Page 53 - Finance Ministry

Finance Ministry red-flags CSS fund mis-utilisation by Chhattisgarh govt

Says Rs 1,213 cr being spent in violation of rules and Rs 11 cr diverted to time deposits to earn interest income; calls for action against officers responsible

Finance ministry pulls up PSBs over mis-selling of insurance products

Banks have been advised to ensure '100 per cent' compliance of know your customer (KYC) guidelines while sourcing insurance business

India committed to improve trade facilitation: Nirmala Sitharaman

The Centre is committed to improve trade facilitation for every stakeholder, including Customs Department personnel and those involved in the trading communities, said Union Finance Minister Nirmala Sitharaman here on Sunday. Beyond construction of a new building, these days emphasis is also given on how energy-efficient the buildings would be so that there is no pollution or disturbance to anyone, she said at an event here. "I am extremely happy to lay the foundation stone for new office complex 'Vaigai' which is aptly named and actually comes out of the commitment that the nation has made to improve trade facilitation", Sitharaman said at the foundation stone-laying ceremony of new office complex 'Vaigai' at Customs House here. "There was a time when we thought that we have to build office space based on officers, staff and requirements. These days, it is also looking at how green our buildings are going to be, and how energy-efficient these buildings will be," she said. "In tra

CBIC detects Rs 62K-crore GST evasion via fake invoices during past 3 years

1030 people have been arrested by tax authorities since 2020

Parliamentary committee recommends a GST Council-like body for RoDTEP

The Finance Ministry has allocated Rs 14,245 crore for the RoDTEP scheme in FY23, up from Rs 12,454 crore in FY22

Centre, state govts to focus on efforts to widen GST base: FM Sitharaman

According to finance minister Nirmala Sitharaman, monthly GST revenue collection has been above Rs 1.4 trillion in the recent past

GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

Budget this year to follow spirit of earlier ones, says FM Sitharaman

Finance Minister Nirmala Sithataman on Friday indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will "follow the spirit" of earlier Budgets. Sitharaman, scheduled to present her fifth straight Budget on February 1 for the fiscal starting April, had unveiled a massive public spending programme to support the economy, emerging out of the COVID-19 pandemic. In the Budget, the finance minister had raised capital expenditure by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to boost demand, while the capex last year stood at Rs 5.5 lakh crore. "It is very inspiring and motivating for me, especially at a time when we are readying the next budget for the country, a budget which will follow the spirit of the earlier Budgets. We are going to set the template, which was set to earlier but follow it and take it further for India's next 25 years...," she said at an event here. The GDP growth has slowed in recent

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

On track to meet FY23 fiscal deficit target, inflation within RBI band: FM

'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman

Inflation to decline more; govt on track to meet fiscal deficit target: FM

Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said. As per the law, Monetary Policy Committee headed by RBI Governor has been given task of maintaining inflation at 4 per cent with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent. "We will bring it down further for the sake of common people," she quipped saying the issue is being raised by Congress during whose regime inflation was in double digit. Prime Minister Narendra Modi and his group of ministers are constantly watching and making periodic

FinMin lifts ban on printing of calendars by ministries after 2 years gap

The Finance Ministry has lifted the ban on the printing of calendars by ministries and departments after a gap of two years. In the wake of Covid-19, the ministry in September 2020 imposed a ban on the printing of wall and desktop calendars, diaries, festival greetings card, coffee table book and similar materials. It had asked departments to go in for digital or online methods for such materials. In partial modification to its earlier directive, the Department of Expenditure in an office memorandum said it has been decided to now "allow the printing of calendar by ministries/departments/autonomous bodies and other organs of the government".

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

Bulk of illicit drugs being smuggled into India through sea route: FM

Finance Minister Nirmala Sitharaman on Tuesday said a significant portion of drugs like heroin, cocaine, and hashish are being smuggled into the country through sea route. In a written reply to a question in the Rajya Sabha, the minister said as per inputs received from Narcotics Control Bureau (NCB), the main drugs smuggled through the sea route are heroin, cocaine, hashish and Amphetamine type Stimulants (ATS). "The percentage of these drugs smuggled through sea route vis a vis total seizures is significant, though their percentage varies from year to year," Sitharaman said. In the current year till November 30, of the 3,017kg heroin seized, 55 per cent or 1,664 kg was through sea route. Of the 122 kg cocaine seized, 84 per cent or 103kg was through sea route. In the case of hashis and ATS seized till November this year, 23 per cent and 30 per cent were being smuggled through the sea route. Sitharaman said various central law enforcement agencies and state police departments mon

Govt likely to issue green bonds in Jan-March quarter: MoS Finance

Sovereign Green Bonds are likely to be issued during the January-March period of the current fiscal, Minister of State for Finance Pankaj Chaudhary said on Tuesday. The objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government's overall market borrowings in 2022-23, he said in a written reply in the Rajya Sabha. "The framework for these bonds has been brought out. The bonds are likely to be issued from January to March 2023. The proceeds will be deployed in public sector projects which help in reducing carbon intensity of the economy," he said. Replying to another question, he said the value of the Indian rupee is market-determined. As global spillovers from geo-political tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent in the financial year (till November 30), he said. While the rupee has witnessed a depreciation of

GST Council meeting: Panel for raising threshold for offences to Rs 2 cr

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

All ministries, departments to scrap 15-year-old vehicles: FinMin

The finance ministry has directed all ministries and departments to scrap all 15-year-old vehicles that have become unserviceable. The Department of Expenditure, under the finance ministry, in an office memorandum said the existing provisions of condemnation of vehicles have been reconsidered in consultation with Niti Aayog and the road transport ministry considering the broad objectives of the government to reduce pollution and improve passenger safety and fuel efficiency. "It has been decided that henceforth all the condemned vehicles (including prematurely condemned vehicles) belonging to ministries/departments of government of India, shall only be scrapped," it said in an office memorandum. Scrapping of such vehicles shall only be at registered vehicle scrapping facilities, it said, adding that vehicles which have been condemned or reached 15 years of age, will not be auctioned. The detailed procedure for scrapping of all such vehicles shall be separately notified by the road .

Govt not to make RBI report on MPC's first-ever inflation failure public

MPC is said to have failed to achieve inflation target if average CPI inflation falls outside 2-6% range for three straight quarters. This was the case in the three quarters from Jan to Sept of 2022

India gold seizures hit three-year high after import duty increase

This was the largest amount since 2019, when 3,673 kilograms of gold was seized

FinMin, commerce ministry seized of issue of duty structure: Suman Bery

Niti Aayog Vice Chairperson Suman Bery on Friday said the finance and commerce ministries are seized of the matter related to inverted duty structure, but did not elaborate pointing out that the next Union Budget was round the corner. Finance minister Nirmala Sitharaman will announce the tax proposals in the Union Budget 2023-24 which is scheduled to be presented to the Lok Sabha on February 1. Replying to queries during the CII Global Economic Policy Summit 2022 here, Bery said Niti Aayog has been doing "some internal work" on the issue of inverted duty structures. Also, both the finance ministry and the commerce ministry are seized of the issue, he added. "But you know, since we are approaching budget time, I don't want a headline that promises that this is going to be, you know, on the agenda. So I just say I hear you and I will take it back," the Niti Aayog Vice Chairperson said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that .