Did corporate tax cut of 2019 lead to tax, GDP boom?
A parliamentary panel estimates a loss of ₹1.84 lakh crore due to the 2019 corporate tax cut in the first two fiscals of FY20 and FY21 alone
finance ministry
August 2022
July 2022
India better placed amid high global inflation, Govt watchful: FinMin official
Inflation had been rising in the Indian economy as an impact of the supply disruption and high commodity prices in the wake of the Russia-Ukraine war.
Windfall tax on petroleum crude hiked; diesel, ATF export levy slashed
Amid the announcement, shares of three out of four oil producers and refiners are down. RIL stock is up 0.16%, while ONGC, GAIL, IOC are down by 1.39%, 1.77%, and 0.28%, respectively
Govt, RBI closely monitoring rupee, says FM
Rupee has recovered from its all-time low of over ₹80 against the U.S. dollar to ₹78.6 currently. FinMin says rupee has strengthened against currencies like Pound, Yen and Euro
July GST collection rises 28% to ₹1.49 lakh cr
FinMin says it’s a clear impact of measures taken by GST Council to ensure better compliance, better reporting, and economic recovery having positive impact on GST
Amidst global recession threat, India finds hope!
IMF says global growth prospects have “darkened significantly” as inflation “broadened” beyond food and energy, but FinMin says recession fears have done the opposite – softened inflation pressure
Economy on course to 8-8.5% GDP growth in Q1 FY23: FinMin
Ministry says economic activity is holding up "better than expected" and a sustained growth momentum seen across high-frequency indicators
FinMin wing raids Oppo India; finds customs duty evasion of ₹4,389 cr
DRI conducts searches across Oppo India offices and residences of key management employees, who accept submission of "wrongful description" before customs authorities at the time of import
GST revenue rises 56% to ₹1.44 lakh cr in June
Gross GST collection in June 2022 is second-highest next to the April 2022 collection; crosses ₹1.40-lakh-crore mark the fifth time since the start of GST
Centre hikes customs duty on gold to 15%, imposes cess on fuel, ATF exports
FinMin remains silent on additional revenue these tweaks will rake in, but it points out these measures will not impact domestic prices of petrol, diesel and ATF
