July 1, 2026 Current Affairs

1. UPI to Become Operational in Seychelles by the End of 2026

India's Unified Payments Interface (UPI) is expected to become operational in Seychelles by the end of 2026, as announced by Foreign Secretary Vikram Misri. The initiative reflects the strengthening strategic and economic partnership between India and Seychelles. Besides digital payment integration, the two countries cooperate in healthcare, education, renewable energy, maritime security, and social infrastructure. They are also exploring a Comprehensive Economic Partnership Agreement (CEPA) to boost bilateral trade while enhancing cooperation against piracy, illegal fishing, and drug trafficking in the Indian Ocean Region.

2. CA Day Celebrated on July 1

Chartered Accountants (CA) Day is observed every year on July 1 to commemorate the establishment of the Institute of Chartered Accountants of India (ICAI) under the Chartered Accountants Act, 1949. In 2026, ICAI celebrates its 77th Foundation Day, recognising the significant contribution of Chartered Accountants to India's financial governance, auditing, taxation, transparency, and economic development. The day is marked by seminars, conferences, professional development programmes, and award ceremonies across the country.

3. New Pollution-Eating Bacterium Discovered in the Hooghly River

Researchers discovered a new pollution-degrading bacterium named Brachybacterium netajii in the Hooghly River of West Bengal. The discovery was made through a collaborative effort involving Netaji Mahavidyalaya, the University of Burdwan, IIT (BHU), and Hiroshima University, Japan. The bacterium can degrade p-nitrophenol (PNP), a toxic industrial pollutant, and is resistant to heavy metals such as arsenic, cadmium, lead, and mercury. It was named in honour of Netaji Subhas Chandra Bose for his contributions to scientific and technological advancement.

4. GST Day Observed on July 1

GST Day is celebrated annually on July 1 to mark the implementation of the Goods and Services Tax (GST) in 2017. Introduced under the vision of "One Nation, One Tax," GST replaced multiple indirect taxes with a unified taxation system across India. The reform has strengthened cooperative federalism, improved tax compliance through digital governance, simplified taxation for businesses, especially MSMEs, and created a unified national market. Recent GST 2.0 reforms have further enhanced ease of doing business and transparency.

5. General Dhiraj Seth Assumes Charge as India's 31st Chief of the Army Staff

General Dhiraj Seth assumed office as the 31st Chief of the Army Staff (COAS) on July 1, 2026, succeeding General Upendra Dwivedi. Upon taking charge, he unveiled the "VIJAY" Vision, a roadmap for building a technology-driven, future-ready, and self-reliant Indian Army. The vision focuses on Vigilance and Readiness, Innovation and Transformation, Jointness and Integration, Aatmanirbharta, and Yoddha First. A 1986-batch Armoured Corps officer, General Seth has nearly four decades of distinguished military service.

6. India's GST Collections Grow by 13.9% in June 2026

India's gross GST collections reached ₹1,94,812 crore in June 2026, registering a 13.9% year-on-year growth compared to June 2025. After adjusting for refunds, net GST collections stood at ₹1,62,377 crore, reflecting an 11.2% annual growth. The increase was mainly driven by a 34.6% rise in import-related GST revenue, while domestic GST collections increased by 6.5%. The strong performance highlights improved tax compliance, digital tax administration, and sustained economic activity.

7. Ministry of Tourism Signs MoU with Google India

The Ministry of Tourism signed a Memorandum of Understanding (MoU) with Google India Pvt. Ltd. to strengthen the digital promotion of Indian tourism. The collaboration focuses on using Artificial Intelligence (AI), digital marketing, data analytics, and capacity building to improve the visibility of India's tourism destinations under the Incredible India campaign. The agreement is non-commercial and non-binding, with no financial implications for either side. It aims to promote India's cultural, historical, spiritual, and natural heritage globally.

8. Ravi Agrawal Reappointed as CBDT Chairman

Ravi Agrawal has been reappointed as the Chairman of the Central Board of Direct Taxes (CBDT) for a further six-month term, effective from July 1, 2026, to December 31, 2026. A 1988-batch Indian Revenue Service (IRS) officer, his extension was approved by the Appointments Committee of the Cabinet (ACC). The CBDT is the apex policymaking body for direct taxes under the Department of Revenue, Ministry of Finance, responsible for tax policy formulation, tax administration, taxpayer services, and combating tax evasion.

Exam-Oriented Quick Facts

• UPI to become operational by the end of 2026 in — Seychelles
• CA Day observed on — July 1
• New bacterium discovered in — Hooghly River
• GST launched in India on — July 1, 2017
• India's 31st Chief of Army Staff — General Dhiraj Seth
• Gross GST Collection (June 2026) — ₹1,94,812 crore
• Gross GST Growth (YoY) — 13.9%
• Ministry of Tourism signed MoU with — Google India
• CBDT Chairman reappointed — Ravi Agrawal