Page 36 - Finance Minister

CBIC to introduce automated GST scrutiny system by next week: FM Sitharaman

Finance Minister Nirmala Sitharaman on Saturday asked the Central Board of Indirect Taxes & Customs (CBIC) to increase the taxpayer base and introduce an automated GST return scrutiny system by next week. The total Indirect Tax collections for the 2022-23 fiscal stood at Rs 13.82 lakh crore, up from Rs 12.89 Lakh crore in 2021-22. The average gross monthly GST collection for 2022-23 stood at Rs 1.51 lakh crore and monthly GST revenue collections exceeded Rs 1.4 lakh crore for 12 months in a row. In a review meeting with the CBIC, Sitharaman desired that the indirect tax body may undertake a comprehensive root cause analysis of fake billing and input tax credit claims by studying the typology of cases already booked and come up with recommendations on technology-based solutions to address the menace and prevent its occurrence. The Finance Minister directed CBIC to introduce its automated GST return scrutiny by next week and to implement an action plan to increase the taxpayer base .

Cordiality missing in current political discourse: FM Nirmala Sitharaman

Sitharaman made references to Vaghul's frequent run-ins with the political executive

Cordiality missing in political discourse, says FM Nirmala Sitharaman

The finance minister also said that for forty years, each government competed with the previous one for showing that they are more socialist than the dispensation that preceded it

Mahila Samman Savings Certificates: All you need to know about the scheme

There are no upper limits to the number of accounts. However, there is a cap on the maximum deposit limit. Additionally, there should be a gap of at least 3 months between opening of any two accounts

Supply side problems adding to inflation, govt monitoring continuously: FM

Union Finance Minister Nirmala Sitharaman on Wednesday said seasonal supply side problems add to inflation and that they are being monitored continuously with efforts being made to bring down prices of essential commodities. Highlighting that efforts have also been made to bring down fuel and natural gas prices, she said these are imports coming into the country and the prices are high in the global market, due to the impact of Covid and Russia-Ukraine war. "On prices, since November 2021, when the Prime Minister himself has instructed us to reduce the excise duty on fuel, as a result before Deepavali one announcement was made. Then sometime in June 2022, again we reduced the excise duty further. As a result, price of fuel came down somewhat," Sitharaman said during a press conference here. "But when we are speaking about fuel or natural gas, we need to understand one thing: these are products which are imported, and particularly after Covid and particularly even more after the war

High-balance bank accounts without updated KYC under govt's radar

The RBI has instructed banks to finish updating KYC on a recurring basis for all customers with active accounts by June 2023, an official said

FM directs CBDT to ensure time-bound disposal of tax payers' applications

Finance Minister Nirmala Sitharaman emphasised that the Central Board of Direct Taxes (CBDT) should ensure timely action on all applications filed by tax payers

Growth momentum may have sustained in Q4, says FM Nirmala Sitharaman

The National Statistical Office (NSO) will release the March quarter gross domestic product (GDP) data on May 31

FinMin working with MeitY, RBI to clamp down on ponzi apps: FM Sitharaman

Union Minister Nirmala Sitharaman on Sunday said the finance ministry is working with MeitY and RBI to clamp down on ponzi apps to prevent them from taking away hard earned money of gullible investors. Cautioning investors against ponzi apps, Sitharaman said investors should do their due diligence and should not be lured by claims of lucrative returns made by them. "There are also apps which are coming out and reaching out to people saying we can do this, we can do that. Your money will fetch you this much. "Many of them are ponzi, the apps on which we are working with the Ministry concerned, the Ministry of Electronics & Information Technology (MeitY) and with the Reserve Bank and clamping down on them like never before, so that we don't get those ponzi apps, taking away hard earned money," she said. Speaking at the Thinkers Forum at Tumakuru (Karnataka), she said, social influencers and financial influencers are all out there but a strong sense of caution is required in each one

Green projects: FinMin may allow cos to deploy blended finance instruments

The finance ministry is examining the possibility of allowing financial institutions to raise funds from blended finance instruments to invest in green climate projects, sources said. Blended finance involves leveraging of financial resources of the public sector or philanthropies to phase in private sector investment, thereby catalysing private finance in high-risk and long-gestation projects. The use of blended finance promotes investments in new and emerging sectors and it attracts commercial capital towards projects that contribute to sustainable development, while providing financial returns to investors, the sources said, adding, it holds the potential to catalyse private finance in such projects. It is still to be tested and therefore the ministry is looking at it from all possible angles, the sources said. Blended finance is aligned to the Prime Minister goal to cut its emissions to net zero by 2070. Prime Minister Narendra Modi, announced India's aim of achieving net zero

India, US working towards for strong, peaceful global community: Sitharaman

India and the US are together building a foundation for a strong, peaceful and harmonious global community, Union Finance Minister Nirmala Sitharaman has said. "When we celebrate diversity, celebrate inclusiveness, it is also the point that we share a lot of positive thoughts when we are doing this," the finance minister said. Today when "we celebrate togetherness, it is that spirit which governs India and US relationship: a positive thinking relationship of two democracies, which have their own share of challenges and their own share of internal problems, but we don't allow them to overwhelm us", she said. The minister was addressing Indian Americans at an event organised by the Indian Embassy here to celebrate the country's diversity. "We are together and building strong foundations for a strong, peaceful and harmonious global community. That's where, I think, the contribution of the Indian diaspora, here people of Indian origin, to the US is very important," she said. "You ...

