The Latest Breaking News from The Finance Ministry

India raised import duties on 28 American products including almonds in June 2019, after the U.S. had hiked its customs duties on certain steel and aluminium products. In a notification issued on September 5, the Finance Ministry dropped some of these tariff hikes.

India's inflation woes may be transitory due to global uncertainties and domestic disruptions. The Finance Ministry noted the 11.5% food inflation rate and 4.9% core inflation rate, and cautioned that global monetary tightening could hurt stock markets in emerging economies. Government efforts to reduce food inflation expected to materialise in…

The Gauhati High Court has asked the Finance Ministry and the Enforcement Directorate (ED) to update it on the status of the investigation into a money laundering case involving the Arunachal Pradesh Public Service Commission (APPSC). 

With more welfare schemes likely to be announced in Telangana, the government would do well in making sure that its finances are in place before any announcement is made

India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross ₹1.65 lakh crore in July. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues from the same month last year. Overall GST Compensation Cess levies, which will…

The interest of national security from the Defence perspective assumes greater national significance than the public interest, the High Court of Karnataka has said while quashing a tender awarded by the BHEL to a private company, having consortium agreement with a Chinese company, contrary to the Union government’s restriction imposed…

Under the Income Tax Act, an HUF is treated as a ‘person’ and is assigned a separate entity for the purpose of assessment. Read more details on The Hindu

The Congress alleged that the Narendra Modi government has unleashed “tax terrorism” by surreptitiously bringing the Goods and Services Tax Network under the Prevention of Money Laundering Act, saying that the move will be used to threaten trade and industry leaders

The implementation of the fiscal 2024 budget, starting on Oct 1, will be delayed if the new prime minister and government are not appointed within this month, according to the Budget Bureau.

The finance ministry deferred the imposition of an increased 20% rate for Tax Collected at Source to October 1, and said transactions with international credit cards overseas will not be subject to the Liberalised Remittance Scheme.

The planned issuance of three denominations of new banknotes, including a 10,000 yen bill featuring noted industrialist Eiichi Shibusawa, will begin in the first half of July next year, the Finance Ministry said Wednesday.