Tariff news live: Ahead of April 2nd deadline, White House targets India with '100%' duty jab

For more than three decades, the pharmaceutical sector has been protected from tariffs by a World Trade Organization agreement designed to improve access to life-saving drugs. Read More

GST collections rose 10 percent to Rs 1.96 lakh crore in March, compared with Rs 1.84 lakh crore in the previous month. March marks the 13th consecutive month of over Rs 1.7 lakh crore of collections. For the quarter, GST collections at Rs 5.8 lakh crore were 10.4 percent higher compared with the similar period during the previous year. (Read more)

Zomato has let go of as many as 600 customer support associates within a year of hiring them, people in the know told Moneycontrol. This comes at a time when the food and grocery delivery major has witnessed slowing growth in its core food delivery vertical, and mounting losses in its quick commerce arm Blinkit. (Read more)

Domestic brokerage Motilal Oswal said that US President Donald Trump’s reciprocal tariffs, which are expected to be imposed on April 2, will have “minimal impact” on India’s economy. “India faces the largest tariff gap vs. other major nations. However, the US’ trade deficit with India (or India’s surplus with the US) is only the 10th highest among the US’s trading partners, which might cushion it from specific targeting, in contrast to Mexico, Canada, and China,” it said. “India’s exports in the six most vulnerable sectors amount to only 1.1% of India’s GDP,” the brokerage added.

U.S. President Donald Trump is set to unveil reciprocal tariffs on April 2. So far, President Trump’s inconsistent messaging on the tariffs have roiled the international landscape, sending shockwaves, as caution and volatility dictate the market sentiment. Fears of a global trade war have sent investors rushing to the safety of safe-haven assets such as gold and government securities. (Read More)

• The European Union will be ready to retaliate against U.S. trade tariffs with strong countermeasures if needed, European Commission President Ursula von der Leyen said on Tuesday.
• "Our objective is a negotiated solution. But of course, if need be, we will protect our interests, our people, and our companies," von der Leyen said in a speech in the European Parliament in Strasbourg.
• "We do not necessarily want to retaliate. But if it is necessary, we have a strong plan to retaliate and we will use it." (Reuters)

The world is on edge as the reciprocal tariffs deadline set by US President Donald Trump ends tomorrow. In an interaction in the Oval Office, Trump once again ratcheted the trade war suspense. Even as the economists fear that the impact of the reciprocal tariffs will push the US into recession, the Trump administration is preparing for the grand ceremony where the President will announce levies. (Read More)

• British business minister Jonathan Reynolds said the government was hopeful that any tariffs imposed by U.S. President Donald Trump would be reversed shortly, if the two sides agree a tech-led economic deal.
• Britain expects to be hit by Trump's plan to put tariffs on goods from countries across the globe this week, but the government has said it will continue to negotiate a new economic partnership to help secure exemptions after the levies come in.
• Reynolds told Sky News on Tuesday that Britain was taking a "calm-headed approach" and asked if he was hopeful that a deal would lead to tariffs being dropped in weeks or months, he said: "I am, that would be my objective." (Reuters)

Worries about US tariffs and a murky economic outlook have dragged the S&P 500 and Nasdaq Composite to their worst quarterly performances since 2022, prompting a growing number of investors to shift capital abroad. As the Trump administration’s erratic trade policies weigh on sentiment, money managers are looking toward Europe and other global markets in hopes of finding more stability—and new sources of growth, the Wall Street Journal reported. (Read More)

• The Indian central bank will collaborate with the government to improve the inflation targeting framework and to obtain the 'Goldilocks conditions' for inflation and growth through appropriate monetary and fiscal policies, said Governor Sanjay Malhotra in an opinion piece published on Monday.
• India adopted the flexible inflation targeting framework (FIT) in 2016, which mandates the Reserve Bank of India to guide inflation towards a target of 4%, keeping it within a +/- 2% range on either side.
• The inflation target, to be revised once every five years by the government in consultation with the RBI, is due for the next review in 2026. (Reuters)

