Junior Digest

Mumbai, June 12,2025: The National Stock Exchange of India (NSE) said that it has received approval from the Securities and Exchange Board of India (SEBI) to launch monthly electricity futures contracts.

This marks a significant milestone in deepening India’s power markets and supporting long-term structural reforms initiated under the Electricity Act, 2003.

The launch of monthly electricity futures by NSE aims to provide market participants with effective hedging tools against electricity price volatility, enable more accurate price signals in the power sector and encourage capital investments across the electricity value chain—generation, transmission, distribution, and retail.

Ashishkumar Chauhan, MD & CEO, NSE, said, “This approval is only the beginning of NSE’s vision for a broader electricity derivatives ecosystem. Plans are underway to gradually introduce contracts for difference (CFDs) and other long-duration electricity derivatives such as quarterly and annual contracts subject to regulatory approvals.”

Washington/Brussels, May 24,2025: US President Donald Trump dramatically intensified tensions with the European Union on Friday, announcing plans to impose a 50% tariff on all EU imports from June 1, claiming that trade negotiations were stalled and unproductive.

Writing on his Truth Social platform, Trump accused the EU of exploiting the United States for decades, pointing to what he described as an entrenched system of “powerful trade barriers, VAT taxes, excessive corporate penalties, monetary manipulation and unjust lawsuits” that had created an annual US trade deficit of over $250 billion. He insisted the bloc had been “very difficult to deal with,”, reports BBC.

“Our discussions with them are going nowhere!” Trump wrote. “Therefore, I am recommending a straight 50% tariff on the European Union, starting on 1 June 2025.”

Later, speaking to reporters in the Oval Office, the president reaffirmed his hardline stance, dismissing the idea of further negotiations.

“I’m not looking for a deal. We’ve set the deal – it’s at 50%. But there is no tariff if they build their plant here,” he said. Trump also claimed the EU “wants to make a deal very badly” but added, “They just don’t go about it right.”

The comments came just hours before US and EU officials were due to meet for further trade discussions, which now hang in the balance. The European Commission has maintained that it remains open to talks but is ready to respond if needed.

“EU–US trade is unmatched and must be guided by mutual respect, not threats,” said EU Trade Commissioner Maroš Šefčovič in a social media post. “We stand ready to defend our interests.”

German Foreign Minister Johann Wadephul expressed concern at the move, warning that punitive tariffs would damage both economies. “Such tariffs will not help anyone. They will only slow the economic development of both markets,” he said at a press conference, reiterating Germany’s support for continued negotiations, as per Bloomberg.

Irish Taoiseach Micheál Martin echoed the sentiment, saying the EU had been acting “in good faith” and cautioning that tariffs would be harmful to both sides. “Negotiations are the best and only sustainable way forward,” he said.

French Foreign Minister Laurent Saint-Martin also called for restraint, stating: “We are maintaining the same line: de-escalation, but we are ready to respond.”

US Treasury Secretary Scott Bessent claimed that divisions within the EU were hindering talks, and suggested that some member states were unaware of the terms being negotiated by Brussels. He expressed hope that Trump’s tariff threat would “light a fire under the EU”.

Trump also reignited his long-standing feud with Apple, threatening to slap a 25% import tax on iPhones not manufactured in the United States – a move that analysts widely dismissed as unrealistic. “The concept of Apple producing iPhones in the US is a fairy tale,” said Dan Ives of Wedbush Securities. Shares in Apple dropped 3% following the remarks.

Financial markets reacted sharply to Trump’s comments, with US and European indices slipping. The S&P 500 closed down 0.7%, while Germany’s DAX and France’s CAC 40 both fell by more than 1.5%. Companies with large transatlantic operations, including Deutsche Bank, BMW, SAP and LVMH, saw share prices decline.

The European Union is America’s largest trading partner, exporting over $600 billion in goods to the US annually while importing roughly $370 billion. Trump has repeatedly cited this imbalance as evidence of unfair treatment, particularly in sectors such as agriculture and automotive manufacturing.

The 50% tariff threat follows Trump’s earlier introduction of a baseline 10% tariff on imports, with steeper rates targeting countries running trade surpluses with the US. While that move prompted more than 75 countries to seek talks, Trump now appears to be hardening his approach, despite warnings from business leaders and economists.

Šefčovič said the European Commission continues to prefer negotiation, but “not at any cost”, confirming that plans are already in place for retaliatory tariffs worth more than $100 billion should the US follow through.

New Delhi, May 1,2024: Driven by a strong increase in domestic transactions and imports, India’s gross Goods and Services Tax (GST) collections hit a record high in April 2024 and logged 12.4 per cent year-on-year growth at Rs 2.10 lakh crore during this period.

“After accounting for refunds, the net GST revenue for April 2024 stands at Rs 1.92 lakh crore, reflecting an impressive 17.1% growth compared to the same period last year,” Finance Ministry said in a statement on Wednesday.

