Finance Ministry

The Finance Ministry will invite comments from businesses on the proposed changes in monthly GST return forms, beginning November 1, a senior official said on Thursday. Central Board of Indirect Taxes (CBIC) Commissioner GST Policy Wing Gaurav Singh said the department would also work towards streamlining GST audit process. The 57th meeting of the GST Council, comprising Centre and state finance ministers, had approved an alternate mechanism for making amendments to liabilities and input tax credit (ITC) in GST returns to minimise mismatches and reduce notices/intimations. The Council approved enhancements in GST Forms GSTR-1/1A/IFF to enable better reconciliation of the details furnished in these forms with the details reported in the returns in monthly tax payment form GSTR-3B. Singh said the amended GST return forms will be put up for public consultation on 'MyGov' portal on November 1 and will be open for comments till November 30. The amended GST return form would be applicab

FM calls for multilateral rules as economic penalties have consequences beyond their intended targets

The finance ministry on Saturday said the legislative history of the IDBI (Repeal) Act, 2003, a Delhi High Court judgement and successive Union Budget speeches reflect the evolution of its policy towards the strategic disinvestment of IDBI Bank. The Cabinet earlier this week approved strategic disinvestment of IDBI Bank by selling 60.72 per cent stake to Canada's Fairfax Financial Holdings for about Rs 53,000 crore (USD 5.5 billion). The deal is the largest foreign investment in India's financial sector so far and a major milestone in the country's banking privatisation drive. In a clarification on the legislative developments regarding reduction in government holding in IDBI Bank, the ministry said the Delhi High Court on December 17, 2018, held that the IDBI (Repeal) Act, 2003, contained no prohibition against reducing the government's stake in IDBI Bank Ltd. It may be recalled that during the Union Budget, 2003, discussions and the parliamentary debate on the IDBI (Repeal) Act, .

Finance Minister Nirmala Sitharaman on Friday met Singapore President Tharman Shanmugaratnam and Prime Minister Lawrence Wong and discussed further strengthening bilateral cooperation. "Union Minister for Finance & Corporate Affairs Smt @nsitharaman called on H.E. Mr. @Tharman_S, President of Singapore, at The Istana, in Singapore, today. The meeting provided an opportunity to exchange views on taking forward the Comprehensive Strategic Partnership and further strengthening bilateral cooperation," the finance ministry said in a post on X. Singapore Prime Minister, in a separate post on X, said, "We had a good discussion on global economic developments and on navigating the ongoing energy crisis. She also shared updates on developments in India and new opportunities for investment and cooperation". Besides, Sitharaman also met Singapore Foreign Minister Vivian Balakrishnan. "There are many opportunities for Singapore companies to participate in India's long-term growth prospects. ..

GST refunds under the fast-track route will require officer scrutiny if an earlier refund order is under dispute, potentially delaying working capital relief for businesses

Banks have been asked to strengthen end-to-end digital lending and widen access to UPI credit lines as the government pushes deeper financial inclusion

Finance Minister Nirmala Sitharaman on Monday said a new template for bilateral investment treaties is ready and is expected to get Cabinet approval soon in a bid to make it more investor-friendly. The new template, being prepared over the last one-and-a-half years, seeks to address shortcomings in the model approved in 2016 and provide sharper protection to investors from both sides, she said. India has continued negotiations on investment protection agreements even as the new template is being finalised, she said at the Munich Security Conference here. The latest agreement, with Saudi Arabia, goes beyond the 2016 framework and incorporates elements that are more sharply focused on protecting the interests of investors from both countries, she said. India has also concluded similar agreements with the UAE, Oman and some Central Asian countries, Sitharaman said. "We have a new template which will be approved shortly. But in the meanwhile, we've not halted the process. We are ...

'Don't take growth for granted amid global shocks'

India, like other developing nations, faces a stiff challenge in attracting capital flows as near-term uncertainties over US trade relations, crude price spikes, and the lack of an India angle in global AI developments weigh on its investment attractiveness, a Finance Ministry report said on Thursday. Stating that high-frequency indicators for July-August 2026 suggest some moderation in the pace of economic activity following the strong 7.8 per cent GDP growth in the first quarter (April-June), the Monthly Economic Review said global conditions have turned unfavourable again, with an oil price spike in September and short-term pressure on the Indian currency remaining. "Geopolitical and geoeconomic uncertainty means that India cannot afford to rest on its post-Covid growth laurels. It has to be earned every quarter. That is the challenge for policymakers," said the Monthly Economic Review for September. The report highlighted the need to make the Indian economy "more ...

The finance ministry will begin a month-long series of pre-budget meetings from October 12 as part of the preparations for Union Budget 2027-28. "Pre-budget discussions to finalise RE (Revised Estimate) 2026-27 and BE (Budget Estimate) 2027-28 in respect of the Grants/appropriations will commence with effect from 12.10.2026 under the Chairmanship of Secretary (Expenditure)," a notice by the Budget Division of the ministry said. The notice dated September 23, 2026, circulated to all ministries and departments, has a schedule of meetings with the Department of Expenditure. The schedule has been prepared taking into account various exigencies, and is being circulated well in advance. Hence, ministries and departments should ensure that the necessary details required should be submitted by October 6, 2026, the notice said. These meetings will continue till November 13 as per the schedule. The Budget Estimates for 2027-28 will be provisionally finalised after completion of pre-budget

Public sector banks have issued advisories asking customers to complete important transactions in advance and use digital channels during the September 28-30 strike.

The finance ministry warned that the September 28-30 strike, combined with the preceding weekend, could effectively disrupt banking services for five consecutive days

The finance ministry will meet chiefs of PSBs, RRBs, IBA and Nabard to review contingency plans ahead of the three-day nationwide bank strike from September 28

The Finance Ministry has called a meeting of chief executives of public sector banks and regional rural banks on Monday to discuss measures to ensure continuity of banking operations and essential customer services during the three-day strike called by the United Forum of Bank Unions to press for 5-day banking and other demands. The bank unions have called a 3-day nationwide strike beginning September 28, which may impact banking services for five days as the weekend before September 28 is a holiday. This strike, if it materialises, would coincide with the half-yearly closing of the banking sector. Bank unions under UFBU had gone on nationwide strike on September 11 over their demand. The Department of Financial Services (DFS) Secretary will chair a meeting on Monday of chief executives of public sector banks (PSBs) and regional rural banks (RRBs) to discuss measures to ensure continuity of banking operations and essential customer services during the strike period, according to a .

The Finance Ministry will organise a two-day conference of finance ministers and finance secretaries of states and Union Territories with legislature here on September 18-19 to deliberate policy priorities for India's development journey towards Viksit Bharat. Finance Minister Nirmala Sitharaman will attend the conference, which will bring together several chief ministers and finance ministers of states along with senior state government officials, the ministry said in a statement. The conference, titled 'Financing India's Journey Towards Viksit Bharat', will focus on policy complementarities between the Centre and states, and seek to bring together academic research and practical policymaking to discuss financing requirements for India's development, it said. Department of Economic Affairs Secretary Anuradha Thakur will outline the objectives of the conference during the inaugural session, it said. The keynote address will be delivered by N K Singh, President and Life Trustee of t

The two-day conference will discuss GST 2.0, the macroeconomic outlook and financing for agricultural transformation, energy transition and Viksit Bharat

The finance ministry on Wednesday clarified that there was no foreign influence behind the decision to impose 0.4 per cent Merchant Discount Rate on UPI transactions above Rs 2,000. The clarification follows accusations by some Opposition parties, including the Congress, that the government succumbed to US pressure in taking the decision to impose the Merchant Discount Rate (MDR). "Some claims suggest the change is due to foreign influence. This is false. India's UPI policy decisions are made independently, with the clear goal of building a self-sustaining, inclusive, and affordable digital payments ecosystem," the finance ministry said in a post on X. Since its launch in 2016, UPI has grown into the world's largest real-time interoperable payment system - entirely on India's own terms, it said. UPI processed 24.5 billion transactions in August 2026 alone. To keep this system self-sustainable, secure and innovative, a small fee on high-value merchant transactions helps fund better

The commerce ministry sought ₹23,000 crore ($2.40 billion) from ​the finance ministry under the programme ‌for 2026/27

Union Finance Minister Nirmala Sitharaman on Wednesday called for independent research on tax policy to become part of public discourse, saying tax professionals must look beyond sectoral interests and put the national interest first. Sitharaman was speaking at the Eighth International Tax Conference on 'New Age Taxation' here organised by the International Tax Research and Analysis Foundation. "A mature tax policy debate must go beyond sectoral considerations," she said, urging tax professionals to "rise above sectoral consideration and put nation first." Sitharaman said the government had deliberately rationalised provisions relating to Tax Deducted at Source (TDS) and Tax Collected at Source (TCS), raised thresholds and reduced unnecessary criminal consequences. On international taxation, the finance minister said India renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore its right to tax capital gains at source.

MDR is the fee that merchants pay to banks and payment service providers for processing digital payment transactions