Danish Foreign Minister Lars Lokke Rasmussen is set to meet U.S. Secretary of State Marco Rubio in the first in-person, high-level talks between the two countries since US President Donald Trump's re-election, the Financial Times reported on Tuesday. Rasmussen and Rubio plan to meet on the sidelines of a meeting of NATO foreign ministers in Brussels that begins on Thursday, the report said, citing two officials briefed on the preparations. (Reuters)

For taxpayers, the new financial year will begin on a positive note as they are set for big savings starting April 1. Finance Minister Nirmala Sitharaman’s budget announcements for FY25-26 come into effect today, and those who choose the new tax regime will have to pay significantly less this year. Here’s a look at the income tax slab rejig and other measures that will come into force. (Read More)

President Donald Trump will announce his reciprocal tariff push on Wednesday during an event in the White House Rose Garden, his top spokeswoman said. White House Press Secretary Karoline Leavitt said Monday the announcement would feature “country-based” tariffs. She said the president is also “committed to implementing” sectoral duties but that they were not the focus of the April 2 event and deferred to Trump about the timing of those. Members of Trump’s Cabinet would attend the announcement, Leavitt said. (Bloomberg)

The National Payments Corporation of India (NPCI) has issued an addendum to its previous circular on numeric UPI ID resolution. The new guidelines, effective from April 1, 2025, aim to enhance interoperability, prevent errors due to recycled mobile numbers, and improve user consent mechanisms. All UPI member banks, PSPs, and third-party app providers (TPAPs) must comply with these changes. (Read More)

• The Goods and Services Tax (GST) system will implement the following updates:
• Mandatory Multi-Factor Authentication (MFA): Taxpayers will be required to complete MFA when logging into the GST portal to ensure enhanced security.
• E-Way Bill Restrictions: E-Way bills can now only be generated for base documents that are no older than 180 days.

Starting today, major banks such as State Bank of India (SBI), Punjab National Bank (PNB), and Canara Bank will update their minimum balance requirements. Customers who do not maintain the required balance may incur penalties.

Oil marketing companies have lowered the prices of commercial LPG gas cylinders. Starting today, the price of a 19 kg commercial LPG cylinder has been reduced by Rs 41. In Delhi, the new retail price for a 19 kg commercial LPG cylinder is Rs 1,762.

According to Deloitte India’s estimates, individuals earning over Rs24 lakh will need to claim deductions of at least Rs8 lakh for the old tax regime to be more beneficial. In simple terms, common deductions such as Rs1.5 lakh under Section 80C (for tax-saving investments), up to Rs1 lakh under Section 80D (for health insurance premiums), and Rs2 lakh under Section 24b (for home loan interest) will not be sufficient to outweigh the advantages of the new tax regime.

As per Deloitte India’s estimates, a salaried individual earning Rs 12 lakh will see a tax reduction of Rs 83,200 (including cess). A taxpayer with an income of Rs 16 lakh will save Rs 52,000 under the revised structure, assuming they had opted for the new regime in 2024-25 as well. Similarly, those earning Rs 1 crore will benefit from a tax cut of Rs 1,25,840, while individuals with Rs 2 crore in income will see their tax liability decrease by Rs 1,31,560 in the 2025-26 financial year.

Under the new tax regime, individuals earning up to Rs 12 lakh annually (Rs 12.75 lakh for salaried employees, including the standard deduction) will not have to pay any tax. However, they must file their returns to claim a rebate of up to Rs 60,000. Those in higher income brackets will also see benefits from the revised system.

April 2025 is set to bring a wave of financial changes that will shape your finances for the year ahead. Starting April 1, the major tax cuts announced in Budget 2025 will come into effect. Meanwhile, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) will convene from April 7 to 9 to decide on a potential repo rate cut, which could directly impact your home loan EMIs. (Read More)

Hello and welcome to our ongoing live coverage on major money changes that will come into effect from today. One of the biggest changes that is going live from today is the new income tax slab. For all those who opt for the new tax regime, the new tax bracket announced by Union Finance Minister Nirmala Sitharaman will go live starting today. Stay with us to understand the I-T slabs and other financial changes.

