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Tag: Finance Ministry

FinMin
FinMin Gives Nod To 11 States To Borrow Additional Rs 15,721 Cr

These states are Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand.

Public Sector Banks
Pension Of Bank Employees To Go Up, Employers’ Contribution Also Hiked From 10 To 14%

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.

GST Revenue Collection Crosses Rs 1 Lakh Cr In Oct
GST Revenue Collection For July At Over Rs 1.16 Lakh Cr

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.

Nirmala Sitharaman
UN's Survey On Digital & Sustainable Trade Facilitation: India Improves Position Scoring Over 90%

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).

nirmala-sitharaman
FinMin Releases ₹ 75,000 Cr To States, UTs With Legislature As GST Compensation Shortfall

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.

Finance Ministry
FinMin Cautions Of Inflationary Risks On Rising Commodity Prices, Input Costs

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.

Finance Ministry
Amid Disinvestment Push, Finmin To Now House Dept Of Public Enterprises

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.

Finance Ministry
GST Reduced Tax Rate, Increased Compliance; More Than 66 Cr Returns Filed In 4 Years: FinMin

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.

covid19
7th Pay Update: No Hike In DA, DR For Central Govt Employees & Pensioners!

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.

FinMin
FinMin Refutes Reports Of Alleged Black Money Held By Indians In Switzerland

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.

civil aviation
Civil Aviation Now Under ECLGS, Norms Eased To Support Smaller Businesses

The Centre has modified the Emergency Credit Line Guarantee Scheme (ECLGS) to bring the civil aviation sector under the ambit of the scheme.

Finance Ministry
Covid Crisis Poses Economic Risk In Q1 FY22; 'Muted Impact' Likely: FinMin

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.

Ministry-Of-Finace
FY21 Net Tax Collection At Rs 9.45L Cr, Exceeds Revised Estimates

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…

FM Sitharaman's Comment On Cryptocurrency Brings Relief To Industry
FM Sitharaman's Comment On Cryptocurrency Brings Relief To Industry

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 […]

Centre Releases Complete Rs 1.10 Lakh Cr GST Compensation Shortfall
Centre Releases Complete Rs 1.10 Lakh Cr GST Compensation Shortfall

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 […]

GST
GST Compensation Shortfall Released To States Touches Rs 1L Cr

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) […]

Nirmala-Sitharaman
COVID Impact: In A First, Budget To Go Paperless

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 […]

Recovery
India Witnessing V-Shaped Recovery Since June: FinMin Report

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 […]

No Increase In Service Charges By Any Public Sector Bank: Finance Ministry
No Increase In Service Charges By Any Public Sector Bank: Finance Ministry

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 […]

GST Revenue Collection Crosses Rs 1 Lakh Cr In Oct
GST Revenue Collection Crosses Rs 1 Lakh Cr In Oct

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 […]

GST
Finance Ministry Reduces GST Rates, Taxpayer Base Doubled To 1.24 Cr

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 […]

GST
Evolving Taxation: RBI Weighted GST Rate Declines To 11.6% Since Inception

New Delhi: The Goods and Services Tax (GST), often hailed as the “biggest tax reform” in India, has evolved over the years, and the weighted rate of GST has declined in the past few years to 11.6 per cent from 14.4 per cent in May 2017. The Finance Ministry on Monday cited data from Reserve […]

PMGKP
Around 42 cr beneficiaries received aid under Pradhan Mantri Garib Kalyan Package till June 2

New Delhi: Around 42 crore beneficiaries have been directly given cash support through Direct Benefit Transfer (DBT) amounting to Rs 53,248 crores under the Pradhan Mantri Garib Kalyan Package (PMGKP) till June 2, the Finance Ministry said in a statement on Wednesday. The Rs 1.7 lakh crore PMGKP package was announced by Finance Minister Nirmala […]

Central-board-of-direct-tax
IT Return Forms: CBDT Notifies Modified Forms For FY 19-20

New Delhi: The Central Board of Direct Taxes (CBDT) has notified new Income Tax Return Forms for the Assessment Year 2020-21 or the financial year 2019-20. The modifications come in the backdrop of the coronavirus pandemic. In a notification, the Finance Ministry said it issued ITR-1 (Sahaj), ITR-2, ITR-3, ITR-4 (Sugam), ITR-5, ITR-6, ITR-7 and […]

Nirmala-Sitharaman
GST Rates: Council To Meet Next Month, FinMin Not In Favour Of Raising Rates

New Delhi: The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month’s meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19. If goods and services tax (GST) rates are increased on non-essential items, […]