Page 16 - Finance Ministry

GoM on casinos, online gaming taxation may finalise report in 7-10 days

A panel of state finance ministers on taxation of casinos and online gaming on Monday met and decided to seek legal opinion on valuation criteria for all these segments. The Group of Ministers (GoM) headed by Meghalaya chief minister Conrad Sangma said, "After taking the opinion of stakeholders and after successive meetings to seek the suggestions of all members, we will take legal opinion before submitting the final report". The GoM on casinos and online gaming taxation is likely to finalise its report in 7-10 days, he said after the meeting here. The panel in an earlier report had proposed to the GST Council to levy 28 per cent GST on gross sales value as horse racing, online gaming and casinos are akin to betting or gambling. Sources said the GoM is open to considering different rates and valuation mechanisms for online gaming, casinos, and horse racing. The government in May last year set up a panel of state ministers for better valuation of services of casinos, online gaming

India's external debt rises 8.2% to $620.7 bn till Mar 2022: FinMin report

While 53.2% of the debt was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2%t, was the second largest, as per the status report released by FinMin

India's external debt of $620-bn is 'sustainable': Finance Ministry report

India's external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the Department of Economic Affairs, under the Union Finance Ministry, said

Top headlines: Centre's cap on green bond issues, RBI's message, and more

Business Standard brings you the top headlines at this hour

Centre may cap upcoming first green bond issues at Rs 25,000 crore

Green bond proceeds will be used to fund projects which will help India meet COP commitments

GST collection rises 28% in August to Rs 1.43 trillion: Finance Ministry

Collections from Goods and Services Tax (GST) rose 28 per cent to Rs 1.43 lakh crore in August, the Finance Ministry said on Thursday. GST collection has remained over the Rs 1.4-lakh-crore mark for the sixth straight month in August. "Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis," the ministry said in a statement. The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said. The revenues for the month of August 2022, registered 28 per cent increase than the GST revenues of Rs 1,12,020 crore collected in August 2021.

Export tax on diesel, ATF hiked; windfall tax on domestic oil production up

The government has hiked the windfall profit tax on the export of diesel to Rs 13.5 per litre and that on jet fuel exports to Rs 9 per litre. The levy on domestically-produced crude oil too has been increased by Rs 300 per tonne to Rs 13,300. At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7, while on ATF (Aviation Turbine Fuel) exports, it was hiked to Rs 9 per litre from Rs 2, according to a finance ministry notification issued on Wednesday.

FinMin releases Rs 4,189 cr as rural local bodies grant to five states

The Finance Ministry on Wednesday said it has released Rs 4,189 crore to five states for providing grants to the rural local bodies. "The Department of Expenditure (has) released an amount of Rs 4,189.58 crore to Karnataka (Rs 628.07 crore), Tripura (Rs 44.10 crore), Uttar Pradesh (Rs 2,239.80 crore), Andhra Pradesh (Rs 569.01 crore) and Gujarat (Rs 708.60 crore) for providing grants to the Rural Local Bodies," an official statement said. This grant is based on the recommendations of the 15th Finance Commission and are released to the states as per the advice of the Department of Drinking Water & Sanitation for making improvements in two services -- sanitation and maintenance of Open-Defecation Free (ODF) status and supply of drinking water, rain water harvesting and water recycling. The states are required to transfer the grants to the local bodies within 10 working days of receipt from the Union Government. Any delay beyond 10 working days requires the state governments to ...

Ministry of Finance reviews performance of PSBs, pushes for credit growth

The govt reportedly said that it was keen on National Asset Reconstruction Company of India Ltd (NARCL) starting its operation

Finmin reviews PSBs' financial performance, progress on financial inclusion

The banks' performance was measured on parameters such as credit growth, asset quality and recoveries; they were also assessed on penetration of insurance schemes

As freebies debate rages, a look at states' contingent liabilities

The net borrowing ceiling of states is mandated by the FRBM Act. However, the upper limit of what their contingent liabilities can be is set by states' own legislative bodies

Finance Ministry to review credit flow in meeting with PSBs today

The department will also take stock of the banks' asset quality, and focus on large bad loans, implementation of the Centre's various schemes, and the lenders' plan to raise capital

Freebies row: Poll promises should be met via budgetary provisions, says FM

Meanwhile, the apex court has asked a three-judge Bench to review a past order on the issue, which said that such handouts are not a corrupt practice

FinMin sees Q1 growth at 15.6% ahead of GDP data, impact on trade component

This is lower than RBI's April-June (Q1FY23) GDP projection of 16.2%

New ODI regulations: Govt allows investment in financial services abroad

Holding less than 10% in an overseas entity not considered 'control'

Providing HSN code responsibility of bidder, not tendering authority: SC

Apex court says it is the bidders' responsibility to find out the relevant HSN code

Banks must ensure credit schemes reach eligible citizens: FM Sitharaman

'Difficult situation' caused by unintended people getting benefits of credit programmes now over, she says

The case for pricing UPI transactions and what's at stake for banks

Banks pay a switching fee running into hundreds of crores every year for UPI, but have to offer the service for free

Inflation to ease to 4% in two years after peaking, says RBI Governor

The RBI has raised policy repurchase rate by a total of 140 basis points since May, including back-to-back half point increases in June and August, to cool down inflation within its mandate

Revenue Secy Tarun Bajaj gets additional charge of Corporate Affairs Secy

Tarun Bajaj was appointed as the revenue secretary under the Ministry of Finance in April 2021