Page 84 - Nirmala Sitharaman

FM says no income tax up to Rs 7.27 lakh per annum under new tax regime

Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum. Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24. The skepticism was about what will happen to those earnings little more than Rs 7 lakh, she noted. "So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn... (for instance) for Rs 7.27 lakh, you don't pay any tax now. It is only at Rs 27,000 that the break even comes. After that you start paying tax. "You have a standard deduction of Rs 50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now. We have brought

Holding shares in firms' subsidiaries exempted, clarifies GST Council

The clarification came amid GST officers sending notices to both Indian and foreign companies, demanding tax on share capital held in their subsidiaries at 18%

28% GST an opportunity for gaming companies to compete: Gamezop co-founder

Gaurav Agarwal, co-founder of Gamezop, said those firms that are able to adapt faster will 'emerge victorious'

Centre has 'murdered' online gaming with 28% GST, says Ashneer Grover

The new tax puts fantasy gaming tax at the same level as gambling and betting

GST Council okays 28% tax on online gaming, casinos and horse racing

To be levied on full face value; effective roll-out after amendments to GST law

50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

FM nudges PSU banks to take swift action against frauds, wilful defaulters

Finance Minister Nirmala Sitharaman has asked public sector banks (PSBs) to take swift action in cases concerning fraud and wilful defaults to reduce bad loans and take steps to accelerate growth momentum, sources said. Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till the financial year 2021-22. The non-performing assets (NPAs), including those in respect of which full provisioning has been made on completion of four years, are removed from the balance sheet of the bank concerned by way of write-off. In a recent meeting with heads of PSBs, the finance minister urged them to focus on having robust risk management practices and mitigating Cyber Security risks. During the meeting, it was also emphasised that banks should follow a strong internal audit framework and adherence to caveats of internal policies, sources said. Some of the challenges highlighted during the meeting included the declining share of market share in terms of advanc

PM's firm policy is to ensure development of all states: FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday said Prime Minister Narendra Modi's intention is that all States and Union Territories should progress as it would ensure a wholistic development of the country. Launching 'Credit Outreach programme' at a function organised by State Level Bankers Committee (SLBC) here, she said, "Prime Minister is keen that the poor and have-nots, women and weaker sections in all the States and Union Territories should benefit under the various schemes." The Finance Minister sanctioned loan letters to 1.41 lakh beneficiaries in the Union Territory to the tune of Rs 2,628 crore under different programmes including Housing and Mudra schemes of the Central government operated by the public sector banks. Sitharaman said that she had found during the review meeting earlier held here that Puducherry had implemented various schemes completely. "The coordinated work and implementation of 22 flagship programmes by the territorial administration, ministers

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HDFC merger poses increased competition in deposits segment for PSBs: Govt

PSBs told to take swift action on fraud and willful defaulters cases

FM Nirmala Sitharaman to soon review performance of Regional Rural Banks

Finance minister Nirmala Sitharaman is likely to meet heads of Regional Rural Banks (RRBs) and review their performance soon, sources said. RRBs play an important role in financial inclusion and serving the credit needs of rural economy. According to sources, the finance minister would review the progress with regard to issuance of Kisan Credit Card (KCC) to farm and allied sector by RRBs. With an aim to provide the benefits of KCC loans to maximum number of farmers, a special KCC saturation drive was launched under Atma Nirbhar Bharat Abhiyan to cover 2.5 crore farmers under KCC with a credit boost of Rs 2 lakh crore. She is also expected to review capital position of some of the weak RRBs, sources added. The need for technology upgradation of RRBs, strategies for NPA reduction, IT initiatives, improving financial inclusion, enhancing credit delivery to rural areas and support being given by sponsor banks to the RRBs are other issues that may be discussed in the meeting, it ...

Sitharaman meets UN Deputy Secretary General, exchanges views on SDGs

Finance minister Nirmala Sitharaman on Tuesday met United Nations Deputy Secretary-General Amina J Mohammed and exchanged views on financing of Sustainable Development Goals (SDGs) and the ongoing G20 India Presidency. "FM Smt. @nsitharaman highlighted the four main agenda of the #G20 #FinanceTrack under #G20India Presidency, i.e., debt distress; #DigitalAssets/currency; strengthening #MDBs; and #DPI Digital Public Infrastructure/ tools," the finance ministry said in a tweet. During the meeting Sitharaman said a G20 Expert Group on 'Strengthening MDBs' (multilateral development banks) has been constituted to undertake an evaluation of the scale of funding required by low and middle-income developing countries to address the ever-increasing financing gap for SDGs and trans-boundary challenges. "FM Smt. @nsitharaman observed that #G20 needs to provide momentum for International Financial Institutions #IFIs and #MDBs to step-up to provide adequate financing at affordable terms to enabl

FM to meet chiefs of PSB banks to review financial performance on Thursday

Finance Minister Nirmala Sitharaman is scheduled to meet chiefs of public sector banks (PSBs) on Thursday and review their financial performance. This is going to be the first review meeting after the 2022-23 financial results. In the last fiscal, PSBs together posted a record profit of Rs 1.04 lakh crore, with market leader State Bank of India (SBI) accounting for nearly half of the total earnings. From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way as their profit touched Rs 1,04,649 crore in 2022-23. Besides the review of financial performance, sources said, the meeting is going to take stock of the progress made by banks in achieving targets set for the various government schemes, including Kisan Credit Card (KCC), Stand-Up India, Pradhan Mantri Mudra Yojana (PMMY) and emergency credit line guarantee scheme (ECLGS) to help businesses affected by Covid-19. Heads of the banks would also apprise the finance minister about the performance duri

FM Sitharaman holds meet for 'time-bound' completion of Budget schemes

In the meeting with Meity, MCA says will look into competition issues

Finance Minister reviews progress of implementation of Budget schemes

Finance Minister Nirmala Sitharaman on Tuesday reviewed progress of implementation of Budget schemes with secretaries of finance ministry and Corporate Affairs Secretary. The meeting was attended by Economic Affairs Secretary Ajay Seth, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, Financial Services Secretary Vivek Joshi, Corporate Affairs Secretary Manoj Govil and other senior officials. "Union Finance Minister Smt. @nsitharaman chaired a review meeting on the implementation of various Union Budget announcements with Secretary, Department of Economic Affairs, @SecyDIPAM, Secretary @DFS_India, Secretary @MCA21India and senior officials of the @FinMinIndia, New Delhi, today," a finance ministry tweet said. Besides the review of implementation of various schemes of Union Budget, the minister underlined the importance of continuous assessment of progress to ensure that the schemes are implemented in a time bound manner.

Bank of India becomes first bank to offer Mahila Samman Savings Certificate

The scheme was announced by Union Finance Minister Nirmala Sitharaman during her Budget speech this year

FM Sitharaman's meet with PSBs on July 6 to focus on performance review

Sitharaman on Saturday at an event said the performance of PSBs had improved on account of various initiatives taken by the Modi government since 2014

Falling inbound shipments cast a shadow on IGST and cess on imports

Imports were the only exception in the otherwise strong GST numbers in the first three months of the current financial year

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During UPA money was given to not-so-worthy customers resulting in NPAs: FM

Net profits of the Public Sector Banks (PSBs) have almost tripled, increasing from Rs 36,270 crore in FY2014 to Rs 1.04 lakh crore in FY 2022-23, she informed