What is the new TCS rule introduced in 2025?

The Income Tax Department now requires sellers to collect 1% Tax Collected at Source (TCS) on the sale of luxury goods exceeding ₹10 lakh, effective April 22, 2025, under Section 206C of the Income Tax Act.

Daily Current Affairs 23rd April 2025, Important News Headlines (Daily GK Update) |

National News

US Vice President JD Vance Receives Guard of Honour During First Official Visit to India

US Vice President JD Vance began his first official visit to India on April 21, 2025, receiving a Guard of Honour at Palam Airport, New Delhi, accompanied by Second Lady Usha Vance and their children.
Welcomed by Union Minister Ashwini Vaishnaw, the four-day visit aims to enhance India-US strategic ties in trade, defence, and economic cooperation.
A key meeting with Prime Minister Narendra Modi on April 21 at 6:30 PM at 7, Lok Kalyan Marg is set to explore deeper bilateral relations and a potential trade agreement. The itinerary also includes cultural visits to Jaipur and Agra.

MSDE and Microsoft Launch ‘AI Careers for Women’

The Ministry of Skill Development and Entrepreneurship (MSDE), in collaboration with Microsoft, launched the ‘AI Careers for Women’ initiative on April 22, 2025, aiming to train 20,000 women from Tier-II and Tier-III towns across six states in Artificial Intelligence (AI).
Through a 240-hour curriculum developed with NCVET, and delivered via a Hub-and-Spoke model (30 Centres of Excellence and 150 spoke centers), the program promotes digital inclusion, leadership, and entrepreneurship among rural women.

Pahalgam Terror Attack Coward Attack by Terrorists on Tourists

On April 22, 2025, a terrorist attack in Baisaran, Pahalgam (Anantnag, South Kashmir) claimed 26 lives and injured many, targeting tourists during the peak season in a major blow to J&K’s tourism revival.
The attackers, believed to be 2–3 terrorists, opened indiscriminate fire at the scenic, foot-access-only meadow.
This first such tourist-targeted attack in 2025 has triggered travel cancellations, jeopardized the local economy, and raised serious security and political concerns, with condemnation from national and regional leaders and intensified calls for policy reassessment.

India’s Direct Benefit Transfer (DBT) Boosting Welfare Efficiency

India’s Direct Benefit Transfer (DBT) system has significantly boosted welfare efficiency, saving ₹3.48 lakh crore from 2009 to 2024. The system reduced subsidies from 16% to 9% of total government expenditure, while the number of beneficiaries surged 16-fold.
Key programs like PDS, MGNREGS, PM-KISAN, and fertilizer subsidies saw major savings, with a strong correlation between beneficiary growth and savings.
The Welfare Efficiency Index (WEI) increased from 0.32 in 2014 to 0.91 in 2023, reflecting the program’s success in reducing waste and leakages.

India’s Largest Cruise Terminal – Mumbai International Cruise Terminal (MICT) Begins Operations

India’s largest cruise terminal, the Mumbai International Cruise Terminal (MICT), was inaugurated by Union Minister Sarbananda Sonowal on April 21, 2025, marking a major boost to cruise tourism and maritime infrastructure.
With an annual capacity of 1 million passengers and the ability to handle five ships simultaneously, the Rs 556 crore terminal supports ships up to 300 meters in length.
Alongside, Rs 5,700+ crore agreements were signed for Vadhavan Port development, including Rs 4,200 crore for container, bulk, and liquid cargo terminals, aligning with the Sagarmala Programme to enhance India’s global maritime presence.

State News

‘Garia and Borsho Boron Utsav’ in Agartala Inaugurated By Manik Saha

The ‘Garia and Borsho Boron Utsav 2025’ was inaugurated by Tripura CM Manik Saha on April 21, 2025, at Swami Vivekananda Maidan, Agartala.
The two-day festival celebrates the Garia Puja, a key religious event for the Tripuri and Reang communities, dedicated to Lord Shiva for peace and prosperity.
The festival features traditional dances, folk songs, Rabindra Sangeet, and magic shows, alongside local food stalls showcasing regional cuisine.
The event is organized by the Department of Information and Cultural Affairs, with support from various local bodies.

