New Delhi: In view of the fragile financial position, the finance ministry has capped expenditures in the last quarter of the current fiscal under revised criteria of 3-8 per cent reduction from the existing guidelines and directed all government departments and ministries to restrict within the budgeted expenditures. Considering the fiscal position of the government […]
New Delhi: The State Bank of India (SBI) on Saturday said the Central government has nominated Debashish Panda, Special Secretary, Department of Financial Services, Finance Ministry as a director on the Central Board of SBI. Panda, a 1987-batch UP Cadre IAS officer, who hails from Odisha, is appointed with immediate effect replacing the earlier nominee […]
New Delhi: In a bid to contain the fiscal deficit in the face of a likely huge revenue receipt shortfall, Finance Ministry has asked other ministries and departments not to rush expenditure in the last quarter (Jan-March) of the current financial year which it says will be treated as breach of financial propriety while limiting […]
New Delhi: A day after Union Budget proposed to tweak the rule to prevent NRIs from evading tax in India, the Finance Ministry has clarified that bona fide workers in other countries including in the Middle East who are not liable to tax in these countries will not be affected by the new provision. A […]
New Delhi: The decline in the economic growth has bottomed out, said the finance ministry on Friday as the GDP growth slowed to a nearly seven-year low of 4.7 per cent in the quarter ending December 2020. The National Statistical Office (NSO) has, however, upwardly revised GDP growth estimates for the first quarter of 2019-20 […]
New Delhi: The Finance Ministry on Friday released Rs 17,287 crore to states including Rs 802 crore for Odisha to enhance their financial resources during the COVID-19 (Coronavirus) crisis. Of this amount, Rs 11,092 crore is towards State Disaster Response Mitigation Fund (SDRMF) to all states. An amount of Rs 6,195 crore has been released […]
New Delhi: The finance ministry on Thursday urged people not to believe rumours and said Rs 500 has been deposited in each PMJDY account held by women for April and Rs 1,000 more will be given over the next two months in equal instalments. Meanwhile, state-owned SBI, which has the highest number of PMJDY accounts, […]
New Delhi: There is no proposal for reduction of pension and no action is being contemplated by the government in this respect, the Centre said on Sunday. The assertion assumes significance as rumours are afloat that the government is contemplating reduction or stoppage of pension. Also Read: Govt Makes A U-Turn, Stops Sale Of Non-Essential […]
New Delhi: The finance ministry on Thursday decided to put on hold increment in dearness allowance (DA) for 50 lakh central government employees and 61 lakh pensioners till July 2021 due to the COVID-19 crisis. “In view of the crisis arising out of COVID-19, it has been decided that additional instalment of dearness allowance payable […]
Mumbai/ New Delhi: A group of tax officers has suggested hiking super-rich tax to 40 per cent, imposing a cess and other measures to increase revenues amid the coronavirus pandemic, prompting the tax department to clarify that the proposals do not reflect its official views in any manner. The Central Board of Direct Taxes (CBDT) […]
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, […]
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 […]
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 […]
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 […]
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 […]
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