Representational Image

Photo: Business Standard

Govt Extends Due Date Of Filing FY 2019-20 GST Returns Till March 31

As a major relief to the taxpayers, the Centre has extended the due date of filing the annual GST returns to March 31. Reportedly, the dates of furnishing GSTR-9 and GSTR-9C of FY 2019-20 due to expire on February 28 were extended viewing difficulties expressed by businesses during the pandemic. Moreover, the businesses and experts, grappled with the persistent compliance issues, thanked the government for deferring the deadline.

Sun, 28 Feb 2021 - 09:42 PM / by Ronit John

Tags: GST, Election Commission, business, CBDT, CBEC, FINANCE MINISTRY

Courtesy: The Economic Times

Money

Photo: Currency Live

5 States To Avail Extra Grants For Completing Power Sector Reforms

The Finance Ministry on February 20 permitted five states, Karnataka, Rajasthan, Uttarakhand, Goa, and Bihar, to borrow an additional amount from the Centre for meeting the power sector reforms. Reportedly, the states successfully reduced aggregate technical and commercial losses while matching the cost of supply with average revenue gap. Andhra Pradesh and Madhya Pradesh have also been given the permission. Till now, the Centre has granted … read-more

Sat, 20 Feb 2021 - 09:16 AM / by Nikita Thakur

Tags: FINANCE MINISTRY, Power Reforms, Extra Grants Power Reforms, Goa, Bihar, Karnataka, Madhya Pradesh

Courtesy: Live Mint

GST Tax Slabs

Photo: India Filings

Centre Eyes To Merge 12%, 18% GST Tax Slabs Into One

The Centre is eyeing to merge the 12% and 18% GST tax slabs into one. Initially demanded by states and later backed by the Fifteenth Finance Commission, the matter is likely to be discussed by the GST council in its March meeting. Currently having four GST rates, and special rates on precious stones and metals, the Finance Ministry has been looking to make a three-rate structure of a merit rate, standard rate and demerit rate.

Fri, 19 Feb 2021 - 09:30 AM / by Nikita Thakur

Tags: tax, GST, FINANCE MINISTRY, Tax Slabs, Tax Slabs Merger

Courtesy: Live Mint

rural development ministry

Photo: India.com

Rural Development Min To Assist In Centre's Land Monetisation Push

Adding thrust to the budget’s ‘asset monetisation’ mantra, the Rural Development Ministry has offered its support to the Centre in identifying the idle assets and land parcels available with ministries. The ministry claimed to have comprehensive record of over 90% villages while assuring assistance in ascertaining the market value and transfer of lands available. Earlier, the Finance Ministry, in the budget document, had stated to monetise… read-more

Wed, 10 Feb 2021 - 10:27 AM / by Ronit John

Tags: Asset Monetisation, Union Budget 2021, Rural Development Ministry, Idle Asset, Land Parcel, FINANCE MINISTRY

Courtesy: The Economic Times

Representational image

Photo: The Financial Express

MP - First To Get Rs 660 Cr Funds Under Aatmanirbhar Package

After being allocated Rs 600-crore funds, Madhya Pradesh became the first state to get additional funds for capital expenditure projects. The Union allocated these funds to cater to various reforms like One Nation, One Ration Card, Ease of Doing Business and Urban Local Bodies. Moreover, the Union has issued 50% of the sanctioned amount as the first instalment. Reportedly, the Centre announced its special assistance under the Aatma Nirbhar… read-more

Sun, 24 Jan 2021 - 07:55 PM / by Ashly Ann Varghese

Tags: Madhya Pradesh, FINANCE MINISTRY, capital expenditure, Special Assistance to States for Capital Expenditure

Courtesy: BusinessWorld

Nirmala Sitharaman

Photo: DNA India

Soft Copies, Advance Halwa Ceremony In COVID-19 Stiff 2021 Budget

For the first time in history, the Union budget will be released in virtual mode and soft copies will be provided to all the 750 members owing to the Covid-19 pandemic. While presenting a unified general and railway budget, the government will also conduct the traditional ‘Halwa ceremony’ 10-days before the Budget day. As per reports, the Union Budget 2021 will be introduced by Finance Minister Nirmala Sitharaman on February 1.

Thu, 14 Jan 2021 - 07:48 PM / by Nikita Thakur

Tags: Union Budget 2021, FINANCE MINISTRY, Nirmala Sitharaman

Courtesy: Times Now

 Photograph representing GST surge.

Photo: The Economic Times

GST Collections At All-Time High Of Over Rs 1.15 Lakh Crore In December

Citing the post-pandemic economic recovery as the reason, the Union Finance Ministry reported a record all-time high GST collections of over Rs 1.15 lakh crore in the December, 2020. It registered an increase of 10% from November 2020 figure which was highest in the last 21 months. December 2020 was also the third consecutive month to register over Rs 1-lakh-crore GST collection. Besides, the collection was 12% higher than that of December… read-more

Sat, 02 Jan 2021 - 10:53 AM / by Harsh Vardhan

Tags: India, GST, FINANCE MINISTRY, Economy, post-covid

Courtesy: WION

Money

Photo: DNA India

5 States To Avail Extra Grants For Completing Business Reforms

The Finance Ministry on December 20 permitted five states - Karnataka, Madhya Pradesh, Andhra Pradesh, Telengana and Tamil Nadu - to borrow an additional amount from the Union government. The ministry will allot Rs 16,728 crore additionally towards the states for completing the reforms related to 'ease of doing business'. Earlier in May 2020, the government announced the states could avail an additional grant after completing the reform… read-more

Sun, 20 Dec 2020 - 05:50 PM / by Nikita Thakur

Tags: National news, FINANCE MINISTRY, Business reforms

Courtesy: The Tribune

Representational Image of GST

Photo: Business Today

Over Rs 1 Lakh Crore GST Collection In Oct; FinMin Claims Economic Recovery

The Finance Ministry has claimed that the economy is rebounding after the Goods and Services Tax (GST) collection for October month stood at Rs 1.05 lakh crore. It added that total income generated by the Centre and state governments, after regular settlement, in October month was Rs 44,285 crore and Rs 44,839 crore respectively. It also stated that total number of summary tax returns filed for this month was 80 lakh.

Sun, 01 Nov 2020 - 12:14 PM / by Mahadevan K V

Tags: GST, FINANCE MINISTRY, Economy, tax

Courtesy: LiveMint

Nirmala Sitharaman

Photo: DNA India

Government Employees Can Now Avail Interest Free Credit of Rs 10,000 

Finance Minister Nirmala Sitharam announced that central government employees can avail an interest-free festival advance worth Rs 10,000. The advance money will increase consumer spending and help in balancing the economy, she added. She further mentioned that the total expenditure of the scheme is Rs 4,000 crores. Reportedly, the advances will be given as a pre-paid Rupay card and the employees have to repay the advance in 10 instalments.… read-more

Mon, 12 Oct 2020 - 05:20 PM / by Nilesh Bansal

Tags: Nirmala Sitharaman, BJP, FINANCE MINISTRY, Indian Festivals

Courtesy: Live MInt