Govt committed to reforms for a stronger India: FM Nirmala Sitharaman

Sitharaman is in the US to participate in the World Bank and International Monetary Fund (IMF) Spring meet

FM Nirmala Sitharaman arrives in Washington to attend IMF, WB meetings

Finance Minister Nirmala Sitharaman arrived here to attend the annual spring meetings of the IMF and the World Bank and lead the G-20 countries in a series of intense interactions over a host of issues facing the world. Sitharaman, who is leading a high-powered delegation, is scheduled to kick off her public engagements on Monday from the prestigious Peterson Institute for International Economics by speaking on resilience and growth of the Indian economy and interacting with the think-tank community. Among key engagements of the finance minister here include, spring Meetings of International Monetary Fund and the World Bank; hosting the Second G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under India's G20 Presidency and G20-related side events; World Bank Development Committee and IMF Committee Plenaries, interaction with global economists and think-tanks, bilateral engagements and interaction with global business leaders and investors in roundtables. Sitharaman

FM Nirmala Sitharaman to attend Spring Meetings of IMF-World Bank

She will also participate in G20 Finance Ministers and Central Bank Governors meetings

Consumer rights body asks Finance Minister to probe biz activities of Rario

The Consumer Online Foundation has written to Finance Minister Nirmala Sitharaman to investigate the business activities of company Rario and its compliance with Indian taxation laws

Inflation kept at 6% or below despite adverse circumstances, says FM

Union Finance Minister Nirmala Sitharaman on Thursday said the inflation has been kept at six per cent or below despite adverse circumstances as a result of the Covid-19 pandemic and the Russia-Ukraine conflict. Price rise is a matter on which the Centre is very sensitive and responsive, she said. Sitharaman said the pandemic and the conflict had a bearing on the prices of commodities which India import, adding that the government has taken measures including giving subsidies. Will you compare the situation prevailing everywhere, particularly after COVID, particularly after Russia and Ukraine war? The (prices of) commodities we import are all sky-rocketing. They are not produced in India. We totally import. Is that price rise mine? But that price hits me. And there, I have to give support, the Minister said. Even in this adverse circumstances inflation has been kept at six per cent or below. There are times it goes up. Then we work together with RBI and say please control it, ...

Opponents built 'wrong rumour-based image' of BJP in past 20-25 years: FM

Union Finance Minister Nirmala Sitharaman on Thursday said BJP never discriminated against anyone and never endorsed vote-bank politics, while referring to the Padma Shri award given to Bidar-based craft artist Rasheed Ahmed Quadri. Quadri was among 91 people who received the Padma Shri award from President Droupadi Murmu on Wednesday at Rashtrapati Bhavan. In a video that has gone viral on social media, Quadri is heard telling Prime Minister Narendra Modi after getting the award, I am from Bidar. I waited for five years during the UPA period but it did not happen (getting award). Then I gave up hopes thinking that the BJP will not give me any award but proving me wrong you selected me. For this, I thank you very much. Commenting on this incident, Sitharaman said a "wrong rumour-based image" has been built about BJP by opponents in the past 20 to 25 years. While the Prime Minister repeatedly says Sabka Saath, Sabka Vikas' and we too say that, we do not endorse vote bank politics. .

FM slams Rahul Gandhi for 'baseless allegations' against PM on Adani issue

Union Finance Minister Nirmala Sitharaman on Thursday came down heavily on Congress leader Rahul Gandhi for making baseless allegations against Prime Minister Narendra Modi on the Adani issue, and described him as a "repeat offender" in levelling such charges. Responding to questions at a press conference at the State BJP office here, she said, "If Rahul Gandhi really thinks that Adani has been given all these things (undue favours), it is not true," "Let me also say he's now becoming a repeat offender in terms of putting baseless allegations against the Prime Minister. We saw that prior to the 2019 elections, now he's doing it again. He doesn't seem to learn any lessons from all these false allegations that he wants to level against the Prime Minister." Sitharaman also sought to know why Gandhi did not raise a voice against the "undue favour" to Adani by the Kerala government and a solar power project to the company in Rajasthan. "It was the (then) Congress government (in Kerala),

Uttarakhand FinMin welcomes proposal of developing Rishikesh corridor

Uttarakhand finance minister Prem Chand Aggarwal on Tuesday said he welcomes the idea of the state government of developing the Rishikesh corridor on the lines of the Kashi-Vishwanath corridor. Chief Minister Pushkar Singh Dhami who met Prime Minister Narendra Modi in Delhi on Monday informed him that the state government is working on Haridwar's Har-ki-Pairi and building the Rishikesh corridor, on the lines of Kashi-Vishwanath and Ujjain Mahakal corridors, under its new tourism policy. "The proposed Rishikesh corridor will add a new dimension to the popular pilgrimage destination from the religious tourism point of view," Aggarwal said. The corridor will help decongest traffic from the town, make commuting easy for tourists besides creating more employment opportunities for locals, said Aggarwal, former speaker of the Uttarakhand Assembly. People of the town and pilgrimage priests are eagerly waiting for the proposed project to become a reality, he said and thanked both PM Modi an

India has robust commercial systems giving confidence to investors: FM

FM Nirmala Sitharaman said that it is now agreed during the negotiations of bilateral trade treaties that India has a better robust commercial system giving investors the confidence they need