Page 54 - Finance Ministry

Expense planning: Budgetary allocations likely to maintain status quo

The numbers in aggregate mean the Government of India will not let the fiscal deficit run away in FY22

Budget should reduce income tax rates, invest in infrastructure: CEOs to FM

The Budget will be presented in the backdrop of a revival of the economy and expectations of good corporate earnings in the December quarter

CBDT rules out extension of deadline for filing audit reports, ITRs

It said the due dates of filing audit reports have already been extended thrice till January 15 this year.

FinMin releases Rs 6,000 crore to states, UTs to meet GST shortfall

The Finance Ministry on Monday released the 11th instalment of Rs 6,000 crore to states and UTs to meet the GST compensation shortfall, taking the total amount provided so far under this window to Rs 66,000 crore. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The Ministry of Finance in a statement said it has released the 11th weekly instalment of Rs 6,000 crore to states/Union Territories to meet the GST compensation shortfall. Out of this, Rs 5,516.60 crore has been released to 23 states and Rs 483.40 crore to the three Union Territories (UTs) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry), who are members of the GST Council. The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation, it said. "The amount has been borrowed this week at an interest

RBI to resume normal liquidity management operations in phased manner

The RBI on Friday said it has decided to restore normal liquidity management operations in a phased manner and will conduct variable rate reverse repo auction of Rs 2 lakh crore on January 15. In February last year, RBI had announced a revised Liquidity Management Framework (LMF) that was simplified and "clearly communicated" the objectives and toolkit for liquidity management. However, in view of the COVID-19 outbreak, the rapidly evolving financial conditions and taking into account the impact of disruptions due to the lockdown, RBI had decided to temporarily suspend the revised LMF and the window for Fixed Rate Reverse Repo and Marginal Standing Facility (MSF) operations were made available throughout the day. This was intended to provide eligible market participants with greater flexibility in their liquidity management. "On a review of evolving liquidity and financial conditions, it has been decided to restore normal liquidity management operations in a phased manner," RBI ...

Govt considers creating bank with $13.7 bn equity to fund roads, ports

The finance ministry has prepared a note for Modi's cabinet to discuss the proposal

MP, AP to get additional financial assistance of Rs 1,004 crore for capex

Madhya Pradesh and Andhra Pradesh have become the first states to complete three out of four citizen-centric reforms stipulated by the Ministry of Finance

Indian economy riding against the Covid wave, in good health: FinMin

This comes days ahead of the advance estimates for gross domestic product (GDP) growth for FY21

India witnessing 'V-shaped' economic recovery since June: FinMin Report

The easing of restrictions on economic activities was a key driver, said a Finance Ministry report

Vivek Singh appointed OSD to FM Sitharaman for a period of 4 years

Currently, Singh is serving as additional private secretary to the finance minister

FinMin releases Rs 6K crore to states to meet GST compensation shortfall

The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 trillion in revenue arising on account of implementation of GST

Finance ministry releases 10th instalment of GST compensation to states

The Finance Ministry on Monday released the tenth weekly instalment of Rs 6,000 crore to the states to meet the Goods and Services Tax (GST) compensation shortfall.The Finance Ministry said in a release that out of this amount, a sum of Rs 5,516.60 crore has been released to 23 states and an amount of Rs 483.40 crore has been released to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.The remaining five states namely Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.Now, more than 50 per cent of the estimated GST compensation shortfall has been released to the states and UT with Legislative Assembly, the government said.The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The borrowings are .

Beyond Budget Headlines: Govt should standardise income-tax rates, widen base

Over 180 arrested for tax evasion in past 2 months: Union Finance Secretary

In the last 1.5 to 2 months over 180 people including managing directors of companies and chartered accountants have been arrested for tax evasion, said Union Finance Secretary Ajay Bhushan Pandey

Commerce Ministry seeks financial aid from FinMin for MMTC's VRS scheme

The Commerce Ministry has sought financial support from its finance counterpart to pay compensation to the employees of public sector trading firm MMTC (Metals & Minerals Trading Corporation of India) under its VRS scheme, sources said. According to sources in the Commerce Ministry, which is the nodal ministry of MMTC, the ministry has sent a proposal regarding this to the Finance Ministry. The company needs money to pay its employees who are opting for VRS (voluntary retirement scheme), and due to its weak financial conditions, MMTC is unable to pay the due amount, one of the sources said. The ministry is hopeful that the Finance Ministry would consider the proposal positively, the sources said. In July last year, MMTC's board had approved the VRS proposal for its employees.

CAG writes to Finmin, seeks performance audits of PSU bank recapitalisation

The Comptroller and Auditor General of India (CAG) has written to the finance ministry seeking details about the ongoing performance audit of government's massive recapitalisation excercise of public sector banks (PSBs). CAG is doing performance audit on recapitalisation ofPSBs after 2016-17 and it has written a letter to the Department of Financial Services, Ministry of Finance, seeking various information, including rationale for distribution of capital among different PSBs, sources said. The Government of India made capital infusion to the tune of Rs 90,000 crore in 2017-18. This rose to Rs 1.06 lakh crore in the following year. During the last financial year, the capital infusion through bonds was Rs 70,000 crore. For the current fiscal, the government has earmarked Rs 20,000 crore for the capital infusion into the PSBs. Of this, the government allocated Rs 5,500 crore to Punjab & Sind Bank in November 2020 for meeting the regulatory requirement prescribed under the Basel III .

RoDTEP benefits subject to conditions of procedural requirements: FinMin

Availability of benefits under tax refund scheme RoDTEP for exporters would be subject to conditions

Govt won't disclose names of Air India bidders after DIPAM's rule change

Under earlier protocol, had to inform qualified bidders by Jan 5; alteration came into effect after Transaction Adviser EY said it did not want any deadline

Interest rates on small savings kept unchanged for fourth quarter of FY21

The rates have not been changed since September 1, 2020; status quo to help Centre raise additional resources, says Icra economist

2020, the year that was: Coronavirus shadow may not go anytime soon

Achieving a vaccine roll-out on a scale that social-distancing norms can be dispensed with can't be expected for most of 2021