Page 35 - Finance Ministry

Budget LIVE news: Commerce ministry endorses import tax cuts on gold bars

Union Budget 2024 Live Updates: Catch all the developments on the Interim Budget 2024

CBIC notifications use complex language; need simplification, says GTRI

The complex language used in the notifications of the CBIC regarding customs duties needs simplification to help industry in understanding those orders as they carry crucial details, economic think tank GTRI said on Thursday. The Global Trade Research Initiative (GTRI) said for this the CBIC (Central Board of Indirect Taxes and Customs) must use services of communication experts for help in drafting easy to understand notifications containing necessary details. This will help over a lakh firms importing merchandise exceeding USD 660 billion in 2023 and it will also add to the ease of doing business with zero cost to the government and immense benefit of clarity to the Indian industry, it said. "Notifying import duties is a critical mandate of CBIC. Firms pay import duties as notified by CBIC, but firms cannot do it on their own as the CBIC notifications use complex language and mostly refer to back notifications unintentionally hiding complete details needed to know the duty or impo

Budget 2024: Why was the presentation time changed to 11 am from 5 pm?

Budget 2024 time: The Union Budget is presented at 11 am on February 1 every year but it was not the practice earlier. Here's why it was changed and when

Govt allows direct listing at IFSC to enable local cos raise global capital

The move will enable startups and other domestic companies to access the global market and raise capital in foreign currency through GIFT IFSC

Budget Highlights: Space industry seeks PLI scheme, liberal FDI policy

LIVE updates: The central government focus is likely to be on controlling inflation and adjusting the fiscal deficit ahead of the Lok Sabha polls. Catch all the budget-related live updates here

Disinvestments slow, but govt keeps earning dividends from state-run firms

It has never happened that the budget estimate for dividends from such companies has failed

Interim Budget 2024-25: Mobile tower companies seek input tax credit

The largest players in the industry, including American Towers, Indus Towers, and Summit Digitel, are members of DIPA

Budget 2024 LIVE updates: Govt raises import duty on gold, silver jewellery

Union budget 2024: Govt will table the interim budget where focus will likely be on controlling fiscal deficit and supporting agri ahead of the elections. Catch all the budget-related live updates

Govt expands scope of financial services that can be taken up at IFSC

The government has expanded the scope of activities that can be undertaken at the International Financial Services Centre (IFSC) by including services such as book keeping, and accounting. As per a gazette notification issued by the Ministry of Finance, various services, including book-keeping, accounting, taxation, and financial crime compliance, have been included as part of financial services. "Provided that the financial services shall be offered by units in an International Financial Service Centre regulated by the International Financial Services Centres Authority (IFSCA) to non-residents whose business is not set up either by splitting up of business already in existence in India; or reconstructing/reorganising of business already in existence in India," it said in a notification on January 18. The notification stipulates that these units should not offer services by way of transferring or receiving existing contracts or work arrangements from their group entities in India.

FM alleges police misuse in TN; Governor alleges 'spiritual repression'

Tamil Nadu Governor RN Ravi on Monday alleged that priests and staff of a Shri Ram temple here, under the control of the state government, faced 'repression' while the entire country celebrated the 'Pran Pratishtha' of Ram Lalla in Ayodhya. Union Finance Minister Nirmala Sitharaman speaking to reporters in Kancheepuram alleged that the Tamil Nadu police 'is being misused' by the 'Hindu hating' DMK regime to thwart public screening of the Ayodhya ceremony and celebrations to mark the event. The DMK 'is clearly showing its personal hatred' for the Prime Minister and 'suppressing worshippers,' she alleged Against the background of the BJP alleging a 'ban' by the DMK regime for celebrations and public screening to mark the consecration, Ravi, underscored his visit to a temple here and seemingly backed the Saffron party's accusation. The Governor said on X: "This morning I visited Sri Kodandaramaswami Temple, West Mambalam, Chennai, and offered prayers to Prabhu Sri Ram for the well-bein

Govt defers Rs 5,000 cr plan to fill parts of strategic petroleum reserve

In the federal budget for 2023-24, the government had outlined a plan to purchase crude oil worth Rs 5,000 crore for caverns in the southern cities of Mangalore and Visakhapatnam

Nearly 90% of young people lack ability to calculate loan repayments

The exercise involved calculating the total amount to be repaid after a year if one is given the loan amount and the interest applicable

Interim Budget to cut fiscal deficit in election year, focus on capex: Poll

The government is aiming to narrow the fiscal deficit to 4.50% of GDP by the end of the 2025-26 fiscal year (FY) from 5.90% in the current year to end-March 2024

