FINANCE MINISTRY INDIA
SC seeks Centre's reply on PIL alleging Arunachal CM gave govt contracts to kin
The Supreme Court has directed the Centre to clarify its position within three weeks on a PIL alleging Arunachal Pradesh Chief Minister Pema Khandu awarded contracts to family members. The court instructed the Union of India to file a detailed affidavit, including responses to the state's affidavit and the CAG report.
India, Israel ink bilateral investment treaty
India and Israel have formalized a bilateral investment treaty (BIT) aimed at boosting investment flows between the two nations. The agreement, signed by Finance Minister Nirmala Sitharaman and her Israeli counterpart Bezalel Smotrich in New Delhi, comes as both countries are actively engaged in negotiations for a free trade agreement.
FM Sitharaman has a message of hope for exporters hit by Trump tariffs
Finance Minister Nirmala Sitharaman said that the Indian government is developing a support package for exporters facing a 50% US tariff, initiated partly due to continued oil imports from Russia. Various ministries are assessing the tariff's impact on sectors like textiles, gems, and leather.
India cautions SCO against misuse of export measures
India cautioned against weaponizing export measures at the SCO trade ministers' meeting, emphasizing the need for fair trade practices and a functional WTO. India highlighted diversifying supply chains, addressing trade imbalances, and ensuring climate measures don't discriminate. The nation also proposed SCO workstreams for the digital economy and spotlighted the AVGC sector's potential.
USIBC lauds India's GST reforms, calls it a boost for business and investment sentiment
The US-India Business Council (USIBC) has lauded India's restructured Goods and Services Tax (GST), praising Prime Minister Modi, the GST Council, and the Ministry of Finance for the move. USIBC believes the rationalization of GST slabs and reduced tax rates across key sectors will enhance the business environment, attract global investment, boost consumption, and improve affordability for consumers.
Lower GST will boost India's economy significantly, says FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman announced a new dual-slab GST structure expected to significantly boost India's economy. The government is also preparing a package for US tariff-affected export sectors and relentlessly working on next-generation policy changes. While not directly addressing tariff issues, the GST reform is anticipated to spur demand and provide some relief to affected sectors.
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Will Indian banks meet the SWIFT ISO 20022 implementation deadline?
Indian banks are accelerating efforts to fully implement SWIFT's ISO 20022 messaging standard by the November 2025 deadline, driven by directives from the Ministry of Finance and the RBI. Several major banks, including SBI and ICICI Bank, have already migrated to the new system. Failure to comply with the deadline could result in payment disruptions and penalties.
GST Diwali Dhamaka has a catch, but govt is watching
The government is closely monitoring businesses to ensure that the recent GST rate cuts reach consumers, especially during the festive season. Ministries are collecting price data and urging companies to voluntarily pass on the benefits. While some industries have pledged to reduce prices, concerns remain about full transmission due to factors like existing inventory and lack of consumer awareness.
GST 2.0: Reforms to propel MMF textile industry; sub-Rs 2,500 retail segment poised for growth
The reforms are expected to correct anomalies at the fibre stage, reduce costs at the yarn and fabric stages, improve garment affordability, revive demand at the retail stage, and enhance export competitiveness.
MGNREGA 'chronically underfunded' for last 11 years to 'throttle' scheme: Congress
The Congress party criticizes the Modi government for allegedly underfunding MGNREGA, hindering its demand-driven nature. Jairam Ramesh highlights the scheme's 20th anniversary, expressing concern over its future due to budget constraints and delayed payments. The party demands increased funding, a minimum wage of Rs 400 per day, and a halt to exclusionary technologies impacting worker access and payments.
New GST rate on cars and other vehicles simplified; check old vs new GST on automobiles
The GST Council has revised the Goods and Services Tax, simplifying it into 5% and 18% slabs. GST on small cars is reduced to 18%, while other car segments face a 40% tax. This eliminates cess and simplifies tax calculations on vehicles and household goods.
Govt seeks applications for position of Sebi Whole-Time Director
The Centre has initiated the application process for a whole-time director at SEBI, as Ananth Narayan's term concludes next month. The appointment is for five years or until the age of 65, with an application deadline of October 6. Narayan's tenure included significant orders and policy changes, while the government is yet to fill another whole-time member vacancy.
Govt to monitor GST rate cuts to ensure relief reaches common man: Minister
The finance ministry will closely monitor the implementation of reduced GST rates to ensure the relief reaches the common man, according to Minister Pankaj Chaudhary. This move, coupled with income-tax relief, aims to boost consumption. While income-tax relief benefits the middle class, GST relief will benefit a broader spectrum, including the poor, MSMEs, and others.
GST rate cuts complement Ayushman Bharat, PMJAY, says health ministry
The government's GST reforms aim to make healthcare more accessible and affordable by exempting health and life insurance premiums, reducing taxes on essential medicines and medical products. These changes complement initiatives like Ayushman Bharat and PMJAY, encouraging wider insurance adoption and lowering healthcare costs for citizens. The move also supports preventive healthcare by maintaining high taxes on harmful goods.
GST reforms: Life & health insurance to see 0% GST
The GST Council has eliminated the 18% tax on individual life and health insurance policies, aiming to boost affordability and coverage. Finance Minister Nirmala Sitharaman expects companies to pass on the benefits to consumers. This move, effective for all individual policies and reinsurance, seeks to reverse the recent decline in insurance penetration across India.