Banking News

RBI Eases LCR Norms, Imposes 2.5% Additional Run-Off Factor on Digital Deposits

The Reserve Bank of India (RBI) has introduced amendments to its Liquidity Coverage Ratio (LCR) framework, requiring banks to assign an additional 2.5% run-off factor for retail deposits with digital banking facilities like Internet Banking, Mobile Banking, and UPI.
This change aims to strengthen liquidity risk management while aligning with global standards, offering a lighter revision compared to the earlier proposal of a 5% run-off factor.
The LCR ensures banks hold sufficient High-Quality Liquid Assets (HQLA) to manage liquidity disruptions.

Economy News

March 2025 Core Sector Output Grows 3.8% Backed by Power Demand

India’s core sector output grew by 3.8% in March 2025, driven by electricity (+6.2%) due to early summer heatwaves and increased power demand. Steel (+7.1%) and cement (+11.6%) also saw growth, supported by government spending and private sector investment.
However, natural gas (-12.7%) and crude oil (-1.9%) declined due to higher imports and weak global prices. Overall, the core sector, which contributes 40.27% to the Index of Industrial Production (IIP), showed moderate growth, slightly better than February’s 3.4%, but lower than March 2024’s 6.3%.

1% TCS on Luxury Goods Over ₹10 Lakh (Effective April 22, 2025)

1% TCS on Luxury Goods Over ₹10 Lakh (Effective April 22, 2025)

Effective April 22, 2025, the Income Tax Department has mandated a 1% Tax Collected at Source (TCS) on the sale of luxury goods priced above ₹10 lakh under Section 206C of the Income Tax Act, as announced in the Finance Act (Union Budget).
This move aims to enhance transparency and tax compliance in high-value retail. Covered items include luxury watches, handbags, antiques, yachts, and more.
The seller collects 1% TCS, deposits it under the buyer’s PAN, and buyers can claim it as tax credit while filing their ITR.

Appointments News

Government Re-Appoints T. Rabi Sankar as RBI Deputy Governor

The Indian government has re-appointed T. Rabi Sankar as Deputy Governor of the Reserve Bank of India (RBI) for a one-year term starting May 3, 2025. His re-appointment, marking his second term extension, reflects the government’s confidence in his leadership.
Mr. Sankar, who was initially appointed in May 2021, oversees key RBI functions including foreign exchange, currency management, and government accounts.
His leadership has been instrumental in ensuring economic stability, managing monetary policy, and driving financial reforms in India.

Awards News

Achyuta Samanta Conferred Gurudev Kalicharan Brahma Award 2025

Achyuta Samanta, founder of KIIT and KISS, was conferred the Gurudev Kalicharan Brahma Award 2025 in Kokrajhar, Assam, for his exceptional work in education and social empowerment.
Instituted by the Gurudev Kalicharan Brahma Trust to honor contributions aligned with the legacy of Gurudev Kalicharan Brahma—the “Mech Gandhi of Assam”—the award includes a citation, memento, and ₹1 lakh cash prize, which Samanta generously donated back to the Trust.
Celebrated on the 166th birth anniversary of the revered Bodo reformer, this award recognizes Samanta’s transformational impact on tribal communities through inclusive education and social service.

Maharashtra Governor Presents Yashraj Bharti Samman Awards 2025

Maharashtra Governor C.P. Radhakrishnan presented the 3rd Yashraj Bharti Samman Awards 2025 in Mumbai, recognizing three grassroots-level organizations for their outstanding work in healthcare, education, and governance.
The awardees were Jan Swasthya Sahayog (Chhattisgarh) for healthcare in tribal regions, Pratham Education Foundation for promoting sustainable development through education, and the Services Plus platform by the National Informatics Centre (NIC) for enhancing e-governance.
Key dignitaries like Dilip Walse Patil and Amitabh Kant attended, and the Governor stressed the need for improved education quality, specialist healthcare, and ethical governance to achieve true social transformation.

Priyanka Chopra, Ang Lee, Megan Thee Stallion to Be Honoured at 4th Annual Gold House Gold Gala

The 4th Annual Gold House Gold Gala will take place on May 10, 2025, at the Music Centre, Los Angeles, celebrating cultural changemakers under the theme “First Light”, which honors pioneers who’ve opened paths for others.
Priyanka Chopra will receive the inaugural Global Vanguard Honor for her impactful 25-year career bridging Bollywood and Hollywood.
Other honorees include Ang Lee, Megan Thee Stallion, and Jon M. Chu for their contributions to global cinema, pop culture, and Asian Pacific representation. The event, hosting over 600 guests, also highlights the upcoming 2025 A100 List of top Asian Pacific influencers.

