Page 22 - Finance Ministry

Space industry demands tax exemptions, PLI scheme from Union Budget

Import holidays, GST exemption for components of launch vehicles, productivity-linked incentives (PLI) and government stepping in as a customer are some of the expectations of the private space sector from Finance Minister Nirmala Sitharaman as she presents the Union Budget next week. "More money for space related acquisitions, tax holidays, import holidays, and PLI scheme for space," Pixxel Space co-founder and CEO Awais Ahmed told PTI when asked about his wishlist for the budget. Industry bodies Indian Space Association (ISpA) and Satcom Industry Association (SIA-India) have sought greater government expenditure on the space sector in the form of an anchor customer for the nascent private sector. "ISpA calls for a commitment from the government to procure and adopt space technology solutions across various governance areas such as agriculture, disaster management, infrastructure planning and development monitoring, urban development, and remote area connectivity," ISpA director .

Uber, other apps seek govt clarity over GST liability for their business

Move comes after Karnataka AAR exempts Namma Yatri from GST, citing its role as mere intermediary between auto drivers and customers

Govt may cut borrowings by Rs 50-75K cr in FY25 Budget: Axis Bank treasurer

In the interim budget, the government announced a gross borrowing of Rs 14.13 trillion, with a fiscal deficit target of 5.1 per cent of the gross domestic product

Industry body urges FM Sitharaman to continue 45-day MSME payment rule

Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber

Budget watch: Real estate sector wants industry status, tax relief

The sector also expects the Centre to provide measures, including tax breaks, to boost the demand for affordable housing, generally priced below Rs 50 lakh

Ballots to Budget: Taxpectations from Union Budget 2024

Economists predict a potential populist shift through a surge in welfare initiatives, write Sandeep Puri and Jitendra Jain

What does the jewellery sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

FinMin notifies GSTR-1A, allows taxpayers to amend outward supply form

The finance ministry has notified the GSTR-1A form which will give an option to taxpayers to amend outward supply or sales return form. Last month, the GST Council had recommended providing a new optional facility by way of form GSTR-1A to facilitate the taxpayers to amend the details in form GSTR-1 for a tax period and/ or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. The finance ministry on July 10 notified the GSTR-1A form. Moore Singhi Executive Director Rajat Mohan said the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant enhancement to the GST compliance framework with the optional facility of form GSTR-1A. "By facilitating timely corrections, form GSTR-1A ensures that the correct tax liability is auto-populated in form GSTR-3B, reducing manual errors and fostering a streamlined compliance process," he said. This amendment not only minimizes the risk of penalt

Budget 2024: What does India's power sector expects from FM Sitharaman

Union Budget 2024: Securing supply chain stability and embracing new technologies are essential for the sector's long-term sustainability and efficiency

Budget Watch: Sitharaman likely to address banking, insurance reforms

Government's equity dilution in state-owned lenders will be one issue financial market observers will monitor

Union Budget 2024: FM Nirmala Sitharaman set to present Budget on July 23

The Budget session of Parliament is slated to take place from July 22 to August 12

Union Budget 2024: Push for Lakhpati Didi 2.0 to boost women empowerment

Budget 2024: The Union Budget for the financial year 2024-25 is scheduled to be presented in the Lok Sabha on July 23

Budget 2024: Govt may double beneficiaries under Ayushman Bharat scheme

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23; the Budget session of Parliament to take place from July 22 to August 12

Fair trade, focus on manufacturing, infra on steel firms' Budget wish list

Steel companies hope the govt will continue to focus on infra expansion while also giving the industry a level playing field to compete with imports

Budget 2024: What does the healthcare sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present the Budget in the Lok Sabha on July 23

FinMin concludes pre-Budget talks with 120 invitees, 10 stakeholder groups

Representatives from agriculture, education, health, MSME, energy, infrastructure sectors were the participants

'Humbling moment': Economist NK Singh receives LSE Honorary Fellowship

The awarding of an Honorary Fellowship acknowledges and celebrates those who have made an exceptional contribution to LSE and its global community

New base years for national accounts, macro indicators from Jan-Feb 2026

A base year is the reference year whose prices are used to calculate the real growth (minus inflation) in national income

GST reduced tax rates on household goods, brought relief to people: FinMin

Goods and Services Tax (GST), which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said on Monday. GST, which subsumed about 17 local tax and cesses, was rolled out on July 1, 2017. The theme of the 7th GST Day is Sashakt Vyapar Samagra Vikas (empowered trade overall growth). "With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the ministry said in a post on X. The GST taxpayer base has increased to 1.46 crore in April 2024 from 1.05 crore as of April 2018. "We have witnessed a quantum jump in taxpayers base along with improved compliance," Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said. Giving comparative charts of pre- and post-GST tax rates of household goods, the ministry

REC loan sanctions grow 24% to Rs 1.12 trn in Q1; Rs 40k cr for renewables

State-owned REC Ltd on Monday said it sanctioned Rs 1,12,747 crore worth of loans during April-June FY25, posting a year-on-year growth of 24.17 per cent. It had sanctioned Rs 90,797 crore as loan during the year-ago period, the company said in an exchange filing. Loan disbursements rose 27.89 per cent to Rs 43,652 crore in the period under review. During June quarter FY25, Rs 39,655 crore was sanctioned for renewable energy projects, up 58.72 per cent from the year-ago period. Loan disbursements more than doubled to Rs 5,351 crore from Rs 1,534 crore. REC, under Ministry of Power, is a non-banking financial company (NBFC) focusing on power sector financing in India.