Page 17 - Finance Ministry

SC dismissal of review petition on HSN codes setback for industry

Auto component industry may have to pay up to 15% basic Customs duty and 28% GST

FTA provisions over Rules of Origin to prevail in case of conflicts: CBIC

Exemptions specified in Free Trade Agreement (FTA) with regard to country of origin will prevail in case of conflict between revenue department and importer, the finance ministry has said. In an instruction to chief commissioners, the Central Board of Indirect Taxes and Customs (CBIC) said the customs field officers should be sensitive to applying CAROTAR and maintain consistency with the provisions of relevant trade agreement or its Rules of Origin. Customs(Administration of Rules of Origin under Trade Agreements) or CAROTAR Rules, came into effect from September 21, 2020. It empowers the customs officers to ask the importer to furnish further information, consistent with the trade agreement, in case the officer has reasons to believe that the country-of-origin criteria have not been met. Where the importer fails to provide the requisite information, the officer can make further verification consistent with the trade agreement. "In the event of a conflict between a provision of th

Finance ministry expects rural demand to recover as inflation softens

India's headline retail inflation for July came in at a five-month low of 6.71%, helped by easing global commodity prices and lower food prices domestically

India better placed on growth-inflation-external balance triangle: FinMin

India is better placed on the growth-inflation-external balance triangle for 2022-23 than it was two months ago, on the back of government policy response and the Reserve Bank's monetary policy actions, the finance ministry's monthly economic review said on Friday. On the price situation, the review said in absence of any further shocks, the downward movement of global commodity prices along with the RBI's monetary measures and the government's fiscal policies are expected to cap inflationary pressures in the coming months. Softening of inflationary pressures in India is further on the anvil as the prices of important raw materials such as iron ore, copper and tin that feed into the domestic manufacturing process, globally trended downwards in July 2022, it noted. Headline retail inflation eased to 6.7 per cent in July 2022 from 7.01 per cent in the previous month. Despite global headwinds, the IMF forecasts India's economy to grow at a robust rate of 7.4 per cent in 2022-23, the .

Inter-regulatory coordination to reduce arbitrage opportunity: CCI chairman

'In the case of market purchases where prices are volatile, if one is required to wait for approval from the CCI, the person or entity may lose the opportunity to buy shares at best prices'

FinMin contributed over Rs 900 cr towards Covid vax development: Official

The Union Finance Ministry contributed over Rs 900 crore to COVID vaccine development under 'Mission COVID Suraskha' resulting in India becoming a leader in vaccine production, said a top official.

FinMin plans to review exemption-free tax regime to make it more attractive

The finance ministry is proposing to soon review the exemption-free new tax regime with a view to making it more attractive for individual income taxpayers, sources said

What is the 'Letter of Comfort' banned by the Reserve Bank of India?

The ban imposed by the RBI may impact loans worth Rs 35,000 crore, impacting power, healthcare, engineering & construction, and road sectors the most

Tax payers can no longer be a part of the Atal Pension Yojana: FinMin

A notification by the Ministry of Finance further said that those who are already a part of the APY scheme, will cease to be so from October 1 but they will receive their accumulated money

Fair share

Dependence on cess and surcharge must come down

Finance ministry invites application for post of PFRDA chairperson

Besides senior government officials, private sector employees who have worked at the level of CEO, CFO, COO or equivalent are also eligible to apply for post

Centre asks IBA to ready EASE-like plan for regional rural banks

The banks' lobby group has been asked to assist with the preparation of the viability plan for RRBs

To improve surveillance, airlines asked to share PNR details with Customs

National Customs Targeting Centre-Passenger has been established by CBIC to process PNR info for risk analysis of passengers

Infra assets worth over Rs 1.62 trn to be monetised this fiscal: FinMin

Infrastructure assets worth over Rs 1.62 lakh crore are expected to be monetised during the current fiscal, Parliament was informed

New Sebi rules may pull the rug out from India's bid to boost bond market

Opening up India's corporate bond market is an important part of Prime Minister Narendra Modi's pledge to almost double the size of the economy to $5 trillion by 2025

Finance ministry raises concerns on proposed tax sops under DESH Bill

Says such concessions may stir debate of extending incentive for all firms

No GST on rental of 'sarais' under religious or charitable trust: CBIC

The Union Finance Ministry on Thursday said 'sarais' run by religious or charitable trusts are exempt from the Goods and Services Tax (GST) irrespective of rent.

Rs 94,800-cr gains from windfall tax an overestimation: Govt sources

At July 1 rates, revenue gains would be less than Rs 48,000 crore if impact on corporation tax is taken into account

FinMin releases 5th revenue deficit grant of Rs 7,183 cr to 14 states

"The Department of Expenditure has on Wednesday released the 5th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 7,183.42 crore to 14 states," the ministry said in a statement

IFS: Getting set to make an impact

As the IFS will still function as an extended arm of the DEA, what then was the need to set up a new body? Six reasons suggest themselves