Article 265
On UPSC.wiki
Current affairsGST Collections July 2026: ₹2.11 Lakh Crore Revenue — 15.4% Growth Driven by Import Surge and Robust Domestic ConsumptionIndia's gross Goods and Services Tax (GST) revenue rose 15.4% year-on-year to ₹2,11,205 crore in July 2026, with import collections surging 28.8% and net revenue reaching ₹1.81 lakh crore — signalling strong economic activity and improved compliance across the tax base. Current affairsMMDR Amendment Bill, 2026: Centre Restricts State Mineral Taxes, MADA Judgment Reversed — Fiscal Federalism Under PressureParliament passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2026 — Lok Sabha on August 12 and Rajya Sabha on August 13 — inserting a new Section 9D that prohibits states from levying taxes on mineral rights or mineral-bearing lands except as prescribed by the Centre. The Bill directly overrides the Supreme Court's landmark nine-judge MADA judgment (July 2024), which affirmed states' plenary power under Entry 50 of the State List to tax mineral development — raising acute fiscal federalism concerns among mineral-rich states. Current affairsTaxation and Other Laws (Amendment) Bill, 2026: Parliament Grants Tax Exemptions to FIIs, Diamond Traders, Data Centres and Investment FundsParliament has passed the Taxation and Other Laws (Amendment) Bill, 2026 — cleared by Lok Sabha on 6 August and Rajya Sabha on 10 August — replacing an Ordinance issued on 5 June 2026. The Bill grants income-tax exemptions to Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) on government securities, extends incentives for diamond and electronics manufacturing, removes restrictions on offshore investment funds, and expands data-centre tax benefits. Current affairsMines and Minerals (Development and Regulation) Amendment Bill, 2026: Centre Curtails State Mineral Taxes, Unlocks Critical Mineral PotentialThe Mines and Minerals (Development and Regulation) Amendment Bill, 2026, introduced in the Lok Sabha by Coal and Mines Minister G Kishan Reddy, proposes to restrict state governments from levying taxes, cess, or other charges on mineral rights and mineral-bearing lands, remove the 50% cap on captive mine sales, allow multiple minerals in a single lease, and expand the National Mineral Exploration Trust's scope — aimed at bringing certainty and uniformity to India's critical minerals sector.