Top headlines: Gold import duty raised to 15%, GST receipts up 56% in June

India's factory output expanded at its slowest pace in nine months in June. More on that in our top headlines

India has imposed windfall tax on oil producers and refiners who have boosted product exports to gain from higher overseas margins as the government seeks to increase local supply of fuels to meet rising demand and increase federal revenues. The country raised its basic import duty on gold to 12.5 per cent from 7.5 per cent, the government said on Friday. More on those stories in top headlines this evening.

PMI Manufacturing: June factory growth at 9-month low as inflation bites

India's factory output expanded at its slowest pace in nine months in June as elevated price pressures continued to dampen demand and output, according to a private survey, which also showed business confidence was at its lowest in over two years.

Although inflation eased in May to 7.04% after touching an eight-year high of 7.79% in April, a meaningful decline is not seen anytime soon even as the Reserve Bank of India is expected to continue with aggressive rate hikes. Read more here

Govt slaps export tax on petrol, diesel; windfall tax on domestic crude oil

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like Reliance Industries Ltd, and imposed a windfall tax on crude oil produced locally by companies such as ONGC and Vedanta Ltd.

The government imposed a Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel, finance ministry notifications showed.

Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced domestically. Read more here

Govt raises import duty on gold to 15% from 10.75% to curtail CAD

India has raised its basic import duty on gold to 15 per cent from 10.75 per cent, the government said in a notification on Friday, as the world's second-biggest consumer of the precious metal tries to dampen its demand.

India fulfills most of its gold demand through imports, which were putting pressure on the rupee which hit a record low earlier this week.

A recent report said, the central government has become vigilant as the trade deficit in May hit a record high of $24.3 billion. The Centre is closely scrutinising imports, especially gold, amid concerns over rising in the current account deficit (CAD). Read more here

GST receipts up 56% at Rs 1.45 trn in June in second-best show in 5 years

Amid the demand by some states for extending compensation under the goods and services tax (GST) regime, collections from the five-year old indirect tax grew 56 per cent Rs 1.45 trillion in June--the second highest mop-up ever.

The growth can be attributed to the low base of Rs 92,800 crore last June which was the outcome of the second wave of Covid-19. However, what is noteworthy is that the collections this June were only surpassed by the Rs 1.67 trillion mopped up in April 2022. In any case, April numbers are usually high due to arrears filed in March. Read more here

Maruti Suzuki June sales at 122,685 units, down 1.2% due to chip crunch

Passenger vehicles (cars and utility vehicles) at Maruti Suzuki India contracted marginally by 1.2 per cent to 122,685 units in June from 124,280 units in the same month a year ago owing to the shortage of semiconductors.

"The shortage of electronic components had a minor impact on the production of vehicles, mainly in domestic models. The company took all possible measures to minimise the impact," Maruti said in a statement. Read more here