New Delhi: Economic Affairs Secretary Subhash Chandra Garg, the senior-most bureaucrat in the Finance Ministry, has been named Finance Secretary. The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved designating Subhash Chandra Garg as the Finance Secretary. Former Finance Secretary Ajay Narayan Jha superannuated on February 28. A Personnel Ministry […]
New Delhi: The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore. The collection of Rs 1,06,577 crore for March though was the highest-ever monthly collection since the introduction of GST, the Finance Ministry said in a statement. Revenue in March grew 15.6 per cent over […]
The Finance Commission recently held consultations with senior officials of the Ministry of Finance on the overall economic situation and key economic variables. These discussions are credible to the ongoing work of the Commission to reach an appropriate conclusion on both the vertical and the horizontal devolution. Detailed discussions have continued over the last few […]
New Delhi: At a time when lakhs of Central and State Government employees are awaiting hike in minimum pay following the implementation of the recommendations of the 7th Pay Commission, the Finance Commission recently held consultations with senior officials of the Ministry of Finance on the overall economic situation and key economic variables. These discussions […]
New Delhi: The Finance Ministry may ask the Reserve Bank of India (RBI) to put strong regulatory framework around NBFCs accessing non-bank public deposits, like pension and provident fund, as these are savings of the salaried class and must be kept away from avoidable risks like infrastructure NBFCs. Faced with liquidity crunch after IL&FS default […]
New Delhi: The Finance Ministry has asked all ministries to report evaluation of Central Sector schemes under them in an effort to decide on funds allocations and requirement of improvements in them prior to the Budget. The Department of Expenditure has sought details on those schemes on budgetary allocation and expenditure pattern in the past […]
New Delhi: The Goods and Services Tax (GST) collection for the month of May rose 6.67 per cent to Rs 1,00,289 crore from a year ago period staying above Rs 1 lakh crore in monthly revenue mop-up. The collection is, however, lower compared to April when the gross revenue had touched all time high of […]
With the Bharatiya Janata Party (BJP) forming the government once again at the Centre, hopes are high that the Narendra Modi government will now consider increasing the minimum pay of the Central government employees. The CG employees have been demanding a hike in their present basic pay recommended by the 7th Pay Commission citing that […]
New Delhi: Prime Minister Narendra Modi on Tuesday met the Finance Ministry Secretaries along with Secretaries of few other ministries and Niti Aayog CEO on suggestions and roadmap for the economy and the upcoming Union Budget 2019-2020. This is the second meeting of the Prime Minister with key Secretaries after taking office for the second […]
New Delhi: With the Goods and Services Tax (GST) regime stabilizing after a series of rate rationalizations, the focus of the government has now clearly shifted to easing the compliance burden and containing tax evasion. In its 35th meeting, the GST Council on Friday decided to introduce electronic invoicing system in a phase-wise manner for […]
New Delhi: The slowdown-hit economy may soon get a booster dose from the government with Finance Ministry working on a stimulus package for the industry may include a slew of financial measures ranging from tax cuts, subsidies and other incentives. Official sources said the package would not only aim to reduce the cost for the […]
New Delhi: The Finance Ministry is likely to receive the first tranche of the RBI’s surplus money towards December after its central board discusses and approves the report finalised by the Bimal Jalan panel. The six-member panel led by former RBI Governor Jalan, constituted to assess the adequate size of capital reserves that the RBI should […]
New Delhi: In an apparent sign of economic slowdown, India’s GST collections in August dropped to Rs 98,202 crore from over Rs 1.02 lakh crore in the previous month, the finance ministry said on Sunday. However, total Goods and Services Tax (GST) mop-up for August this year was 4.5 per cent higher than the Rs […]
New Delhi: In line with Finance Minister Nirmala Sithraman’s policy of discussion with stakeholders on policy matters, in a first the Finance Ministry has started the next budget planning by inviting suggestions on changes in direct and indirect taxes, including their rates, from industry and trade associations. Sitharaman, who had earlier announced additional measures to […]
New Delhi: Finance Ministry on Monday said the total number of Public Sector Banks (PSBs) branches as on June 30, 2019, was 87,526 out of which 28,815 (33%) are in rural areas. During 2016-17, 2,168 branches and in 2017-18, 834 branches and 2018-19, 438 branches and 2019-20 (till June 30), 86 branches have been opened […]
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