Page 43 - Finance Ministry

GST collections rise by 12% to over Rs 1.61 trn in June: Finance Ministry

GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, the Finance Ministry said on Saturday. The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017. The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the Finance Ministry said in a statement. "The gross GST revenue collected in the month of June 2023 is Rs 1,61,497 crore of which Central GST is Rs 31,013 crore, State GST is Rs 38,292 crore, Integrated GST is Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods)," the statement said. The revenues for June 2023 are 12 per cent higher than the GST revenues in the same month last year. During the month, the revenues from domestic

Economy has moved from twin-balance sheet problem, banks now profitable: FM

Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the Modi government. Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister said while inaugurating the corporate office of Punjab & Sind Bank here. The twin-balance sheet problem refers to deterioration in financial health of banks and corporates at the same time. "As a result (of various initiatives of the government) I'm glad to say the problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy is benefiting from,", Sitharaman said. The minister said the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet ...

Govt extends relaxations for central ministries on capital expenditure

In order to push capital expenditure by central ministries, the Finance Ministry on Friday extended the relaxed norms on capex in excess of Rs 500 crore to the second quarter of this fiscal. As per the office memorandum dated April 25, 2023, the finance ministry had removed all restrictions and conditions on capital expenditure by ministries, under the centrally sponsored schemes (CSS) and grants-in-aid for the creation of capital assets for the first quarter of the current financial year. It has been decided to continue relaxation for the second quarter of the current financial year, the finance ministry said on Friday. "For subsequent quarters, a separate advisory will be issued before the commencement of the quarter. It further reiterated that the relaxation will be subject to strict adherence to the Single Nodal Agency (SNA) and Central Nodal Agency (CNA) guidelines issued by the Department of Expenditure," it said. Usually, ministries and departments are allowed to spend 25 pe

Govt raises rates on select small savings schemes for July-Sept quarter

Small savings rate for the five-year recurring deposit was raised by 30 bps to 6.5 per cent

Centre's fiscal deficit at 11.8% of FY24 Budget target, shows CGA data

The finance ministry has targeted to bring down the fiscal deficit to 5.9 per cent of GDP in FY24 from 6.4 per cent of GDP in the preceding year

Govt unlikely to raise FY24 borrowing plan; bond yields may remain below 7%

Railways, NHAI asked not to borrow from market

No TCS on credit card spends overseas, says Ministry of Finance

Implementation of 20% tax on foreign remittances put off until October 1

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

Business Standard brings you the top headlines at this hour

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