The gross GST revenue collected in the month of April, 2023 was Rs 1.87 lakh crore.

In the month of April 2024, the central government settled Rs 50,307 crore to Central Goods and Services Tax (CGST) and Rs 41,600 crore to State Goods and Services Tax (SGST) from the Integrated Goods and Services Tax (IGST) collected. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April, 2024 after regular settlement.

Out of total GST collection in April this year, CGST was Rs 43,846 crore while SGST was 53,538 crore.

As per official data, IGST during April this year stood at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. The Cess collected during this period was Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.

February 1, 2025: Union Finance Minister Nirmala Sitharaman presented her 8th budget on Saturday. The Finance Bill is set to be tabled next week, according to the Finance Minister.

Nirmala Sitharaman, in the Budget 2025 announcement, proposed revised tax rates, which highlights that income up to ₹12 lakh will draw zero income tax rates under the new tax regime.
Capex: India’s capital expenditure (Capex) rises to ₹11.21 crore as per the budget estimates of FY2025-26, the budget estimates of FY2024-25 was at ₹11.11 lakh crore, according to the budget data.
Bihar Makhana: Budget 2025 announced India’s plans to create a Makhana Board, which will be established in Bihar to improve the production, processing, value addition, and marketing of Makhana.
Job Scheme: The Modi 3.0 government accounted its plans to generate 22 lakh jobs in the economy through this scheme. India aims to enhance the productivity, quality, and competitiveness of India’s footwear and leather sector.
UDAN Scheme: The government also plans to launch a modified version of the UDAN Scheme, which aims to enhance regional connectivity to 120 new destinations and carry 4 crore passengers in the coming 10 years.

To boost India’s agriculture sector, FM Sitharaman announced multiple agriculture support schemes, expanded credit limit for farmers, MSMEs, and startups. There was a focus on boosting cultivation of pulses and cotton.

Finance Minister Nirmala Sitharaman included the gig economy workers to Centre’s several employment welfare schemes. Now, gig economy workers can take the benefit of identity cards and be enrolled in a national registry to ensure their inclusion in welfare schemes
India’s Nuclear Move
According to Nirmala Sitharaman’s Budget announcement, the government plans to launch a Nuclear Energy Mission for research and development of Small Modular Reactors (SMR).
India allocated ₹20,000 crore for it to be set up and said that it will develop five SMRs, which would be operational by 2033.
Budget Speech’s hot topic ‘Bihar’
According to Nirmala Sitharaman’s announcement and the Budget speech, Bihar remained the hot topic for the government this year. Sitharaman mentioned Bihar six times in her entire speech, the Finance Minister did not name any other state during the Lok Sabha and Nation address.
Proposals ranged from Makhana Board to Greenfield Airports, as per the budget announcement.

IT and Telecom allocations dropped to ₹95,298 crore for FY2025-26.
According to the Union Budget data, the IT and Telecom sector allocations dropped to ₹95,298 crore for FY2025-26, while the FY2024-25 budget estimates were at ₹1.16 lakh crore.

These were the most important numbers for the day:

1. Total receipts (excluding borrowings) – 31.47 lakh crore

2. Net tax receipts – 25.57 lakh crore

3. Total expenditure – 47.16 lakh crore

4. Capital expenditure – 10.18 lakh crore

5. Fiscal deficit – 4.8 per cent of GDP

(As per the FY25 revised estimates)

What will become cheaper?

Union Budget 2025 Highlights: According to Nirmala Sitharaman’s Union Budget 2025 announcement, these are the following items which are meant to become cheaper after the government’s guidance.

1. Cancer and lifesaving drugs

2. Solar PV cells and lithium-ion batteries

3. Lithium-ion batteries for EVs and mobiles

4. Telecom equipment
India’s Energy allocation rose 18% YoY as per budget estimates
According to the Union Budget data, India’s allocation to Energy increased to ₹81,174 crore as per the budget estimates of FY2025-26, compared to ₹68,769 crore as per the budget estimates of FY2024-2.
What does an increase in FDI limit mean?
According to the Budget 2025 announcement, the government of India increased the foreign direct investment (FDI) limit for the insurance sector from 74% to 100%.

This move from the government comes to attract more foreign investment into the insurance sector in the Indian market. “This enhanced limit will be available for those companies which invest the entire premium in India,” according to the Budget announcement.

India pegs Defence Budget at ₹4.91 lakh crore for FY2025-26
The Indian government pegged its Defence spending budget estimates at ₹4.91 lakh crore for FY2025-26. The government spent ₹4.56 lakh crore in the FY2024-25, as per the revised estimates.

New tax regime advantageous for younger taxpayers?

According to the new tax proposals laid out by Nirmala Sitharaman, the new tax regime aims to ensure that individuals have more disposable income to spend and invest in the manner they want.

The old tax regime makes individuals invest in tax-saving investment options like ELSS, provident funds, pension funds, life insurance among other things. It also made people buy houses with bank loans to reduce the tax outgo.

