Page 10 - Finance Ministry

GST Council waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

What did FM Sitharaman say about fiscal deficit in the last 5 Budgets?

Finance Minister Nirmala Sitharaman is expected to maintain fiscal deficit target at 5.1% for FY25

Budget 2024 to have Rs 5 trillion allocation for tribal community: Minister

Union Budget 2024: In the interim budget announced on February 1, Finance Minister Nirmala Sitharaman had allocated Rs 1.3 trillion to Tribal Affairs Ministry

Union Budget 2024: No likely cut in fuel prices, PMAY allotment may rise

The Union Budget 2024 is expected to be announced in the third week of July. Finance Minister Nirmala Sitharaman to hold pre-budget meeting on June 20

Union Budget 2024: Nirmala Sitharaman to hold pre-budget meeting on June 20

Finance Minister Nirmala Sitharaman will hold a pre-budget consultation with industry stakeholders on June 20. Here's what to expect

Case for reforms validated by past experience: CII President Sanjiv Puri

India is growing at a time when most economies are under stress, Puri said

FM Nirmala Sitharaman to set new record with 7th consecutive Union Budget

With the interim budget presented on February 1 of this year, Sitharaman equalled Morarji Desai's record of six consecutive budgets

Budget 2024: FinMin seeks views on tax rates, laws for reducing litigation

The Finance Ministry has invited suggestions on direct and indirect taxes and changes in laws to reduce compliances for the 2024-25 Budget from trade and industry associations. The suggestions are to be sent to the ministry by June 17 and the full budget for 2024-25 is expected to be presented in Parliament in the second half of July. The suggestions could include changes in the duty structure, rates and ideas on broadening of tax base on both direct and indirect taxes giving economic justification for the same, as per the ministry. For changes in customs and excise duties, the trade and industry would have to supplement and justify their demand with relevant statistical information about production, prices, and revenue implication of the changes suggested. The request for correction of inverted duty structure would have to be supported by value addition at each stage of manufacturing of the commodity. With regard to direct taxes, the ministry said the suggestions could be also on

General Provident Fund interest rate announced for June quarter: Know more

General Provident Fund and other similar funds shall carry interest at the rate of 7.1% effective from April 1, 2024 to June 30, 2024

Analysts welcome PM Modi's faith in Sitharaman as finance minister

Some analysts see spending on infrastructure, which soared under Sitharaman, to remain a big focus of the government

Modi 3.0: Nirmala Sitharaman set to present seventh Budget in a row

A JNU alumnus, Sitharaman led the country in the G20 discussions, bringing to the table for the very first time issues related to cryptocurrency and other much-needed reforms as well

Centre authorises release of Rs 1.39 trn tax devolution to states for June

The Centre on Monday authorised the release of tax devolution of Rs 1,39,750 crore to states for June. It was decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released, the Finance Ministry said in a statement. "This cumulatively amounts to Rs 1,39,750 crore in the current month. This will enable State Governments to accelerate development and capital spending," it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year. The Interim Budget 2024-25 has a provision of Rs 12,19,783 crore towards the devolution of taxes to states. With this release, the total amount devolved (for FY 2024-25) to states till June 10, 2024, is Rs 2,79,500 crore, it added.

A full Budget, implementing pending reforms to keep finance minister busy

While the ministry has started work on the Budget, it is expected to begin industry consultations

MPS norm: FinMin may extend August deadline for PSBs, insurance firms

Five PSBs are planning to reduce government stake to less than 75%

Will take decisive steps to stabilise banking system: FM Sitharaman

Sitharaman also said that the 'Samudra Manthan' of sorts in the banking sector under PM Narendra Modi's leadership yielded positive results along with expected challenges during the 'churn'

Japan spent $62 bn to support yen after it fell to 34 yr low last month

The finance ministry disclosed figures Friday for the period between April 26 and May 29

Economy expected to have grown at slower pace in Jan-Mar qtr: Survey

The median forecast from a survey of 54 economists put GDP growth at 6.7% year-on-year for the three months, the fourth quarter of India's 2023-24 fiscal

Transparent financing

Next govt must address political funding

Modi govt reshaped, transformed Budget in last decade: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the Modi government has reshaped the Union budget in the last 10 years from a mere record of expenditures to a strategic blueprint for equitable distribution. The minister asserted that the government would continue to maximise the value of taxpayers' money by putting it to the best possible use. She said the Modi government has prioritised transparency in its budgeting practices and numbers. Countries with transparent budgets are often viewed more favourably by international bodies such as the IMF and World Bank. This can lead to improved global trust. "This starkly contrasts the @INCIndia-led UPA government's repetitive practice of hiding the deficits through off-budget borrowings and issuance of 'Oil Bonds', which somewhat covertly shifted the fiscal burden to future generations. Under UPA, standard fiscal practices were routinely changed to make Budget numbers look favourable," Sitharaman said in a series of posts on X. She sa

Govt bond yields seen flattish at start of new week amid consolidation

The government's fiscal position is expected to strengthen after a better-than-estimated dividend transfer and could further reduce some supply pressure