Finance Ministry
Finance Ministry News
No TCS on overseas payment of up to 7 lakh a year through international credit, debit cards: Finance Ministry
The ministry's decision earlier this week to bring international credit card spending under the RBI's liberalised remittance scheme (LRS) and the consequent levy of 20 percent TCS has evoked sharp reactions from experts and stakeholders
New tax system less complicated, says Union Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman said the government has not set a timeframe for the new regime
Climate financing, crypto assets and international taxation: The checklist for G20 Finance Track’s meet in Bengaluru
The first G20 Finance and Central Bank Deputies meeting, hosted by the finance ministry and the Reserve Bank of India, is being held from today until Thursday in Bengaluru. The delegates will discuss key issues such as the impact of the Russia-Ukraine war on economies as well as climate financing
RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?
The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee (CBDC) will give a big boost to the economy and positively change the banking scenario of the country
ITR filing deadline for 2022-23 for businesses extended till 7 November
Earlier, the last date for filing ITR by companies who are required to get their accounts audited was October 31
Will UPI payments now be charged? Here’s what the Centre has said
The Centre had mandated a zero-charge framework for UPI transactions from 1 January, which means that charges are currently nil for users and merchants alike. It is one of the key reasons for its widespread adoption across the country
Government cuts windfall tax on petrol, diesel, jet fuel and crude oil
According to the finance ministry notification, the government scrapped Rs 6 a litre tax on export of petrol and reduced the same on ATF from Rs 6 a litre to Rs 4. Besides, the tax on diesel has been reduced to Rs 11 from Rs 13 per litre
Govt asks employees to opt for lowest air fare, book tickets 21-days before travel
The finance ministry is looking to cut down on unnecessary expenditure as fiscal expenses are already high on account of excise duty cuts on petrol and diesel, customs duty reduction in some commodities, higher fertiliser subsidy and free food scheme for the poor
Net direct tax collection rises by 45% to over Rs 3.39 lakh crore till mid-June
The net collections are at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year, the CBDT said
No proposal to replace face of Mahatma Gandhi on banknotes: RBI
There are certain reports suggesting the finance ministry and the RBI were contemplating using the faces of other prominent Indians on banknotes
Centre has no plan to revamp capital gains tax structure, says Ministry of Finance
In India, long-term capital gains on listed equities held for more than a year is taxed at 10 per cent on the portion of such gain above a threshold of Rs 1 lakh
India's economy to grow at quickest pace among large nations: Finance ministry’s report
The report said the Budget 2022-23 has strengthened the direction set for India's economy by the previous year's budget
Union Budget 2022-23: Centre tweaks norms for Contingency Fund, expenditure secretary to have 40% of corpus at disposal
The Contingency Fund exists for disasters and related unforeseen expenditures and is held by the department of economic affairs on behalf of the President
Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman
If India is going to break into the next generation of economic reform, there is a dire need for bold steps both on the expenditure and revenue sides
Union Budget 2022-23: Understanding the government's annual financial statement
The Union Budget by the government presents an overall picture of the financial position of the Government of India, including that of Indian Railways
Centre approves 19th tranche of electoral bonds; sale to be open from 1 to 10 January
The sale of the first batch of electoral bonds took place from 1 to 10 March, 2018. The 18th tranche of the bond sale took place from 1 to 10 September, 2021.
GST collection at Rs 1.31 lakh crore in November, second highest since rollout
The GST revenues for the month of November 2021, are 25 per cent higher than November 2020, and 27 per cent higher over November 2019
Centre releases Rs 95,082-cr to states as November tax devolution, says finance ministry
The increased amount of devolution in November is an advance release, and final adjustments will be made in March 2022
Finance ministry asks PSU general insurers to rationalise branches; USIBC meets Nirmala Sitharaman
Of the four public sector general insurers, National Insurance, Oriental Insurance and United India Insurance are loss-making. The outlier in this segment is New India Assurance
Strategic reforms and rapid vaccination drive put economy on path to swift recovery, says finance ministry report
Sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues suggest that the economy is progressing well, the September review said