Page 78 - Finance Ministry

Panel for Gati Shakti asks DPIIT to identify high-impact infra projects

The dept has also been asked to carry out a comprehensive infrastructure gap analysis

Return to normalcy will be the norm in 2022

2022 will mark a return to more familiar patterns of growth and the beginning of a new round of innovation for all players in the financial system

FinMin mandates ticket booking from 3 agents for govt-funded air travels

The finance ministry on Friday said that for all air travels where the government bears the cost, the tickets will be purchased from either of the three agents -- Balmer Lawrie, Ashok Travels & Tours, and IRCTC. In an office memorandum, the Department of Expenditure under the finance ministry said the decision has been taken in view of the disinvestment of Air India. "In all cases of air travel where the Government of India bears the cost of air passage, air tickets shall be purchased from the three authorised travel agents viz. Balmer Lawrie & Company Limited (BLCL), Ashok Travels & Tours (ATT), Indian Railways Catering and Tourism Corporation Ltd (IRCTC)," it said. The choice of the travel agent for booking of the ticket by the individual ministry/ department will depend on the quality of service provided, additional facilities viz. excess baggage., cancellation and rescheduling facility, said the expenditure department. The administrative ministries of the three ...

IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit

Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.

PLI a game changer in attracting global firms to set up shop in India: FM

The scheme, announced in the Union Budget 2021-22 with an outlay of Rs 1.97 lakh crore, covers 13 champion sectors

Rs 177 cr found in perfumer Jain's house is biggest ever seizure: Ministry

Further searches are underway at Jain's residential/factory premises in Kannauj

Budget 2022-23: Finance ministry turns tight-fisted for next fiscal year

Government managers are not sure if subsidies can be kept in check in FY23 either

Best of BS Opinion: When AI debates AI, a stark spectacle by any other name

Here is the best of BS Opinion pieces of the day

Budget 2022-23: Avoid sharp fiscal correction, economists tell FM

According to the source, almost all economists recommended the government not to be too aggressive with their fiscal stance

Cash support to Covid-hit economy with fiscal consolidation in focus: Govt

Lower fiscal deficit during H1 implies that the economy is, slowly but surely, getting back on the rails, it said

Most gold seizures at Chennai and Calicut airports this year: FM Sitharaman

Before the pandemic, in 2019-20, the highest seizures in terms of combined weight were in Delhi and Mumbai airports, at 494 kg and 403 kg

Didn't underestimate spending provisions in Budget: FM Sitharaman

Lok Sabha gives assent to additional net spending of Rs 2.99 trn

Advance tax collection rises 54% to Rs 4.6 trn in FY22 so far: FinMin

The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said. The cumulative advance tax collections for the first, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, against advance tax collections of Rs 2,99,620.5 crore for the corresponding period of 2020-21, showing a growth of about 53.5 p

Income tax portal: Finmin officials hold review meeting with Infosys chief

Revenue Secretary Tarun Bajaj along with senior finance ministry officials held a meeting with Infosys Managing Director Salil Parekh to review the performance of the new income tax portal.

FM to hold pre-Budget meet with infra, financial sector players on Thursday

As part of pre-Budget deliberations, Finance Minister Nirmala Sitharaman will meet infrastructure and financial sector honchos on Thursday to seek their inputs for Budget 2022-23. The two consultations with different stakeholder groups will be held virtually, the Finance Ministry said. "Finance minister Smt. @nsitharaman will be holding consultations with experts of Industry, Infrastructure & Climate Change in forenoon; and experts of Financial Sector and Capital Markets in afternoon," the ministry said in a tweet. It will be the fourth Budget of Modi 2.0 government and Finance Minister Nirmala Sitharaman. The Budget would come against the backdrop of gradual recovery taking place in the Indian economy hit by the COVID-19 pandemic. The growth this fiscal year is expected to be in double-digit. The RBI in its latest bi-monthly monetary policy review pegged a GDP growth of 9.5 per cent in 2021-22. The government has projected a fiscal deficit of 6.8 per cent of the gross domestic ..

Govt may not introduce cryptocurrency bill in ongoing Parliament session

Amid calls for more debate, Parliament's Winter Session, ending on December 23, is unlikely to take up the widely watched legislation.

No estimation of black money in foreign accounts in last 5 years: Govt

Bringing back black money stashed abroad was one of the key poll planks of the current government led by BJP, which assumed power in May 2014

Net income tax mop-up in FY22 at Rs 7.4 trn, Rajya Sabha informed

Budget makers are confident that the net tax collection's budgeted target (direct plus indirect) of Rs 15.45 trillion will be exceeded

Turkey's new Finance minister meets businesspersons amid currency crisis

Nebati briefed the business people about the steps to be taken to increase investment, production, and employment

IIP continued to recover in Oct; Omicron impact to be less severe: FinMin

Department of Economic Affairs asserts that economic recovery to gain further momentum remaining two quarters of FY22