Indian coal prices to be lower after tax revision, industry officials say
India's coal prices are set to decrease due to tax revisions. The consumption tax hike is offset by removing the carbon levy. This change may boost domestic coal demand, potentially reducing imports. Power generation costs could also fall. The move aims to aid power producers and Coal India's sales. Consumer tariffs might decrease if distribution companies pass on the savings.
Delta Corp, Nazara Technologies shares slide up to 7% after GST Council imposes 40% levy on casinos, gaming
Delta Corp and Nazara Technologies shares plunged following the GST Council's approval of a 40% tax on casinos, betting, and online gaming. Delta Corp faced a 7.2% drop, while Nazara Technologies also experienced a decline. This decision comes after Delta Corp shelved its Goa resort-cum-casino project due to GST uncertainty.
Government planning to bring shell companies out of their shell
The government is planning stricter regulations to oversee shell companies, aiming to eliminate regulatory blind spots. Ministries are considering a shell company registry and a refined definition of 'shell company'. Discussions involve intelligence agencies, focusing on stringent norms and leveraging the Central KYC Registry for early detection and risk mitigation.
Stocks in news: Jio Financial, Swiggy, Aptus Value Housing, Coal India, Maruti Suzuki
Indian markets surged, fueled by GST Council optimism. Key highlights include BHEL securing a ₹2,600 crore order and Swiggy raising platform fees in high-demand areas. Aptus Value Housing faces a potential share sale by WestBridge Capital, while Maruti Suzuki unveils its new Victoris SUV. Coal India is venturing into renewable energy with significant solar and wind power plant tenders.
Digital competition bill: Companies may be allowed to contest 'Big Tech' tag to stay safe from preventive action
The Centre is considering a mechanism for large companies to challenge their designation as Systemically Significant Digital Enterprises (SSDEs) under the proposed digital competition law, pending a market study. This follows concerns raised by digital players and a parliamentary panel about the potential for inadvertently capturing fast-growing domestic firms.
Govt likely to roll out four schemes to help exporters facing 50% US tariffs: Report
In response to Washington's tariff hike, the Indian government is preparing a support package for exporters, potentially including credit and liquidity measures akin to those during the Covid-19 pandemic. The focus is on aiding MSMEs in sectors like textiles, gems, and engineering goods to withstand the impact, maintain jobs, and explore new markets.
Fresh registrations of companies surge despite tariff shock
India saw a rise in company and LLP registrations in August. Investor confidence remains strong despite US tariffs. Govt officials are optimistic about India's growth. Reforms in GST are expected to boost consumption. India's GDP growth in June quarter is encouraging. Free trade agreement with the UK and ongoing trade negotiations are positives.
Budget 2026-27 preparation to begin on October 9: Finance Ministry
India's finance ministry is set to begin crafting the Union Budget for 2026-27 amidst new US tariffs and global economic uncertainties, starting October 9. The budget aims to navigate these challenges while advancing reforms to boost growth and employment. Ministries are urged to provide realistic projections and align allocations with approved plans, avoiding liability transfers between Finance Commission cycles.
Account Aggregator ecosystem to unlock new frontiers in formal credit access: Finmin
The Account Aggregator (AA) ecosystem, launched in 2021, is rapidly expanding, fostering secure, consent-based financial data sharing. With over 2.2 billion accounts enabled and millions of users linked, it strengthens India's digital public infrastructure. Recognized during India's G20 presidency, AA is poised to boost formal credit access, particularly for MSMEs, contributing to India's Viksit Bharat vision.
IITs struggle with rigid rules on faculty posts
Leading Indian Institutes are facing challenges. These challenges are due to strict rules on faculty positions. The Finance Ministry's order restricts creation of in-house posts. IIT Council aims for self-reliance. The new rule delays post creation. Concerns were raised with the Education Ministry. The Centre amended financial rules for scientific institutions. Government insiders are working on relaxations.
Rajit Punhani takes charge as CEO of FSSAI
Rajit Punhani, a 1991-batch IAS officer from the Bihar cadre, has assumed the role of Chief Executive Officer at the Food Safety and Standards Authority of India (FSSAI). With over three decades of administrative experience, Punhani's previous roles include Secretary of the Ministry of Skill Development and Entrepreneurship, Secretary of Rajya Sabha, and CEO of Sansad TV.
India's semiconductor consumption to rise multifold to $100-120 billion by 2030: L&T Semiconductor Technologies' CEO
India's semiconductor consumption is projected to surge to over USD 120 billion by 2030, driven by increasing demand. To foster domestic production, the ICEA launched a Semiconductor Product Design Leadership Forum, aiming to establish India as a global hub for semiconductor design and innovation.
Zomato, BookMyShow join I&B Ministry to boost live events industry
The Ministry of Information and Broadcasting convened the Joint Working Group to boost India's live events industry, aiming to be a top global destination by 2030. Key initiatives include a single-window platform for event permissions, a digital music licensing registry, and infrastructure development.
PFC, JBIC ink Rs 3,500 cr loan pact to fund clean energy projects in India
Power Finance Corporation and Japan Bank for International Cooperation have formalized a loan agreement of 60 billion Japanese Yen to boost clean energy initiatives in India. This collaboration, under JBIC's GREEN initiative, aims to foster sustainable development and strengthen Indo-Japanese economic relations. A portion of the loan will support Assam Bio Ethanol Pvt Ltd's innovative bio-ethanol plant.
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