BUSINESS
MSMEs in Bihar, UP, Odisha, N-E availing more Mudra loans, shows SBI report
The SBI report on ten years of PMMY said that the share of MUDRA loans in Bihar, Uttar Pradesh, Odisha, and the North-east has grown significantly, indicating a more inclusive credit distribution pattern.
BUSINESS
Abolishing Equalisation Levy may cost Centre over Rs 3,000 crore in revenue loss
The removal of the six percent Equalisation Levy on online advertisements from April 1, 2025 is expected to benefit global tech giants, while leading to a significant revenue loss for the government.
BUSINESS
Centre raises Dearness Allowance by 2% for government employees, pensioners
Increase to benefit over 1.15 crore individuals; effective from January 1, 2025
BUSINESS
States are ultimate beneficiaries of cesses: FM Sitharaman
Nirmala Sitharaman refuted states' allegations on cess utilisation.
BUSINESS
Finance Bill, 2025, limits tax scrutiny to undisclosed income in search cases
Now, tax authorities can reassess hitherto undisclosed earnings only, and not income that’s already been declared.
BUSINESS
Presumptive tax will override other taxes for foreign service providers in electronics manufacturing
The presumptive taxation scheme has been established for foreign electronic manufacturers to override other provisions, reducing litigation and compliance burdens for non-resident firms
BUSINESS
Government expects minimal impact of Trump's reciprocal tariffs, higher auto, steel levies
The thinking in the government is that the goods which could be targeted after April 2 are not price sensitive, while the country's auto exports to the US are modest at best
BUSINESS
Finance Bill 2025 removes indirect investment tracking for offshore funds, boosts India's appeal for global fund managers
The Finance Bill 2025 has amended the rules so that only direct investments by Indian residents will be considered within the 5 percent safe harbour threshold.
BUSINESS
India sees room to remove tariffs on US imports of crude oil, diamonds under trade pact
As part of an internal study by the Finance Ministry and NITI Aayog, the government is analysing tariff lines between India and the US to identify areas where the former can lower duties irrespective of domestic capacities. However, this is not related to the April 2 deadline for Trump’s reciprocal plan.
BUSINESS
Your digital footprints will soon be under taxman's scanner
Encrypted WhatsApp messages helped uncover Rs 200 crore in unaccounted money, says Finance Minister
BUSINESS
GoM examining GST cut proposal for farm input items, says FM Sitharaman
Farmers have been demanding that Centre must do away with Goods and Services Tax (GST) on agricultural equipment and inputs, which they feel is a big burden on farmers, and should be waived off to lower the cost of cultivation.
BUSINESS
Centre to finalise 8th Pay Commission terms; cabinet approval likely soon
The finance ministry is waiting for final inputs from key departments before sending the terms of reference for cabinet approval, paving the way for the commission’s formation.
BUDGET
Govt to soon clear compensation for OMCs’ LPG losses
A meeting of the Expenditure Finance Committee was held on March 21 to discuss the compensation framework for OMCs, which have suffered significant financial strain due to high international LPG prices.
BUSINESS
Finance Bill proposal to scrap 6% equalisation levy on online advertising from April 2025 to benefit Google, Meta
The move comes amid renewed trade negotiations with the United States. The removal will benefit non-resident entities which are into digital advertising services.
BUSINESS
Finance Minister likely to engage with GoM to end impasse on 12% GST slab
The GoM, comprising Bihar, Uttar Pradesh, Rajasthan, Kerala, Karnataka and West Bengal, is divided on doing away with the 12% GST slab.
BUSINESS
Listed share acquisitions: Govt weighs relief to shield deals from tax volatility
Companies contend that the existing tax rules fail to account for stock price fluctuations between deal signing and execution
BUSINESS
GST relief on insurance likely as IRDAI on board; GoM to meet in April
The GST Council may finalise relief on life and health insurance at its next meeting, with states showing consensus on the matter.
BUSINESS
Indian Railways to miss asset monetisation target by over Rs 1.23 lakh crore
A slew of factors such as lack of interest from the private sector, absence of an independent regulator and stringent regulations have weighed on the Railways' asset monetisation efforts.
BUSINESS
All top 500 companies yet to engage in PM Internship Scheme, says FM Sitharaman
FM Sitharaman has sought greater involvement from leading companies, calling it essential to maximise the scheme's impact and help the youth meet industry’s expectations.
BUSINESS
MOD’s GST case next hearing on March 24, Rs 100 crore tax dispute could set precedent
The Bombay High Court’s decision on Mad Over Donuts' tax classification case could clarify GST treatment for restaurant and bakery services.
BUSINESS
Select committee on I-T bill to submit recommendations in monsoon session
The Central Board of Direct Taxes is preparing a detailed, chapter-wise presentation on the proposed bill to present before the Select committee. This will list the bill's general provisions, specific chapter-wise amendments and the underlying process and policy changes, a senior government official said.
BUSINESS
Government to redevelop over 55 acres of land from defunct pharma PSUs like IDPL in and Bengal Immunity
The government aims to utilise land from closed pharma units for healthcare and education infrastructure in Telangana, West Bengal and Uttarakhand. It has roped in NIPER, a government-owned pharmaceutical research body, to redevelop the land in Hyderabad.
ECONOMY
Govt’s active debt management to lower borrowing costs for Centre, states: FM
High-cost debts are being repaid to ease borrowing rates, Sitharaman said in the Lok Sabha during the ongoing Parliament session
BUSINESS
No decision on NMDC, KIOCL merger, says government
The Ministry of Steel had proposed merging NMDC with KIOCL, and the proposal was submitted to the Ministry of Finance around December 2024.
