New Delhi, July 16 (IANS) The Centre has raised windfall taxes on exports of diesel and aviation turbine fuel (ATF) while lowering the levy on petrol exports, as surging global oil prices driven by the escalating US-Iran conflict boosted refining margins, with the revised rates taking effect from Thursday.According to a Finance Ministry notification, the export duty on diesel has been increased to Rs 15.5 per litre from Rs 8.5 per litre, while the levy on aviation turbine fuel has been raised to…
Latest Finance Ministry News & Updates
Mumbai, July 15 (IANS) NCP(SP) working president and MP, Supriya Sule, on Wednesday categorically dismissed intense media speculation suggesting that the party would support the Central Government’s upcoming Delimitation Bill in the Monsoon Session of Parliament. Terming the rumours entirely baseless, Sule clarified that the party has not received any proposal or “deal” regarding the Bill, adding that they would study the draft and declare their official stance within 24 hours of its tabling.Add…
Seoul, July 15 (IANS) South Korean President Lee Jae Myung stressed the need for reform and innovation in carrying out policy tasks at government ministries and agencies Wednesday, saying the remainder of his five-year term may be more important in achieving his policy goals. The president made the remarks as he began receiving briefings from all government ministries and agencies to review progress in the implementation of their policy tasks.On the first day of the policy briefings, Lee receive…
New Delhi, July 7 (IANS) The Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 has issued 4,11,497 guarantees since its launch, with the guaranteed amount reaching Rs 1,55,229 crore — a sign of the scheme’s rapid absorption across the lending ecosystem, the government said on Tuesday.The scheme, approved by Union Cabinet on May 5, 2026, is delivering fast, large-scale liquidity support to businesses affected by the West Asia geopolitical situation.The scheme is designed to provide risk mitiga…
New Delhi, July 5 (IANS) The India-UK Comprehensive Economic and Trade Agreement (CETA), set to come into force on July 15, provides duty-free access for 99 per cent of India’s exports to the UK.According to the latest notification from Finance Ministry that set out the rules, a product will qualify as originating in India or the UK if it is wholly obtained in either country, produced entirely from originating materials, or manufactured using non-originating inputs while meeting the product-spec…
Paris/New Delhi, July 5 (IANS) Finance Minister Nirmala Sitharaman addressed the Indian community in France, lauding their role as a formidable force that enhances India’s soft power, global standing, and bilateral relationships.She delivered the keynote address to the Indian diaspora at a gathering in Marseille, France. Later, the Union Finance Minister also interacted with the members of the Indian diaspora, according to Finance Ministry.She also interacted with Indian professionals from Larse…
New Delhi, July 4 (IANS) The landmark India-Israel bilateral investment agreement (BIA), which was signed on September 8, 2025, came into force on Saturday.The trade pact is a significant step towards strengthening bilateral economic relations and ensuring a secure and predictable investment climate.“The BIA is robust in protection of Investment and Investor with respect to their investments while being flexible enough to retain sovereign policy space in line with legitimate public policy obj…
New Delhi, July 1 (IANS) India’s largest private fuel retailer, Nayara Energy, on Wednesday reduced petrol prices by Rs 5 per litre and diesel prices by Rs 3 per litre across its nationwide retail network, which is the first cut in retail fuel prices since global crude oil prices began easing following the de-escalation of tensions in West Asia.However, actual retail prices will vary across states depending on local taxes, including value-added tax (VAT).The revised rates have come into effect a…
New Delhi, July 1 (IANS) The government has revised the windfall tax on exports of petroleum products, raising the levy on petrol while reducing the duty on diesel and aviation turbine fuel (ATF), with the changes taking effect from Wednesday.According to a Finance Ministry notification, the revised rates — which came into effect from July 1 — increase the Special Additional Excise Duty (SAED) on petrol exports to Rs 4 per litre from Rs 1.5 per litre earlier.At the same time, the export duty o…
New Delhi, June 30 (IANS) The Finance Ministry on Tuesday said advanced technologies such as artificial intelligence (AI), machine learning and data analytics are playing a key role in strengthening Goods and Services Tax (GST) administration by helping authorities detect potential tax evasion while reducing compliance burdens for honest taxpayers.According to the ministry, these technologies are being deployed across critical processes, including GST registration and scrutiny, to analyse data p…