Page 43 - Finance Ministry

GST officers bust nexus of 30 fake firms for passing Rs 50 cr ITC

The GST officers have busted a nexus of more than 30 fake firms, who have availed ineligible input tax credit (ITC) of over Rs 50 crore, the finance ministry said on Wednesday. In an ongoing two-month-long special drive against fake registration, the Central GST Delhi West Commissionerate found multiple entities registered on the same address. During investigation, it was found that the said address was existent but the owner of the premises denied any knowledge about the existence of any firm. In a statement, the finance ministry said searches were undertaken at multiple locations in Delhi and it was found that a person named Shiva has been obtaining KYC credentials from people on the pretext of getting loans sanctioned for them. "Further search revealed that Shiva has created more than 30 fake firms and sold them in cash at a premium. He also stated that to avoid physical verification, he used AADHAR authentication to obtain these GST registrations," the ministry said. These ...

Tax hike on international transactions to come into effect from Oct 1

No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs 7 lakh per individual per annum

States offered Rs 1.4 trillion loans linked to power sector reforms

Govts unable to complete reform process in 2021-22 and 2022-23 may also benefit from additional borrowing

12 states to get Rs 66,413 crore in incentives for power sector reforms

The Ministry of Finance has granted permission to 12 state governments to raise financial resources of Rs 66,413 crore through borrowing permissions

Top headlines: Adani cos under Sebi lens, TCS on foreign remittances

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TCS on foreign remittances: FinMin evaluates issues flagged by banks

July 1 deadline extension not ruled out

Best of BS Opinion: An incomplete restructuring, flood control, and more

Here is the best of Business Standard's opinion pieces for today

Centre approves Rs 56,415 cr to 16 states as special assistance for capex

The highest amount of assistance totalling Rs 9,640 crore will be given to Bihar

Govt to launch portal for unclaimed shares, dividends by February 2024

Currently, investors have to produce about 24 documents for refunds. As a part of the refund process, these documents are checked multiple times at various stages of the process

Digital public infra helped make optimum use of taxpayers' money: FM

Finance Minister Nirmala Sitharaman on Thursday said digital public infrastructure has allowed India to make optimum use of taxpayers' money. Addressing a session on digital public infrastructure and how it helps put money in the hands of money, Sitharaman said today in India the government is able to send most of the benefits directly to the bank accounts of citizens. "It has helped in making optimum use of taxpayers' money. In India, DPI has brought in greater efficiency in government system, better utilisation of funding for those women who so need it," she said. Sitharaman said the performance of bank accounts in which women were given loan assistance are doing very well. "After the introduction of Digital Public Infrastructure (DPI), the government was able to save Rs 1 lakh crore in just one of the provinces in India through DBT (direct benefit transfer), she said, adding it has helped cut down on leakage in fund transfer to beneficiaries of government schemes. Sitharaman is

Committee to review govt employees' pension, suggest changes: FinMin

The Finance Secretary-headed committee to review the pension system for government employees is in the process of consulting stakeholders and is yet to finalise its report, the ministry said on Thursday. The ministry in April set up a committee under Finance Secretary T V Somanathan to review the pension scheme for government employees and suggest any changes, if needed, in the light of the existing framework and structure of the National Pension System (NPS). "The Committee set up under the chairmanship of the Finance Secretary in pursuance of an announcement made by the Union Finance Minister in the Lok Sabha in the last Budget Session, is at present in the midst of its deliberations and is in the process of consulting stakeholders. The Committee has not yet reached any conclusions whatsoever, the finance ministry tweeted. As per its terms of reference, the committee would suggest measures to modify the same with a view to improving upon the pensionary benefits of government ...

