The attorney general has said that there is no obligation on the Central government to pay the GST compensation shortfall to the states.
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
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
Banking sources say the Finance Ministry is pressuring banks to increase lending, though they are already saddled with over $120 billion of bad loans,
The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19
Coronavirus Lockdown: FinMin extends deadline to fulfill contractual obligations of all govt projects by up to 6 months
The Finance Ministry has extended the deadline for fulfillment of contractual obligations of all government projects, including public-private partnerships (PPP), which were due for completion on or after 20 February, by up to six months in view of COVID-19 crisis
According to the latest data, between 8-20 April, the department issued nearly 14 lakh refunds involving an amount of over Rs 9,000 crore to various taxpayers
Finance Ministry issues modified circular on salary contribution to PM-CARES Fund; says those willing should intimate officers
A circular issued on 17 April had urged all the officers and staff of the finance ministry to contribute one-day's salary every month to the fund till March 2021, beginning with May salaries.
Govt task force calls for boosting private investment in highways; pegs road sector capex at Rs 20.33 lakh cr by 2025
The task force on NIP has stressed the need for more private investment in highways and projected the total capital expenditure in road sector at Rs 20.33 lakh crore in fiscals 2020-2025
Govt task force projects Rs 111 lakh cr infrastructure investment over five years to FY2025: Finance ministry
To augment infrastructure and create jobs in the country, a government task force has projected total investment of Rs 111 lakh crore in infra projects over five years, the Finance Ministry said on Wednesday
US Chamber of Commerce, lobbying group urged India to delay a new digital tax; say firms battling fallout of coronavirus
The digital tax, inserted into budget amendments passed in March, caught the industry off guard as it was not part of the main proposals finance ministry had presented in Parliament a month earlier
Govt brushes off officers' proposal for wealth, coronavirus tax on super rich; terms IRS report 'irresponsible'
The suggestions are part of a paper titled 'Force', which stands for 'Fiscal Options & Response to the COVID-19 Epidemic', submitted by the Indian Revenue Service (IRS) Association to CBDT (Central Board of Direct Taxes) Chairman P C Mody,
India should look at converting the world's "hatred" for China amid the coronavirus pandemic into an economic opportunity for itself by attracting large scale foreign investments.
The government on Thursday froze inflation-linked allowance for its 1.1 crore employees and pensioners, a move states are likely to replicate, helping save a combined Rs 1.2 lakh crore that could be used to combat the coronavirus crisis
FinMin notifies changes in FDI policy; prior govt approval must for investments from countries sharing land borders
The Finance Ministry on Wednesday notified changes in FDI rules, which made prior approval of the government mandatory for foreign investments from countries that share border with India, to prevent the opportunistic takeover of domestic firms amid COVID-19 pandemic under the FEMA law
The Finance Ministry on Monday said it has sanctioned Rs 46,038 crore for the devolution of states' share in central taxes and duties for April
Coronavirus Outbreak: Govt extends renewal date for health, motor vehicle insurance policies to 15 May
The finance ministry said that with a view to mitigate hardship to policyholders whose health and motor (third party) insurance policies are due for renewal during COVID-19 lockdown, the government issued notification.
I-T refunds worth Rs 4,250 cr issued in a week; to be credited in 5-7 days in taxpayer bank account: CBDT
The Income Tax department has issued over 10.2 lakh refunds worth Rs 4,250 crore within a week, the Central Board of Direct Taxes (CBDT) said on Wednesday
Money transferred to women's Jan Dhan accounts safe; do not believe rumours it will be taken back, says FinMin
Finance Minister Nirmala Sitharaman last month had announced that as many of 20.5 crore women Jan Dhan account holders will get Rs 500 per month for next three months to run their households and deal with the hardships caused by the nation-wide lockdown
Coronavirus Outbreak: Govt extends deadline for deposits in PPF, Sukanya Samriddhi accounts; to safeguard interests of small saving depositors
The subscribers of PPF and SSA may now deposit their savings up to 30 June, which couldn't be deposited in 2019-20 due to lockdown in the country,