Page 23 - Finance Ministry

Govt's gross liabilities up 3.4% at Rs 172 trn by March: Finance ministry

Total gross liabilities of the government increased to Rs 171.78 lakh crore at the end of March 2024 from Rs 166.14 lakh crore at December-end, the finance ministry has said. This represented a quarter-on-quarter increase of 3.4 per cent in the fourth quarter of 2023-24, said the public debt management quarterly report (January-March, 2024). Public debt accounted for 90.2 per cent of total gross liabilities during the quarter, it said. "During the quarter, the yield on Indian domestic bond softened on account of lower than anticipated borrowing plan announced in interim budget, adjustment of the fiscal deficit to 5.1 per cent of the GDP for FY25, a targeted reduction of the fiscal deficit at or below 4.5 per cent by FY26, FPI inflows and steady inflation," it said. On the other hand, it said, US treasury yields remained volatile during the quarter mostly affected by Federal Reserve action, inflation, and employment data. US 10-year yields touched a high of 4.33 per cent during the

GDP growth expected to slow down modestly this fiscal year and next: Poll

Most economists expect the government to maintain a broad path of fiscal consolidation

Union Budget 2024: Will Bengaluru be included in 50% HRA exemption?

Currently, rented houses in Delhi, Mumbai, Kolkata, and Chennai qualify for a 50% exemption from HRA, while those in other locations (non-metro) fall into the 40% category

Work towards reaching last mile: DFS Secretary asks CEOs of PSU banks

Financial Services Secretary Vivek Joshi on Tuesday asked CEOs of public sector banks (PSBs) to industriously work towards reaching the last mile to further strengthen financial inclusion initiatives taken by the government. While reviewing progress of various flagship financial inclusion schemes of the government here, Joshi requested banks to give more thrust on improving customer experience across banking services. During the meeting, he reviewed the progress under various financial inclusion schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Atal Pension Yojana, an official statement said. He took stock of schemes like Stand Up India, PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi), PM Vishwakarma, PM Surya Ghar Yojana, ethanol blending in petrol (EBP) and compressed bio gas (CBG) financing, etc. He also reviewed the progress of opening of brick and mortar branches of .

Finance ministry asks PSBs to revive inoperative Jan Dhan accounts

The Finance Ministry convened a meeting of PSB heads to assess the progress of various financial inclusion schemes, including PM Vishwakarma, Jan Suraksha, and Mudra Yojana

Budget 2024: Rise in standard deduction limit likely in new tax system

Union Budget 2024: Standard deduction represents a portion of the income that is not subject to taxation; it serves as a comprehensive allowance for tax deductions available to salaried employees

Co-lending committee to submit report to finance ministry by next month

After the committee submits the report, the Department of Financial Services is expected to formulate guidelines to boost the co-lending space

53rd GST Council meet outcome | No tax on railway services, 12% GST on milk cans & more

The 53rd Goods and Services Tax (GST) Council in its meeting on June 22 approved several compliance measures, aiming at reducing tax litigation and enhancing ease of business across the sectors.

Budget 2024: Will the govt bring back fare concessions for senior citizens?

Union Budget 2024: According to RTI disclosures, Indian Railways earned around Rs 2,242 crore from about 150 million senior citizens during the financial year 2022-23

GST Council waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

What did FM Sitharaman say about fiscal deficit in the last 5 Budgets?

Finance Minister Nirmala Sitharaman is expected to maintain fiscal deficit target at 5.1% for FY25

Budget 2024 to have Rs 5 trillion allocation for tribal community: Minister

Union Budget 2024: In the interim budget announced on February 1, Finance Minister Nirmala Sitharaman had allocated Rs 1.3 trillion to Tribal Affairs Ministry

Union Budget 2024: No likely cut in fuel prices, PMAY allotment may rise

The Union Budget 2024 is expected to be announced in the third week of July. Finance Minister Nirmala Sitharaman to hold pre-budget meeting on June 20

Union Budget 2024: Nirmala Sitharaman to hold pre-budget meeting on June 20

Finance Minister Nirmala Sitharaman will hold a pre-budget consultation with industry stakeholders on June 20. Here's what to expect

Case for reforms validated by past experience: CII President Sanjiv Puri

India is growing at a time when most economies are under stress, Puri said

FM Nirmala Sitharaman to set new record with 7th consecutive Union Budget

With the interim budget presented on February 1 of this year, Sitharaman equalled Morarji Desai's record of six consecutive budgets

Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations. The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July. The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry. For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about production, prices, and revenue implication of the changes suggested. The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity. With regard to direct taxes, the ministry said the suggestions could be also on

General Provident Fund interest rate announced for June quarter: Know more

General Provident Fund and other similar funds shall carry interest at the rate of 7.1% effective from April 1, 2024 to June 30, 2024

Analysts welcome PM Modi's faith in Sitharaman as finance minister

Some analysts see spending on infrastructure, which soared under Sitharaman, to remain a big focus of the government

Modi 3.0: Nirmala Sitharaman set to present seventh Budget in a row

A JNU alumnus, Sitharaman led the country in the G20 discussions, bringing to the table for the very first time issues related to cryptocurrency and other much-needed reforms as well