Finance Ministry

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: 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