Page 25 - Finance Ministry

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

Centre authorises release of Rs 1.39 trn tax devolution to states for June

The Centre on Monday authorised the release of tax devolution of Rs 1,39,750 crore to states for June. It was decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released, the Finance Ministry said in a statement. "This cumulatively amounts to Rs 1,39,750 crore in the current month. This will enable State Governments to accelerate development and capital spending," it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year. The Interim Budget 2024-25 has a provision of Rs 12,19,783 crore towards the devolution of taxes to states. With this release, the total amount devolved (for FY 2024-25) to states till June 10, 2024, is Rs 2,79,500 crore, it added.

A full Budget, implementing pending reforms to keep finance minister busy

While the ministry has started work on the Budget, it is expected to begin industry consultations

MPS norm: FinMin may extend August deadline for PSBs, insurance firms

Five PSBs are planning to reduce government stake to less than 75%

Will take decisive steps to stabilise banking system: FM Sitharaman

Sitharaman also said that the 'Samudra Manthan' of sorts in the banking sector under PM Narendra Modi's leadership yielded positive results along with expected challenges during the 'churn'

Japan spent $62 bn to support yen after it fell to 34 yr low last month

The finance ministry disclosed figures Friday for the period between April 26 and May 29

Economy expected to have grown at slower pace in Jan-Mar qtr: Survey

The median forecast from a survey of 54 economists put GDP growth at 6.7% year-on-year for the three months, the fourth quarter of India's 2023-24 fiscal

Transparent financing

Next govt must address political funding

Modi govt reshaped, transformed Budget in last decade: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the Modi government has reshaped the Union budget in the last 10 years from a mere record of expenditures to a strategic blueprint for equitable distribution. The minister asserted that the government would continue to maximise the value of taxpayers' money by putting it to the best possible use. She said the Modi government has prioritised transparency in its budgeting practices and numbers. Countries with transparent budgets are often viewed more favourably by international bodies such as the IMF and World Bank. This can lead to improved global trust. "This starkly contrasts the @INCIndia-led UPA government's repetitive practice of hiding the deficits through off-budget borrowings and issuance of 'Oil Bonds', which somewhat covertly shifted the fiscal burden to future generations. Under UPA, standard fiscal practices were routinely changed to make Budget numbers look favourable," Sitharaman said in a series of posts on X. She sa

Govt bond yields seen flattish at start of new week amid consolidation

The government's fiscal position is expected to strengthen after a better-than-estimated dividend transfer and could further reduce some supply pressure

LS polls: If economy growing fast, why people not prosperous, asks Priyanka

Congress leader Priyanka Gandhi Vadra lashed out at the BJP-led Centre on Sunday, asking why people have not prospered if the country's economy is growing at a rapid pace. Addressing her first Lok Sabha poll rally in Punjab in favour of Amar Singh, the Congress candidate from Fatehgarh Sahib, Gandhi accused Prime Minister Narendra Modi of "speaking lies and making hollow promises to the public only to capture power". At another rally in Chandigarh, she countered the Bharatiya Janata Party's (BJP) charge that the Congress is anti-Hindu, saying her party's philosophy is based on the teachings of the Bhagavad Gita, which has taught people about truth, love, harmony and non-violence. In Fatehgarh Sahib, the Congress general secretary urged people to ensure Singh's victory in the June 1 polls. Hitting out at the Modi government, she claimed that 70 crore youngsters are unemployed in the country and the rate of unemployment is the highest in 45 years. Gandhi said 30 lakh posts are vacan

Development path for India will not be the same as China's: CBC chairman

As India moves towards the mission of Viksit Bharat' and becoming a developed country by 2047, the development path for India will not be the same as that of China as they have a different environment and capabilities, Chairman of the Capacity Building Commission Adil Zainulbhai has said. Prime Minister Narendra Modi has laid out a vision of what India will be as a developed country and there is a lot of thinking in terms of we want this to be different, Zainulbhai said. The development path for India will not be the same as the development path for China. So for every article that compares China's growth with India's growth, India's growth for the next 25 years will not follow the China model. Because we can't, it's a different environment and India's capabilities are different, he said. According to the World Bank, China's strong growth has been based on investment and export-oriented manufacturing, an approach that has largely reached its limits, and has led to economic, social,

Govt considers easier regulations for CPSEs' entry into 'Ratna' club

A second official said the Ratna status allows CPSEs to do hassle free business. "They don't have to come to the government for permission for every business decision," the official added

After strong FY24, economic growth momentum to stay in Q1FY25: FinMin

Industrial activity gaining momentum with improved capacity utilisation

India mulls GST relief for foreign airlines; fitment committee to review

Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters

Govt may review inverted duty structures in washing machines, air purifiers

The government is likely to consider addressing the issue of inverted duty structure for certain products like paper, furniture, washing machines, solar glass, and air purifiers to promote domestic manufacturing, an official has said. Inverted duty structure refers to taxation on inputs at higher rates than finished products that result in the build-up of credits and cascading costs. The official said the Commerce and Industry Ministry has shared a list of products with the Finance Ministry to look at the inverted duty structure issues. The list was shared after holding detailed consultations with industry associations and export promotion councils. "We have already sent the list to the Finance Ministry. The list includes products such as paper, furniture, washing machines, solar glass, air purifiers, and some cases in apparel and jewellery also," the official said. Inverted duty structure impacts the domestic industry, as manufacturers have to pay a higher price for raw materials