A young taxpayer is not required to make forced investments which people in the old tax regime used to make to save taxes. The new regime has brought the tax slabs down for the middle-income and low-income earners.

What is Section 87A rebate?

Union Budget 2025 Highlights: According to the Income Tax Act of 1961, eligible taxpayers get a total waiver of income tax if their total income for the year is below ₹5 lakh.

As per the proposal of the Budget 2025, Section 87A has been revised for resident individuals, the rebate limit has been increased from ₹7 lakh to ₹12 lakh and the maximum rebate from ₹25,000 to ₹60,000.

However, the rebate will not apply to income taxed at special rates if the individual stays in the default tax regime, according to the data.
The ‘dream budget’ for middle class?

Union Budget 2025 Highlights: Nirmala Sitharaman’s Budget 2025 announcement is being termed as the “dream budget” for the middle class as the Union Finance Minister proposed no tax till the income of ₹12 lakh per year.

Key tax points you need to look out for:

1. Taxpayers with a normal income (excluding special rate income like capital gains) of up to ₹12 lakh will have no tax liability due to a rebate and reduced slab rates.

2. Those earning ₹12 lakh will receive a tax benefit of ₹80,000, which covers 100% of their tax payable under existing rates. For an income of ₹18 lakh, the benefit is ₹70,000, covering 30% of the tax payable.

3. Similarly, a person earning ₹25 lakh will get a benefit of ₹1,10,000, which accounts for 25% of their tax liability under the current rates.

Where is Govt earning from?

Union Budget 2025 Highlights: The Indian government expenditures are diversified in terms of supporting national security, public good, and economic development.

According to the budget 2025 data, the biggest share goes to the state’s taxes and duties at 22%. Interest payments that result from previous borrowings are at 20%. Central sector schemes at 16% of the total spending, 8% goes to Finance Commission transfers and other grants, are among many other costs which the nation has to expend and estimate for its budget every year.

Where does money come from?

Union Budget 2025 Highlights: The government of India earns from the collection of tax revenues and non-tax revenues.

According to the Union Budget 2025, the government earned 39% of the total receipts from income and corporate taxes compared to the previous year. The GST collection trends show a consistent consumption pattern unchanged at 18%.

The government earned 5% from union excise duties and 4% from customs duties, according to the budget data.

India to launch a modified UDAN Scheme.
The Indian government plans to launch a modified version of the UDAN Scheme, which aims to boost regional connectivity in India. The scheme aims to connect 120 new destinations and carry four crore passengers in the coming 10 years, according to the Budget announcement.

Budget proposes to lift restrictions on claiming two properties as self-occupied.

In the Budget announcement, Union Finance Minister Nirmala Sitharaman proposed that India plans to lift restrictions on claiming two properties as self-occupied to streamline the process for taxpayers.

India’s Capex target drops in FY2025-26.

India’s capital expenditure (Capex) target drops to ₹11.21 crore as per the budget estimates of FY2025-26, compared to the budget estimates of FY2024-25 at ₹11.11 lakh crore, according to the budget data.

Fiscal Deficit estimated to be 4.4% of GDP for FY2025-26.
India’s Fiscal Deficit is estimated to be 4.4 per cent of GDP at ₹15.68 lakh crore as per the budget estimates for FY2025-26.
India’s market borrowings estimates at ₹11.53 lakh crore as per the FY2025-26 budget estimates.

Union Finance Minister Sitharaman said the gross market borrowings through bonds and other dated securities are estimated to be ₹11.53 lakh crore as per the budget estimates of 2025-26, according to the budget announcement.

The gross market borrowings via bonds, as per the budget estimates of FY2024-25, were at ₹14.01 lakh crore, as per the July Budget data.

India’s capital receipts borrowings estimated to be at ₹15.68 lakh crore for FY2025-26

India’s estimate for capital receipt borrowings is ₹15.68 lakh crore for FY2025-26, according to the budget data.

According to the July Budget 2024 data, India’s borrowings and other liabilities under capital receipts for the FY2024-25 budget estimates were ₹16.13 lakh crore.

Capital receipts are money inflows that the government receives from non-recurring activities and are used to create long-term investments, pay off debts, and plan expansion.

India’s manufacturing aims
The Indian government aims to support “Clean Tech Manufacturing” to improve domestic value addition, jobs and build an ecosystem for solar PV cells, EV batteries, motors and controllers, electrolyzers, wind turbines, very high voltage transmission equipment and grid-scale batteries, according to the budget announcement.

India exempted basic customs duty on Wet Blue Leather.
The government announced that it has decided to fully exempt the basic customs duty on Wet Blue Leather. India aims to help imports for domestic value addition and employment.

Govt to launch ‘Customized Credit Card’ with ₹5 lakh limit for Micro Enterprises.

