Page 76 - Finance Ministry

Budget 2022: Govt plans paradigm change in urban planning; to set up panel

Finance Minister Nirmala Sitharaman on Tuesday said the government plans to bring a "paradigm change" in urban planning in view of the rapid urbanisation in the country

FM's Budget speech shortest since 2019, lasts for 1 hours 31 minutes

With Nirmala Sitharaman's budget presentation lasting for about one hour 31 minutes on Tuesday, the Finance Minister's budget speech this year became the shortest ever since 2019.

Economic Survey: India can withstand policy normalisation by others

With forex reserves of over $630 billion and plenty of "policy room" to deal with the situation, India can withstand normalisation of monetary policy by central banks of large economies

Budget 2022: ICAI seeks 14 tax, accounting reforms to make laws simple

The Institute of Chartered Accountants of India (ICAI) has sought about 14 tax and accounting reforms in the upcoming Union budget. The suggestions essentially aim at making laws simple, fair, transparent. less litigative and user friendly, ICAI president Nihar N Jambusaria said. There are about 14 suggestions from our end submitted to the Central Board of Indirect Taxes & Customs (CBIC) for consideration, he said on the sidelines of an international conference of CA students. The suggestions include permitting carry back of losses and introducing suitable legislative amendments for its application. It is relevant for hospitality, passenger transport and some other sectors. Regarding depreciation on slump sale, the ICAI suggested amendment of a provision of the Income Tax Act to clarify the legal position as to whether depreciation can be claimed on the basis of proportionate number of days by the transferer and the transferee company. It also proposed that Section 12 of the Act .

FinMin allows two states to borrow additional Rs 7,309 cr for power reforms

Rajasthan and Andhra Pradesh have been allowed to borrow additional Rs 5,186 crore and Rs 2,123 crore, respectively

GST officers bust syndicate of fake firms involved in Rs 362-cr evasion

GST officers have busted a syndicate involved in the creation of fake firms and bogus invoices which led to a GST evasion of Rs 362 crore, the finance ministry said

Budget 2022: Capex likely to focus on jobs creation, PLI expansion

India's Federal Budget FY23's Capex thrust is likely to focus on rural welfare and employment generation schemes.

Budget FY23: Need to support incomes for household consumption push

Budgetary support on incomes must continue to strengthen household consumption demand, said Crisil Research.

TPCI seeks support measures in Budget to promote food, beverage industry

The Trade Promotion Council of India (TPCI) on Tuesday suggested the government to announce incentives in the forthcoming Budget for activities such as branding and marketing of made in India products, setting up of modern R&D labs and duty-free import of raw material by SEZ units with an aim to promote the food and beverages industry. It also demanded input tax credits for the industry, incentivise institutions for traceability in the food supply system; subsidy for testing in the food sector, funds for setting up food and beverage tech machinery manufacturing plants; and interest subvention scheme for MSMEs. "Looking at the great potential which the agri and food sector holds for the economy, this sector needs further thrust and renewed focus. The agri and food sector has shown a resilient growth of more than 20 per cent sustainably despite tough times," V K Gauba, Additional Director General TPCI said in a statement. The agri and food exports may touch USD 40 billion mark this .

T V Somanathan to Debashish Panda: Meet FM's A-team behind Budget 2022

2021-22 will be another year when the Centre's divestment plans could fall short of the budgeted target

Single volume Economic Survey likely, may project growth rate of around 9%

The finance ministry is expected to come out with a single volume Economic Survey for 2021-22 projecting a growth of around 9 per cent for the next financial year.

Finance ministry doubles January tax devolution to state governments

Front-loading of fund transfer to help states manage Covid, undertake capex

Finance Ministry eases expenditure norms to spur spending in last quarter

The relaxation is applicable with immediate effect for the current financial year or until further order

Budget 2022: New sectors expected to get infrastructure, industry status

The Centre might bestow infrastructure as well as industry status to new sectors to boost several pandemic hit industries in the upcoming Union Budget.

Centre to release Rs 47,541 crore to states as advance instalment of tax

Union Finance Minister Nirmala Sitharaman has authorised the release of an advance instalment of tax devolution to State Governments amounting to Rs 47,541 crore

FinMin asks ministries to restrict expenses within prescribed limit

The communication comes ahead of the Union Budget 2022-23, likely to be unveiled on February 1

Budget secrecy is too archaic now to be continued

Budget reform is not something the Modi government has shied away from

Finance ministry invites applications for Irdai whole-time member post

The applicant should preferably have at least 25 years of experience in the area of insurance

Pet projects of the Modi govt ride the slow expenditure track in FY22

Despite the front-loading of expenditure several depts have been slow this year, impacting projects like National Infrastructure Pipeline, Jal Jeevan Mission, RoDTEP among others

GJEPC urge govt to cut gold import duty to 4%, special package in Budget

Gems and Jewellery Export Promotion Council has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget