Page 2 - Finance Ministry

CBDT plans nationwide outreach ahead of new Income Tax Act, 2025 rollout

Starting January 2026, the CBDT will conduct nationwide awareness and training programmes to familiarise taxpayers with the new Income Tax Act, 2025, which comes into effect on April 1, 2026.

Finance ministry to vet ongoing schemes for 16th Finance Commission

Ministries asked for five-year outlays and outcome assessments

Govt urges banks to deepen presence in IIBX, expand GIFT City operations

The senior government official further noted that the intent is to strengthen the ecosystem around IIBX and ensure that banks play a larger role in facilitating bullion trade and related financial flo

Overhaul of GST processes in works for easier compliance, faster refunds

The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs

Pre-Budget meeting: Ficci seeks faster resolution of tax disputes

Industry body calls for clearing ₹18 trillion in pending tax appeals, TDS rationalisation and tax neutrality for fast-track demergers ahead of Union Budget 2026

Economy accelerated in Q2FY26, momentum to sustain: Finance Ministry

The review also flagged the rise in long-term sovereign bond yields of major economies and said this could undermine the hedging role such bonds typically play in the financial markets

FinMin calls meet to spur gold and silver transactions through IIBX

The officials also noted that the upcoming meeting will take stock of the progress made since the last review held on August 6, 2025

Be polite in dealing with honest taxpayers: Sitharaman tells GST officers

Finance Minister Nirmala Sitharaman on Friday said GST officers should be polite and empathetic in dealing with honest taxpayers and asked them to use technology for faster registration approvals and grievance redressal. She also asked field formations to "proactively" undertake trade facilitation measures. "There is no iron wall between you and trader, there is thin air. You can understand where the difficulty is, rather than muddy it up any further," she said. Speaking at the inauguration of the CGST building in Ghaziabad, the minister flagged the need for timely conclusion of any disciplinary proceedings against officers of Central Board of Indirect Taxes and Customs (CBIC). This would send a clear message from the CBIC board that any misconduct, dereliction of duty or unethical behaviour by officers will not be tolerated. She said the ultimate goal of tax administration is to make life easy for honest taxpayers and to do that GST officers should follow the laid down SoP and sho

A big reforms push for small biz: PMO, ministries readying major MSME plan

PMO, finance, and MSME ministries working on cluster-to-national reform roadmap with focus on jobs, cost control, legal ease, and innovation in small business sector

Finance ministry rules out Customs duty relief for magnet PLI scheme

Finance ministry has ruled out customs duty exemption for REPM-making machinery, saying capital subsidy under the PLI scheme will offset high import costs amid China's export curbs

Centre extends tenure of 16th Finance Commission till November 30

The government has extended the tenure of the 16th Finance Commission by one month till November 30. The 16th Finance Commission was constituted by the government on December 31, 2023, with former Niti Aayog vice-chairman Arvind Panagariya as its Chairman. The report by the panel was due by October 31. The Commission will mainly make recommendations on the distribution of taxes between the Centre and states for a 5-year period starting April 1, 2026. The Finance Ministry, in a notification dated October 10, said that the date for submission of the 16th Finance Commission report is being extended till November 30. The Commission has four members and is assisted by Secretary Ritvik Pandey, two joint secretaries and one economic advisor. Retired bureaucrat Annie George Mathew and economist Manoj Panda are full-time members of the Commission, while SBI Group Chief Economic Advisor Soumya Kanti Ghosh and RBI Deputy Governor T Rabi Sankar are part-time members. Besides suggesting tax .

Finance ministry to review US tariff impact on MSME sector on Monday

DFS secy to meet PSBs to assess credit flow

Finance ministry raises questions over PLI plan for rare-earth output

Says these subsidies could leave bidder with little incentive to improve efficiency or cut costs

Private sector sees scope in India as govt maintains capex push: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said India's capacity to absorb external shocks is strong at a time when the world economy is undergoing a structural transformation. She said the task before nations is not only to manage uncertainty but to confront trade, financial and energy imbalances. "Geopolitical conflicts are intensifying. Sanctions, tariffs, and decoupling strategies are reshaping global supply chains... For India, these dynamics highlight both vulnerability and resilience. Our capacity to absorb shocks is strong, while our economic leverage is evolving. "Our choices will determine whether resilience becomes a foundation for leadership or merely a buffer against uncertainty," Sitharaman said at Kautilya Economic Conclave 2025 here. Addressing the session on 'Seeking Prosperity in Turbulent Times', Sitharaman said wars and strategic rivalries are redrawing the boundaries of cooperation and conflict. "Alliances that once appeared solid are being tested, and new .

FinMin urges RBI to push rollout of digital fraud detection platform

Once operational, DPIP will collect and analyse data from various sources to identify potential threats and prevent fraudulent activities

GST reforms will boost market purchasing and economy: MoS Chaudhary

The recent GST reforms will spur market consumption and boost the domestic economy, Minister of State for Finance Pankaj Chaudhary said on Monday. He said the impact of these reforms will be known in the next four to six months. Chaudhary interacted with businessmen, entrepreneurs, and tax experts in Indore regarding the Goods and Services Tax reforms. "Prime Minister Narendra Modi believes that when GST reforms bring additional money into the hands of the common people, it will definitely boost market purchasing and accelerate our economy," he said. Chaudhary said that though the GST system was introduced in 2017 under the leadership of PM Modi, efforts for it were going on for 10 years. Taking aim at the previous Congress-led UPA government, the MoS said, "The then government was not successful in introducing the GST system because people didn't trust that government. The lack of credibility was the reason that the erstwhile government couldn't convince states to adopt the GST .

FM Nirmala Sitharaman to inaugurate Kautilya Economic Conclave on Oct 3

The fourth Kautilya Economic Conclave will open Oct 3 with Finance Minister Nirmala Sitharaman inaugurating the three-day event on prosperity in turbulent global times

DFS, SC's MCPC hold 40-hour mediation training for DRT, PSU executives

DFS and Supreme Court's MCPC conducted a 40-hour mediation training for DRT presiding officers and PSU bank executives to enhance dispute resolution through consensus

FinMin calls meet with lenders on Swamih Fund II scope expansion

Finance Ministry to discuss SWAMIH Fund II, a ₹15,000 crore blended finance facility to complete 1 lakh homes, building on the success of India's largest real estate stress fund

GSTAT launch: One forum for state, Centre GST appeals, says FM Sitharaman

Sub heading: 4.8 lakh pending appeals to be heard, says GSTAT Head Mishra