FINANCE MINISTRY

Union Finance Minister Nirmala Sitharaman said the Government of India is taking action against dubious digital loan apps, including those originating from outside the country. During the Parliament session, Sitharaman clarified these loan apps, saying Indians who helped in setting them up will also be facing strict actions. On August 2, Rajya Sabha proceedings, Union FM said, many Indian borrowers are being harassed and money is being… read-more

In June, the GST collections increased by 56%,  to over Rs 1.44 lakh crore on economic recovery, said the Union Finance Ministry, on July 1. As per sources, during June, the revenues from the import of goods were 55 per cent higher and the revenues from domestic transactions. The Union Ministry said, this is a "rough-bottom line" and said, this is the fifth time, GST-monthly collection crossed the Rs 1.40-lakh-crore.

The Economic Affairs Secretary Ajay Seth addressed the media and said, they have completed the consultation on cryptocurrencies and will submit the report soon. Seth on May 30, said, "A global response is needed to deal with the challenges posed by crypto." His statement came on the lines of an event organized by Union Finance Minister Nirmala Sitharaman. Notably, bitcoins and their usage legally is a concern globally.

The Union Finance Ministry has released Rs 96,576 crore to states and Union Territories (UTs) to cover the revenue shortfall in connection with the implementation of Goods and Services Tax (GST). In addition, the Centre has provided an additional Rs 1.59 lakh crore in the form of back-to-back loans to states and UTs. Notably, the Centre also gave a nod to extend the GST compensation cess till March 2026.

As per reports, the Indian economy is poised to grow post-pandemic by year-end. The Finance Ministry stated, ''Once the uncertainty and anxiety caused by COVID-19 recedes, consumption and demand revival will then facilitate the private sector stepping in.'' Remarkably, sectors such as PMI Manufacturing, E-way bill generation, and exports have performed quite well amid Covid-19 third wave. Notably, India's inflation rate bounced to 6.01% in… read-more