Page 64 - Finance Ministry

EPFO in a jam: Why meaningful pension reforms are not moving ahead

Instead of reforms, in many ways, 2022 is showing signs of walk back on pension reforms

Kerala FM blames Centre for cutting resources by Rs 23,000 crore

Kerala Finance Minister K N Balagopal has written to Nirmala Sitharaman asking her not to include borrowings of state entities while fixing their debt limits

Frauds reported by PSBs decline to Rs 3,204 cr in FY22: MoS Finance

In 2020-21, PSBs reported 4,680 fraud cases of Rs 7,306 crore, which declined to 2,369 cases corresponding to Rs 3,204 crore in 2021-22, he added.

PSU debt serviced by a state to be brought under its FRBM limit: Govt

Such borrowings shall be considered as those availed by the state itself for the purpose of issuing consent under Article 293(3) of the Constitution, says FM Sitharaman

India needs to have progressive regulation for crypto assets: Experts

Blockchain technology is needed and can be used in governance, they say

Trust-based taxation system helping improve collections: FM Sitharaman

Finance minister Nirmala Sitharaman on Sunday said that the trust-based taxation system introduced by the government has resulted in improved collections and increase in the number of return filings. In her message on the 163rd Income Tax Day, the finance minister complimented the department for achieving the highest-ever revenue collection of over Rs 14 lakh crore in the last fiscal and expressed hope that the momentum would continue in the current fiscal too. Direct tax collections surged to Rs 14.09 lakh crore in 2021-22, registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from individual and corporation tax. For the current fiscal, the government has projected the direct tax collection at Rs 14.20 lakh crore. The finance minister said the government has addressed several legacy issues and removed structural deficiencies related to direct taxes with a view to foster ease of living and ease of doing business. The reforms introduced by the .

Govt's cryptocurrency stance: Heads I win, tails investors lose

The government has laid out clear rules on taxation of cryptocurrencies but has not said anything on what happens in cases of fraud

Centre reins in its debt at 56% for FY22 against 60% pegged in Budget

Government committed to its fiscal deficit targets, says senior civil servant

Rupee fall likely to hit govt finances with ballooning subsidy bill

The finance ministry has hinted that India's fertiliser subsidy bill for 2022-23 (FY23) could rise to around Rs 2.5 trillion against Budget Estimates (BE) of Rs 1.05 trillion

Bank fraud cases decline by about 50% in FY22: MoS Finance tells Parliament

The amount involved in the frauds too declined to Rs 3,204 crore from Rs 7,306 crore in 2020-21.

GST on labelled food items, hospital rooms above Rs 5K from Monday

Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners will be hiked to 18 per cent on Monday

FinMin seeks industry views on changes in monthly GST payment form

The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15. The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders. "Accordingly, general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed. All members of trade/ stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalization of the matter, the ministry said. Abhishek Jain, Tax Partner, KPMG in India, said GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month. The paper takes into consideration various suggestions of both taxpayers and administrators, including .

Karnataka traders to observe bandh against GST on rice, foodgrains

The State Rice Mill Owners' Association has demanded that the central government reverse its decision and the GST Council take a review of its decision to impose GST on foodgrains

Global recession fears may ease inflationary pressures: Govt report

Review released by ministry also said that global headwinds would continue to pose downside risk to growth as crude oil and edible oils, remain major imported components

CAD expected to deteriorate in FY23 on costlier imports: FinMin report

With regard to corporate sector, the report said, it has begun to show signs of revival with robust growth in net sales in the quarter ending March 2022, assisted by a general recovery in demand

Windfall tax review more likely now after fall in global crude prices

Post windfall tax, the realised spread on diesel and gasoline has fallen to near loss-making levels while the realisation on aviation fuel and crude have also gone below 15-year averages

The state-level political dynamics behind the windfall tax on fuel exports

Gujarat has the highest percentage of private oil pumps at 24%, followed by Rajasthan at 14.5%; the former will elect a new legislative assembly by this December, the latter, a year later

A makeover for North Block

The Indian economy faces tough challenges, but the pressure today is more on Mint Road

Singapore senior minister to deliver first Arun Jaitley Memorial Lecture

Annual lectures will be on economic issues affecting India and the global economy

Panel on GST Appellate Tribunal formed, to submit report by month-end

The 6-member GoM would also ensure that the amendments are in line with various court judgements relating to setting up the tribunal