Page 30 - Union Budget

Indian refiners eye windfall from Urals oil drop: Will motorists benefit?

Indian refiners may face a windfall this year from falling Urals oil rates even as US levies sanctions on Russian firms. Will motorists benefit?

Paints sector looks for consumption-boosting measures in upcoming Budget

A 5 per cent price cut taken last year, new entrants capturing some market share, and an overall slowdown in the discretionary category

Budget 2025: Key industry expectations from tax cuts to reforms

A key expectation is the introduction of higher income tax exemptions to boost disposable income for middle-income households

How is the Indian Union Budget prepared?

The Indian Union Budget is crafted through a multi-step process involving various stakeholders.

Govt may introduce one-time amnesty scheme to resolve Customs disputes

The official said around 35,000 customs cases, involving over around Rs 50,000 crore are currently pending across various courts

Budgeting in the time of Trump: Balancing growth, jobs, and governance

The government must focus on improving governance and performance at PSUs and public sector banks (PSBs)

Days ahead of Union Budget, revenue secy Arunish Chawla shifted to DIPAM

In a significant reshuffle within the Finance Ministry, senior IAS officer Arunish Chawla has been reassigned from his position as revenue secretary to head the Department of Investment and Public Asset Management (DIPAM), a move which comes three weeks ahead of the Union Budget. DIPAM secretary Tuhin Kanta Pandey has been appointed as the new revenue secretary in place of Chawla, according to a personnel ministry order. Pandey is also the finance secretary. The changes come at a time when the Finance Ministry is working on the the Union Budget, scheduled for presentation on February 1. Wednesday's reshuffle is seen as the government's strategic adjustments as it gears up for the crucial financial planning period ahead. Chawla, a 1992-batch Indian Administrative Service (IAS) officer of Bihar cadre, was appointed as the revenue secretary only on December 25 last year. He was then working as the Secretary, Department of Pharmaceuticals. He will also hold additional charge of the pos

Business Standard poll: Experts see FY26 nominal GDP growth at 10-11%

The first advance estimates released by the National Statistics Office (NSO) on Tuesday estimated a nominal GDP growth of 9.7 per cent for FY25

Capex should be ramped up by 25% over BE: CII President Sanjiv Puri

CII President Sanjiv Puri said that exports are facing headwinds while suggesting measures such as minimum import and anti-dumping duty

Budget 2025: Why MF industry's top wish is tax relief for debt funds

The industry seeks a 12.5 tax rate on long-term capital gains (LTCG) for redeeming debt mutual fund units held over a year, aligning it with the rate applicable to listed bonds

Expect RBI to cut rates next month, Budget must focus on job creation: CII

Industry body CII expects the RBI to cut the benchmark interest rates next month to support sagging growth, its President Sanjiv Puri said on Wednesday and stressed the need to boost job creation through targeted interventions for labour-intensive sectors in the upcoming Budget. In an interview with PTI, Puri flagged "sticky" food inflation, highlighting the need to build agricultural resilience and de-linking it from the interest rates under the inflation targeting framework, arguing that it is on account of climate change and not really influenced by the monetary policy. Puri is also the Chairman and Managing Director of ITC. Finance Minister Nirmala Sitharaman is slated to present the Budget in Parliament on February 1. The Confederation of Indian Industry (CII) chief also expressed optimism that much-needed labour reforms will be taken up by the BJP-led NDA government in the third term, stressing that it would benefit the economy and create more jobs. Puri also raised the issu

Budget 2025: NRAI seeks industry status, subsidies for food services sector

National Restaurant Association of India (NRAI) on Wednesday asked the government to grant industry status to the food services sector while seeking an equitable and fair e-commerce policy to provide a level-playing field to protect restaurants, delivery partners and consumers from potentially exploitative practices of platforms. In its pre-Budget recommendations, National Restaurant Association of India (NRAI) said restaurants should be allowed to operate for longer hours, and also sought targeted subsidy schemes and access to debt financing for SMEs. NRAI said the industry is expected to reach Rs 7,76,511 crore and grow at an 8.1 per cent CAGR by 2028, making it the third-largest food services market globally. "Given the size (and) immense contribution of the food services industry to the country's economy, it should be accorded an industry status," NRAI said in a statement. Industry status helps in getting lower utility tariffs, reduced property taxes, easier access to finance,

Budget 2025 expectations: Insurers seek GST cut, Section 80D hike, more

Budget 2025: Key demands include reducing GST on premiums, revising tax exemptions under Section 80D, and introducing a health regulator to counter rising medical inflation

Union Budget should reduce personal I-T for lower-income groups: EY India

The Budget is expected to focus on boosting private capex, tax simplification and reduction in personal income tax, particularly for the lower-income groups, to stimulate demand, EY India said. The Union Budget for 2025-26 is scheduled to be presented in Parliament on February 1. EY India, in its Budget expectation note, said with over Rs 31 lakh crore stuck in income tax disputes as of 2023-24, there is an urgent need to clear Commissioner of Income Tax (Appeals) backlog and bolster alternate dispute resolution mechanisms like advance pricing agreements and safe harbours. "While a full comprehensive review of the direct tax code may take time, we might see some initial steps towards its implementation in this Budget. I also hope for a reduction in personal income tax, particularly for the lower-income groups, to provide relief and stimulate demand," said Sameer Gupta, National Tax Leader, EY India. EY said the expectations from Budget are focused on a set of strategic reforms that

Govt's fiscal deficit target in reach despite lower GDP estimate

The Budget had assumed nominal GDP to grow 10.5 per cent for FY25

10th oil and gas bidding round only after passage of oilfield Bill

Upcoming legislation meant to streamline exploration and production

Budget needs to prioritise strategies for sustainable economic growth

The government is unlikely to be pleased with the FAE, which could increase challenges both for the current year and the medium term

Can tax cuts be introduced in Union Budget 2025?

With Union Budget 2025 just around the corner, the buzz is growing. The big question: Will middle-income taxpayers finally get the relief they’ve been waiting for? Watch the video to know more.

Industry leaders seek affordable housing, duty relief at pre-Budget meet

The housing and infrastructure sectors were represented by leaders such as Hiranandani Group, Afcons, L&T, and GMR Group

Jobs, growth, demand in focus as FinMin concludes pre-Budget talks

The Union Budget for FY 2025-26 assumes significance as it comes on the back of lower than expected growth numbers in the second quarter and geopolitical uncertainty