Page 49 - Finance Ministry

Centre likely to seek different taxation policy for games of skill, chance

The finance ministry will present its view when the GST Council discusses the report of a Group of Ministers (GoM) on online gaming, sources said

FinMin considering classifying online games as games of skill, chance

The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said. Online games where winning is dependent on a certain outcome or is in the nature of betting or gambling would attract 28 per cent Goods and Services Tax (GST), while those which involve some amount of skill could be taxed at a lower 18 per cent. A final decision on the taxation on online gaming would be taken by the GST Council in its next meeting, which is likely in May or June. "All online games are not games of chance and are not in the nature of betting or gambling. The Finance Ministry will be presenting its view before the council," the official told reporters here. The task would be to differentiate between what should be a game of skill and what can be called a game of chance. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals

You may soon have to pay more for soaps, detergents, shampoos. Here's why

A new proposal may impose duties on raw material required to produce cleaning products, making them more expensive

Downside risks weigh on GDP growth forecast, says finance ministry

Report flags El Nino conditions, rising crude prices

Banking system 'strong enough to survive' policy rate changes: FinMin study

Probability of event like Silicon Valley Bank's collapse in the US happening in India significantly less, says ministry's monthly review

No proposal to regulate finfluencers, clampdown on ponzi apps in works: FM

Regulating crypto without global consensus will not be effective, says finance minister Nirmala Sitharaman

I-T Dept sends 8,000 notices to taxpayers who claimed exemption for charity

The people who have been served notices include salaried employees, self-employed individuals, and companies

Appeal by firm can be heard even without certified copy of order: HC

Earlier, an appellate authority under the GST regime had rejected the appeal on the ground that it was not accompanied by a certified copy of the order against which the appeal was filed

FinMin plans Rs 3K cr extra capital infusion in PSU general insurance firms

The finance ministry is planning an additional capital infusion of Rs 3,000 crore this fiscal in the three loss-making public sector general insurance companies to improve their health, according to sources. The government in FY22 provided Rs 5,000 crore capital to three insurers --National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited Rs 1,200 crore and Chennai-based United India Insurance Company Rs 100 crore. According to the sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of New In

Global sovereign debt roundtable for improving info sharing on debt rejig

The Global Sovereign Debt Roundtable (GSDR) has agreed on urgently improving information sharing, including on macroeconomic projections and sustainability assessments, at an early stage of debt restructuring processes. Co-chaired by the International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President David Malpass and Union Finance Minister Nirmala Sitharaman, the GSDR on Wednesday discussed debt sustainability, and debt restructuring challenges and ways to address them. As a priority for India's G20 Presidency, she said there is a need to augment present global efforts, including those of the G20, to address growing debt distress across the globe. Sitharaman stressed on debt transparency and information-sharing as well as clarity on the comparability of treatment, predictability and timeliness of the debt restructuring process, including those for steps involved in the process and ways to assess and enforce. Discussions focused on the actions that ca

Finance Secretary Vivek Joshi holds review meeting with heads of PSU banks

Financial Services Secretary Vivek Joshi on Thursday chaired a meeting with heads of Public Sector Banks (PSBs) and financial institutions, and urged them to push various financial inclusion schemes, including Jan Suraksha and Mudra Yojana. The day-long review meeting was also attended by senior officials from the Department of Animal Husbandry, Department of Fisheries, Ministry of Housing and Urban Affairs, and Ministry of Agriculture & Farmers Welfare. Joshi exhorted the PSBs to achieve the targets allocated to them under the various schemes for financial inclusion in a time-bound manner, the finance ministry said in a statement. To achieve saturation under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), the ministry has also launched a three-month campaign. PMJJBY offers life insurance cover of Rs 2 lakh in case of death due to any reason to people in the age group of 18-50 years having a bank or post office account, who give ..

Achieve targets under financial inclusion plans: Finance ministry to PSBs

"Banks were advised to leverage their banking correspondents network for outreach and enrolling potential beneficiaries," the finance ministry said in a statement

Net direct tax collections rose 160% to Rs 16.6 trillion in 2022-23

As per the data, gross direct tax collections also witnessed a massive 173 per cent rise to Rs 19,68,780 crore in 2022-23 from Rs 7,21,604 crore in 2013-14

India's trade deficit widens to $19.73 bn, exports rose 6% to $447 bn

India's merchandise trade deficit in March 2023 stood at $19.73 billion, which was higher than $17.43 billion recorded in the previous month, according to government data released on Thursday

DFS Secretary chairs meeting to boost enrolments under PMJJBY, PMSBY

In a bid to push micro insurance schemes, Financial Services Secretary Vivek Joshi held a meeting with chief secretaries and senior officials of all states and union territories. The meeting via video conference was held on Monday with the objective of sensitising and impress on states salient features of the intensive three- month long campaign to boost coverage of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) at gram panchayat level. The three-month campaign will cover all the districts in the country from April 1 to June 30, 2023, the finance ministry said in a statement on Tuesday. During the meeting, states/UTs were urged to increase enrolments under the micro-insurance schemes given the scope and size of population in states, it said. Currently, it said, active enrolments under PMJJBY are 8.3 crore and 23.9 crore under PMSBY, and claims of about Rs 15,500 crore have been paid under these schemes. Joshi sought support of the

CBSE exempted from paying tax with retrospective effect from FY'21 to FY'25

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others. The I-T exemption has been given retrospectively from the financial year 2020-2021 (for the period from June 1, 2020 to March 31, 2021) and for fiscal year 2021-22, and 2022-23. The exemption will continue in the current fiscal and the next financial year (2024-25). In a notification, the Central Board of Direct Taxes (CBDT) said the government has notified the Central Board of Secondary Education, Delhi, a Board constituted by the Central government, under section 10 (46) of the I-T Act and exempted it from paying income tax on specified income. Such income include examination fees; affiliation fees; sale of text books & publications; registration fees, sports fees, training fees and other academic receipts. Also, receipts from CBSE projects/programmes; interest on income tax refunds; and .

Japan books $16.6 bn current account surplus for 2nd consecutive month

Japan logged a current account surplus of $16.6 billion in February, the Finance Ministry said in a report on Monday

FinMin to respond in 3 weeks to plea seeking mechanism on unclaimed funds

The Supreme Court has granted three weeks to the Ministry of Finance to file its response to a plea seeking directions to create a centralised database providing information about bank accounts, insurance, post office funds etc. held by deceased account holders.A bench of Chief Justice of India DY Chandrachud and Justice JB Pardiwala posted the matter for hearing on April 28."While the Ministry of Corporate Affairs has filed its counter affidavit, counsel for the Union of India submits that the Ministry of Finance may be granted some time to file its counter affidavit. Counter affidavit be filed within three weeks. List the petition on April 28, 2023," the bench stated in its order on Thursday.Last year the apex court had issued a notice to the Ministry of Finance, Reserve Bank of India, Securities & Exchange Board of India (SEBI) and others on the petition.The plea filed by journalist Sucheta Dalal asked the court to pass a direction for the establishment of a procedure for ...

Centre notifies committee on pension schemes for govt employees

The panel will devise its own procedure and mechanism, including consulting with the states, to arrive at its recommendations

Indian government forms panel to review pension system, says FinMin

The Indian government has formed a panel to review the country's pension system and discuss whether changes are warranted, the finance ministry said on Thursday