Finance Ministry

Finance Ministry News

Centre has no plan to revamp capital gains tax structure, says Ministry of Finance
Business

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
Business

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
Business

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
Business

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
Business

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
Business

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
India

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
Business

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
India

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
India

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

Chief Economic Adviser KV Subramanian steps down after three-year tenure, will return to academics
India

Chief Economic Adviser KV Subramanian steps down after three-year tenure, will return to academics

The government had appointed Subramanian, a ISB Hyderabad professor, as the CEA in December 2018. He had succeeded Arvind Subramanaian

Fitch Ratings cuts India's economic growth forecast to 8.7%, cites COVID-19 impact
Business

Fitch Ratings cuts India's economic growth forecast to 8.7%, cites COVID-19 impact

The projections for 2021-22 fiscal compares to a contraction of 7.3 percent recorded in the last financial year and a four percent growth in 2019-20

Pandora papers: Time to pursue lawyers and accountants who enable tax evasion, says specialist in offshore tax havens
World

Pandora papers: Time to pursue lawyers and accountants who enable tax evasion, says specialist in offshore tax havens

The Pandora papers show we are reaching the limits of what can be done with data transparency said a specialist in offshore tax havens at City, University of London

Aadhaar authentication fee slashed to enable entities leverage its infrastructure, says UIDAI CEO
India

Aadhaar authentication fee slashed to enable entities leverage its infrastructure, says UIDAI CEO

UIDAI has slashed the price for authentication by customers to Rs 3 from Rs 20 to ensure different agencies, entities be able to use the power of digital infrastructure, to provide people with ease of living with dignity, said Saurabh Garg

GST Council meeting on Friday; tax concession to 11 COVID drugs, bringing petrol and diesel under GST on cards
Business

GST Council meeting on Friday; tax concession to 11 COVID drugs, bringing petrol and diesel under GST on cards

Tax rate on Amphotericin B, Tocilizumab was cut to 'Nil', while Remdesivir and Heparin was reduced to five percent in June 2021.

Economic impact of 2nd COVID-19 wave likely to be muted, visible signs of eco rejuvenation, says finance ministry
Business

Economic impact of 2nd COVID-19 wave likely to be muted, visible signs of eco rejuvenation, says finance ministry

The latest Monthly Economic Review said the "robust recovery in tax collections cushions the fisc towards meeting the budgeted support to the economy"

Centre borrows and releases Rs 75,000 crore to compensate states for GST revenue shortfall
India

Centre borrows and releases Rs 75,000 crore to compensate states for GST revenue shortfall

Shortfall in GST compensation to states in the current fiscal estimated at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed

WPI inflation eases to 12.07% in June as food, crude prices soften
Business

WPI inflation eases to 12.07% in June as food, crude prices soften

Inflation in fuel and power basket eased to 32.83 percent during June, against 37.61 percent in May

Department of Public Enterprises merger with finance ministry will help push Centre's disinvestment goals, here's why
India

Department of Public Enterprises merger with finance ministry will help push Centre's disinvestment goals, here's why

The Centre has said that the NITI Aayog has been tasked with coming up with the list of CPSEs that would be taken up for strategic disinvestment

GST revenue slips below Rs 1 lakh crore in June after eight months
Business

GST revenue slips below Rs 1 lakh crore in June after eight months

The gross GST revenue collected in June 2021 stands at Rs 92,849 crore. It was recorded at Rs 1.02 lakh crore in May.