The government will launch a ‘Customized Credit Card’ with ₹5 lakh limit for Micro Enterprises, registered on the Udyam portal. According to the budget announcment, the government plans to launch 10 lakh cards in the first year.

FM Sitharaman on New Income Tax says, ‘Everyone is getting benefits…’

Union Finance Minister Nirmala Sitharaman said that every salaried individual is getting benefits from this new system, as overall tax rates have also been brought down.

“Across the board, everyone is getting benefits, as all the groups are getting benefits,” said Sitharaman.

FM Sitharaman on the new Finance Bill.

Union Finance Minister Nirmala Sitharaman says she hopes the upcoming Finance Bill gets past without any “difficulties.”

“I hope it gets passed without any difficulties…,” said Sitharaman.

Centre announced new Urea plant plans in Assam.

According to the Budget announcement, a new Urea plant is to be set up in Namrup, Assam. The plant is set to have an annual capacity of 12.7 lakh metric tonnes.

Centre will create ‘Makhana Board’ in Bihar.

Nirmala Sitharaman announced that the central government would create a “Makhana Board” in Bihar to improve the production, processing, value addition, and marketing of Makhana.

India to create 22 lakh jobs

According to the budget announcement, India aims to generate 22 lakh jobs in the economy through a newly launched “Focus Product Scheme” in the footwear and leather industry.

What will the new Income Tax bill have?

According to the Budget announcement, the New Income Tax Bill, which is set to be tabled next week, will be 50% less in text compared to the present law. With this move, the government aims to simplify the topic of taxation for taxpayers and the tax administration. They also aim to create tax certainty and reduce litigation.

Govt exempted 36 lifesaving drugs and medicines from the basic customs duty.

FM Nirmala Sitharaman announced the exemption of 36 lifesaving drugs and medicines from the basic customs duty (BCDs) on Saturday, February 1.

Centre hikes MSME investment and turnover limits

Budget 2025 Key Highlights: The government hiked the MSME investment and turnover limits 2.5 and 2 times, respectively, in the Union Budget 2025 announcement.

Govt’s plan to boost India’s tourism
India plans to boost tourism in the nation, as Union Finance Minister announced the plans to develop the top 50 tourist sites in partnership with the State.

The Centre announced the introduction of an intensive skill-development programme for the youth. Sitharaman announced that the government will provide MUDRA loans for homestays. They also provide performance-linked incentives to states. They also announced e-visa facilities in the Budget announcement.

Shimla, Aug 29,2024: In a development reflecting Himachal Pradesh’s worsening financial crisis, Chief Minister Sukhvinder Singh Sukhu announced on Thursday that he and his team of ministers, Chief Parliamentary Secretaries (CPS) and all Principal Secretaries will forego their salaries and allowances for the next two months.

In a statement on the state’s financial situation, Sukhu, who also holds the finance portfolio, explained that while various initiatives have been undertaken to boost state revenue, the benefits of these measures will take time to materialize.

Sukhu appealed to all members of the ruling and Opposition benches to follow suit and defer taking their salaries to help mitigate the economic strain.

The Chief Minister pointed towards a significant reduction in the Revenue Deficit Grant, which decreased from Rs 8,058 crore in 2023-24 to Rs 6,258 crore this year.

Projections indicate a further drop to Rs 3,257 crore by 2025-26. Additionally, the state is yet to receive any of the Rs 9,042 crore from the Central government allocated for the Post-Disaster Needs Assessment (PDNA).

There is also an outstanding of Rs 9,200 crore in National Pension System (NPS) contributions from the Pension Fund Regulatory and Development Authority (PFRDA).

The cessation of GST compensation payments since June 2022 has resulted in an annual revenue shortfall of approximately Rs 2,500-3,000 crore. The restoration of the Old Pension Scheme (OPS) has further strained the state’s borrowing capacity by around Rs 2,000 crore, he said.

To counter these financial difficulties, the government has been working to increase state income and reduce non-essential expenditures, though Sukhu emphasized that it will take time for these efforts to yield results.

During the legislative Assembly session, Sukhu earlier reported an additional Rs 150 crore in revenue from liquor vend auctions and dismissed allegations of corruption.

BJP Member Randhir Sharma had accused the Congress government of mishandling the liquor vend auctions, potentially, resulting in a Rs 200 crore loss to the state government.

Shimla, Sep 22,2023: Himachal Pradesh Chief Minsiter Sukhvinder Singh Sukhu, who holds the portfolio of Finance, tabled a legislation in the state assembly, seeking to amend taxation on the goods carried by the roads to omit the provision to levy tax on account of distance covered.

The Himachal Pradesh Taxation Amendment (on Certain Goods Carried by Road) Act, 2023 was tabled in the state assembly after the lunch break by the Chief Minister on Thursday.

He said that the parent act of the year 1999 was enacted to provide for levy of a tax on certain goods carried by road in the State to validate certain taxes imposed on goods carried by road and for certain other matters connected therewith.

