Page 4 - Finance Ministry

Gross direct tax mop-up grows 24% to Rs 15.67 trn, net collection rise 18%

Gross direct tax collections grew 24 per cent to Rs 15.67 lakh crore so far this fiscal, the finance ministry said on Saturday. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 lakh crore, a growth of 18.40 per cent. The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said. The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 lakh crore. "The provisional figures of direct tax collections up to 10th February, 2023 continue to register steady growth. Direct tax collections up to 10th February, 2023 show that gross collections are at Rs 15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year," Central Board of Direct Taxes (CBDT) said in a statement. In the current fiscal (2022-23), the revenues from direct tax (which includes income and ...

Vivad se Vishwas-II scheme looks to settle financial disputes only

Centre notifies the scheme; disputes with states govts, another pvt firm not covered

FinMin issues draft scheme for settling disputes related to govt contracts

The finance ministry on Wednesday came out with a draft scheme for settlement of pending disputes related to government contracts. Under the Vivad se Vishwas II (Contractual Disputes) scheme, contractors would be offered settlement amounts depending on the status of a dispute. In cases of disputes where court or arbitral order have been passed, the settlement amount would be 80 per cent or 60 per cent of the amount awarded by the court or the arbitral tribunal. With respect to cases of ongoing litigation for disputes arising out of contracts in which physical activity has been stopped or contracts terminated, the settlement amount would be 30 per cent of the net claim amount. For ongoing litigation where physical activity in the disputed contract is ongoing, the settlement amount would be 20 per cent of the net claim amount -- claims by the contractors minus counter-claim by the procuring entity. In cases where the total claim amount exceeds Rs 500 crore, the procuring entities wi

Maha Budget session from February 27 to March 25; to be tabled on March 9

The budget session of the Maharashtra legislature will be held from February 27 to March 25 and the state's budget for fiscal 2023-24 will be presented on March 9, a government release said on Wednesday. This will be the first budget of the government led by Eknath Shinde, who broke away from the Shiv Sena last June and joined hands with the Bharatiya Janata Party. Deputy Chief Minister and state finance minister Devendra Fadnavis will present the budget, it said. On the first day of the session on February 27, the newly recognised state song Jai Jai Maharashtra Majha' will be played, said the release. The decision on the budget session was taken at a meeting of the Business Advisory Committee of the assembly, chaired by Speaker Rahul Narvekar and Neelam Gorhe, deputy chairman of the Legislative Council, said the release. Five bills that have been cleared by the state cabinet will be tabled during the budget session, while eight more, yet to be cleared, are proposed to be tabled, t

Govt to come out with discussion paper on contractual disputes: Somanathan

In a bid to free up thousands of crores of rupees locked up in litigation and arbitration, the government will come out with a discussion paper on a scheme detailing the percentage of amount which could be paid for expeditious resolution of contractual disputes, Finance Secretary T V Somanathan said. To begin with, the Department of Expenditure under the finance ministry will seek stakeholder suggestions on the quantum of percentage that could be offered for settling contractual disputes, besides other terms and conditions. The scheme would cover disputes relating to government contracts which are currently under arbitration or litigation. Under the scheme, which would be voluntary, contractors can come forward for resolution of disputes by accepting a specified percentage of the contract value. The percentage would be notified separately and will be 'reasonable and fair' so that many people take it, Somanathan told PTI. "...if they're willing to accept that percentage, it (dispute

Union Budget 2023: FinMin notifies refund of security deposits to MSMEs

In her budget speech, FM had proposed refund of 95% of amount forfeited on account of non-performance of contract due to Covid

India will get into global bond indices on own terms: FinMin official

India will not bend over backwards to get included in the global bond indices, a top finance ministry official said on Saturday. Deploying a sartorial analogy, Finance Secretary TV Somanathan said the indices are an exclusive club or gymkhana, which insists on entry only for those wearing ties. "...if we get into this club, it will be with our dhoti and saree. We will not change our domestic policies to suit foreign investors," he said, addressing a post-budget interaction with industry players in the financial capital. He said there are both positives and negatives of such an inclusion, which was spoken about in a previous budget announcement, and India will not "bend over backwards" to gain entry. India's policies will be based on domestic requirements, and there will not be any change to the stance to suit the fancy of global bond investors, he said. The global indices should allow entry for India only if such a stance is acceptable to them, he said. Positives of gaining entry

Budget 2023: 113% increase in allotment for northeast, highest ever

The Finance Ministry has budgeted Rs 5892 crore for FY24 for the region, which is 113 per cent more than the RE 2022-23

