Page 85 - Nirmala Sitharaman

GST added to revenue buoyancy, helped bring down taxes for common man: FM

Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has helped bring down the taxes for consumers by removing the cascading effect of 'tax-on-tax' and added to the revenue buoyancy of states. She said the GST system has seen massive scaling up since its implementation on July 1, 2017, and the benefit accrued to consumers and governments because of GST implementation is an "exemplar". "GST has brought in greater tax buoyancy as a result of which, more than your GSDP growth, your tax collection is growing. Therefore, both Centre and states benefit...We have to dispel this myth that states are losing out after having joined hands for GST...Today, no state suffers after GST, and that is despite Covid," Sitharaman said. Giving a comparison of tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". Before GST was introduced, India's indirect tax system was fragmented, wh

PSBs should focus on robust asset-liability & risk management: Sitharaman

Profit of public sector banks increased to Rs 1.04 trillion in 2022-23

GST increased states' revenue buoyancy, benefit stands out as exemplary: FM

Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has increased revenue buoyancy of states, and the all-round benefit stands out as "exemplary". The multiplicity of taxes in the pre-GST regime resulted in a "tax-on-tax" effect, causing the same product to be taxed multiple times and hence becoming costlier for the consumers, she said at the GST Day 2023. Giving a comparison of the tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". Before GST was introduced, India's indirect tax system was fragmented, where every state was effectively a distinct market for the industry as well as the consumer. "Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar," Sitharaman said. State revenue buoyancy pre-GST was 0.72, while post-GST, it is 1.22. "GST has br

Economy has moved from twin-balance sheet problem, banks now profitable: FM

Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the Modi government. Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister said while inaugurating the corporate office of Punjab & Sind Bank here. The twin-balance sheet problem refers to deterioration in financial health of banks and corporates at the same time. "As a result (of various initiatives of the government) I'm glad to say the problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy is benefiting from,", Sitharaman said. The minister said the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet ...

FM Sitharaman interacts with under Rozgar Mela scheme recruits in Chennai

Union Finance Minister Nirmala Sitharaman on Friday met the new recruits who received job offers in various departments under the Government of India's Rozgar Mela. Sitharaman, on a brief visit to the state's capital, along with senior government officials interacted with the appointees at the Indian Bank Management Academy for Growth and Excellence (IMAGE) here. The appointees were recruited for various roles including probationary officer at the public sector Indian Bank, inspector of Income Tax, and preventive officers at the Customs department, among others. Since the launch of the scheme in 2022, six installments of the Rozgar Mela have been organised across the country and around 4.3 lakh appointment letters have been distributed under it. The National Skill Development Corporation under the Union Ministry of Skill Development and Entrepreneurship has been organising Rozgar Melas across the country to provide suitable job opportunities to unemployed youth. In May, the financ

Go Green, Earn Credits: Govt starts Green Credits scheme under Mission LiFE

Mechanism will be implemented in phases. Initially, 2-3 activities from eight sectors are being considered for piloting the Programme. Later, more activities will be added from the selected sectors

Odisha CM Patnaik urges FM Sitharaman to withdraw 18% GST on Kendu leaves

Odisha Chief Minister Naveen Patnaik has urged Union Finance Minister Nirmala Sitharaman to completely waive the 18 per cent GST tax on Kendu leaves as it would adversely affect the livelihood of the poorest of the poor section of the society. Patnaik in a letter written to Sitharaman on Monday said that 18 per cent GST on Kendu leaves should be waived in the larger interest of poor and tribal people associated with Kendu leaves trade in the state. "Imposition of GST (18%) on Kendu leaves is adversely affecting the Kendu leaves trade. This in turn affects the livelihoods of Kendu leaves pluckers, binders and seasonal workers and implementation of social security and welfare schemes for them," Patnaik wrote in the letter. Stating that the Kendu (Tendu) leaf, which is a minor forest produce, is the financial backbone of 8 lakh kendu leaf pluckers, binders and seasonal workers of Odisha, Patnaik said the people engaged in the trade are mostly tribal and women belonging to the poorest o

Nirmala Sitharaman slams Obama for remarks on Indian minority rights

Sitharaman made the observation that several Muslim-majority countries had faced bombings orchestrated by the United States during President Barack Obama's tenure

Cleartax forays into crypto tax segment, expects 1 mn filings this year

The online tax filing company has integrated with over 100 crypto exchanges, including Coinbase, CoinDCX, Binance, and WazirX, to provide taxation services at one common platform 'CryptoTax'

Govt to launch portal for unclaimed shares, dividends by February 2024

Currently, investors have to produce about 24 documents for refunds. As a part of the refund process, these documents are checked multiple times at various stages of the process

'Standing on shoulders of UPA': Chidambaram's takes a dig at Modi govt

Senior Congress leader P Chidambaram on Monday took on Finance Minister Nirmala Sitharaman over her listing the Centre's achievements, saying that if the Modi government stands tall in some areas, it is because it is standing on the shoulders of its predecessor UPA. Chidambaram countered Sitharaman's comments made in an article about the achievements of the Modi government in the last nine years. "The Hon'ble Finance Minister has penned an article on the achievements of the Modi Government. Many examples she has cited are true as would be true of EVERY government that has ruled for 5 or 10 years," the former finance minister said on Twitter. The finance minister has cited five examples of the Opposition taking the government to court and losing the case, Chidambaram noted. "She is wrong at least in three: The SC had declared triple talaq illegal even before Parliament passed a law. The Article 370 case has not yet been heard by the Court. Numerous cases under the GST laws are ...