The Chief Minister said that amendment was necessary in order to simplify the taxation procedure for the stakeholders, the distance clause is being omitted so that the tax may be levied on uniform rates, without taking into account the distance covered.

The Chief Minister also tabled other bills to make provision and amend the HP GST act to levy taxation on the betting, casinos, gambling, horse racing, lottery and online gaming.

Sukhu said that close on the heels of the central government carrying out amendment to the Central Goods & Services Tax Act. 2017, the amendment to the Himachal Pradesh Goods and Services Tax Act, 2017 is in order to have uniformity across the country, he added.

The bill is likely to come up for discussion during the ongoing Monsoon session of the state assembly.

New Delhi, Jan 31,2025: India’s real gross domestic product (GDP) is expected to grow at 6.3-6.8% year-on-year in the financial year 2025-26 (FY26), as per the Economic Survey 2024-25 tabled in the Parliament on Friday ahead of the Union Budget.

The Survey tabled by Union Finance Minister Nirmala Sitharaman said that while there are many upsides to domestic investment, output growth and disinflation in FY26, the economy faces equally strong downsides too.

“On balance of these considerations, we expect that the growth in FY26 would be between 6.3 and 6.8 per cent,” the Survey said.

It further said that navigating global headwinds will require strategic and prudent policy management and reinforcing the domestic fundamentals.

India’s GDP growth slowed down to nearly seven-quarter low of 5.4% year-on-year in the July-September quarter (Q2) of current financial year 2024-25 triggering downward revision in annual growth forecast by multiple agencies.

As per the first advance estimates of national accounts, India’s real GDP is estimated to grow by 6.4% in FY25.

“Looking ahead, India’s economic prospects for FY26 are balanced. Headwinds to growth include elevated geopolitical and trade uncertainties and possible commodity price shocks,” the Economic Survey 2024-25 said.

The government’s report card noted that domestically the translation of order books of private capital goods sector into sustained investment pick-up, improvements in consumer confidence, and corporate wage pick-up will be key to promoting growth. Further, it said that rural demand backed by a rebound in agricultural production, an anticipated easing of food inflation and a stable macro-economic environment provide an upside to near-term growth.

“Overall, India will need to improve its global competitiveness through grassroots-level structural reforms and deregulation to reinforce its medium-term growth potential,” the Survey authored by Chief Economic Advisor (CEA) V. Anantha Nageswaran said.

December 10, 2024: The Centre on Monday announced the appointment of Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India, a day before incumbent Governor Shaktikanta Das’s six-year term comes to an end on Tuesday (December 10, 2024).
A 1990-batch officer of the Indian Administrative Service of the Rajasthan cadre, Mr. Malhotra is a computer science engineering graduate from the Indian Institute of Technology, Kanpur, and has a Master’s degree in Public Policy from the Princeton University, U.S.A, and will take charge of the country’s monetary policy framework and banking regulation at Mint Street on December 11.

New Delhi, Feb 7,2024: Addressing the logjam on the issue of funds devolution to Karnataka, Union Finance Minister Nirmala Sitharaman on Wednesday said that making false claims against the Finance Commission in the media shows the separatist mindset of the Congress.

“Through this advertisement in the media, the Congress is taking forward the language of separatism. This is one of the ways to break the country into pieces, and that way is by making false claims against the Finance Commission,” she told reporters here.

Sitharaman said the Karnataka government has given full-page national newspaper advertisements by using taxpayers’ money, in which six claims have been made, but two of them are outrageously false.

“One, it says zero has been given by the Centre for drought, which is disaster relief. Not zero. I told you a total of Rs 12,476 crore, has been given for disaster management and capital investment.

“If we have given money for disaster relief, how are they (Karnataka government) mentioning it in the advertisement?” she asked.

Sitharaman also dismissed the Karnataka government’s claim on non-release of special grants to the state.

She said, “The ad also claims the special grant is a mirage. I mentioned in the beginning that the special grant was not even there in the final recommendation. So, there is no recommendation of the Finance Commission but you are mentioning that here.”

These false claims by the Congress are the offshoot of a separatist mindset, Sitharaman said.

“I would like to humbly say that all of these things are arising out of just one mindset – the mindset of separatism – what the Deputy CM’s brother said. Congress party today is with separatists and they don’t condemn them.

“In this case as well, through this advertisement, the Congress is taking forward the language of separatism. This is one of the ways to break the country into pieces. The way is by leveling false allegations on the Finance Commission,” she said.

Earlier, Karnataka Chief Minister Siddaramaiah led a “Chalo Delhi” protest by the state Congress leaders against the central government’s tax devolution policies.

Siddaramaiah alleged that for every Rs 100 given to the Centre, the state gets Rs 13 in return. He also said though Karnataka is the second-highest tax contributor nationwide, the centrally sponsored schemes grants have witnessed a consistent decline.

