Page 3 - Finance Ministry

Most states bunch up expenditure in March, CAG warns of fiscal risks

CAG warns most Indian states of fiscal imprudence as March spending overshoots limits, with key departments exhausting large portions of budgets in the last month of FY24

DGTR recommends 5-year anti-dumping duty on select Chinese cranes imports

The commerce ministry's probe agency has advised imposing a five-year anti-dumping duty on specific Chinese crane imports to shield domestic firms from low-cost shipments

40% GST slab: Cess backlog hits cigarette, aerated drink distributors

Distributors of aerated drinks and cigarettes told the Finance Ministry that cess accumulation under the new 40 per cent GST regime is blocking working capital and hitting liquidity

Desist from spending on festival gifts, Finance Ministry tells CPSEs

The Finance Ministry has asked CPSEs to discontinue the practice of spending on Diwali and festive gifts to ensure judicious utilisation of public resources and fiscal discipline

Bricks to continue under GST 2.0 special composition scheme at 12%

The GST Council has kept the special composition scheme for bricks unchanged, retaining 6% without ITC and 12% with ITC, with a Rs 20 lakh threshold, under GST 2.0

Finance ministry urges employees to opt for UPS before Sept 30 deadline

The Finance Ministry on Thursday asked government employees to opt for shifting to the Unified Pension Scheme (UPS) well before the September 30 deadline to ensure the timely processing of their requests. From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for central government employees. UPS will provide assured payouts to the employees. In a statement, the Ministry said the last date for eligible employees and past retirees under NPS to opt for UPS is September 30, 2025. "All eligible employees are urged to exercise their option well before the deadline to avoid any last-minute difficulties and to ensure timely processing of their requests. Employees who choose to remain in NPS cannot opt for UPS after this date," the ministry said. Around 31,555 central government employees had opted for the UPS till July 20, and the last date to enrol under the scheme is September 30. Also, the Finance Ministry, on August 25, introduced a

Govt notifies revised CGST rate schedules, effective September 22

The Finance Ministry has notified revised CGST schedules covering seven categories of goods, effective September 22, with States set to issue matching SGST notifications

No need to relabel existing medicine stock: FinMin on new GST rates

Finance Ministry clarified that medicines released before Sept 22 need not be recalled or relabelled under GST 2.0, with compliance ensured via revised price lists at retail level

Finance ministry flags low PSB credit to labour-intensive sectors

The official further added that the advances to agriculture and retail sectors touched 92 per cent and 98 per cent respectively for below the Rs. 10 crore loans category

No ITC for hotel rooms up to Rs 7,500 under 5% GST, says FinMin

Finance Ministry clarified that hotels must levy 5% GST without ITC on rooms up to Rs 7,500, a move industry bodies warn could hurt mid-scale and budget hotels

In AI world, regulation must keep pace with tech: FM Nirmala Sitharaman

FM Nirmala Sitharaman urged soft-touch AI regulation to foster innovation while ensuring responsible use, as Niti Aayog projected AI could add $600 billion to GDP by 2035

Senior FinMin official killed, 3 injured as BMW hits motorcycle in Delhi

A senior official of the Union Ministry of Finance died and three people, including his wife, were injured after a BMW allegedly hit his motorcycle near Delhi Cantonment metro station on Ring Road here on Sunday, police said. The deceased was identified as Navjot Singh, Deputy Secretary in the Department of Economic Affairs, Ministry of Finance, and a resident of Hari Nagar, according to police. Police said three PCR calls were received in the afternoon about a traffic jam near metro pillar number 67 on the Dhaula Kuan-Delhi Cantt metro station stretch. A police team rushed to the spot and found a BMW lying sideways on the road and a motorcycle parked near the road divider, they said. Eyewitnesses told police that a woman was driving the car when it hit the motorcycle from behind. Police said Singh was driving the motorcycle and his wife was riding pillion. They were rushed to a hospital in a taxi by the woman who was driving the car and her husband, who was accompanying her. Lat

Finance ministry, consumer affairs department review MRP circular

Businesses say they may find it difficult to reduce prices to the full extent of GST reduction because they may have paid higher input taxes on stocks lying with them. For that they won't be refunded.

India's external debt rose at fastest pace in 7 years in FY25: Report

The dollar-terms growth significantly outpaced the 6.4 per cent uptick recorded in FY24, when external debt had touched $663.8 billion

Contractors, hoteliers push for GST fixes, clarity on input tax credit

Urge CBIC to implement a special GST payment mechanism

NaBFID to submit infrastructure financing report to DFS within 15 days

NaBFID will consult stakeholders and submit a report to the Department of Financial Services in 15 days after a meeting chaired by DFS Secretary M Nagaraju with top banks and DFIs

Insurance executives knock on FinMin door for input tax credit fix

The insurance chiefs in a letter submitted to the finance ministry officials on Friday sought for implementation of the new GST rates on a prospective basis, while allowing for ITC on renewal premiums

FinMin asks CGST field offices to submit MRP change data after Sep 22

The finance ministry has asked Central GST field officers to submit monthly report of price change in 54 commonly use items, like butter, thermometer and toys, after the new lower GST rates are implemented from September 22. In a letter to Principal Chief Commissioners of CGST zones, the ministry said the first report on the comparative details of Maximum Retail Price (MRP) of these commodities brand-wise will have to be submitted to the Central Board of Indirect Taxes and Customs (CBIC) by September 30. The monthly report on pre- and post-September 22 MRP will have to be submitted to the CBIC by the 20th of every month for the next six months, said the letter dated September 9. The list of 54 items include cement, shampoo, toothpaste, tomato ketchup, jams, ice cream, AC, TV, all diagnostic kits, glucometer, bandages, erasers, and crayons, among others. The GST Council in its meeting on September 3 had decided to reduce tax rates on 375 items. It also decided to make GST a two-tier

GST revamp to set off demand, investment, job cycle: FM Nirmala Sitharaman

Sitharaman says the govt will shift focus to speed up disinvestment

Cabinet Secretariat, ministries to meet Monday on smooth GST rollout

According to another official, Finance Ministry is eager to re-examine certain sectoral issues if directed by the Prime Minister's Office