Page 15 - Finance Ministry

16th Finance Commission: Chairman Panagariya discusses ToR in first meet

The Finance Commission is a constitutionally-mandated body established once every five years to devise a formula for distributing net tax proceeds between the Centre and the states

FinMin rejects proposal to double minimum pension amount under EPS

The central board of trustees (CBT) - the apex decision-making body of the Employee Provident Fund Organisation (EPFO) - was apprised of the rejection of the proposal in its latest meeting on Saturday

2008 global financial crisis wasn't as serious as Covid-19: FM Sitharaman

A nearly 60-page White Paper was tabled in the Lok Sabha and Rajya Sabha by Sitharaman on Thursday

Highlight of interim budget emphasis on capex: FM Sitharaman in RS

Finance Minister Nirmala Sitharaman on Thursday said the highlight of interim budget is the emphasis given by the government on capital expenditure and sustaining pace of economic growth. She was replying to the general discussion on the Interim Union Budget 2024-25, Finance Bill 2024 and the Interim Budget of Union Territory of Jammu and Kashmir, 202425 in Rajya Sabha. The minister emphasised that capital expenditure for creation of public infrastructure is growing faster than real GDP growth. "With the capital expenditure being in the focus, in the last 3-4 years, we have made sure that our debt management is done in such a way that we honour the glide path for fiscal deficit that we had given in 2021," the minister said. She emphasised that money spent on capital expenditure gives return compared to revenue expenditure. "So public investment in infrastructure gives us greater returns," she said, and added the government is making sure that fiscal deficit is managed without hurt

FM Sitharaman moves Finance Bill 2024 for consideration in Rajya Sabha

Finance Minister Nirmala Sitharaman on Thursday moved the Finance Bill 2024 for consideration in the Rajya Sabha. The Finance Bill 2024 will be considered for returning to the Lok Sabha which passed the bill on Wednesday. The finance minister also moved a bill related to Jammu and Kashmir budget bill and appropriation Bill authorising the government to meet expenses for four months in the next financial year. "I move that the bill to continue the existing rates of income tax for the financial year 2024-25 and to provide for certain relief to taxpayers and to make amendments in certain enactments as passed by Lok sabha be taken into consideration," Sitharaman said while introducing the Finance Bill 2024-25. The minister moved the appropriation vote on Account Bill 2024 as passed by Lok Sabha as part of the discussion on the interim budget. The Appropriation Bill 2024 , The Jammu and Kashmir Appropriation 2 Bill, and the Jammu and Kashmir Appropriation Bill 2024 were also moved by t

Rajasthan FM proposes Rs 1,000 cr for schools, colleges, hospitals

Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals and administrative buildings in assembly constituencies, recruitment to fill 70,000 posts were among the key announcements by Rajasthan Finance Minister Diya Kumari, who presented the state's interim Budget on Thursday. The other major announcement was Mukhyamantri Jal Swavlamban Abhiyan to create 5 lakh water harvesting structures in 20,000 villages over the next four years, for which a Rs 11,200 crore provision has been made. Kumari said the former government ignored several assembly constituencies. "The previous government did not approve any plan for many areas like Ladpura, Nasirabad, Siwana, Ahor, Dag, Malpura. Now, to ensure regional balance of development, Rs 1,000 crore has been announced for setting up and upgrading additional colleges, schools, hospitals, and administrative buildings," she said. The minister said a Detailed Project Report to expand Jaipur Metro from Sitapura to Ambabari wil

Paytm shares rise amid news reports of CEO meeting FM, RBI officials

Paytm's stock price ended the session at Rs 496.7 on Wednesday. Still, since January 31 - when the RBI ordered its payments bank division to stop accepting fresh deposits from March

Govt expects $1.8 billion in dividends from state-run banks in FY25

The government expects to receive at least Rs 15,000 crore ($1.8 billion) in dividends from state banks in 2024/25, up 8.7% or more from an expected Rs 13,800 crore in the current fiscal year

LS to discuss Interim Budget; FM Sitharaman to move Finance Bill 2024

Union Finance Minister Nirmala Sitharaman is scheduled to move The Finance Bill, 2024 for its consideration and passage in the Lok Sabha on Tuesday

Finance ministry asks banks to expeditiously resolve issues of exporters

The finance ministry on Monday asked banks and insurance companies to expeditiously resolve issues of exporters and facilitate overseas trade. The meeting chaired by Financial Services Secretary Vivek Joshi was attended by senior officers from the Ministry of External Affairs, the Department of Commerce and the Ministry of Finance. They discussed issues faced by exporters and importers. During the meeting, Joshi advised banks to classify issues faced by them in different categories and indicated that they may consider seeking necessary regulatory guidance from the RBI and also develop a standard operating procedure through the Indian Banks Association (IBA), an official statement said. Functionaries of the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority (IRDAI), the chairman of the State Bank of India (SBI) and senior executives of major commercial banks were also part of the meeting. Insurance related issues faced by traders were discussed with .