“From Rs 20,986 crore in 2021-22, it has sharply dropped to Rs 13,005 crore in 2023-24 – an alarming Rs 7,000 crore reduction,” he said.

The Centre is yet to release funds for flood relief and farmers issues in Karnataka, Karnataka CM alleged. “The reduction in our state’s share of central taxes from 4.71 percent in the 14th Finance Commission to 3.64 percent in the 15th Finance Commission has led to a staggering loss of approximately Rs 62,098 crore to Karnataka over five years,” he said.

New Delhi, Feb 11,2025: In a significant judgment, the Supreme Court on Tuesday upheld the Sikkim High Court’s decision striking down Clause of Section 65(105) of the Finance Act, 1994, as inserted by the Finance Act, 2010, declaring it unconstitutional.

The contentious clause sought to introduce “promotion, marketing, organising, or assisting in organising games of chance, including lottery” as a new category of taxable service.

The petitioners, private companies engaged in the sale of paper and online lottery tickets organized by the Government of Sikkim, had challenged the clause on the grounds that their activities did not constitute a “taxable service.” They argued that conducting lotteries falls under “betting and gambling,” which is exclusively within the competence of the State legislature under Entry 62 of List II in the Seventh Schedule.

A bench comprising Justice B.V. Nagarathna and Justice N.K. Singh affirmed the Sikkim High Court’s findings and dismissed the Union Government’s appeal.

The Court held that the relationship between lottery distributors and the State of Sikkim is principal-to-principal, not principal-to-agent. As a result, service tax could not be levied on lottery distributors, as they were not rendering any service to the State.

“There being no agency, no service is rendered by the respondent-assessees herein as an agent to the Government of Sikkim. Service tax is not leviable on the transactions between the purchaser of the lottery tickets and the Government of Sikkim,” Justice Nagarathna stated while delivering the operative portion of the judgment.

The bench also reiterated that the activity of promotion, marketing, or organizing games of chance, including lotteries, is covered under “betting and gambling” in Entry 62 of the State List, making the State Legislature the only competent authority to levy tax on such activities.

The Supreme Court’s verdict follows the precedent set in K. Arumugham v. Union of India (2024), where it was held that the sale of lottery tickets by State Governments is an activity for revenue generation and does not constitute a service-attracting service tax liability. However, the respondents will remain liable to pay gambling tax imposed by the State under Entry 62 of List II.

The Apex Court reaffirmed the constitutional distinction between State and Parliamentary taxation powers concerning lottery operations.

Geneva [Switzerland], May 9,2024: India has achieved a historic milestone, receiving over USD 111 billion in remittances in 2022, marking the first instance of any country surpassing the USD 100 billion mark, the United Nations migration agency said in a report.
The International Organisation for Migration (IOM) unveiled its World Migration Report 2024, highlighting India’s exceptional feat among other notable trends in global migration.
In its comprehensive analysis, the report identifies India, Mexico, China, the Philippines, and France as the top five recipients of remittances in 2022. However, India stands out as the leader, far surpassing its counterparts with remittances exceeding USD 111 billion.
“India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India,” the report said.
This achievement underscores India’s dominance in the global remittance landscape, a position it has maintained consistently over the years. Notably, India was the leading recipient of remittances in 2010, 2015, and 2020, with figures steadily climbing to reach the unprecedented USD 111.22 billion mark in 2022.
The report emphasises the significance of Southern Asia as a key recipient of remittances, with India, Pakistan, and Bangladesh collectively ranking among the top ten recipients globally. The substantial inflow of remittances underscores the vital role of labour migration from the subregion.
“With India estimated to have received more than USD 111 billion in 2022, it is by far the largest recipient of international remittances in the world and the first country to ever reach that figure,” the report said.
Pakistan and Bangladesh also feature prominently as significant recipients of international remittances, ranking sixth and eighth, respectively, with remittances totalling nearly USD 30 billion and USD 21.5 billion in 2022.
However, amid these positive trends, the report sheds light on the challenges faced by migrant workers from Southern Asia. These challenges include financial exploitation, excessive debt due to migration costs, xenophobia, and workplace abuses, underscoring the vulnerabilities inherent in labour migration.

