Page 46 - Nirmala Sitharaman

FM reviews housing and urban affairs ministry capex with focus on PMAY

Finance Minister Nirmala Sitharaman on Friday reviewed the capex plan of the Ministry of Housing and Urban Affairs and emphasized on the need for timely and efficient utilisation of these funds. A key focus of the discussions during the meeting was the Pradhan Mantri Awas Yojana (Urban) scheme, which plays a crucial role in providing affordable housing. "Union Finance Minister Smt. @nsitharaman underscored the importance of accelerating progress under this scheme to meet the housing needs of urban India," the finance ministry said in a post on X. This meeting was part of a series of ongoing reviews with Ministries and Departments that have significant capex allocations in the Union Budget. For the financial year 2024-25, a budgetary allocation of Rs 28,628 crore has been earmarked for capital expenditure. During the meeting, the Finance Minister emphasized the need for timely and efficient utilisation of these funds, the ministry said. Sitharaman also impressed upon the officials

Banks to play key role in making India developed nation: FM Sitharaman

She said that banks cannot have a digital system that gets hacked somewhere, compromising the entire system and the trust placed in it

Banks to play major role in making India developed by 2047: FM Sitharaman

Finance Minister Nirmala Sitharaman on Thursday said the banking sector will have to play a crucial role in driving the agenda of making India a developed nation or Viksit Bharat by 2047. The Finance Minister was speaking at an event here to mark the 90th Foundation Day of the Bank of Maharashtra, a public sector lender. "Banks will have to play a crucial role in driving the agenda set by the Prime Minister and by your role, we are going to give greater momentum to achieving this dream," she said. Sitharaman said banks will be required to give strong momentum to the infrastructure sector, ensure the availability of need-based funding to MSMEs, bring unbanked population under the ambit of formal banking channels, and help increase insurance penetration. She noted that technology is changing the banking landscape as it provides a secure and easy-to-navigate digital banking experience to all customers. However, she added that "you (banks) cannot have a digital system which somewhere

India's economic growth stands out globally, says FM Nirmala Sitharaman

The scheme is an extension of the already existing NPS to children. In the last 10 years, NPS has gained 1.86 crore subscribers, with Assets Under Management (AUM) of Rs 13 trillion

Sitharaman launches NPS Vatsalya, parents can open pension a/c for children

Finance Minister Nirmala Sitharaman on Tuesday launched the NPS Vatsalya scheme, which will allow parents to save for their children's future by investing in a pension account. Parents can subscribe to NPS Vatsalya online or visiting a bank or post office. The minimum contribution to open Vatsalya account is Rs 1,000. Subscribers will have to contribute Rs 1,000 annually thereafter. The guidelines for withdrawal from NPS accounts are being finalised. Launching the scheme, Sitharaman said NPS has generated very competitive returns and offers the option to people to save while ensuring future income. NPS Vatsalya is an extension of the already existing NPS to children. In the last 10 years, NPS has 1.86 crore subscribers with an Asset Under Management (AUM) of Rs 13 lakh crore. Children below the age of 18 years can open NPS Vatsalya account, which will automatically get converted to regular NPS account on completion of 18 years of age. Pension will come from the account only upon

Govt removes windfall tax on crude oil to nil: What does it mean?

The union government has reduced the windfall tax on crude oil to zero. What does that mean? Watch the video to find out.

India gets an 'A' for its focus on solving the malnutrition problem: Bill Gates

Bill Gates, chairman of the Gates Foundation, has stated that India receives an “A” for its focus on solving the malnutrition problem

FM reviews Railway Ministry's capex plan, asks to expedite 'Kavach' system

Finance Minister Nirmala Sitharaman on Tuesday reviewed the capex plan of the Railways Ministry and asked officials to focus on safety and convenience of commuters. Sitharaman also told the officials to expedite the implementation of Kavach system (India's indigenous Automatic Train Protection (ATP) system) in a phased manner and meet the allocated capex target in the stipulated timeframe. MoR officials informed the Minister that Kavach-related works are currently in progress in over 3000RKm (route km) on the Delhi-Howrah and Delhi-Mumbai sections. "Underlining the focus of the government on providing 'ease of living' for citizens, Sitharaman urged the officials of the Ministry of Railways to focus on capacity augmentation, safety and commuter convenience, including doubling and electrification of existing railway tracks and also laying of new railway lines across the country as per the capex outlay provisioned in the Union Budget," a finance ministry statement said. Sitharaman als

No tax rate reductions for old regime, clarifies Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that the government is not compelling anyone to switch from the old to the new tax regime

Facts need to be taken on board: FM Nirmala Sitharaman on Buch row

FM said that Buch, along with her husband, had answered quite a few of the allegations levelled against her by the Congress party and have put forth the facts

FM Nirmala Sitharaman to launch NPS-Vatsalya scheme on September 18

NPS-Vatsalya scheme is designed as a variant of the existing National Pension System (NPS), specifically tailored for younger individuals

Tamil Nadu restaurant saga: Ambiguity over GST food rates in spotlight

The GST rates on goods are based on the harmonised system of nomenclature (HSN) codes

MoS Finance likely to be convenor of GoM on GST compensation cess

The Group of Ministers on reworking the nomenclature for GST compensation cess is likely to be convened by Union Minister of State for Finance Pankaj Chaudhary and include members from states, an official has said. The official further said the Terms of Reference (ToR) and the members of the GoM are in the process of getting finalised. "The GoM will have to suggest how the cess collected on demerit and luxury goods will be apportioned between Centre and states and suggest the legal changes that would be required to enforce the change," the official said. The members of the Group of Ministers (GoM) on GST compensation cess are in the process of being decided. But, since the issue is with regard to cess, which is collected by the Centre, and its apportionment, the GoM would have a member from the Centre as well, the official explained. Generally, the senior-most member of the GoM is made its convenor. So, the Union Minister of State for Finance is likely to be the convenor of the GoM

Rahul slams govt over video of restaurant chain owner 'apologising' to FM

Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday slammed the government over a video in which a restaurant chain owner is purportedly "apologising" to Finance Minister Nirmala Sitharaman for voicing concerns about GST, and said that when "fragile egos" of those in power are hurt, it seems humiliation is what they will deliver. Two videos were being shared by several Congress leaders and in one of them at an event on September 11, Annapoorna chain of restaurants owner Srinivasan is seen purportedly highlighting concerns over varying GST rates. In the second video, Srinivasan was seen purportedly apologising in person to the Finance Minister. Gandhi said if this "arrogant government" would listen to the people they would understand that a simplified GST would solve the problems of lakhs of businesses. In a post on X, Gandhi said when the owner of a small business, like Annapoorna restaurant in Coimbatore, asks public servants for a simplified GST regime, his request is met

54th GST Council meet: New GoM to look into rate on life, health insurance

GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens. Briefing reporters on the outcome of the 54th GST Council meeting, Sitharaman said it has decided to have a Group of Ministers (GoM) to look into the GST rate on life and health insurance. The GoM will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation. Sitharaman said that new members would be joining the GoM to look into GST on health insurance. The GoM will be submitting its report by October end, she said. The issue of taxation of insurance premiums had figured in Parliament discussions with Opposition members demanding that health and life insurance premiums be exempt from the GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Sitharaman in her reply to a discussion on the

Will oppose GST on online transactions under 2000, research grants: Atishi

Delhi Finance Minister Atishi on Monday said they will oppose the Centre's proposal to impose GST on online transactions under Rs 2,000 as it would put a burden on start-ups. Atishi also reiterated that at the GST Council Meeting on Monday they would oppose imposition of GST on research grants procured by educational institutions. "There are many important issues that will come up in GST Council meeting. The first and most important is GST on research grants. Show cause notices have been sent to big educational institutes including IIT Delhi and Punjab University. It is wrong. Research is an investment in development of the country," she told PTI Videos. The Centre is not only decreasing research grants but also levying GST if educational institutions procure these grants, she said. The minister said online payments up to Rs 2,000 were exempted from GST but now there are talks that there will be a GST on online payments done through payment gateways. "This will create a burden on

GST Council set to meet today, talks on rate rationalisation to kick off

GST Council Meet: The Goods and Services Tax (GST) Council is expected to deliberate on a host of issues on Monday, including the taxation of insurance premiums and rate rationalisation

GST Council to deliberate on taxation of insurance premium, online gaming

The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on life insurance premium. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health insurance premium, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance .

Raipur BJP MP seeks govt intervention for rollback of hike in cement prices

Raipur BJP MP Brijmohan Agrawal has raised objection over the "steep" hike in cement prices by its manufacturers and demanded intervention of the Chhattisgarh government and the Centre for a rollback of the increased cost. Agrawal said the sudden increase in the cement prices by Rs 50 per sack would affect infrastructure projects, including roads, buildings, bridges, schools, colleges and the Pradhan Mantri Awas Yojana. In separate letters to Chief Minister Vishnu Deo Sai, Union Finance Minister Nirmala Sitharaman and the Competition Commission of India on September 6, Agrawal said despite Chhattisgarh being a state rich in minerals, iron, coal and energy resources, the cement manufacturers, by forming a cartel, tremendously increased the prices from September 3. The attitude of cement companies has become that of "looting" the innocent people of Chhattisgarh, he said, adding the government needs to take strict action against cement manufacturers. Mines, coal, energy, cheap ...

FM Sitharaman denies 'friction' in Centre-State ties over GST reform

Union Finance Minister Nirmala Sitharaman on Thursday denied any "friction" in the ties between the Centre and States over Goods and Services Tax and emphasised that the federal structure in this economic reform should be respected. Simplifying and easing compliance on the tax payers received top priority rather than raising revenue during all consultative meetings on the union Budget, she said. "Revenue is the last consideration with which every budget meeting happens. You may think that I am not telling the truth. The hard truth I would like to put before you. Yes, we like to raise revenue. During several consultations including those with Prime Minister Narendra Modi, revenue raising came last. But, simplifying, easing and compliance of taxpayers came first," Sitharaman said. Addressing a meeting on "The Finance Minister's Insight: Path Forward" held under the aegis of the Revenue Bar Association here, she said the average Goods and Services Tax (GST) rate decreased to 12.2 per .