Modi's US tour impactful for realising of national goals: Sitharaman

Union minister Nirmala Sitharaman on Sunday termed Prime Minister Narendra Modi's US tour impactful and said the bilateral decisions taken during his visit have established steps towards greater realisation of national goals. Addressing a press conference at the BJP headquarters here, she also hailed the prime minister's visit to Egypt and said President Abdel Fattah El-Sisi conferring the 'Order of the Nile', Egypt's highest honour, on Modi was a proud moment for India. With this, the prime minister has received the highest civilian awards from 13 countries, six of them with the highest Muslim population, she added. The prime minister's visit attained quite a high prominence in Egypt, she told reporters. Highlighting the key takeaways from the prime minister's US visit, Sitharaman said both India and the United States have taken each other warmly and established such steps which would help in greater realisation of our national goals. Hailing Modi's address to the joint session o

FM Sitharaman holds bilateral meetings on sidelines of Paris Summit

Finance Minister Nirmala Sitharaman on Friday held a series of bilateral meetings with her counterparts in France, Brazil and UAE on the sidelines of the Paris summit on the new global financing pact. Sitharaman met France's Minister of Economy, Finance and Industrial and Digital Sovereignty Bruno Le Maire and exchanged views on key G20 deliverables under Indian Presidency, including strengthening MDBs (multilateral development banks) and managing debt vulnerabilities, among other issues. Sitharaman expressed hope that the outcomes of the Paris Summit can provide political momentum to ongoing G20 and other multilateral efforts in the UN, World Bank and CoP28. Sitharaman also met Brazilian Minister of Finance Haddad Fernando and discussed the upcoming G20 India and Finance Track outcomes. "@Haddad_Fernando supported #G20India Presidency efforts and also appreciated the works under #G20India Presidency. FM Smt. @nsitharaman extended India's support to the upcoming #G20Brazil Preside

Digital public infra helped make optimum use of taxpayers' money: FM

Finance Minister Nirmala Sitharaman on Thursday said digital public infrastructure has allowed India to make optimum use of taxpayers' money. Addressing a session on digital public infrastructure and how it helps put money in the hands of money, Sitharaman said today in India the government is able to send most of the benefits directly to the bank accounts of citizens. "It has helped in making optimum use of taxpayers' money. In India, DPI has brought in greater efficiency in government system, better utilisation of funding for those women who so need it," she said. Sitharaman said the performance of bank accounts in which women were given loan assistance are doing very well. "After the introduction of Digital Public Infrastructure (DPI), the government was able to save Rs 1 lakh crore in just one of the provinces in India through DBT (direct benefit transfer), she said, adding it has helped cut down on leakage in fund transfer to beneficiaries of government schemes. Sitharaman is

MDBs' lending resources to face more pressure: FM Nirmala Sitharaman

Sitharaman says G20 under India's presidency to touch upon all aspects of MDB evolution

Paris summit: FM Sitharaman discusses G20 efforts to strengthen MDBs

Finance Minister Nirmala Sitharaman on Thursday discussed G20 efforts to strengthen multilateral development banks (MDBs) to address the global challenges of the 21st century. Sitharaman, who attended the Paris summit on 'New Global Financing Pact', participated in a round table on 'Evolving the model of MDBs to address 21st-century challenges', a finance ministry tweet said. The Union finance minister highlighted the contribution of the G20 India Presidency on Capital Adequacy Framework (CAF) reforms and the G20 Expert Group on strengthening MDBs. "FM Smt. @nsitharaman discussed #G20 efforts to #strengthenMDBs to address the global challenges of 21st century. Work on #CAF recommendations will enable #MDBs to utilise their existing resources more effectively," the tweet said. An expert group is examining how the lending capacity of the MDBs can be substantially enhanced to help developing nations meet sustainable development goals (SDGs) and eliminate poverty. The finance minister

New global financing pact on table as FM Sitharaman leaves for Paris

Will attend summit on setting up a new global financing architecture to address climate change, biodiversity crisis

FM seeks spotting of credit-deficient districts for financial inclusion

Finance Minister Nirmala Sitharaman on Monday suggested identification of credit-deficient districts in each state and carrying out special credit outreach camps there

Sitharaman directs NABARD to make rural income improvement top priority

Sitharaman directed NABARD to facilitate the aggregation of organic producers by Farmer Producer Organisations (FPOs), with a focus on the Northeast states

CPI MP asks FM to initiate pension updation for banking sector retirees

He further said that the demand of bank retirees was not fulfilled even though the All India Bank Retirees' Federation has met the Finance Minister four times in the past one and half years