Page 82 - Nirmala Sitharaman

GST Council Meeting 2023 Highlights: Here are the key points to know

The 51st GST Council meeting 2023 was held yesterday via video conferencing. The government stands its ground with its 28 per cent GST charge on casinos, race courses, and online gaming

28% GST on online gaming to be implemented from October 1: FM Sitharaman

Despite dissent from a few states, including Goa, Sikkim, and Delhi, the Council proceeded with the decision without a vote, as the majority of states were in agreement

28% GST on online gaming stays, to be reviewed after 6 months of roll-out

The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, finance minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing online gaming, she said after the panel meeting. The panel had at its last meeting decided to levy a 28 per cent GST on full face value of bets placed and Wednesday's meeting was to deliberate on the tax law changes that would be required to implement it. Sitharaman said Delhi finance minister opposed the levy of the tax on online gaming while Goa and Sikkim wanted the levy on GGR (gross gaming revenue) and not on face value. Sitharaman, however, said other states ranging from Karnataka to Gujarat,

Govt mobilises Rs 5.77 trn by issuing dated securities till Jul 31: FM

The government has mobilised a gross amount of Rs 5.77 lakh crore by issuing dated securities in the current financial year up to July 31, 2023, Finance Minister Nirmala Sitharaman said on Tuesday. It has raised a net amount of Rs 4.18 lakh crore through the instrument in the same period. Government borrowing is done through various sources, including dated securities, treasury bills, external loans and state provident funds. The central government has planned to raise net debt resources of Rs 17.99 lakh crore from various sources in 2023-24, mainly to finance its fiscal deficit, the finance minister said in a written reply to the Rajya Sabha. "This amount is about 40 per cent of the total net size of the Union Budget 2023-24 of Rs 45.03 lakh crore," she said. The government plans a gross market borrowing of Rs 15.4 lakh crore from dated securities in FY24. This is higher than the total borrowing of Rs 14.21 lakh crore in FY23. She said that borrowing by entities like the Nationa

Gamers urge finance minister to reduce current 28% GST on online gaming

Online gamers' association on Tuesday requested finance minister Nirmala Sitharaman for a reduction of 28 per cent Goods and Services Tax (GST), saying high taxation would lead to mushrooming of illegal gaming firms. Gamers from Tier II and Tier III cities under the aegis of 'Indian Gamers United' in an open letter to finance minister Nirmala Sitharaman said that high taxation will push the gamers towards illegal and offshore platforms where no tax is payable but will put the gamers into a very high risk. The association also pitched for making a distinction between games of chance like gambling and games of skill like gaming. Gaming is a skill-based activity and cannot be clubbed together with games of luck like gambling and horse racing so taxation requires a relook and making it tax friendly, 'Indian Gamers United' said in a statement. Since several of these games come with the option to earn monetary rewards, this is giving rise to a segment where young people are using their .

Amit Mitra highlights countrywide GST frauds, urges FM to call Council meet

Alleging that GST frauds are proliferating across the country and MSMEs are facing problems due to a web of regulations, Dr Amit Mitra, principal chief advisor to West Bengal Chief Minister Mamata Banerjee, urged Union Finance Minister Nirmala Sitharaman to convene a GST Council meeting to discuss these issues. Mitra, a former state finance minister, referred to the central government's admission in the Lok Sabha that Rs 1.15 lakh crore of fraud have been detected from GST invoices between 2018-19 and 2022-23. "I write this letter with great anguish and deep concern. On one hand, GST frauds are proliferating across the country penetrating each and every state. On the other, the web of regulations is so overpowering for the MSMEs, that they are on the verge of deregistering back to their informal status," Mitra said. The humongous' fraud taking place in the country and the suffering of the MSME in the current GST system require a total rethink by the Centre and the GST Council on the

G20: Communique need not distract us, action happening, says FM Sitharaman

"There is a tremendous appreciation that the agenda we are taking forward is of concern to all of us", the FM said

Focus on four 'Is' to make India a developed nation by 2047: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the focus of the government is on four Is -- infrastructure, investment, innovation and inclusiveness -- to make India a developed nation by 2047. She said India has necessary wherewithal to meet the goal set by Prime Minister Narendra Modi. Besides several investor-friendly reforms undertaken by the government, she said, India has a very vibrant young population and the emphasis on skilling them to suit the requirement of the economy would yield dividend. With the aim to build India a developed country by 2047, she said "the emphasis has been on four different issues (Is). We are looking at infrastructure (first I) in a very big way. In the last 3 to 5 years, consistently, the public expenditure for infrastructure building has been ramped up significantly and it will reach Rs 10 lakh crore in 2023-24." With infrastructure comes investment (second I), she said, adding that emphasis on investment will promote greater participation

Indian companies to soon directly list on IFSC bourses: FM Sitharaman

Sitharaman urges financial regulators to maintain a balance between light-touch regulation and full-fledged supervision

Companies allowed to list on GIFT IFSC for foreign flows: Sitharaman

India has been considering proposals to allow firms to list on foreign exchanges, in order to compete with Chinese companies that flourish on bourses in the US

FM pitches for regulatory impact assessments to enhance accountability

Union finance minister Nirmala Sitharaman on Friday pitched for a "regulatory impact assessment" to study the positives and negatives of a decision before it is taken, and also for existing rules. She said having such a facility can help enhance the transparency and accountability in the policymaking process. "We may also have a regulatory impact assessment to critically assess the positive and negative effects of proposed and existing regulations and non regulatory alternatives," she said, speaking at an event here. Time limits to decide the applications under various regulations should also be named in the interest of ease of doing business, she added. Regulatory actions may vary from disclosure to light touch regulation and supervision to tight regulation and full fledged supervision depending on the risk implications, she said. "Quality, proportionality and effectiveness of regulations matter the most for ease of doing business," she said. Sitharaman said the main focus of ..

