Page 18 - Finance Ministry

DRI detects customs duty evasion of Rs 2,217 cr by Vivo Mobile India

'DRI officers recovered incriminating evidence indicating wilful mis-declaration in the description of certain items imported by M/s Vivo India,' says Ministry of Finance

India's tally of crorepatis at 131,000 as 6,000 new ones added in FY22

There was also a significant rise in number of people who declared their income between Rs 10 lakh and Rs 1 crore, data from the Finance Ministry showed

Banks write off loans worth Rs 10 trn in last 5 years: MoS Finance

During 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in the previous year, Minister of State for Finance Bhagwat K Karad said

Taking action against dubious digital loan apps, says FM Sitharaman

Most of the dubious apps are originating from one particular country and as a result a lot of borrowers are harassed and money is being extorted from by these apps, she said

7.24 million income tax returns filed in one day, a record: CBDT

On July 31, 7.24 million ITRs had been filed, shattering all previous single-day records (the maximum being 4.9 million in 2019)

Centre's capital expenditure outlay in Q1 could be close to Rs 1.5 trillion

It is in the July-September quarter (Q2) of FY23 that capex is expected to pick up, when a bulk of the long-term capex loans to states are expected to be expended

PM Modi to inaugurate regional centre of New Development Bank on July 29

The New Development Bank's regional office in GIFT City will identify projects with strong development impact

EPFO in a jam: Why meaningful pension reforms are not moving ahead

Instead of reforms, in many ways, 2022 is showing signs of walk back on pension reforms

Kerala FM blames Centre for cutting resources by Rs 23,000 crore

Kerala Finance Minister K N Balagopal has written to Nirmala Sitharaman asking her not to include borrowings of state entities while fixing their debt limits

Frauds reported by PSBs decline to Rs 3,204 cr in FY22: MoS Finance

In 2020-21, PSBs reported 4,680 fraud cases of Rs 7,306 crore, which declined to 2,369 cases corresponding to Rs 3,204 crore in 2021-22, he added.

PSU debt serviced by a state to be brought under its FRBM limit: Govt

Such borrowings shall be considered as those availed by the state itself for the purpose of issuing consent under Article 293(3) of the Constitution, says FM Sitharaman

India needs to have progressive regulation for crypto assets: Experts

Blockchain technology is needed and can be used in governance, they say

Trust-based taxation system helping improve collections: FM Sitharaman

Finance minister Nirmala Sitharaman on Sunday said that the trust-based taxation system introduced by the government has resulted in improved collections and increase in the number of return filings. In her message on the 163rd Income Tax Day, the finance minister complimented the department for achieving the highest-ever revenue collection of over Rs 14 lakh crore in the last fiscal and expressed hope that the momentum would continue in the current fiscal too. Direct tax collections surged to Rs 14.09 lakh crore in 2021-22, registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from individual and corporation tax. For the current fiscal, the government has projected the direct tax collection at Rs 14.20 lakh crore. The finance minister said the government has addressed several legacy issues and removed structural deficiencies related to direct taxes with a view to foster ease of living and ease of doing business. The reforms introduced by the .

Govt's cryptocurrency stance: Heads I win, tails investors lose

The government has laid out clear rules on taxation of cryptocurrencies but has not said anything on what happens in cases of fraud

Centre reins in its debt at 56% for FY22 against 60% pegged in Budget

Government committed to its fiscal deficit targets, says senior civil servant

Rupee fall likely to hit govt finances with ballooning subsidy bill

The finance ministry has hinted that India's fertiliser subsidy bill for 2022-23 (FY23) could rise to around Rs 2.5 trillion against Budget Estimates (BE) of Rs 1.05 trillion

Bank fraud cases decline by about 50% in FY22: MoS Finance tells Parliament

The amount involved in the frauds too declined to Rs 3,204 crore from Rs 7,306 crore in 2020-21.

GST on labelled food items, hospital rooms above Rs 5K from Monday

Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners will be hiked to 18 per cent on Monday

FinMin seeks industry views on changes in monthly GST payment form

The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15. The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders. "Accordingly, general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed. All members of trade/ stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalization of the matter, the ministry said. Abhishek Jain, Tax Partner, KPMG in India, said GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month. The paper takes into consideration various suggestions of both taxpayers and administrators, including .

Karnataka traders to observe bandh against GST on rice, foodgrains

The State Rice Mill Owners' Association has demanded that the central government reverse its decision and the GST Council take a review of its decision to impose GST on foodgrains