Armed with necessary macro and micro growth drivers, the stage is set for India's investment cycle to kickstart and catalyse its recovery towards becoming the fastest growing economy in the world.
"The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum and natural gas, chemicals and chemical products etc, as compared to the corresponding month of the previous year," the ministry said
The states which will receive money from the grant as recommended by the 15th Finance Commission are Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.
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These states are Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand.
The Central government has given a much-needed relief to families of bank employees. Recently, the Finance Ministry approved a proposal of Indian Banks' Association (IBA) to increase the family pension to 30 per cent of last drawn salary.
The government has settled Rs 28,087 crore to CGST and Rs 24,100 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlement in the month of July 2021 was Rs 50,284 crore for CGST and Rs 52,641 crore for the SGST.
The survey notes that India is the best-performing country when compared to South and South West Asia region (63.12 per cent) and Asia Pacific region (65.85 per cent).
All eligible States and UTs (with Legislature) have agreed to the arrangements of funding of the compensation shortfall under the back-to-back loan facility.
As the Indian economy struggles to shed the impact of the second wave of Covid-19, the report suggested that maintaining a fast past of vaccination and plugging the lags in the healthcare infrastructure in the country would be the most sustainable stimulus for the durable recovery of the Indian economy.
The department, which was under the Ministry of Heavy Industries and Public Enterprises so far, would look into the residual work relating to erstwhile Bureau of Public Enterprises including the Industrial Management Pool.
With the Goods and Services Tax regime completing four years, the Finance Ministry on Wednesday said more than 66 crore GST returns have been filed so far and lower tax rates have helped increased compliance.
Disapproving all the claims about restoration of Dearness Allowance and Dearness relief (DR) from July 1, the Union Finance Ministry clarified on Saturday (June 26) that no such decision has been made as yet.
The Union Finance Ministry on Saturday said that increase in deposits of Indians in Swiss Banks could be on account of an increase in business of Swiss bank branches located in India and raised Inter-bank transactions, rather than due to an increase in alleged black money held by Indians in Switzerland.
The Centre has modified the Emergency Credit Line Guarantee Scheme (ECLGS) to bring the civil aviation sector under the ambit of the scheme.
As states take to lockdowns amid the severe Covid crisis, the Finance Ministry in a report has said that second wave of the Covid-19 poses downside risk to economic activities during April-June, although the impact is expected to be muted compared to that in the first wave.
New Delhi: The provisional figures of direct tax collections for the financial year 2020-21 showed that net collections are at Rs 9.45 lakh crore. The net collection is around 5…
New Delhi: With Union Finance Minister Nirmala Sitharaman saying that all windows on cryptocurrencies will not be closed down, industry stakeholders on Monday said that a positive move at this point can unleash a host of opportunities for the country. Her comments at an India Today conclave last week came amid speculation that the government […]
New Delhi: The Finance Ministry has released the final weekly instalment of Rs 4,104 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 4,086.97 crore has been released to 23 states and Rs 17.03 crore to 3 Union Territories with Legislative Assemblies. With the current release, 100 […]
New Delhi: The Finance Ministry had released the 17th weekly instalment of Rs 5,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 4,730.41 crore has been released to 23 States and an amount of Rs 269.59 crore has been released to the three Union Territories (UT) […]
New Delhi: Amid the COVID-19 pandemic, the Finance Ministry has decided to go paperless for the upcoming budget scheduled for February 1. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Sources said the government has received […]
New Delhi: India has been witnessing a ‘V-shaped’ recovery since June with the gradual easing of restrictions on economic activities, said a Finance Ministry report. “The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year,” it said. The Monthly Economic Recovery for December by the Department […]
New Delhi: The Finance Ministry on Tuesday said that there has been no increase in service charges by any public sector bank even as Bank of Baroda decided to withdraw changes made with regard to the number of free cash deposit transactions in a bank account per month. Bank of Baroda had made certain changes […]
New Delhi: The gross GST revenue collected in the month of October 2020 was Rs 1,05,155 crore, an official statement said on Sunday. This is the first time in the current financial year that the gross GST collections has crossed the Rs 1-lakh-crore-mark. Out of the total GST revenue collected, CGST (Central GST) was Rs […]
New Delhi: The Finance Ministry on Monday said the GST regime has reduced the rate at which people have to pay tax, helped increase compliance and doubled the taxpayer base to 1.24 crore. In a series of tweets on Monday, also the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before […]