Page 33 - Finance Ministry

CoinDCX sets aside $1 million to aid asset transfers from foreign exchanges

This comes after the finance ministry's FIU last month issued show cause notices to nine offshore crypto exchanges for operating in India 'illegally'

India Inc seeks tax reforms, R&D incentives in upcoming interim Budget: EY

EY said that no major tax amendments or reforms are expected in the upcoming Budget as evidenced from the previous Interim Budgets of 2009, 2014 and 2019

Budget 2024: Rebate under new income tax regime may be hiked to Rs 7.5 lakh

Last week, the PFRDA chairman had said that the body has recommended employer contributions to the National Pension Scheme up to 12 per cent to be exempted from the income tax

Govt's disinvestment target in FY25 could be its lowest in nine years

The Modi government has met its privatisation and divestment target only twice in the last decade, even though its track record outstrips that of previous administrations

Centre has done little to ease TN's financial burden: FM Thangam Thennarasu

The Central government has done precious little to ease Tamil Nadu's financial burden, the state Finance Minister Thangam Thennarasu claimed on Friday and accused it of following different yardsticks in devolving funds to states. For every single rupee given to the Centre, the state got back only 29 paise but the ratio was different in the BJP-ruled states, he said. "As I have already mentioned in the Assembly, for every rupee we give to the Centre, we get back just 29 paise. But in BJP-ruled states, this ratio is completely different," Thennarasu told reporters here in response to the Union Finance Minister Nirmala Sitharaman's assertion on Thursday that the Centre released more funds to Tamil Nadu without any discrimination. For instance, from the financial year 2014-15 to 2022-23, the Centre gave Rs 4.75 lakh crore to Tamil Nadu including the Central tax share of Rs 2.46 lakh crore and subsidy of Rs 2.28 lakh crore. At the same time, the direct tax collections accounted to Rs 6.2

Centre expected to maintain fiscal discipline in Interim Budget 2024

Interim budget likely to prioritise fiscal consolidation over populist spending, anticipating fiscal deficit at 4.5% of GDP by FY26

Govt may lower disinvestment goal by 20% after missing FY24 target: Report

The government had set a disinvestment target to raise Rs 51,000 crore for the current financial year. However, only about 20 per cent of this target has been met so far

Finance Ministry approves additional Rs 1,500 cr for FAME-II scheme

Govt had till Dec 26 utilised Rs 8,948 crore of the Rs 10,000 cr allocated under the scheme

Union Budget 2024: Why India's' budget presentation was moved to February 1

India's Union Budget is presented on February 1 annually. This tradition began in the year 2017, until which the budget presentation took place on the last day of February every year

Govt issues bare minimum terms of reference for 16th finance commission

The ToRs for the Commission strictly align with what is broadly enshrined in the Constitution

SJVN gets govt approval to form JVs for 8778 MW hydro, renewable projects

State-owned power producer SJVN Ltd on Monday said it has received the finance ministry's permission to form four joint venture firms for the development of hydro and renewable projects with a total capacity of 8,778 MW in India and Nepal. SJVN will be the leading partner in three joint venture companies, whereas SJVN's wholly-owned subsidiary SJVN Green Energy Ltd (SGEL) will be the leading partner in the fourth JV, a company statement said. According to the statement, the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has agreed to the proposal of SJVN and Ministry of Power to form four joint venture (JV) companies for the development of Hydro and Renewable Projects in India and Nepal. SJVN will form a JV with Maharashtra State Power Generation Company Ltd to develop 5,000 MW Renewable Energy Projects. Another JV will be formed between SJVN, Government of Arunachal Pradesh and Navyuga Engineering Company Ltd. The JV will ..

India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion

This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion

RBI's draft framework advocates for independent members in SRO boards

The struggle to get top-flight IDs on their boards found indirect mention in the first-of-its-kind interaction between the RBI's brass and the boards of state-run banks and private banks

FinMin seeks proposals for final supplementary demands for grants

The finance ministry has sought expenditure proposals for the second and final batch of Supplementary Demands for Grants from various ministries and departments ahead of the Budget session likely to commence in the last week of January. This would be the last session of the 17th Lok Sabha before the general elections and the government would seek expenditure approvals of Parliament for four months till July 2024 through a vote on account. The second batch of Supplementary Demands for Grants for 2023-24 is proposed to be placed before Parliament in the ensuing Budget session, the finance ministry said in an office memorandum. The cases that would be eligible to be incorporated under such demands include those where advances from the Contingency Fund have been granted. Besides, payments against court decree would be included as well as cases where the finance ministry has specifically advised moving the supplementary demand in the winter session, it said. "While processing proposals

Sitharaman meets heads of public sector banks, reviews performance

Finance Minister Nirmala Sitharman on Saturday held a meeting with heads of public sector banks and reviewed their financial performance. During the meeting, concerns related to cyber security and the risks on the financial sector were discussed, sources said. Issues related to fraud and wilful defaulters and progress on the National Asset Reconstruction Company Ltd (NARCL) also came up for discussion, they said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. On the performance front, PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. During 2022-23, it said banks' balance sheets grew at a healthy pace, with both deposits and credit growth accelerating. The Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks (SCBs) fell to a decade low of 3.9 per cent at the end of March 2023 and further to 3.2 per cent in September

Indian crypto investors may move to domestic platforms post FinMin's notice

Finance ministry issued show cause notices to nine offshore virtual digital assets (VDA) service providers dealing with crypto assets

Govt's prudent fiscal policy to support economic growth: FinMin review

The FinMin report also highlighted that the relatively stable Indian rupee against the US dollar and other prominent currencies, and adequate foreign exchange reserves, add to the optimism

FinMin sends notices to offshore crypto exchanges, asks Meity to block them

"They are operating illegally without complying with the PML Act provisions in India," the finance ministry stated

FinMin to meet heads of PSBs on Sat; review implementation of govt schemes

Finance minister Niramala Sitharaman is scheduled to meet managing directors of public sector banks (PSBs) on Saturday to review the financial performance of lenders. PSU banks have earned a net profit of about Rs 68,500 crore during the first six months of the current financial year. The meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Pradhan Mantri Jan Dhan Yojana (PMJDY), Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY), sources said. This is the probably last full review meeting before the presentation of Budget 2024-25 and general elections later next year. She will also discuss on measures to improve customer service and cyber security, sources said. The finance minister would also review financial inclusion, credit growth, asset quality, and business growth plan of banks for the next financial year, the sources said, adding non-performing assets (NPAs) and the reco

Number of GST return filers up 65% to 11.3 mn in 5 years: Finance ministry

The number of GST return filers rose about 65 per cent to 1.13 crore in 5 years till April 2023 as compliance by taxpayers improved, the finance ministry said on Sunday. Also, the number of active taxpayers registered under GST increased from 1.06 crore as of April 2018, to 1.40 crore. As per data shared by the ministry, 90 per cent of eligible taxpayers are filing GSTR-3B returns by the end of the filing month in current fiscal year, up from 68 per cent in 2017-18, the first year of GST rollout. "Simplification in Rules and Procedure in GST has resulted in increase in return filing percentage by eligible taxpayers," the ministry said in a post on X. A nationwide Goods and Services Tax (GST) was rolled out on July 1, 2017. It subsumed over a dozen local taxes like excise, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April 2018, to 1.13 crore as of April 2023. GSTR-3B is the monthly return form for filing outward supplies details and tax ...