Finance Ministry

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India's net direct tax collection at Rs 9.45 lakh cr in FY21, exceeds revised estimates by 5%, says CBDT
India

India's net direct tax collection at Rs 9.45 lakh cr in FY21, exceeds revised estimates by 5%, says CBDT

During the fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Another Rs 16,927 crore came from securities transaction tax (STT)

GST collections cross Rs 1 lakh crore for fifth straight month, rise 7% to Rs 1.13 lakh crore in February
India

GST collections cross Rs 1 lakh crore for fifth straight month, rise 7% to Rs 1.13 lakh crore in February

The Union Finance Ministry said that the GST numbers 'clearly' indicate economic recovery, and the impact of various measures taken by tax administration to improve compliance

Unions oppose Centre's move to allow private sector banks in govt business, term it 'unfair'
Business

Unions oppose Centre's move to allow private sector banks in govt business, term it 'unfair'

The AIBEA said the move will make it more difficult for public sector banks to lend to weaker and priority sectors at concessional rates of interest

Centre lifts embargo on grant of government business to private banks, says Nirmala Sitharaman
Business

Centre lifts embargo on grant of government business to private banks, says Nirmala Sitharaman

Private banks can now be equal partners in the development of the Indian economy, the Union finance minister added

Cairn tax dispute: Hopeful of reaching resolution on $1.4 billion arbitration award with Centre, says company
World

Cairn tax dispute: Hopeful of reaching resolution on $1.4 billion arbitration award with Centre, says company

The company held three rounds of talks with top finance ministry officials in an attempt to resolve the issue without having to resort to seizing Indian assets overseas

Centre released Rs 1 lakh crore GST compensation to states since Oct 2020, says Finance Ministry
India

Centre released Rs 1 lakh crore GST compensation to states since Oct 2020, says Finance Ministry

The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST

GST revenues hit all-time high of Rs 1.20 lakh crore in January 2021, says finance ministry
India

GST revenues hit all-time high of Rs 1.20 lakh crore in January 2021, says finance ministry

GST revenues had topped Rs 1 lakh crore in nine out of 12 months of 2019-20 fiscal. However, revenues took a hit in the current fiscal due to the COVID-19 pandemic

Union Budget 2021: Scottish economist James Wilson presented India's first budget; 8 facts about annual financial statement
India

Union Budget 2021: Scottish economist James Wilson presented India's first budget; 8 facts about annual financial statement

While it is Nirmala Sitharaman’s third budget, the record of the maximum number of budget presentations is held by Moraji Desai

Finance ministry permits five states to borrow extra Rs 16k crore post Ease of Doing Business reforms
India

Finance ministry permits five states to borrow extra Rs 16k crore post Ease of Doing Business reforms

The Centre had in May decided to link grant of additional borrowing permission to states who undertook reforms. Tamil Nadu, Telangana, Andhra Pradesh, Karnataka and Madhya Pradesh have been allowed to withdraw funds

Economy seeing 'V-shaped' recovery, global uncertainty not mirrored in India: Finance ministry report
India

Economy seeing 'V-shaped' recovery, global uncertainty not mirrored in India: Finance ministry report

Report added that GDP recorded a quarter-on-quarter growth of 23% in July-September quarter, and that the highest contribution was from agriculture, followed by construction and manufacturing

GST revenues cross trillion mark for second straight month at over Rs 1.04 lakh crore in Nov
Business

GST revenues cross trillion mark for second straight month at over Rs 1.04 lakh crore in Nov

At Rs 1,04,963 crore, the November 2020 collections were higher than Rs 1.03 lakh crore recorded in November 2019 but were Rs 192 crore lower than October 2020 collections

GST collections cross Rs 1 lakh crore in October for first time in 8 months
Business

GST collections cross Rs 1 lakh crore in October for first time in 8 months

The GST collections had fallen below the psychologically important Rs 1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity

'Nirmala Sitharaman wanted me out': Ex-Finance secretary Subhash Garg explains premature retirement
India

'Nirmala Sitharaman wanted me out': Ex-Finance secretary Subhash Garg explains premature retirement

Garg, in a blog post published on the day he would have retired in normal course, said he did not share a good and productive working relationship with Sitharaman, who came to the finance ministry "with some pre-conceived notions"

Centre waives interest on interest on loans up to Rs 2 cr, issues operational guidelines
India

Centre waives interest on interest on loans up to Rs 2 cr, issues operational guidelines

The scheme will be available irrespective of whether moratorium was availed or not, and will cover housing loans, education loans, credit card dues, auto loans, MSME loans, consumer durable loans and consumption loans

Finance ministry report says structural reforms will ensure long-term growth, cites laws on labour, farm produce
Business

Finance ministry report says structural reforms will ensure long-term growth, cites laws on labour, farm produce

The 'enabling policy environment' and initiatives taken by all stakeholders to seize the available opportunities will actualise growth potential, the report said

In SC, Centre agrees to waive compound interest on EMIs deferred during moratorium period
India

In SC, Centre agrees to waive compound interest on EMIs deferred during moratorium period

The offer will be applicable only on loans up to Rs 2 cr and in eight categories, which include MSMEs (Micro, Small and Medium Enterprises), education, housing, consumer durable, credit card dues, auto, personal, and consumption

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman
Business

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman

The attorney general has said that there is no obligation on the Central government to pay the GST compensation shortfall to the states.

GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June
Business

GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June

However, July collections are higher than Rs 62,009 crore in May and Rs 32,294 crore in April.

Finance Ministry credits govt, RBI for ‘green shoots of economic revival’ as agriculture, petroleum, electricity indicators pick up
Business

Finance Ministry credits govt, RBI for ‘green shoots of economic revival’ as agriculture, petroleum, electricity indicators pick up

The Finance Ministry cited "green shoots" of recovery in agriculture, manufacturing and services sectors, and said the prompt policy measures taken by the government and RBI have helped reinvigorate the economy with minimal damage

More bad loans in offing? Carmakers tie-up with banks to offer low interest rate schemes to attract customers
Business

More bad loans in offing? Carmakers tie-up with banks to offer low interest rate schemes to attract customers

Banking sources say the Finance Ministry is pressuring banks to increase lending, though they are already saddled with over $120 billion of bad loans,