Page 4 - Finance Ministry

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

FinMin likely to host two-day PSB Manthan with PSU bank leadership

The Finance Ministry is likely to hold a two-day PSB Manthan to brainstorm with the top leadership of public sector banks and unlock next-generation reforms, while continuing with the EASE journey, according to sources. The two-day brainstorming session, beginning September 12, would see participation of top management of public sector banks (PSBs), they added. The last such Manthan was held in April 2022, with the entire leadership of PSBs under the guidance of the Department of Financial Services (DFS) to take Enhanced Access & Service Excellence (EASE) reforms to the next level. EASE is based on the recommendations made by PSB Whole Time Directors (WTDs) and senior executives in 'PSB Manthan' held in November 2017. In the last manthan, six working groups were formed to look into the functioning of public sector banks (PSBs) and suggest ways to improve customer service, digitisation, HR incentives, corporate governance and collaboration. The latest round of PSB Manthan would be

Finance ministry to kick-start FY27 Budget making exercise from October 9

The finance ministry will kick-start the exercise to prepare the annual budget for 2026-27 from October 9 in the backdrop of geopolitical uncertainties and the steep US tariff of 50 per cent imposed on shipments from India. The budget for the next year will have to address issues of boosting demand, job creation and putting the economy on a sustained 8 per cent-plus growth path. The government estimates the Indian economy to grow in the range of 6.3-6.8 per cent during the current financial year. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence from October 9, 2025," according to the Budget Circular (2026-27) of the Department of Economic Affairs. "Financial advisers should ensure that the necessary details required in the appendices I to VII are properly entered...before or latest by October 3, 2025. Hard copies of the data in the specified formats should be submitted for cross-verification," the circular added. The Budget Estimates for 2026-27 will be ...

Next gen GST reforms will set economy open and transparent: Sitharaman

The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday . She was speaking at the 120th Foundation Day celebrations of Tamil Nadu-based City Union Bank, where President Droupadi Murmu was the chief guest. Sitharaman said Prime Minister Narendra Modi recently announced the creation of a Task Force for next generation reforms with a clearer mandate to simplify regulations, lower compliance costs and also build a more enabling ecosystems for startups, Micro, Small and Medium enterprises and entrepreneurs. "Complementing this, the planned roll out of the next generation GST reforms with the planned Council meeting tomorrow and day after, will set an economy absolutely open and transparent in the coming months and with further reduction in compliance burden, making it easier for small businesses to thrive" Sitharaman said.

Account Aggregator ecosystem driving credit access, says Finance ministry

Account Aggregator ecosystem is poised to unlock new frontiers in formal credit access, especially for MSMEs and personal lending, contributing meaningfully to India's journey towards Viksit Bharat by 2047, the Finance Ministry said on Tuesday. The Account Aggregator (AA) framework was officially launched on September 2, 2021, establishing a secure, consent-based system for financial data sharing. In 2016, the Reserve Bank of India issued the Master Directions for the AA ecosystem. On the occasion of the 4th anniversary, the ministry in a statement said, the AA ecosystem has grown rapidly and is witnessing accelerated adoption across banking, securities, insurance and pension sectors, strengthening India's DPI (digital public infrastructure). As on date, 112 Financial Institutions have gone live both as Financial Information Providers (FIP) and Financial Information Users (FIU), while 56 have gone live solely as FIP and 410 as FIU, it said. Over 2.2 billion financial accounts are n

TCA Kalyani takes charge as Controller General of Accounts, Finance

T.C.A. Kalyani, a 1991-batch ICAS officer, has been appointed Controller General of Accounts, bringing her 34 years of experience in key ministries to the Finance Ministry

FinMin, MeitY assure transition period for Online Gaming Act compliance

Govt to provide transition period for banks and fintechs under Online Gaming Act 2025; compliance clarity to come once rules are notified