Borrowing limit: Kerala FM says Centre has adopted "wrong policy"

Kerala Finance Minister K N Balagopal on Thursday said the Centre's imposition of cuts in the borrowing limit of the states would adversely impact the southern state's economy, which is yet to completely recover from the challenges due to the COVID-19 pandemic and back-to-back natural disasters. The BJP-led union government adopted a "wrong policy" to reduce the state's borrowing capacity after including the loans taken by the special purpose vehicles like Kerala Infrastructure Investment Fund Board and Kerala Social Security Pension Limited within the state government's overall borrowing limit, he told the state Assembly. "The cutting down of the borrowing capacity of states to three per cent from the previous five per cent will adversely impact the state's economy," Balagopal said during Question Hour. Despite repeated requests to restore the previous borrowing limit of the states and to avoid the inclusion of the loans taken by the KIIFB and KSSPL in the state's overall borrowing

Budget will lead India towards self-reliance: Byju's Divya Gokulnath

The co-founder of Byju's Divya Gokulnath has said the Union Budget 2023-24 will take the country to become a self-reliant economy. The Indian multinational education technology company co-founder said the push for infrastructure in the budget, which was presented by Union Finance Minister Nirmala Sitharaman on Wednesday, will create huge jobs and encourage investment in this sector. "The budget strengthens India's progress towards becoming a self-reliant economy. It also reinforces the government's commitment to making India a major player in the global economy," Gokulnath told PTI here. "The allocation of substantially more funds towards infrastructure development will create millions of jobs and encourage the private sector to invest more, she added. Speaking about the education sector, she said, "The budget proposals like teachers training and National Digital Library align with the NEP schools and by investing in cutting-edge digital infrastructure and nurturing an innovation .

Want to make exemption-free tax regime attractive for people: FM Sitharaman

Sitharaman said large macroeconomic considerations had been kept in mind, and fiscal consolidation had not been ignored

Investing, not saving

More effort on deficit reduction was needed

Union Budget 2023-24: A great year for Indian Railways, says expert

IR, which stimulates almost all sectors of industries and commerce by transporting raw materials and finished goods, is moving much more BTKMs (Billion Tonne Kms) during and post-pandemic times

FM may address RBI board on Feb 11 to highlight key points of Budget 2023

Finance Minister Nirmala Sitharaman is likely to address the Reserve Bank of India's central board on February 11 and highlight key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan. The post-budget meeting has been scheduled for February 11 where Sitharaman would be addressing the board members and talk about announcements made in the Budget 2023-24 to perk up growth in view of geopolitical tension and tightening interest environment by central banks across the world, sources said. It is customary for the finance minister to address the Reserve Bank of India board after the budget. "The revised estimate of the total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore," she said in her Budget speech on Wednesday. The fiscal deficit is estimated t

Union Budget 2023 gives EVs a big charge; boosts vehicle scrappage

Centre and states to provide 25% tax rebate on road tax for vehicles purchased to replace scrapped ones

FM announces savings scheme for women with 7.5% interest rate for 2 years

Union Finance Minister Nirmala Sitharaman Wednesday announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years. The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs 2 lakh and the scheme will have a partial withdrawal facility as well. "One-time new small saving under 'Mahila Samman Saving Patra'. The deposit facility for the women and girls will be for a period of two years with a rate of interest of 7.5 per cent," Sitharaman announced. She also said that for the economic empowerment of women under the Deendayal Antyodaya Yojana National Rural Livelihood Mission, 81 lakh self-help groups have been created by mobilising rural women. "We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives with each having several thousand members," she said. Financial assistance of more than Rs 2.25 lakh crore

Union Budget 2023: Capital expenditure to be hiked by 33% to Rs 10 trillion

Budget 2023: PAN cards will be used as a common identifier for all government schemes, the FM said in her Budget speech

Congress to hold MPs' meeting ahead of Budget presentation in Parliament

Congress has convened a meeting of its Lok Sabha MPs ahead of the budget presentation in Parliament to devise strategy

Budget 2023: FM Nirmala Sitharaman takes tablet in red pouch to Parliament

Budget 2023: With the tablet carefully kept inside a red cover with a golden-coloured national emblem on, FM Nirmala Sitharaman went to the Parliament after meeting President Droupadi Murmu

Day ahead of Budget, FinMin reports robust GST mop up of Rs 1.56 trn in Jan

The figure amply indicates that tax revenues are likely to remain strong in 2022-23, and may help the Centre retain the 6.4% fiscal deficit target for the current financial year