Govt to review tax on online gaming after March: Revenue Secy Malhotra

Online gaming companies including Delta Corp. and Tiger Global-backed Dream11 have seen an increase in demands and notices from tax authorities amid a crackdown on alleged tax evasion

FinMin releases Rs 66,745 cr loan to 28 states for investment in Apr-Jan

The Ministry of Finance has released loans worth Rs 66,745 crore to 28 states under the Scheme for 'Special Assistance to States for Capital Investment'. In a written reply to Lok Sabha, Minister of State for Finance Pankaj Chaudhary said the scheme is aimed at boosting capital expenditure by states. Under the scheme, special assistance is being provided to the state governments in the form of a 50-year interest-free loan up to an overall sum of Rs 1.3 lakh crore during the financial year 2023-24. Between April 1, 2023, and February 1, 2024, Rs 66,745.21 crore has been released to 28 states under the Scheme for 'Special Assistance to States for Investment', Chaudhary said. In the 2022-23 fiscal, Rs 81,195.35 crore was released under the scheme. Capital investment projects in diverse sectors have been approved, including health, education, irrigation, water supply, power, roads, bridges and railways. Funds for meeting the state share of Jal Jeevan Mission and Pradhan Mantri Gram S

Govt seeks Rs 78k cr cash outgo in second supplementary demand for grants

The second tranche of supplementary grants by various departments and ministries includes Rs 10,798 crore expenditure towards the Mahatma Gandhi National Rural Employment Guarantee Scheme

Various measures taken to reduce debt burden, strengthen economy: FM

To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister Nirmala Sitharaman said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the Lok Sabha. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various .

Indian economy to grow at 6.7% between fiscals 2024 to 2031: CRISIL

The Indian economy is expected to grow at an average rate of 6.7 per cent per annum until the end of the decade, CRISIL said in its latest report. The economy will grow at this rate between the financial years 2024 to 2031, a notch above the pre-pandemic average of 6.6 per cent. According to CRISIL, the key contributor to this trend will be capital. This is a result of the investment-driven strategy of the government when the private sector was shy of making investments. The government increased capital expenditure significantly to support building expenditure and providing interest-free loans to states to bolster their own investment efforts, the report said. CRISIL said that after a robust 7.3 per cent growth this fiscal, there will be moderation to 6.4 per cent in the next financial year. There is also a need to monitor the impact of the escalation of the Middle East conflict on energy and logistics costs, it said. In India, the inflation level of 5.7 per cent in December 202

5.6 mn updated ITRs filed, Rs 4,600 cr taxes mopped up in 2 yrs: CBDT

The income tax department has garnered about Rs 4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers in the past two years, Central Board of Direct Taxes (CBDT) chief Nitin Gupta said. In a post budget interview to PTI TV, Gupta also said the I-T department has set up a demand management centre at Mysuru, Karnataka, which is focusing on disputed pending large tax demands of above Rs 1 crore. "We are continuously improving the services and creating litigation free environment. We have come out with a facility for updation of return. 56 lakh updated returns updated and garnered around Rs 4,600 crore taxes from that," Gupta said. The Interim Budget 2024-25 has announced withdrawal of outstanding small tax demands, some even dating back to 1962, of up to Rs 25,000 till 2014-15 in respect of income, wealth and gift taxes. There are about 1.11 crore such disputed demand entries and the aggregate tax demand involved is Rs 3,500-3,600 crore. Gupta said the move would ..

Interim Budget: Railways get 3 new corridors; 40,000 bogies to be upgraded

Proposals will lead to safety and higher travel speed for passengers, says Finance Minister

Governance, development, performance key themes for Budget 2024-25: FM

We're not just aligning with fiscal consolidation path but bettering it: FM

Interim Budget: Rama's radiance in FM Sitharaman's six yards of optimism

The Opposition made only half-hearted efforts to interrupt the speech and did not appear to notice that in the Budget speech, the Prime Minister was quoted five times

Budget 2024: Govt will encourage vaccination for cervical cancer, says FM

As per 2022 estimates, every year, approximately 125,000 women are diagnosed with cervical cancer, and over 75 thousand die from the disease