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    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
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July 31, 2026
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Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
July 31, 2026
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One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
July 31, 2026
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Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
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July 31, 2026
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Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
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July 31, 2026
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Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
July 31, 2026
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Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
July 31, 2026
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Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
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July 31, 2026
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Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
July 31, 2026
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Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
July 31, 2026
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Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
July 31, 2026
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Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
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July 31, 2026
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Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
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July 31, 2026
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Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
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July 30, 2026
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Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
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July 30, 2026
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Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
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July 30, 2026
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July 30, 2026
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Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
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Customs, DGFT & SEZ

Finance and Corporate Affairs Minister inaugurates ‘Kendriya GST Parisar’ residential complex for CGST officers at Kharghar, Navi Mumbai

September 15, 2022

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Finance and Corporate Affairs Minister inaugurates ‘Kendriya GST Parisar’ residential complex for CGST officers at Kharghar, Navi Mumbai

We need to better utilize AI, data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of tax evasion and better train officials on these aspects : Nirmala Sitharaman

The next residential project of CBIC is coming up at Wadala over a 40 acres plot, with more than 4000 residential units and three office towers: Revenue Secretary

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman inaugurated ‘Kendriya GST Parisar’, a residential project for officers and staff of CGST Mumbai Zone under the Central Board of Indirect Taxes and Customs (CBIC), at Kharghar, Navi Mumbai today. The Finance Minister ceremonially handed over the keys to the first five allottees, who are officers of different ranks and cadres of the CBIC. Union Minister of State Finance Sh. Pankaj Chaudhary was also present on the occasion. Revenue Secretary Shri Tarun Bajaj, CBIC Chairman Shri Vivek Johri, Member (Administration) of CBIC Smt. Sungita Sharma, Principal Chief Commissioner CGST Mumbai Zone Shri Ashok Kumar Mehta and other senior officers from CBIC and officers and staff from CGST Mumbai Zone Mumbai zone were present amongst the dignitaries.

Kendriya GST Parisar is a spacious residential project with well thought layout and located at one of the most preferred locations In Navi Mumbai. The project sits at a crossroads of connectivity to major avenues of Mumbai and Pune and has quick and easy access to hospitals and Educational Institutes. The inauguration of project in Amrit Kaal during the Azadi Ka Amrit Mahotsav showcases the strength of New India.

Addressing the gathering, Finance Minister expressed special appreciation to former Chairman of CBIC and his team for taking up the project and getting it cleared and executed. Smt. Sitharaman said that it gives her immense satisfaction to be in places where projects for welfare of Finance Ministry’s field formations are taken up and completed. Noting that the project has been completed in record time and cost by the public sector organization NBCC even during the pandemic, Finance Minister said that, “it is exemplary and proves that government organisations can excel and compete with the private sector as well”. In this context, she said that Government and Quasi-Government organizations had in earlier times been looked at with a sense of uncertainty. “Today is a rare occasion when a project is completed within time and cost, without compromising quality and keeping the future in mind”, said the Finance Minister.

Speaking about the achievements of CBIC, the Finance Minister said, “You keep doing good work, generating revenues, you are noticed for it, PM made a special appreciative mention recently on level of GST revenues”. The Finance Minister also spoke about the need for training CBIC officials for better utilization of Artificial Intelligence, Data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of tax evasion.

The FM was appreciative of the Central Intelligence Unit team of CGST Mumbai Zone for fantastic data analysis and mining tools used for large scale tax evasion resulting in big recovery and booking of offenders. He also lauded the effort of the department to take care of future needs and development required for the second phase for welfare of officers and staff.

Minister of State for Finance Shri Pankaj Chaudhary appreciated the team that implemented the project for completion of the work at a cost of Rs 100 crores, which is less than the allocated project cost of Rs 110 crores. He also lauded the effort of the department to take care of future needs and development required for the second phase for welfare of officers and staff.

Revenue Secretary Shri Tarun Bajaj said, it is very important to take care of the tax officers, especially in terms of their accommodation, if good productivity is to be expected from them. In this context, there has been emphasis for the last year and a half to clear all such projects, he added.

The Revenue Secretary informed that another housing project of CBIC is coming up at Wadala in Mumbai. It is a huge project on a 40 acres plot. In the first phase 770-780 flats and one office tower will be constructed. This will be followed by construction of around 4000 residential units along with two office towers in the next phase.

Chairman CBIC Sh. Vivek Johri said 7% of GDP and 40% of foreign Trade is contributed by Mumbai. Mumbai Customs Zone give 25% and Mumbai CGST 18% of GST revenue in Country whereas 14% workforce of CBIC is in Mumbai itself. In order to meet the aspirations of staff and officers of Mumbai, second phase of 160 flats in the Kharghar would be constructed soon.

The Principal Chief Commssioner of CGST Mumbai Zone Ashok Kumar Mehta informed that CGST Mumbai Zone, the highest revenue collecting zone in the country, had collected more than Rs. 1,18,000 crores in the last fiscal. Rs. 11,000 crore of tax evasion was detected by the zone in last 12 months, he added.

Kendriya GST Parisar:

The project was completed in record 14 months despite two waves of COVID 19 affecting work and within stipulated timelines of agreement. It is a State of the art structure, green and sustainable and conforming to GRIHA3 norms. The plot 20000 sq mtrs has a built up area of 30534 sq. mtrs thus the average cost of construction pegged at Rs 32,750 per sq mt or Rs 3044 per sq feet. The cost of Rs. 3044 per sq feet is far less than average cost of construction in Mumbai which is more than Rs 6000 per sq feet. The flats are spacious nicely ventilated with best fittings, fixtures and lightings. 187 Residential quarters for all class of officers and staff has been constructed viz: type II (42 flats), type III (70 flats), type IV (Special) (20 flats), type V (9 flats), and type VI (2 flats).

AFFORDABLE HOUSING is one of Mumbai's most pressing issues. The General Pool Residential Scheme provides housing for Central Government employees, but with an increase in employment and applicants from all over India, there is a shortage of quarters and a long waiting list. As a result, this project has taken a significant step toward resolving the residential issues that government employees face. CBIC is making significant efforts to develop housing project for the welfare of officers and staff all over India wherever there is shortage of Government accommodation.

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