Page 24 - Finance Ministry

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.

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