Finance Minister Nirmala Sitharaman announces imminent reductions in GST rates and rationalization of tax slabs, with the review process in its final stages, aiming to simplify the tax structure and promote economic growth.
The GST Council has revamped the Group of Ministers on GST revenue analysis to address sector-specific tax policy issues and explore unified enforcement strategies to combat tax evasion.
Arvind Panagariya, Chairman of the 16th Finance Commission, has expressed confidence in India’s trajectory toward becoming a $10 trillion economy within the next decade. Speaking at the 49th Civil Accounts Day celebrations in New Delhi, Panagariya highlighted India’s robust economic performance over the past two decades, noting an average annual growth rate of
RuPay, India’s indigenous payment network, has achieved a significant milestone by capturing approximately 16% of the country’s total credit card spending. Notably, nearly half of these transactions are facilitated through the Unified Payments Interface (UPI), highlighting the growing integration of RuPay credit cards with UPI’s seamless payment system.
India’s Gross Goods and Services Tax (GST) collections for February 2025 recorded a notable increase of 9.1% compared to the same month last year, reaching approximately ₹1.84 lakh crore. This consistent rise highlights the resilience of the economy and the efficiency of tax administration. Breakdown of GST Revenues The total GST revenue collected in February […]
The Indian government has conveyed to the International Monetary Fund (IMF) that reducing the fiscal deficit to approximately 3% of the Gross Domestic Product (GDP) presents significant challenges. This communication underscores the complexities involved in achieving such a fiscal target. In a recent report, both the IMF and the Indian government acknowledged the necessity
The Income Tax Department is initiating a nationwide crackdown on approximately 40,000 taxpayers who have failed to deduct or deposit Taxes Deducted at Source (TDS) and Taxes Collected at Source (TCS) for the financial years 2022-23 and 2023-24. This initiative aims to address significant discrepancies in tax deductions and penalize repeat offenders. The Central Board […]
The Reserve Bank of India (RBI) has eased lending restrictions on non-bank financial companies (NBFCs) and microfinance institutions (MFIs) by lowering risk weights for bank credit. This move aims to boost lending capacity and support economic growth, reversing the slowdown observed after previous regulatory measures. In November 2023, the RBI had increased risk weights
Credit card spending in India increased by 10.8% year-on-year to ₹1.84 trillion in January 2025, according to data from the Reserve Bank of India (RBI). Despite this annual growth, spending showed a slight decline compared to the previous month. The rising usage of credit cards highlights growing consumer confidence and a shift towards digital transactions. […]
Leading economists project that the Reserve Bank of India (RBI) may reduce the repo rate to 5.75% by mid-2025. This anticipated adjustment aims to address prevailing concerns over economic growth and inflation. The current repo rate stands at 6.5%, and a reduction of 75 basis points is expected over the next 16 months. Factors Influencing […]