From tomorrow i.e April 1st, 2025, the new tax year will begin, ushering in a raft of changes that will impact you directly. There are some key money changes as well as some policy reforms that will kick in from Tuesday. Read More

The National Highway Authority of India (NHAI) may increase toll tax rates starting from midnight on March 31, which could directly impact your highway travel.

Dream Sports, the parent firm of fantasy sports major Dream11, has shifted its domicile from Delaware, United States to India, joining the ranks of several top Indian startups moving their base back to the home country, often referred to as 'reverse flipping', amid favourable economic policies and compliance requirements. (Read More)

As Nintendo prepares to unveil the highly anticipated Switch 2, the gaming giant is also navigating a global trade war. With potential US tariffs looming, according to a report by The Financial Times, Nintendo has been quietly shifting production away from China, with Vietnam and Cambodia emerging as key manufacturing hubs. (Read More)

Bank Holidays In April 2025: As per the holiday calendar issued by the Reserve Bank of India, all non-scheduled and scheduled banks across the country will remain shut on second and fourth Saturdays. (Read Full List)

Starting April 1, SBI, Punjab National Bank, Canara Bank, and other lenders will implement new minimum balance rules. Account holders failing to maintain the required balance will face penalties.

• Beginning April 1, new GST rule changes will take effect.
• The Goods and Services Tax (GST) portal will now require mandatory multi-factor authentication (MFA) for taxpayers to enhance security.
• E-Way Bills (EWBs) can only be generated for base documents that are no more than 180 days old.

• Changes in credit card rules will affect the reward points structure for certain cardholders.
• SBI SimplyCLICK and Air India SBI Platinum Credit Card users will see modifications in their reward points system.
• Axis Bank will update its Vistara Credit Card benefits following Vistara's merger with Air India.

The first month of the financial year is the time to start your financial planning for the next 12 months. In FY2025-26, a lot is set to change. Budget 2025’s big bang tax bonanza will take effect now and is bound to benefit your finances. So, you must review your monies, reassess your goals, and scrutinise your investment portfolio. (Read More)

If your UPI-linked mobile number has been inactive for an extended period, update it with your bank before April 1 to ensure uninterrupted access to your UPI account.

US President Donald Trump stated on Sunday that the upcoming reciprocal tariffs will apply to all nations, rather than just the 10 to 15 countries with the largest trade imbalances. He plans to unveil the extensive tariff plan on Wednesday, referring to it as "Liberation Day." Previously, Trump had already imposed tariffs on aluminum, steel, and automobiles, as well as heightened tariffs on all Chinese imports. (Read More)

From April 1, UPI payments will no longer be possible from inactive phone numbers. The NPCI has directed banks and third-party UPI providers like PhonePe and Google Pay to phase out inactive numbers linked to UPI, citing security risks.

The National Payments Corporation of India (NPCI) has introduced a series of guidelines aimed at strengthening the security of the Unified Payments Interface (UPI).

• Individuals earning up to Rs 12 lakh per year will be exempt from paying income tax.
• Salaried individuals will benefit from a standard deduction of Rs 75,000.
• This effectively makes an annual salary of Rs 12.75 lakh tax-free under the new tax regime.
• The tax slabs under the new tax regime have also been revised.

• In her Budget 2025 speech, Union Finance Minister Nirmala Sitharaman announced changes to income tax rules, including revised tax slabs and rates.
• The new income tax rules will come into effect from April 1, 2025.

The financial year concludes today, ushering in several monetary changes starting tomorrow. From updated UPI payment regulations to revised toll rates, here’s a look at what’s set to change and what stays the same from April 1, 2025. This is also your final opportunity to make tax-saving decisions. Additionally, we’re closely monitoring developments regarding the reciprocal tariff deadline, which ends on April 2. Stay tuned for the latest business updates.