Budget 2024: MSMEs expect special package from FM Sitharaman on Feb 1

The MSME sector wants Finance Minister Nirmala Sitharaman to come out with a special package for small and medium enterprises to ensure greater availability of institutional credit at competitive rates to enable it to play a bigger role as India moves closer to becoming a USD 5 trillion economy. Sitharaman is scheduled to present the interim Budget 2023-24 in the Lok Sabha on February 1. This will be the last major economic document of the government before the next general elections. The share of MSME (Micro, Small & Medium Enterprises) sector in the country's Gross Domestic Product (GDP) in 2021-22 was 29.15 per cent. On expectations from the Budget, Federation of Indian Micro and Small & Medium Enterprises (FISME) said the relationship between banks and MSME is an uneven one with the balance of power heavily tilted in favour of the lenders. "Lack of competition in the banking sector (75 per cent of banks being public sector) and weak regulatory institutions, which have not .

India to budget fiscal deficit at 5.3% of GDP in FY25: BofA Securities

Finance Minister Nirmala Sitharaman will opt for a further reduction in fiscal deficit to 5.3 per cent of India's gross domestic product in the upcoming budget for FY25 despite poll pressure, a foreign brokerage said on Friday. The government will meet the FY24 commitment to reduce the important number to 5.9 per cent, BofA Securities said in a note. "We see Centre's fiscal deficit to consolidate further to 5.3 per cent of GDP, despite poll pressure," its analysts wrote in a note. The government will opt for continuing with its strategy of consolidating fiscal deficit through capital expenditure driven growth instead of expenditure compression, it said. The brokerage said digitization-led formalization has aided the fiscal math through tax buoyancy on one side and reducing wasteful expenditure (subsidy leakage) on the other. The government had earlier committed to reduce the fiscal deficit to 4.5 per cent by FY26 as part of its glide path to gradually reduce the gap, which is seen

ED raids Chennai infrastructure firm, promoters in money laundering case

The Enforcement Directorate on Friday raided multiple premises in Chennai as part of a money laundering investigation involving a city-based civil construction and infrastructure company, its promoters and linked persons, official sources said. The probe by the central agency was initiated after taking cognisance of an FIR filed by the central crime branch (CCB) of Greater Chennai Police against Ocean Lifespaces India Private Limited, its MD and CEO S K Peter, some directors and others. About six-seven locations in and around Chennai city are being covered by ED officials under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said. The CCB FIR was filed last year on the complaint of a former director of the company, B Sriram, who alleged he was "cheated" by the promoters and later he also moved the National Company Law Tribunal (NCLT) challenging his removal from the board of the company. The company promoters and directors subsequently moved the Madras

Court takes cognizance of ED chargesheet in Rs 36 cr Delhi Waqf board case

The Rouse Avenue court took cognizance of the prosecution complaint (charge sheet) filed by the Enforcement Directorate (ED) in the Delhi Waqf Board Money Laundering case

Commerce ministry to launch portal to provide info to aspiring exporters

The commerce ministry will launch an online platform in the next 2-3 months to provide all relevant information, including details about custom duties, for aspiring exporters. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said the portal will act as a one-stop place for getting all information on engaging in export activities. The 'Trade Connect ePlatform' will provide facilitation for new and aspiring exporters, information on various regulations to access markets, sectors, export trends, and easy access of benefits under Free Trade Agreements. Besides, it will facilitate access to sector specific events along with a facility to address trade related queries to officials in Government of India and associated entities to get expert advice.

New provisions for partial pension withdrawal: All you need to know

The PFRDA introduced rules for partial withdrawals from National Pension System, allowing subscribers to withdraw up to 25% for specified purposes, effective from February 1

Cabinet approves creation of 3 officer-level posts for 16th Fin Comm

The Cabinet on Thursday approved the creation of three officer-level posts for assisting the 16th Finance Commission, chaired by Arvind Panagariya. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the creation of three posts at the level of Joint Secretary i.e. two posts of Joint Secretary and one post of Economic Adviser, for the 16th Finance Commission, an official statement said. "The newly created posts are required to assist the Commission in carrying out its functions," the statement said. All other posts in the commission have already been created as per the delegated powers, it added. In a notification dated December 31, 2023, the government appointed former vice chairman of Niti Aayog Panagariya as the chairman of the 16th Finance Commission. Ritvik Ranjanam Pandey was named as the Secretary to the Commission. The Commission would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026. Be