The Gulf States emerge as crucial destinations for migrant workers, with the 2022 football World Cup accentuating the region’s reliance on migrant labour. Notably, migrants constitute 88 per cent, nearly 73 and 77 per cent of the national populations, respectively in the United Arab Emirates, Kuwait, and Qatar.
In the United Arab Emirates, migrants represent 88 per cent of the national population. In the United Arab Emirates, Kuwait and Qatar, migrants made up 88 per cent, nearly 73 and 77 per cent of the national populations, respectively.
Most migrants – many of whom come from countries such as India, Egypt, Bangladesh, Ethiopia and Kenya – work in sectors such as construction, hospitality, security, domestic work and retail. India, with a diaspora of approximately 18 million individuals, stands as the origin of the largest number of international migrants globally.
“In 2022, India, Mexico, China, the Philippines, and Egypt were (in descending order) the top five remittance recipient countries, although India was well above the rest, with total inward remittances exceeding USD 111 billion, the first country to reach and even exceed USD 100 billion,” the report noted.
These diasporas are dispersed across countries such as the United Arab Emirates, the United States, and Saudi Arabia, the report noted.
Moreover, India features prominently in international migration corridors, with significant migration flows observed between India and the United Arab Emirates, the United States, Saudi Arabia, and Bangladesh.
Furthermore, the report assesses the impact of the COVID-19 pandemic on migrant workers, particularly in India, where low-skilled migrants faced job losses, wage theft, and insecurity.
“The pandemic has had an overwhelming effect on internal labour migration patterns and has reshaped work in both rural and urban areas. There has been a decline of almost 10 per cent in blue-collar workforce mobility towards cities, which has drastically cut the labour supply for major industries. The official estimate of reverse internal migration is 51.6 per cent for men and 11 per cent for women,” the report said citing experts and official data.
Since 2000, the IOM has been publishing its flagship World Migration Reports biennially, offering comprehensive insights into global migration trends and challenges.

Mumbai, June 7,2024: Taking note of rising frauds in the digital payment system, the Reserve Bank of India (RBI) Friday proposed setting up a “Digital Payments Intelligence Platform” for network level intelligence and real-time data sharing across the ecosystem.
The Reserve Bank has taken a number of measures over the years to deepen digital payments while ensuring their safety and security. These measures have boosted consumer confidence. Growing instances of digital payment frauds, however, highlight the need for a system-wide approach to prevent and mitigate such frauds, the RBI Governor Shaktakanta Das said while announcing the second bi-monthly monetary policy of the current fiscal 2024-25.

It is, therefore, proposed to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem. To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up the Platform, he stated.

Looking at the way and speed at which the adoption of e-mandates for recurring payment transactions has been increasing, Das said that the RBI is also proposing inclusion of Recurring Payments with Auto-Replenishment Facility under the e-mandate Framework.

“It is now proposed to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), etc. which are recurring in nature but without any fixed periodicity, in the e-mandate framework. This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them. This will enhance convenience in making travel / mobility related payments,” he added.

New Delhi, Feb 1,2024: Presenting the interim budget for 2024-25, Finance Minister Nirmala Sitharaman on Thursday kept the tax rates unchanged and continued to focus on public spending to boost growth.

“As for tax proposals, in keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes, including import duties,” the Finance Minister announced.

With general elections barely months away, salaried taxpayers were expecting some respite, but the status quo on tax slabs and rates are likely to leave them disappointed.

The government has continued its focus on capital expenditure (capex) to support growth and generate more jobs.

Accordingly, the outlay for financial year 2024–25 was increased by 11.1% to Rs 11.11 lakh crore. This accounts for 3.4% of the gross domestic product (GDP).

Among the major projects, Sitharaman announced plans to implement three major economic railway corridor programmes. The proposed corridors are energy, mineral, and cement corridors, port connectivity corridors, and high traffic density corridors.

“The projects have been identified under PM Gati Shakti for enabling multi-modal connectivity. They will improve logistics efficiency and reduce cost,” Sitharaman said.

The minister highlighted the achievements of the government and exuded confidence about winning the upcoming polls.

“We expect that our government, based on its stupendous work, will be blessed again by the people with a resounding mandate,” Sitharaman said.

TOKYO, Dec 14,2023: Japanese Prime Minister Fumio Kishida set about replacing key cabinet members on Thursday as he battled to control the damage from one of the biggest scandals his ruling party has faced in decades.

Chief cabinet secretary Hirokazu Matsuno and industry minister Yasutoshi Nishimura were among those who announced their resignations on Thursday after Kishida said he was finalising his third cabinet shake-up in 16 months.

Four ministers – all hailing from the biggest and most powerful faction within the ruling Liberal Democratic Party (LDP) that is being investigated by prosecutors – and several deputy ministers are set to be replaced.

Ex-foreign minister Yoshimasa Hayashi confirmed he had been tapped to replace Matsuno in the critical post responsible for coordinating policy across government on the premier’s behalf.

“In light of the various allegations made regarding political funds, which have shaken the public trust in politics, and the various allegations made regarding my own political funds, I have submitted my resignation,” Matsuno said at a press conference on Thursday.

Prosecutors have launched a criminal probe into the LDP’s so-called Abe faction, named after late premier Shinzo Abe, and begun questioning dozens of lawmakers for allegations of receiving about 500 million yen ($3.5 million) in fundraising proceeds missing from party accounts, news outlets reported.

Investigators will start searching for evidence in lawmakers’ offices from as early as next week, according to broadcaster NTV.

The probe will also examine whether other LDP factions – including one led by Kishida until last week – are involved, according to the reports.

The prosecutors office said it could not immediately comment on any ongoing investigation when contacted by Reuters.

