Page 54 - Finance Ministry

Govt seeks approval for Rs 4.36 trillion additional spending in FY23

Fertiliser, food subsidies, payments to OMCs for LPG dominated supplementary demand

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

GST Council meeting: Trace and curb of gutkha firms' tax evasion on agenda

GoM submits recommendations on taxing pan masala, gutka on manufacturing capacity

FinMin allows PSUs to invest in debt schemes of all mutual funds

The communication by DIPAM said that only Maharatna, Navratna and Miniratna CPSEs are permitted to invest in debt-based schemes of mutual funds

Greening of the GST

The environmental dimension of taxes must rank high in any rate rationalisation exercise

Centre still hopeful on 6.4% fiscal deficit on back of tax revenue gains

The net tax revenue budget estimate for FY23 was Rs 19.35 trillion; a boost of Rs 4.5 trillion would take the revised estimates to Rs 23.85 trillion

FinMin rejects provision for tax benefits to SEZs under DESH Bill

Says proposed incentives would "create havoc" for units outside the zones

Taxing proposition

Capital gains tax needs committee-level deliberations

Draft DESH Bill seeks to bail out SEZ units

There is nothing in the said Bill to suggest that it will contribute to enhancement of export competitiveness

Railway ministry might miss FY23 asset monetisation target by 85%

U-turn on station development major cause behind botched FY23 monetisation

Nirmala Sitharaman to address revenue intelligence officers on Monday

Finance Minister Nirmala Sitharaman will on Monday address Revenue Intelligence officers at the DRI foundation day event in the national capital. The Directorate of Revenue Intelligence (DRI) is celebrating its 65th Founding Day on December 5-6 this year, a finance ministry statement said on Sunday. A meeting of the 'Regional Customs Enforcement Meeting (RCEM)' for effectively engaging with partner Customs organisations and international agencies like World Customs Organisation (WCO), Interpol for enforcement related issues would also be organised during the event. This year, 22 Customs administrations covering the Asia-Pacific region along with WCO, Interpol, UN Office on Drugs and Crime (UNODC) and Regional Intelligence Liaison Office Asia Pacific (RILO AP) have been invited to the event. Sitharaman will inaugurate the 2-day event along with Union Minister of State for Finance Pankaj Chaudhary, the statement said. The 'Smuggling in India Report 2021-22' would be released by ...

Oil ministry to seek compensation for petrol, diesel losses from FinMin

The oil ministry will seek compensation from the finance ministry for the losses state-owned fuel retailers incurred on holding petrol and diesel prices in the last eight months despite a spike in cost of raw material, a top official said on Friday. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) posted a combined net loss of Rs 21,201.18 crore in April-September. This loss would have been higher but for them accounting for Rs 22,000 crore yet-to-received LPG subsidy for past years. "The first half losses are publicly available. Add to that the LPG subsidy and you would arrive at approximate loss they have incurred," the official said. Since holding of the prices benefited the economy in terms of not add to the already high inflation rate, there is a case for the oil marketing companies (OMCs) to be compensated, he said. "Petrol and diesel prices are deregulated (not controlled or dictated by the government). OMC

Govt likely to roll back states' ability to borrow more, says report

New Delhi has already stopped compensating states for the switch to the Goods and Services Tax regime from this year

Top Headlines: One licence for insurance biz, amendment in IBC, and more

Here is our morning brief of today's top headlines

Govt proposes issuance of one licence for all insurance businesses

Suggests allowing insurers to sell other financial products

Sanjay Malhotra takes charge as Revenue Secretary in Finance Ministry

Senior bureaucrat Sanjay Malhotra on Thursday took charge as the secretary in Department of Revenue, Ministry of Finance. Malhotra replaced Tarun Bajaj, who superannuated on November 30. A 1990-batch IAS officer of the Rajasthan cadre, Malhotra was working as an officer on special duty (OSD) in the revenue department since October this year. Prior to that, he was serving as the secretary in Department of Financial Services (DFS). Malhotra takes over as the top bureaucrat in the revenue department at a time when the government is preparing for the Union Budget 2023-24 to be tabled in Parliament on February 1. He would be looking into various tax-related proposals for the Budget and would also be the ex-officio Secretary to the GST Council. Malhotra is an IIT-Kanpur alumnus and holds a master's degree in public policy from the Princeton University, US. Shri Sanjay Malhotra takes charge as Secretary, Department of Revenue @FinMinIndia, in North Block, New Delhi, today. Prior to his

GST collection up 11% more than Rs 1.45 trn in Nov, gains from imports

GST revenues rose by 11 per cent to about Rs 1.46 lakh crore in November over the year-ago period, the Finance Ministry said on Thursday. This is the ninth straight month when collections from Goods and Services Tax (GST) has remained above Rs 1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during t

Govt to sell 50.79% in NMDC's steel plant at Nagarnar, invites bids

The last date for submitting queries by interested bidders is December 29, 2022, and that for submission of bids is January 27, 2023 as per the expression of interest (EoI)

Budget may not be right time to restructure capital gains tax: Revenue secy

There's no need for having so many buckets under the capital gains tax structure or so many different permutations and combinations, says Tarun Bajaj

Cross-border rupee trade: FinMin, bank heads to meet on December 5

The Finance Ministry has called a meeting of CEOs of banks, including top six private sector lenders, on December 5 to discuss ways to promote cross-border trade in the rupee instead of the US dollar. Besides, sources said the meeting to be attended by other stakeholders, including senior officials of external affairs and commerce ministries, will review the progress made on this front so far. Financial Services Secretary Vivek Joshi will be chairing the meeting and is also likely to see attendance from representatives of the Reserve Bank of India and Indian Banks' Association (IBA), sources said. Following detailed guidelines from the Reserve Bank of India (RBI) on cross-border trade transactions in domestic currency in July, about nine special vostro accounts have been opened with two Indian banks to facilitate overseas trade in the rupee. Sberbank and VTB Bank -- the largest and second-largest banks of Russia, respectively -- are the first foreign lenders to receive the approval