Page 38 - Finance Minister

Simplified filings: RoC approval not required for most corporate actions

The govt has introduced a new system called "file and forget," which is part of its ongoing revamp of the statutory filing website, MCA21

FM exhorts exporters to foresee impact of global slowdown, engage with govt

Finance minister Nirmala Sitharaman on Wednesday exhorted exporters to be receptive and 'foresee' how the recession or slowing economy abroad will pan out for them, while asking them to constantly engage with the government. Stating that external uncertainties are far more 'unpredictable' and therefore challenging, Sitharaman said in a post-pandemic, post-war world, and where there is a repeat occurence of virus, there is no fixed 'template' to deal with uncertainties. With regard to imports, she assured the industry that the government is looking at specific items to see which are going to be consistently needed for next few years as well as those whose import could hurt domestic manufacturers. "The changes abroad, recession abroad or the slowing economy abroad are all going to be challenge for Indian exporters. So Indian exporters will have to be far more receptive of what is happening there or even foresee how that will pan out for them and keep constantly engaging with the ...

Government focusing on public expenditure to propel growth, says FM

Finance minister Nirmala Sitharaman on Wednesday said that the effort of the government over the years has been to increase public expenditure with a view to promote growth. Speaking at the Post-Budget interactive session with the members of the industry chamber PHDCCI, the minister said that the government in the 2023-24 budget increased the capital expenditure by 33 per cent to Rs 10 lakh crore. "Consistently for the last three-four years, the emphasis has been given on public capital expenditure. We have kept that up in this budget...capital expenditure, clearly can be said as a real focus of this budget," she said. On a question of including petroleum products under the Goods and Services Tax (GST) regime, the minister said it could be done if there is an agreement among the states. She further said that the states were being nudged to carry forward reforms in various sectors including power and also implement the 'one nation, one ration card' scheme.

Set up team to resolve MCA21 portal glitches: FM Nirmala Sitharaman

The latest version was launc­hed on January 23

FinMin directs Corporate Affairs Ministry to resolve MCA21 portal issues

The Finance Ministry on Tuesday took cognisance of the technical glitches being faced by the companies while filing incorporation documents on the newly-launched MCA21 V3 portal, saying that the Corporate Affairs Ministry is working in cooperation with Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), and consultants Ernst & Young to resolve the matter on priority.

Crypto, web3 sectors need global ties for effective regulation: FM

Finance Minister Nirmala Sitharaman on Monday said crypto assets and web3 sectors require significant international collaboration for effective implementation of domestic legislations. She said these are relatively new and still evolving sectors, with no specific regulations. "By definition, these sectors are borderless and require significant international collaboration for any specific legislation on these sectors to be fully effective," Sitharaman said in a written reply in the Lok Sabha. The minister was replying to a question by DMK MP T Sumathy on whether the government has prepared any future roadmap to regulate virtual digital assets / cryptos/web3 sectors in the country. In reply to a separate question, Minister of State for Finance Pankaj Chaudhary said the government is engaging with G-20 countries to build international coordination on regulating crypto assets. He said India's G-20 presidency provides an opportunity to place different priorities, including crypto asset

FM Sitharaman asks states to expedite formalities to seek GST compensation

Finance Minister came down heavily in Parliament on states complaining about delay in getting GST compensation, saying that rather than blaming the Centre for delay in facilitating the payment

Sebi to update FM Nirmala Sitharaman on Adani Group probe this week

India's market regulator will provide an update on its investigations into the Adani Group's withdrawn follow-on public issue this week, two sources familiar with the matter said on Monday.

If needed, will allocate more for NREGA, says FM Nirmala Sitharaman

Budget strikes balance between growth and fiscal prudence, she says in Lok Sabha

New tax regime to leave higher disposable income with people: Sitharaman

The Union Budget 2023-24, astutely balances the requirement for India's development imperatives within the limit of fiscal prudence, Finance Minister Nirmala Sitharaman tells Lok Sabha

Insurance execs to FM Sitharaman: Relax taxing high-value policies

They want the threshold of premiums beyond which the income from these policies is taxed raised to Rs 10 lakh per year from the current Rs 5 lakh

FinMin asks depts, CPSEs to refund 95% of MSMEs securities till March 2022

The Finance Ministry on Monday asked all departments and public sector entities to refund 95 per cent of the performance or bid security and liquidated damages forfeited/deducted from small and medium businesses in government tenders for over two years till March 31, 2022. To give relief to MSMEs, Finance Minister Nirmala Sitharaman in 2023-24 Budget announced 'Vivad se Vishwas-I' scheme which provides that in cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. The Finance Ministry's Expenditure Department on Monday issued an office memorandum stating that all contractors or suppliers registered as micro, small and medium enterprises (MSME) with the Ministry of MSME as on March 31, 2022, would be eligible to claim a refund of the forfeited amount for contracts which had an original delivery or completion period between ...

IRDAI should set up a committee to review its regulations: Experts

In line with Nirmala Sitharaman's budget announcement, the Insurance Regulatory and Development Authority of India (IRDAI) should set a committee of its own to review its various regulations

From savings to spending: What new IT rules tell us about govt's intentions

The new IT regime will be the default one but those tax payers wanting to continue with the old one can still do so

Maintaining growth momentum the main idea behind Budget preparation: FM

Sitharaman said she was clear that the Budget had to keep the growth momentum intact, and even Prime Minister Narendra Modi was on board with it

Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST

Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future

Callous, betrayed hopes of vast majority, says P Chidambaram on Budget

Chidambaram mentioned that both the Capital Expenditure and the Effective Capital Expenditure of the central government is lower than the Budget estimates

Budget 2023: FM sticks to fiscal road map, targets deficit of 5.9% in FY24

The fiscal deficit is the difference between the government's expenditure and revenues when the former is higher

Budget 2023: This Is how the budgetary allocation compares with last year

The government has proposed on creating infrastructure by increasing the capital expenditure by 33 per cent to Rs 10 trillion

Union Budget 2023: Capital expenditure to be hiked by 33% to Rs 10 trillion

Budget 2023: PAN cards will be used as a common identifier for all government schemes, the FM said in her Budget speech