Cabinet secretary Rajiv Gauba reviews status of projects' implementation

The objective of the 'Chintan Shivir' was to share insights and learnings on successful implementation of projects and schemes

Effect of subsidy cut? Daily e2W sales decline 62% in June, so far

Though industry players feel the subsidy cuts will help the sector in the longer run, e2W players who have raised the prices of their vehicles are worried about their near-term future

FM meets IFAD president, discusses issues of interest, global challenges

Finance Minister Nirmala Sitharaman on Thursday met International Fund for Agricultural Development (IFAD) president Alvaro Lario and discussed issues of mutual interests besides some emerging global challenges. During the meeting, the finance minister stressed that multilateral institutions should effectively contribute to ensuring food security by investing in food storage, food processing, and making small-size farming remunerative. Besides, they should focus on ensuring participation of emerging economies and developing countries and address the new global challenges such as food security, debt distress and climate Change. She underlined the need for the multilateral development banks (MDBs) to take a new and fair review to deal with new and emerging challenges. "While appreciating the India's leadership on steering the #G20India Presidency, the @IFADPresident updated FM Smt. @nsitharaman about how @IFAD is bringing #ClimateChange to the centrestage of the institution," a finan

Top headlines: Sebi debars Chandra, Goenka; Skymet predicts bleak monsoon

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FinMin to meet Moody's on June 16, pitch for sovereign rating upgrade

The Finance Ministry officials will showcase India's strong economic fundamentals and pitch for a sovereign rating upgrade in a meeting with US-based Moody's on June 16. Moody's Investors Service has a 'Baa3' sovereign credit rating on India, with a stable outlook. 'Baa3' is the lowest investment grade rating. Economic Affairs Secretary Ajay Seth, Chief Economic Advisor V Anantha Nageswaran and other senior officials from key ministries would talk about the ongoing economic reforms, government thrust on infrastructure development and forex reserves nearing USD 600 billion, sources said. The government had largely met its fiscal objectives over the past two years. The fiscal deficit, which is the difference between government expenditure and revenue, narrowed to 6.4 per cent of GDP in 2022-23 fiscal, from 6.7 per cent of GDP in 2021-22 fiscal. In the current fiscal, the deficit is budgeted at 5.9 per cent of GDP. As per the fiscal consolidation roadmap, the government intends to br

FinMin to meet Moody's on June 16, to pitch for sovereign rating upgrade

The Indian finance ministry officials will meet credit rating agency Moody's Investors Service on June 16 and pitch for a sovereign rating upgrade, two government sources told Reuters

FinMin starts deciding process on convenor of GST rate rationalisation GoM

The finance ministry has started the process of deciding on a new convenor of the GoM on GST rate rationalisation, sources said. The position has been lying vacant following the change of government in Karnataka. Former Karnataka chief minister Basavaraj Bommai was the convenor of the seven-member Group of Ministers (GoM) set up under the GST Council in September 2021. The finance ministry has initiated the process of consultation with other members of the panel. "Karnataka is likely to continue as a member of the GoM. We are not proposing any convenor. It will be selected based on consultation among GoM members," one of the sources told PTI. Besides Karnataka, other members of the GoM are Bihar, Goa, Kerala, Uttar Pradesh, Rajasthan, and West Bengal. Usually, the senior-most member in a GoM is named as the convenor of the panel. Since current Karnakata Chief Minister Siddaramaiah also holds the finance portfolio, he may be named as the new convenor of the GoM on rate ...

RBI averse to crypto but is all set to float CBDC; FinMin weighs options

The Reserve Bank of India (RBI) has made no bones about it being averse to crypto currency, ever since it emerged on the horizon in the country a few years ago

FinMin on same page with RBI for FY24 growth forecast: CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Saturday said that the government is on the same page with the Reserve Bank of India on the GDP growth forecast for the current financial year which is 6.5 per cent. RBI Governor Shaktikanta Das announced at the end of the monetary policy committee (MPC) meeting on Thursday that the GDP growth forecast for 2023-24 has been pegged at 6.5 per cent, a tad higher than the April forecast of 6.4 per cent. Speaking at a session organised by Bharat Chamber of Commerce here, Nageswaran said, "Both the ministry of finance and the RBI are on the same page with the growth forecast for the current fiscal which is 6.5 per cent with risks evenly balanced. The domestic economic growth momentum is strong enough to overcome external risk factors". "We also benefit from lower oil prices and overall domestic macroeconomic stability," he said. The CEA said that during the last financial year, real GDP growth was 7.2 per cent, which was lower than the 9.1 p