Page 55 - Finance Ministry

Budget 2023-24: 'Realistic' 10-11% nominal growth target on the table

Finance ministry expects moderation in retail inflation in FY24

'Budget For Children' charter demands more investment for PM-POSHAN

Increasing investment on all schemes for children, particularly on PM-POSHAN and raising health budget are among the demands in 'Budget For Children' charter presented to Minister of State for Finance Pankaj Chaudhary. This charter is a result of numerous local to state and national consultations with over 3,500 of their peers across the country. The interaction was led by 15-year-old Ruksar Rehman, president, National Inclusive Children's Parliament, a statement said. The children's charter of demands stemmed from a report they had submitted to the United Nations as part of the Universal Periodic Review (UPR) process at Geneva and the Charter on Environmental Rights of Children in the lead up to COP 27 in Egypt. The demands include that the 6 per cent promise for education (GDP public spending) and 2.5 per cent on health be reflected in the upcoming Union and state budgets for 2023-24 in India. They have also sought an increase in the investment on all schemes for children, ...

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Budget 2023-24: Stay on fiscal glide path, economists advise FM Sitharaman

The Finance Ministry was also urged to continue with long term loans to states to support their capex programs, and give them more leeway to spend, in order to boost growth

Going truly federal: Why states should be allowed to levy an income tax

We need to ask why, in India, income tax is levied only by the Centre while in many other federations, the constituent units also levy it

Union Budget 2023-24: Centre invites suggestions, Dec 10 last date

For the union budget 2023-24, which will be unveiled in February next year, the finance ministry has requested public ideas and comments

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

UTI AMC, Punjab National Bank shares jump on the stake sale plans

The stake is valued at around Rs 1,437 crore at UTI AMC's last closing price of Rs 743.5

300-400 new Vande Bharat trains to be announced in upcoming Union Budget

According to a railway ministry official, there will be an announcement for provision of 300-400 new Vande Bharat trains in the Union Budget 2023-24 which will be the highest ever allocation

States seek greater fiscal space, budgetary autonomy from finance ministry

The federal government fixes the permissible budget gap. It was set at 3.5% of GSDP for 2022-23, with some extra room given to states who meet certain conditions

Centre releases Rs 17k cr GST compensation to states, says FinMin

The central government has released Rs 17,000 crore to states towards balance GST compensation, taking the total amount released so far this fiscal to over Rs 1.15 lakh crore, the Finance Ministry said on Friday. "With this release, the Centre has released, in advance, the entire amount of Cess estimated to be collected this year till March-end available for payment of compensation to States," the ministry said in a statement. Goods and Services Tax (GST) was introduced in the country with effect from July 1, 2017, and states were assured of compensation for the loss of any revenue arising on account of the implementation of GST for a period of five years. For providing compensation to states, a cess is levied on certain goods and the amount of cess collected is credited to the compensation fund. The central government released an amount of Rs 17,000 crore to states/UTs on November 24, 2022, towards the balance GST compensation for the period April to June 2022. The total amount of

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

A longstanding plan aims to shrink the shortfall to below 4.5% of GDP by 2025-26

Retail inflation likely to ease in coming months: Finance ministry

The MER, however, warned that the global macroeconomic situation remained precarious and a recession in many advanced economies would impact India's exports

PNB gets Centre's approval to divest its entire stake in UTI AMC

The bank holds 15.22 per cent stake in UTI AMC worth around Rs 1300 crore at current valuation

India to grow at moderately brisk rate, inflation to ease: FinMin

India is well placed to grow at a "moderately brisk rate" in the coming years on the back of macroeconomic stability, despite global monetary tightening, a finance ministry report said on Thursday. It further said inflationary pressures will ease in the coming months with the arrival of kharif crops and at the same time job opportunities will increase with improvement in business prospects. The 'Monthly Economic Review for October 2022' also cautioned that the US monetary tightening is a "future risk" which could lead to dip in stock prices, weaker currencies and higher bond yields, resulting in higher borrowing costs for many governments around the world. It said a rapid deterioration in global growth prospects, high inflation, and worsening financial conditions have increased fears of an impending global recession. The spillovers of the global slowdown may dampen India's exports businesses outlook. However, resilient domestic demand, a re-invigorated investment cycle along with .

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

The big short in oil & gas PSUs: Lack of leadership in sector hurting India

The government deplores the lack of good leadership in these companies but it adds to the problem with sub-optimal appointment practices for chief executives in this sector

FM Nirmala Sitharaman holds a pre-budget meeting with stakeholders

Representatives from the commodity market have demanded cost rationalisation and reduction of commodity transaction tax to Rs 500 per crore from Rs 1000 per crore: Official

PMGKAY likely to end in December on fiscal, foodgrain constraints

"The food subsidy burden is already crossing Rs 3 trillion and we are hopeful that it will be brought down below that mark," said a senior government official

28% GST on online gaming likely; Council to take a final call on valuation

The state finance ministers' panel is likely to recommend a GST levy of 28 per cent on online gaming, irrespective of whether it is a game of skill or chance, and may leave the final decision on the vexed issue of valuation to the GST Council, sources said. The Group of Ministers, chaired by Meghalaya Chief Minister Conrad Sangma, had a virtual meeting on Tuesday to finalise their long pending report on taxation of online gaming, casinos and horse racing. According to the sources, a majority of the state ministers in the GoM were of the view that the Goods and Services Tax (GST) on online gaming should be raised to 28 per cent. However, in absence of consensus on whether the tax should be levied on only the fees charged by the portal or the entire consideration, including the bet amount, received from participants, the GoM has decided to refer all suggestions to the GST Council for a final decision. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming