Page 76 - Nirmala Sitharaman

LIVE news: BJP national secretary Anupam Hazra removed from his post

Catch all the latest news updates LIVE from across the world

The capital gains tax conundrum

Capital gains tax suffers from varied tax rates or holding periods for different types of instruments even though they fall within the same asset class

Lives were saved during cyclones due to world-class equipment: RMC Chennai

Amid the criticism that there was a delay in the forecast on the amount of heavy rainfall that occurred last week, the Regional Meteorological Centre here said it has world-class equipment and because of warning issued huge loss of lives was prevented when cyclones like Vardah, Michaung crossed the Eastern coast. Tamil Nadu Chief Minister M K Stalin and a host of leaders from the ruling DMK had claimed that the India Meteorological Department failed to predict the accurate amount of rainfall in its forecast for the southern districts which faced 'historic' rains last week leading to severe flooding. Union Finance and Corporate Affairs Minister Nirmala Sitharaman, however, countered the comments by Stalin and said the RMC in Chennai has 'modern' equipment and is a 'state-of-the-art' facility and it had forecast 'heavy rains' in southern states well in advance. The RMC Chennai, in a statement, on Sunday said there were media reports that the centre did not have any modern equipment an

31 people lost their lives in rain related incidents in TN: FM Sitharaman

As many as 31 people have lost their lives in the four districts in Tamil Nadu due to heavy rainfall, Union Finance Minister Nirmala Sitharaman said on Friday. The Centre has already released Rs 900 crore funds in two installments to be used in this financial year to Tamil Nadu, she said, addressing mediapersons here. Sitharaman said the Regional Meteorological Centre, Chennai has ultra-modern equipment including three dopplers and had forecast on December 12 itself that there would be heavy rainfall in the four districts - Tenkasi, Kanyakumari, Tirunelveli and Tuticorin on December 17. When such a massive disaster was taking place in Tamil Nadu, Chief Minister M K Stalin was in Delhi with the INDI Alliance, she said.

Budget 2024: What is Budget Presentation?

Finance Minister Nirmala Sitharaman is set to present the interim Budget 2024 on Feb 1. Watch the video to know what Budget Presentation is all about. >

CPSEs make 34.63% procurement from MSMEs in FY24 against mandated 25%: FM

Finance Minister Nirmala Sitharaman on Thursday said Central Public Sector Enterprises (CPSEs) have made 34.63 per cent of their total procurement from MSMEs in 2023-24 (till November) as against the mandated 25 per cent. She said this during a meeting of the Consultative Committee attached to the Ministry of Finance on 'Performance of Public Enterprises'. "Another highlight during the meeting was the exponential growth in Government e-Marketplace @GeM_India procurement by #CPSEs from Rs. 7,035 crore in 2020-21 to Rs. 133,720 crore in 2023-24 (upto November 2023)," the finance ministry said in a post on X. During the meeting a presentation was made by the Department of Public Enterprises (DPE) that highlighted the progress made by the CPSEs with 57 per cent growth in gross revenue and 27.5 per cent growth in net profit of CPSEs between 2020-21 and 2022-23. "While appreciating the efforts of the Government for #PerformanceMonitoring of the #CPSEs, Members of Consultative Committee g

World Bank chief Banga, FM Sitharaman discuss engagement of MDBs in India

Finance Minister Nirmala Sitharaman on Wednesday met World Bank Group President Ajay Banga and discussed engagement of multilateral banks in various sectors in India. Sitharaman also discussed outcomes of G20 India Presidency and strengthening of the World Bank besides issues of mutual interest. "The Union Finance Minister stated that @WorldBank should take the lead in advancing recommendations contained in the Volume-I #TripleAgenda and the recommendations that #MDBs must be bigger, better and bolder as contained in the Volume-II, of the reports of the G20 Independent Experts Group #IEG, prepared under the #G20India Presidency, and added that other #MDBs look up to @WorldBank for such #reform initiatives," the finance ministry said in post on X. Independent Expert Group (IEG), appointed under India G20 Presidency, has recommended a triple agenda to harness the potential of Multilateral Development Banks (MDBs). The report suggested adopting a triple mandate of eliminating extreme

Valuation rules for GST on e-gaming platforms effective prospectively: FM

Finance Minister Nirmala Sitharaman on Tuesday said the valuation rules for levying 28 per cent GST on entry-level bets on online gaming platforms are effective prospectively. "The clarification on that (online gaming) was issued. 28 per cent is the tax and as to who it will apply to and on whom the incidence will fall is clearly explained... The valuation rules to exclude winnings is prospective. So, I hope there is not confusion on that," Sitharaman said in the Lok Sabha. The minister was replying to a discussion in the House on the GST (Second Amendment) Bill, which provides for capping the age limit for president and members of GSTAT. This implies that bets placed from the winning amount on online gaming portals will not attract 28 per cent Goods and Services Tax (GST) with effect from October 1. In its meeting in August, the GST Council had clarified that 28 per cent GST is applicable on online gaming. Thereafter, amendments to Central GST Act were cleared by Parliament in Au

Google has removed 2,500 fraudulent loan apps from its Play Store, says FM

The government on Monday informed Parliament that Google has suspended or removed over 2,500 fraudulent loan apps from its Play Store between April 2021 and July 2022. The government is constantly engaged with the Reserve Bank of India (RBI) and other regulators and stakeholders concerned to control fraudulent loan apps, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha. The matter is also regularly discussed and monitored in the meetings of the Financial Stability and Development Council (FSDC), an inter-regulatory forum under the chairpersonship of the Finance Minister. The objective is to remain proactive, maintain cyber security preparedness with constant vigilance, and take appropriate and timely action to mitigate any such vulnerabilities in the Indian financial system, she said. As part of steps taken to control fraudulent loan apps, she said, the RBI has shared a 'whitelist' of legal apps with the government of India, and this list was shared by t

Women's reservation bill to come into force after 2024 census: Sitharaman

The Centre will initiate steps to enforce the women's reservation bill after the 2024 census, Union Finance Minister Nirmala Sitharaman has said. Speaking after releasing a commemorative postal stamp in the name of Rani Abbakka at Moodbidri in Dakshina Kannada district on Friday, Sitharaman said the women's bill became a reality as Prime Minister Narendra Modi has always believed in the role of women in nation building. Lauding the courage and heroics of Rani Abbakka, the 16th century queen of Ullal who fought against the Portugese, Sitharaman said the Union government has taken steps to document the contributions of many unknown fighters who fought against imperial forces. As part of Aazadi Ka Amrit Mahotsav, the government has compiled a digital district repository with 14,500 stories, highlighting places linked with the freedom struggle, she said. The Union Ministry of Culture has also tied up with Amar Chitra Katha to bring out three books on the role of women in freedom ...

New bills to replace law on customs, excise, age limits of GSTAT members

The other Bill - The Central Goods and Services Tax (Second Amendment) Bill, 2023 - seeks to raise the age limit for president and members of the GSTAT

Budget 2024: Budget preparation, its purpose, halwa ceremony, presentation

Union Budget 2024: Preparing the Budget is a long-drawn process which involves multiple steps and consultations. Read on to find out how it is done

FM introduces GST bill to raise age limit of president appellate tribunals

Finance Minister Nirmala Sitharaman on Wednesday introduced a bill in the Lok Sabha to raise the age limit for president and members of GST appellate tribunals. The Central Goods and Services Tax (Second Amendment) Bill, 2023, seeks to cap the age for president and members of the GST appellate tribunals (GSTAT) at 70 years and 67 years, respectively, higher than 67 years and 65 years specified earlier. An advocate with 10 years of 'substantial experience' in litigation in matters relating to indirect taxes in the Appellate Tribunal, would be eligible to be appointed as a judicial member of the GSTAT. As per the amendment, president and the judicial and technical members of the GSTAT shall hold office for four years, or until he attains the age of 70 years and 67 years, respectively, whichever is earlier. The rules notified by the government earlier had fixed the age limit for the president and members of GSTAT at 67 years and 65 years, respectively. The GST Council chaired by ...

Budget Speech: All you need to know about the FM's address to Parliament

Here is everything you need to know about what a Budget speech ahead of the Union Budget 2024, the different parts it has, Budget at a Glance, Finance Bill, and more

No GST dues pending, some states have not submitted AG's report: Sitharaman

The Centre on Tuesday said no GST dues of any state are pending before it and that some state governments have not submitted AG's authenticated certificate for release of their share of funds. The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said replying to a supplementary question in Rajya Sabha. "It is important to understand that if the AG's (accountant general) certification is (mandatory)... If the AG's certificate does not reach us, we can not clear," she said. Some states, even after sending AG's certificate, tell us to hold on till they clear it finally, she said. The finance minister was responding to a question from Trinamool Congress member Saket Gokhale, who asked about the GST dues of states, especially to West Bengal. He also sought a reason for which the GST dues of the states were withheld. Replying to it, the finance minister said she wou

Fiscal prudence is govt's top priority, says FM Nirmala Sitharaman

The Lok Sabha approved the additional gross spending of Rs 1.29 trillion, which includes net cash outgo of Rs 58,378 crore

Winter Session: Sitharaman hits back on Oppn's charge on MGNREGA fund delay

Finance Minister Nirmala Sitahraman on Tuesday in the Lok Sabha said the economy is moving in the right direction, and India has become the fastest-growing major economy in the world. Replying to a debate on Supplementary Demands for Grants, Finance Minister Sitharaman said fiscal prudence is the top priority of the government without compromising on social welfare. The House later approved the Supplementary Demands for Grants, allowing the government to spend an additional over Rs 1.29 lakh crore, of which Rs 58,378 crore would be the cash outgo in the current fiscal. The remaining Rs 70,968 crore will be matched by the savings and receipts. "Our economy is moving in the right direction...Macroeconomic fundamentals are fine. We have become the fastest-growing economy. Q2 growth of 7.6 per cent is the highest in the world," she said. Responding to issues raised by the Opposition members on BSNL, the minister further said the government has earmarked Rs 11,850 crore capital infusio

LS gives nod for additional cash outgo of Rs 58,378 cr in current fiscal

The Lok Sabha on Tuesday cleared a net additional spending of Rs 58,378 crore in the current fiscal ending March 2024, with a large chunk going towards MGNREGA and subsidy on fertiliser. The gross additional spending sought by the government was over Rs 1.29 lakh crore, of which Rs 70,968 crore would be matched by savings and receipts. Replying to a debate on Supplementary Demands for Grants, Finance Minister Nirmala Sitharaman said that fiscal prudence is the top priority of the government without compromising on social welfare. She also said that the net additional spending by the government would be Rs 58,378.21 crore in the current fiscal. The additional expenditure includes Rs 13,351 crore towards fertiliser subsidy and about Rs 7,000 crore towards spending by the Department of Food and Public Distribution. The House also approved an additional outgo of Rs 9,200 crore spending by the Ministry of Petroleum and Natural Gas and Rs 14,524 crore by the Ministry of Rural Developmen

Inflation now stable, temporary rises due to demand-supply mismatches: FM

Finance Minister Nirmala Sitharaman on Monday said retail inflation is now "stable" and temporary increases in inflation on a few occasions are caused by demand-supply mismatches arising out of global shocks and adverse weather conditions. In a written reply to the Lok Sabha, Sitharaman said India's retail inflation has declined from an average of 7.1 per cent in April-October 2022 to 5.4 per cent in the corresponding period of 2023. "The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent. A steady decline in core inflation, estimated after removing volatile food and fuel items from retail inflation, has been critical in weakening the inflationary pressure in the Indian economy," she said. The core inflation rate has declined from 5.1 per cent in April 2023 to 4.3 per cent in October 2023. The minister said retail inflation in India has been mostly within acceptable limits after the notification of the inflation tolerance band in ...

PM talking up transformative GDP but what matters is growth rates: Congress

The Congress on Sunday said Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are "repeatedly talking up" transformative GDP growth based on the recent July-September numbers but what matters more is annual growth rates over a longer period. Annual average GDP growth rate during the UPA government was 8.1 per cent against 5.4 per cent under the current dispensation, it further said. The Congress' attack comes after Modi said last week that the GDP growth figure for the second quarter of this fiscal displayed the resilience and strength of the Indian economy amid testing times globally. In a post on X, Congress General Secretary Jairam Ramesh said, "The PM and the FM are repeatedly talking up the 'transformative GDP growth in India' based on the recent numbers for July-September 2023." "But if you leave aside quarterly growth numbers, which could be high or low for a number of reasons. What matters a lot more -- to understand how well the economy is doing -- is ..