conviction rate remains abysmally low at 0.93% (43 cases in 5 years). Income Tax Department also filed 2,127 prosecution cases with high acquittal rates. This data, tabled in Parliament, highlights enforcement effectiveness vs. judicial outcomes — a key UPSC/Banking exam topic.

FAST-DS 2026: Income Tax Dept Nudges Taxpayers to Disclose Foreign Assets by Dec 31

The Income Tax Department has begun emailing taxpayers who may hold undisclosed foreign assets, urging them to use the FAST-DS 2026 disclosure window (open till Dec 31, 2026). This one-time compliance scheme is crucial for small taxpayers like students, NRIs, and tech employees holding ESOPs or overseas accounts, with penalties up to ₹1 lakh or 30% tax plus additional tax.

Govt Proposes Gold Monetisation via Jewellers: 20,000 Tonne Idle Gold, Demat Deposits, Interest Income

The government is planning a new gold monetisation scheme where jewellers, not banks, will collect physical gold deposits from households, issue demat receipts, and pay interest. This aims to unlock over 20,000 tonnes of idle gold, improve India's trade balance, and reduce import dependence — a key reform for economic stability and current account management.

GST Appellate Tribunal (GSTAT) Sees Only 74,758 Cases Filed Against Expected 2.5 Lakh

The GSTAT President expressed disappointment that only 74,758 cases have been filed since September 2025 against an expected 2.5 lakh, indicating a lukewarm response from industry. This is a key indicator of the health of GST dispute resolution and can be tested in Prelims (data points) and Mains (analysis of tax administration).

FAST-DS: Govt's New Foreign Assets Disclosure Scheme Imposes Rs 1 Lakh Fee, Raises Disproportionate Penalty Concerns

The government's Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS), launched on August 16, 2026, requires a flat Rs 1 lakh fee for disclosing undisclosed foreign assets up to Rs 5 crore. This has sparked concerns among salaried employees with ESOPs or small US stock investments, who find the fee disproportionate to the asset value and argue it penalizes honest taxpayers. The scheme aims to regularize non-disclosure but clashes with the Black Money Act's provisions.