Page 8 - Finance Minister

Industry body urges FM Sitharaman to continue 45-day MSME payment rule

Industry body SME Chamber of India has urged Finance Minister Nirmala Sitharaman to continue the 45-day MSME payment rule for corporates and other buyers. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber

Direct tax mop-up rises 20% to Rs 5.74 trn on higher corporate advance tax

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore. Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjust

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Budget watch: Real estate sector wants industry status, tax relief

The sector also expects the Centre to provide measures, including tax breaks, to boost the demand for affordable housing, generally priced below Rs 50 lakh

What does the jewellery sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23

Budget 2024: What does India's power sector expects from FM Sitharaman

Union Budget 2024: Securing supply chain stability and embracing new technologies are essential for the sector's long-term sustainability and efficiency

Union Budget 2024: FM Nirmala Sitharaman set to present Budget on July 23

The Budget session of Parliament is slated to take place from July 22 to August 12

Union Budget 2024: Push for Lakhpati Didi 2.0 to boost women empowerment

Budget 2024: The Union Budget for the financial year 2024-25 is scheduled to be presented in the Lok Sabha on July 23

FinMin wraps up consultations, FY25 Budget to be presented on Jul 23

Finance Minister Nirmala Sitharaman has concluded consultations with various stakeholders, including representatives of industry and social sectors, as part of the budget preparation exercise. Sitharaman will present her seventh Budget on July 23. This would be the first full budget of Modi 3.0 which is going to set the path for Vikshit Bharat (developed India) by 2047. Last month, President Droupadi Murmu, while delivering her address to the joint sitting of Parliament, had said that many historic steps and major economic decisions will be taken in the upcoming budget session. In her first address to the joint sitting of Parliament since the constitution of the 18th Lok Sabha, the President said, "This budget will be an effective document of the government's far-reaching policies and futuristic vision". "Along with major economic and social decisions, many historic steps will also be seen in this budget," she said. The Finance Ministry in a statement said the pre-budget consultat

Budget 2024: Govt may double beneficiaries under Ayushman Bharat scheme

Union Budget 2024: Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha on July 23; the Budget session of Parliament to take place from July 22 to August 12

Budget 2024 must focus on tax relief to stimulate consumption: India Inc

The Union Budget FY25 should focus on offering relief to taxpayers, especially in the lower income brackets, to stimulate consumption, industry players suggested. Finance Minister Nirmala Sitharaman is scheduled to present the full Budget for fiscal 2024-25 on July 23 which will be the first major policy document of the new government. The industry also urged the finance minister to lower corporate tax, phase out tax exemptions, and broaden tax base to boost economic growth. "Rationalise and simplify the tax system to improve compliance and promote investment. Consider measures such as reducing corporate tax rates, phasing out tax exemptions, and broadening the tax base to make the tax regime more efficient and equitable," Assocham said. Rating agency ICRA said the government is likely to set a fiscal deficit target at 4.9-5 per cent for FY25, as against 5.1 per cent estimated in the Interim Budget on February 1, without compromising the capital expenditure target of Rs 11.1 lakh .

Fair trade, focus on manufacturing, infra on steel firms' Budget wish list

Steel companies hope the govt will continue to focus on infra expansion while also giving the industry a level playing field to compete with imports

Budget 2024: What does the healthcare sector expect from FM Sitharaman?

Union Budget 2024: Finance Minister Nirmala Sitharaman is set to present the Budget in the Lok Sabha on July 23

Exports to jobs: 5 macro signals FM should heed ahead of Budget 2024

Rural consumption slowdown and slowing bank deposits are among other issues she should consider

Increase participation in financial inclusion schemes: FinMin to pvt banks

On June 25, the DFS asked public sector banks (PSBs) to revive inoperative accounts under the Pradhan Mantri Jan Dhan Yojana

Rail stocks rally: RVNL, IRFC, TexRail surge up to 15% on July 08; check why

The GoI is focusing on improving the railway infra and ensures faster development and completion of tracks, rail electrification, rolling stock manufacturing and delivery of passenger freight services

Andhra CM meets FM Sitharaman, seeks financial aid for debt-ridden state

Ahead of the Union Budget presentation, Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday met Union Finance Minister Nirmala Sitharaman, pressing for enhanced financial support to the debt-burdened state. Sources said Naidu, during the meeting in North Block, highlighted various ongoing projects in Andhra Pradesh that require urgent central assistance. "The CM presented a detailed memorandum outlining the state's financial requirements and the rationale behind the demand for increased allocation," the sources added. TDP ministers in the Centre were present during the meeting. According to the state government data, the public debt of Andhra Pradesh has increased from 31.02 per cent of the Gross State Domestic Product (GSDP) in 2019-20 to 33.32 per cent in 2023-24 fiscal, indicating deterioration in the fiscal health of the state in the last five years. Key among Naidu's demands were funds for the Polavaram irrigation project, special assistance for backward regions, and

New base years for national accounts, macro indicators from Jan-Feb 2026

A base year is the reference year whose prices are used to calculate the real growth (minus inflation) in national income

Budget 2024: Experts urge higher Ayushman rates, subsidised adult vaccines

Sources suggest that the government may expand the ambit of the Ayushman Bharat scheme to cover everyone over 70 years

Govt to give 5-yr extension for export credit scheme amid economic slowdown

In the upcoming Budget 2024, there may be a five-year extension of the scheme for pre- and post-shipment rupee export credit