Summits & Conferences News

Fire Safety Week 2025: Health Ministry Leads Nationwide Drive to Strengthen Fire Safety

The Union Health Department, led by Health Secretary Punya Salila Srivastava, launched Fire Safety Week 2025 from April 21–25 to strengthen fire and electrical safety in India’s public and private healthcare facilities.
In collaboration with states, UTs, and central ministries, the initiative includes mock drills, fire safety audits, training, and awareness campaigns.
Over 3,000 participants joined, and webinars focused on fire prevention, regulatory compliance, and evacuation strategies. The campaign promotes a culture of safety, with hospitals urged to adopt innovative practices and share best practices.

Sports News

Wisden 2025 Honours: Bumrah & Mandhana Shine in Cricket’s Prestigious Almanack

In the Wisden Cricketers’ Almanack 2025, Jasprit Bumrah and Smriti Mandhana were named the Leading Cricketers of the Year for their exceptional performances.
Bumrah, with 200 Test wickets and a stellar year in 2024, was hailed for his dominance in Test cricket and his role in India’s T20 World Cup victory. Mandhana set a record for women with 1659 runs across formats, including four ODI centuries.
The edition also recognized Mitchell Santner for his outstanding performance and paid tributes to retiring legends like James Anderson and Graham Thorpe.

Virat Kohli Makes History with Most Fifty-Plus Scores

Virat Kohli set a new record in IPL history by surpassing David Warner for the most fifty-plus scores with his 67th score, achieved during RCB’s victory over PBKS.
Kohli’s unbeaten 73 off 54 balls guided RCB to chase down 158, marking his fourth fifty of the season.
With 322 runs in 8 innings at an average of 64.40 and a strike rate of 140.00, Kohli continues his dominance in the IPL, boasting 8,326 runs in 190 matches overall.

Oscar Piastri Wins 2025 Saudi Arabian Grand Prix

Oscar Piastri clinched his third win of the 2025 season at the Saudi Arabian Grand Prix held on April 20, 2025, at the Jeddah Corniche Circuit, overtaking Max Verstappen in the Drivers’ Championship standings.
Piastri, driving for McLaren, capitalized on a 5-second penalty for Verstappen, finishing with a time of 1:21:06.758. Verstappen and Charles Leclerc (Ferrari) completed the podium in 2nd and 3rd, respectively.
The race featured strategic brilliance, especially from Lando Norris, and marked Leclerc’s first podium of the season.

Science & Technology News

50 Years of Aryabhata Satellite: A Milestone in India’s Space Odyssey

Aryabhata, launched on April 19, 1975, was India’s first indigenously developed satellite, marking a historic milestone in the nation’s space journey.
Developed by ISRO with a team of just 25 engineers, it was launched aboard the Soviet Kosmos-3M rocket from Kapustin Yar, Russia, due to India’s lack of indigenous launch capabilities.
Named after the 5th-century mathematician and astronomer, Aryabhata was a quasi-spherical satellite designed for X-ray astronomy, solar physics, and ionospheric studies, and generated 46 watts of power through its solar panels.
Though communication was lost after 5 days, it remained in orbit for years, laying the foundation for India’s future missions like Chandrayaan, Mangalyaan, and Aditya-L1, and becoming a symbol of national pride, even featured on the two-rupee banknote.

Humanoid Robots Compete in Beijing Half-Marathon

Beijing hosted the world’s first Humanoid Robot Half-Marathon, where robots and humans ran in parallel lanes, marking a symbolic blend of sport and technology.
Featuring 20 robot teams with machines ranging from 120 cm to 180 cm, the event highlighted innovations in robot design, AI endurance, and engineering support like battery pit stops.
While the fastest human clocked 1:02 hrs, the top robot, Tiangong Ultra, finished in 2:40 hrs. Despite crashes and challenges, the event drew global attention, sparked debate on AI integration, and underscored China’s ambition to lead in robotics and AI development.