New Delhi, March 9 (IANS) A nationwide survey conducted by the Income Tax Department on 62 restaurants across 46 cities in 22 states has revealed suppression of sales amounting to around Rs 408 crore, Finance Ministry said on Monday.The I-T Department carried out investigation relating to tax evasion pattern in Food and Beverage sector in November 2025. During the exercise, it was found that several restaurants were engaged in deletion of bulk bills and other modifications to suppress the actual…
Latest Finance Ministry News & Updates
New Delhi, March 6 (IANS) While the Iran war has already driven Brent crude up around 9 per cent to near $80 per barrel and LNG prices by around 50 per cent in the global market, India has sufficient foreign exchange reserves, a low current account deficit (CAD) of 0.8 per cent of GDP in H1 FY26, and low inflation rates, which collectively allow it to effectively mitigate the impacts of rising global crude oil prices and ensure domestic energy security, according to the Finance Ministry’s mont…
New Delhi, March 6 (IANS) The Eighth Central Pay Commission has invited representations from all stakeholders and their submissions would be received up to April 30, 2026, according to an official statement.The Commission has provided an online structured format for inviting memorandum/representations from associations and unions of serving employees/pensioners, organizations/institutions as well as from employees, pensioners and interested individuals on its website.“The structured format for…
New Delhi, March 1 (IANS) The unified payments interface (UPI) saw 27 per cent transaction count growth (year-on-year) at 20.39 billion in the month of February — along with registering 22 per cent annual growth in transaction amount at Rs 26.84 lakh crore, the National Payments Corporation of India (NPCI) data showed on Sunday.Average daily transaction amount in February stood at Rs 95,865 crore, up from Rs 91,403 crore in January, the NPCI data showed.The month of February recorded 728 milli…
New Delhi, Feb 25 (IANS) The revision of three‑decade‑old tax treaty between India and France will lower dividend levies for large French investors including Sanofi, Renault and L’Oreal and safeguard India’s tax base, a report has said.The report from BBC said the new agreement expanded New Delhi’s right to tax certain transactions such as capital gains arising from the sale of shares, including transactions where a French entity owns less than 10 per cent of an Indian company.”The changes…
Mumbai, Feb 18 (IANS) UK-based businessman Vijay Mallya on Wednesday informed the Bombay High Court that he is not in a position to specify when he would return to India. He cited restrictions imposed by courts in England that he said prevented him from leaving the country.The matter was heard by a Bench comprising Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad, in connection with two petitions filed by Mallya. One petition challenges his designation as a “Fugitive Economic Offen…
New Delhi, Feb 17 (IANS) Finance Minister Nirmala Sitharaman, during her official trip to Norway, has told leaders in the country that India’s economic growth offers lots of opportunities to invest and grow.During her meeting with Jens Stoltenberg, Norway’s Minister of Finance, she discussed working together in the renewable sector, especially solar power, rare earth processing, carbon capture and storage.“Both leaders agreed to work towards leveraging the Trade and Economic Partnership Agre…
New Delhi, Feb 16 (IANS) UPI has emerged as the most preferred mode of payment, accounting for 57 per cent of total payment transactions in India, surpassing cash transactions at 38 per cent, primarily due to ease of use and instant fund transfer capability, according to an independent study commissioned by the Finance Ministry.Digital payments now dominate everyday transaction behaviour, with 65 per cent of UPI users reporting multiple digital transactions per day. Preference for UPI is particu…
New Delhi, Feb 15 (IANS) M Nagaraju, Secretary, Department of Financial Services (DFS), has stressed upon the need to enhance the Credit-GDP ratio — making our financial institutions more agile and exploring new ways of financing at a larger scale in line with the goals of Viksit Bharat.Speaking at a ‘Chintan Shivir’ of the DFS in Coorg, Karnataka, he stated that the ideas generated during the session will pave the way for a shared vision and plan of action for the Department and its finan…
New Delhi, Feb 13 (IANS) As Prime Minister Narendra Modi inaugurated Seva Teerth, Union Minister of State S.P. Singh Baghel on Friday said the initiative reflects the spirit of national service and will serve as a platform for launching welfare schemes. Speaking to IANS, Baghel said, “The term Seva Teerth itself reflects its purpose. The Prime Minister’s office is dedicated to service, and it is called a Teerth because from here, numerous welfare schemes for the entire country will be launch…