Feb 02,2024: Union Finance Minister Nirmala Sitharaman presented the Union Budget — the one for the forthcoming financial year (2024-25). Since it’s the last one before Lok Sabha elections, the Budget is an interim one.

No changes were introduced to tax slabs. Meanwhile, the fiscal deficit target — the gap between government’s revenue and expenses — for 2024-25 (FY25) was set at 5.1% of the gross domestic product (GDP).
Budget 2024: Top Highlights from Union Budget 2024-25 by FM Nirmala Sitharaman

🔴 The revised fiscal deficit — the gap between government’s revenue and expenses — is at 5.8% of the GDP for 2023-24 (FY24). Fiscal deficit in FY25 is expected to be 5.1% of GDP. The target is to reduce the fiscal deficit to below 4.5% of the GDP in 2025-26 (FY26).

🔴 No changes to income tax slabs.

🔴 In a major announcement, the government has decided to withdraw outstanding direct tax demands up to Rs 25,000 for the period up to financial year 2009-10 and up to Rs 10,000 for financial years 2010-11 to 2014-15.

🔴 The number of tax filers swelled by 2.4 times, Sitharaman said. The direct tax collection has trebled since 2014. In 2024-25, the tax receipts are projected at Rs 26.02 lakh crore.

🔴 Tax exemptions given to start-ups extended till March 31, 2025.
🔴 In a bid to improve operations of passenger trains, the Sitharaman announced three major economic railway corridor programmes — energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors. “They will improve logistics efficiency and reduce cost. The resultant decongestion of the high-traffic corridors will also help in improving operations of passenger trains, resulting in safety and higher travel speed for passengers,” Sitharaman said. This will also reduce logistics cost.

🔴 The Finance Minister also announced 2 crore more houses under the Pradhan Mantri Awas Yojana – Gramin ( PMAY-G).

🔴 “For our tech-savvy youth, this will be a golden era. A corpus of Rs 1 lakh crore will be established with 50-year interest free loan provided. The corpus will provide long term financing and re-financing with long tenures at low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains.”

🔴 “We need to have programmes that combine the powers of our youth and technology. A new scheme will be launched for strengthening deep tech technology for defence purposes and expediting atma nirbharta,” Sithraman said.

🔴 Sitharaman also announced plans to set up more medical colleges through utilisation of the “existing hospital infrastructure under various departments”. “A committee for this purpose will be set up to examine the issues and make relevant recomendations,” she said.

🔴 “Making triple talaq illegal, reservation of 1/3rd seats for women in Lok Sabha and state assemblies, and giving over 70 per cent houses under the PM Awas Yoajana in rural areas to women have enhanced their dignity,” Sitharaman said.

🔴 “Through roof-top solarisation, 1 crore households will be enabled to obtain up to 300 units of free electricity every month. This scheme follows the resolve of the Prime Minister on the historic day of the consecration of Shri Ram Mandir in Ayodhya.” The government aims to achieve ‘net zero’ by 2070.

🔴 For boost to tourism, “long-term interest free loans to be provided to States to encourage development.”

🔴 Starting off her speech, Sitharaman noted that the Indian economy has witnessed positive transformation in the last 10 y ears.

🔴 “Poor, women, youth and farmers — their needs, their aspirations will guide country’s growth.”

🔴 “The government is working towards making India ‘Viksit Bharat’ by 2047…Our focus is sabka sath, sabka vikas,” Sitharaman said.

🔴 “The government is equally focused on GDP – Governance, Development and Performance.”

🔴 On social justice, Finance Minister said, “Our government is working with an approach to development that is all-round, all pervasive and all inclusive.”

The next ‘full budget’ will be presented in July, once a new government has been sworn in after the Lok Sabha elections.

New Delhi, July 11,2025: A latest note titled ‘Growing Retail Digital Payments: The Value of Interoperability’ presented by International Monetary Fund (IMF) highlighted India as a global leader in making fastest payments which is due to the adoption of UPIs or Unified Payment Interface by a wide number of masses. This report is authored by Alexandar Copestake, Divya Kirti, and Maria Soledad Martinez Peria.

The global economic watchdog also stressed the transition from cash to card-based transactions to UPI or Unified Payments Interface since its launch in 2016. Unified Payments Interface is a real-time payment system developed by NPCI (National Payments Corporation of India) that enables smooth money transfers.

The IMF also observed that the UPI adoption is increasing in rural areas with the reduction in ATM (Automated Teller Machine) money withdrawals. Authors at the IMF have also urged Indian policymakers to monitor the markets of digital payments in India and give opportunities to new key emergent players.

This report also pointed to the favourable digital payments interface in India despite a slight dip of 1.5% in June compared to May 2025. Soaring digital transaction volume is highlighting the significant expansion of India’s digital payment infrastructure. IMF researchers used granular data to cover the realm of transactions on India’s Unified Payments Interface.