Page 31 - Finance Ministry

Centre to release Rs 47,541 crore to states as advance instalment of tax

Union Finance Minister Nirmala Sitharaman has authorised the release of an advance instalment of tax devolution to State Governments amounting to Rs 47,541 crore

FinMin asks ministries to restrict expenses within prescribed limit

The communication comes ahead of the Union Budget 2022-23, likely to be unveiled on February 1

Budget secrecy is too archaic now to be continued

Budget reform is not something the Modi government has shied away from

Finance ministry invites applications for Irdai whole-time member post

The applicant should preferably have at least 25 years of experience in the area of insurance

Pet projects of the Modi govt ride the slow expenditure track in FY22

Despite the front-loading of expenditure several depts have been slow this year, impacting projects like National Infrastructure Pipeline, Jal Jeevan Mission, RoDTEP among others

GJEPC urge govt to cut gold import duty to 4%, special package in Budget

Gems and Jewellery Export Promotion Council has urged the government to reduce import duty on gold to 4 per cent from 7.5 per cent and a special package for the sector in the forthcoming Budget

Budget 2022: FADA seeks GST rate cut on two-wheelers to 18% to spur demand

Automobile dealers' body FADA has urged the government to reduce GST rates on two-wheelers to 18 per cent in order to generate demand in the segment.

Bombay HC sets aside rejection of refund claims by GST authorities

Claim had been rejected as it was filed after 2 yrs; Court sets rejection aside as authorities had not considered earlier SC relaxation on time limit due to Covid

FM Nirmala Sitharaman holds pre-budget consultations with BJP leaders

Finance Minister Nirmala Sitharaman on Sunday held pre-budget consultations with BJP leaders in which representatives from 25 states participated virtually and gave their suggestions on the budget.

Fintech firms demand further liberalisation of tax regime in Budget

The fintech industry has urged Finance Minister Nirmala Sitharaman to further liberalise the tax regime for financial sector startups in the forthcoming Budget

Budget 2022: Govt could consider levying TDS/TCS on crypto trading

The government could consider in the upcoming Budget levying TDS/TCS on sale and purchase of cryptocurrencies above a certain threshold

Budget session of Parliament from Jan 31-April 8, to be held in two parts

The Economic Survey is likely to be tabled on January 31 after the president's address

PHDCCI for removing customs duty on copper concentrate in Budget

PHDCCI on Friday said it has suggested to the government to remove customs duty on copper concentrate as the move would encourage domestic companies to manufacture value added products in India

What is the FRBM Act, 2003?

To ensure discipline in government finances and keep a check on fiscal profligacy, a legislation was enacted almost two decades ago - the FRBM Act, 2003. This report demystifies it

Advance alert

Budget must focus on recovering lost ground

Moving beyond a zero-sum approach

In many situations, acting for oneself as well as the group gets the best results

Panel for Gati Shakti asks DPIIT to identify high-impact infra projects

The dept has also been asked to carry out a comprehensive infrastructure gap analysis

Return to normalcy will be the norm in 2022

2022 will mark a return to more familiar patterns of growth and the beginning of a new round of innovation for all players in the financial system

FinMin mandates ticket booking from 3 agents for govt-funded air travels

The finance ministry on Friday said that for all air travels where the government bears the cost, the tickets will be purchased from either of the three agents -- Balmer Lawrie, Ashok Travels & Tours, and IRCTC. In an office memorandum, the Department of Expenditure under the finance ministry said the decision has been taken in view of the disinvestment of Air India. "In all cases of air travel where the Government of India bears the cost of air passage, air tickets shall be purchased from the three authorised travel agents viz. Balmer Lawrie & Company Limited (BLCL), Ashok Travels & Tours (ATT), Indian Railways Catering and Tourism Corporation Ltd (IRCTC)," it said. The choice of the travel agent for booking of the ticket by the individual ministry/ department will depend on the quality of service provided, additional facilities viz. excess baggage., cancellation and rescheduling facility, said the expenditure department. The administrative ministries of the three ...

IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit

Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.