Indian firms can go for listing on foreign exchanges, IFSC: Sitharaman

Finance minister Nirmala Sitharaman on Friday said Indian companies can now go in for direct listing on foreign exchanges as well as on the International Financial Services Centre (IFSC) bourse in Ahmedabad. The nod, which came after three years of announcement as part of the Covid relief package, will enable domestic companies to access foreign funds by listing their shares on various exchanges overseas. A proposal regarding this was first floated as part of the liquidity package announced during the pandemic in May 2020. "A direct listing of securities by domestic companies will now be permissible in foreign jurisdictions. I'm also pleased to announce that the government has taken a decision to enable direct listing of listed and unlisted companies on the IFSC exchange. So, this is a major step forward. This will facilitate access to global capital and better valuation, Sitharmanan said here. The minister was speaking at an event to launch AMC Repo Clearing and a corporate debt ..

FM Sitharaman meets delegation of Canadian Pension Plan Investment Board

Finance Minister Nirmala Sitharaman on Thursday met the delegation of the Canadian Pension Plan Investment Board (CPPIB) and discussed the pension fund's investment plan for the country. The delegation was led by CPPIB president and CEO John Graham. "During the interaction, the CPPIB delegation briefed Smt. @nsitharaman regarding their global engagement and outlook, the current details of engagement with India as well their plans for #investment going forward," the finance ministry said in a tweet. Graham appreciated the host of reforms undertaken by the government over the years to facilitate long-term private investment in India. During the meeting, the finance minister outlined various investment opportunities across sectors that CPPIB may like to consider during Amrit Kaal.

Centre may begin PLI scheme for chemical, petroleum sector: FM Sitharaman

Finance Minister Nirmala Sitharaman states that India plans to be energy independent by 2047 and achieve net zero by 2070

Global gaming firms running 'no GST' ads to lure Indians to their platforms

The development has come in the wake of a recent government decision that imposed a 28% GST on the full-face value of the placed bets

FM Nirmala Sitharaman meets US envoy John Kerry, discusses climate goals

Finance Minister Nirmala Sitharaman on Wednesday met US Special Climate Envoy John Kerry and discussed joint efforts and commitments by both the countries to achieve climate, economic and strategic technology cooperation goals. Kerry, who arrived here on a five-day visit, met Sitharaman at her office in Parliament House. "Both sides also discussed creation of an innovative investment platform for deployment of greenfield Renewable Energy projects in India," the finance ministry said in a tweet. Earlier, Kerry held discussions with Union Minister for Heavy Industries Mahendra Nath Pandey and discussed diversifying supply chains and empowering India as a manufacturing hub for electric trucks, buses, and heavy duty vehi?cles. Speaking to reporters outside Parliament, Kerry said he had very good and constructive meetings. "There are many things where India and the United States can work together in order to advance the climate agenda," he said, adding that the two countries were worki

Kejriwal writes to FM, points to Delhi's 'frozen' share in central taxes

Ahead of constitution of the 16th Central Finance Commission, Chief Minister Arvind Kejriwal has written to Union Finance Minister Nirmala Sitharaman, pointing to Delhi's "frozen" share in central pool of taxes even as he demanded that Delhi be treated as a "unique case". Alleging "stepmotherly and unfair" treatment by the Centre, Kejriwal said Delhi's share in central pool of taxes was "frozen at astonishingly low" amount of Rs 350 crore for the last 23 years. "Had Delhi been treated in an unbiased manner, its share would have been Rs 7,378 crore," he said in his letter to Sitharaman. Kejriwal also said that the Municipal Corporation of Delhi (MCD) has been facing "extreme unjust behaviour" over the last few years, with it receiving nothing from the Central government. The chief minister said it was understood that since Delhi's name has been removed (for being a Union Territory) from the 'Terms of Reference' of the Finance Commission, it does not fall under the purview of tax ...

Govt instructed banks not to take harsh action against borrowers: FM

Union Finance Minister Nirmala Sitharaman on Monday said both public and private banks have been instructed that harsh steps should not be taken when it comes to the process of loan repayment and that they should handle such cases with sensitivity. Sitharaman said this while making an intervention during the Question Hour in the Lok Sabha on a question related to repayment of loans taken by small borrowers. "I have heard complaints about how mercilessly loan repayments have been followed up by some banks. The government has instructed all banks, both public and private, that harsh steps should not be taken when it comes to the process of loan repayment and they should approach the matter with humanity and sensitivity in mind," she said.

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100,000 tax notices to be disposed of by March: FM Nirmala Sitharaman

Notices served in past years for misreporting, non-filing of returns for income above Rs 50 lakh