Page 19 - Finance Ministry

Global recession fears may ease inflationary pressures: Govt report

Review released by ministry also said that global headwinds would continue to pose downside risk to growth as crude oil and edible oils, remain major imported components

CAD expected to deteriorate in FY23 on costlier imports: FinMin report

With regard to corporate sector, the report said, it has begun to show signs of revival with robust growth in net sales in the quarter ending March 2022, assisted by a general recovery in demand

Windfall tax review more likely now after fall in global crude prices

Post windfall tax, the realised spread on diesel and gasoline has fallen to near loss-making levels while the realisation on aviation fuel and crude have also gone below 15-year averages

The state-level political dynamics behind the windfall tax on fuel exports

Gujarat has the highest percentage of private oil pumps at 24%, followed by Rajasthan at 14.5%; the former will elect a new legislative assembly by this December, the latter, a year later

A makeover for North Block

The Indian economy faces tough challenges, but the pressure today is more on Mint Road

Singapore senior minister to deliver first Arun Jaitley Memorial Lecture

Annual lectures will be on economic issues affecting India and the global economy

Panel on GST Appellate Tribunal formed, to submit report by month-end

The 6-member GoM would also ensure that the amendments are in line with various court judgements relating to setting up the tribunal

Railway asset monetisation through Rs 18,000 cr InvIT unlikely in FY23

Both the finance ministry and Union cabinet have recently come down heavily on railways and asked it to expedite its monetisation efforts

Sale of machine made or polyester national flag exempt from GST: FinMin

Hand-woven, hand-spun national flags made of cotton, silk, wool or Khadi are already exempt from GST.

FM meets heads of PSU banks, asks them to ensure credit flow to KCC holders

Finance Minister Nirmala Sitharaman on Thursday urged public sector banks to ensure smooth flow of credit to Kisan Credit Card (KCC) holders to boost rural incomes. During the half-day long meeting with the CEOs of public sector banks, she also asked them to help Regional Rural Banks (RRBs) in technology improvement. After the meeting, Minister of Fisheries, Animal Husbandry and Dairying Parshottam Rupala said the finance minister reviewed the Kisan Credit Card (KCC) scheme and discussed how institutional credit can be made available to the segment. "The meeting was presided over by the finance minister and the issuance of Kisan Credit Card to all those engaged in fishing and dairying sector was discussed. "In another session on Regional Rural Banks, it was decided that the sponsor bank should help them in digitalisation and technology improvement," Minister of State for Finance Bhagwat K Karad said. RRBs, which play an important role in agriculture credit, are sponsored by publi

Revenue deficit grant of Rs 7,183 cr released to 14 states: FinMin

Finance ministry on Wednesday released the fourth instalment of revenue deficit grant of Rs 7,183 crore to 14 states for the current fiscal. The states for which Post Devolution Revenue Deficit Grant has been recommended by the 15th Finance Commission during 2022-23 are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal. "The Department of Expenditure has on Wednesday released the 4th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs 7,183.42 crore to 14 states," the ministry said in a statement. The 15th Finance Commission has recommended a total PDRD Grant of Rs 86,201 crore to 14 states for the financial year 2022-23. The grant is released in 12 equated monthly instalments. The ministry said that with the release of the fourth instalment for the month of July 2022, the total amount of PDRD grants released to the states in 2022-23 stands at Rs 28,733.67 ...

What RBI's letter to govt on missing inflation target is likely to contain

Failure to keep inflation between 2-6% for three straight quarters will require RBI Governor to explain to FinMin why target was missed, and steps MPC will take to achieve it going forward

FinMin extends duty exemption on raw cotton imports till October 31

The finance ministry has extended the exemption of customs duty on raw cotton imports by a month till October 31. On April 14, the ministry had given exemption from the duty and Agriculture Infrastructure Development Cess (AIDC) till September 30, 2022, for import of cotton to lower prices in the domestic market. In a notification dated July 4, the ministry extended this till October 31, 2022. Amid rise in cotton and yarn prices, the textiles ministry had been pitching for an extension of the duty waiver beyond September. Industry too had been demanding extension of the duty-free import of cotton. Before April 14, raw cotton imports attracted 5 per cent Basic Customs Duty (BCD) and an equal percentage of AIDC. The exemption from duty would benefit the textile chain -- yarn, fabric, garments and made-ups -- and provide relief to consumers. Cotton prices have increased from Rs 44,500 per candy in February, 2021, to Rs 90,000 per candy in March 2022. Each candy weights 356 kilogram.

New infrastructure finance secretariat to boost capacity, financing

The new framework is expected to be out by the end of this calendar year

Highest 28% GST on luxury, sin goods to continue: Revenue Secretary

On the industry demand for bringing petroleum products under GST net, Tarun Bajaj said since fuel constitutes a larger part of their revenues, both the Centre and states have some apprehension

Don't stipulate solvency ratio for public sector general insurers: FinMin

Department of Financial Services under the Ministry of Finance requested other Ministries not to include solvency ratio as a criterion for participation of public sector general insurers in tenders

No GST compensation: Will the Centre find another way to give states money?

It is also important to see which states can finance a reasonable portion of their regular expenditure with their own revenue

Twin deficit problem: What does it mean and how does it affect an economy?

The finance ministry recently said that India is at low risk of stagflation. But it also cautioned about a twin deficit problem that India may face. This report tells us what it means

GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax 'new normal'

As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore

GST Council meet: The Goose Point Theorem for rate rationalisation

The real issue before taxation lies in identifying the Goose Point and the way goes through 'neutral goods'