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Finance Weaker rupee may push foreign assets over FAST-DS Rs 1 crore limit, raising tax bill
The rupee's 14-33% decline over three to seven years may push foreign holdings above the FAST-DS Rs 1 crore limit, potentially disqualifying taxpayers from the 60% tax-and-penalty disclosure window. The Income Tax Department's voluntary scheme, open since August 16, uses March 31, 2026 as the exchange-rate date for assets, but experts disagree on whether income should be converted at that date or the year-earned rate. Taxpayers with over Rs 1 crore in undisclosed income are weighing updated returns alongside FAST-DS, but face risks of void declarations if facts are suppressed.
August 27, 2026
Business GST Boost: Maharashtra Emerges as India’s Top State Tax Contributor, Says India Ratings
Maharashtra has become the largest contributor to state tax revenue under GST, driven by high consumption and a large services sector. India Ratings & Research reports a sharp improvement in tax buoyancy and a doubling of the taxpayer base since the reform. The state's share rose to 20.4% in the post-GST period.
July 29, 2026
Business At 14%, GST collections in June grow fastest in 8 months, driven by import surge
India's GST collections grew 13.9% in June, the fastest in eight months, reaching Rs 1,94,812 crore, driven by a 35% surge in import IGST from rising crude and fertiliser prices. Domestic collections rose 6.5%, while net collections after refunds stood at Rs 1,62,377 crore, up 11.2%.
July 8, 2026
Business India Notifies Employees' Provident Funds Scheme 2026: Key Changes in Contributions, Withdrawals, and Compliance
The Ministry of Labour and Employment has notified the Employees' Provident Funds Scheme, 2026, replacing the 1952 framework. The revised scheme introduces simplified partial withdrawals, mandatory Aadhaar/PAN details, and enhanced compliance requirements while retaining the 12% contribution rate for employers and employees.
July 8, 2026