Page 95 - Nirmala Sitharaman

GST compensation to some states delayed due to lack of AG certificate: FM

Union Finance Minister Nirmala Sitharaman on Monday said GST compensation to some states is delayed due to non-availability of AG's authenticated certificate, and that Kerala has not sent even a single such certificate since 2017-18. Replying to a supplementary question, she also said that Rs 86,912 crore has been released for the Goods and Services Tax (GST) compensation payable to all states up to May 31, 2022. She said as per law, GST Council decides to whom the GST compensation is to be released, not by the central government. AG's certification is (mandatory) by law between the Centre, states and the AG (accountant general), and it is an agreed process. So, unless the authentication is given by the AG.. she said. The finance minister said if there is any delay of getting the AG's authentication, it is a matter between the AG and the state government concerned, and they have to sort it out. If between them there is a problem, the authentication certificate gets delayed in reac

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

FM Sitharaman addresses central board of RBI, reviews economic situation

Finance Minister Nirmala Sitharaman on Saturday highlighted the key thrust areas outlined in the Union Budget and the expectations from the financial sector

Regulators very experienced; seized of the matter: FM on Adani Group row

Finance Minister Nirmala Sitharaman on Saturday said the country's regulators are very experienced and are seized of the matter relating to the Adani Group crisis. The minister was replying to a question on the observations of the Supreme Court on public interest litigations (PILs) alleging exploitation of investors and "artificial crashing" of the Adani Group's stocks. "I will not disclose here what the government will be saying in the court...India's regulators are very, very experienced and they are experts in their domain. The regulators are seized of this matter and they are on their toes as always, not just now," she told reporters after her customary post-Budget address to the RBI's board. Concerned over protecting the interests of Indian investors, the Supreme Court on Friday favoured creating a robust mechanism to regulate the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and "artificial crashing" o

New tax regime to benefit middle class; leave more money in their hands: FM

Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group crisis, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seize

Indian regulators aware of concerns on Adani Group issue, says Sitharaman

Nirmala Sitharaman told reporters after meeting the central bank's directors in New Delhi, the capital

India will continue to be fastest growing major economy in 2023-24: FM

Finance Minister also talked about the new tax regime stating that it will leave higher disposable income in the hands of people

GST compensation: Centre owes us Rs 2,409 crore, says West Bengal

The West Bengal government on Friday night said the Centre owes it Rs 2,409.96 crore, responding to Union Finance Minister Nirmala Sitharaman's statement that the state has not sent GST compensation cess claim with accountant general (AG) certificate from 2017-18 to 2021-22. Replying to assertions that West Bengal's dues have been neglected, Sitharaman in Parliament said GST compensation to states is given when the audited figures are provided but West Bengal has not submitted those since 2017. "....the Union FM made a statement that West Bengal has not sent GST compensation cess claim with AG certificate since 2017-18 to 2021-22. The state government does not agree with the statement...," it said in a statement. "For West Bengal, so far, compensation has been paid on net basis for only two years 2017-18 & 2018-19. For the rest of the periods (FY 2019-20, FY 2020-21, FY 2021-22) & the period 01.04.2022 till 30.06.2022, compensation has been released based on gross revenue. If .

If needed, will allocate more for NREGA, says FM Nirmala Sitharaman

Budget strikes balance between growth and fiscal prudence, she says in Lok Sabha

New tax regime to leave higher disposable income with people: Sitharaman

The Union Budget 2023-24, astutely balances the requirement for India's development imperatives within the limit of fiscal prudence, Finance Minister Nirmala Sitharaman tells Lok Sabha

Debt talks in focus at G20 finance meet: FM Sitharaman tells IMF chief

Indian Finance Minister Nirmala Sitharaman and IMF's Kristalina Georgieva also discussed regulating crypto assets

Sitharaman objects to Kharge's remarks in RS, says insinuation against PM

Union Minister Piyush Goyal retorted to Kharge's remark and said Leader of Opposition was making an allegation that cannot be substantiated

Vivad se Vishwas-II scheme looks to settle financial disputes only

Centre notifies the scheme; disputes with states govts, another pvt firm not covered

Growth, Budget and macro balances

The responsible revenue and expenditure projections are to be lauded, but efforts on trade and fiscal targets fall short

Will get fitment panel to look into 28% GST for cement: FM Sitharaman

Urges industry to ensure its output is compliant with sustainable development goals, says this is crucial for negotiating non-tariff barriers arising out of environmental concerns around the world

Over 10,000 MSMEs shut down in 2022-23, highest in past four years

FM Sitharaman revamped the credit guarantee scheme for MSMEs to enable an additional collateral-free guaranteed credit of Rs 2 trillion

Signs of a weakening public sector

States may have got more through tax transfer, but the composition of the PSU capital outlay causes concern

What explains Indian public sector enterprises' anaemic capex record?

Instead of public sector enterprises making capex decisions, they have declared dividends in the last few years. The capex decisions have therefore been abrogated to itself by the Centre

Adani row: Congress holds protests in MP, seeks FM Sitharaman's resignation

The Congress on Monday staged protests across Madhya Pradesh for a joint parliamentary committee (JPC) probe into allegations of stock manipulation against Adani Group and demanded the resignation of Union Finance Minister Nirmala Sitharaman. In Bhopal, an agitation was organised in front of the office of Life Insurance Corporation (LIC) in GTB Complex by Congress leaders led by district unit chief Kailash Mishra. Congress workers raised slogans against the Adani Group and the BJP-led Central government. "We are protesting for a JPC probe into allegations of irregularities against Adani. These irregularities occurred under Finance Minister Nirmala Sitharaman, so she should resign immediately," Mishra told PTI. A demonstration was also held at the state Congress headquarters by the National Students Union of India (NSUI). Adani Group stocks have taken a beating on the bourses after the US short-seller Hindenburg Research made a litany of allegations last fortnight in its report, ...

New Delhi to meet fiscal target in coming year, capex a longer shot

A key government objective is to bring the deficit down to 4.5% of GDP by 2025/26. Respondents were evenly split on whether it would succeed