Nirmala Sitharaman Emphasises On 7 Priorities For Union Budget 2023-2024
Union Finance Minister Nirmala Sitharaman who will shortly present the full-fledged Union Budget 2023-2024, outlined seven priorities of the union budget. She emphasized seven priorities, calling it 'saptrishi'. Sitharaman said, Inclusive development, Reaching the last mile, Infrastructure and investment, Unleashing the potential, Green growth, Youth power and the Financial sector are the most important priorities for the Modi Government in… read-more
Tags: Nirmala Sitharaman, FINANCE MINISTRY, Budget 2023-2024, Indian Politics, Budget
Courtesy: Hindustan Times
Govt Taking Necessary Measures Against Dubious Digital Loan Apps In India
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
Tags: digital loan, dubious applications, Nirmala Sitharaman, parliament, FINANCE MINISTRY
DRI Detects Customs Duty Evasion Of Rs 4,389 Cr By Chinese Firm Oppo In India
Finance Ministry reported on July 13 that Directorate of Revenue intelligence personnel had discovered Rs 4,389 crore in duty fraud by Chinese smartphone manufacturer Oppo through incorrect import declarations. The DRI conducted searches at Oppo India's workplace and key management workers' homes, resulting in the seizure of damning evidence proving deliberate misdeclaration in the description of certain materials imported by Oppo India. The… read-more
Tags: DRI, Oppo, Customs Duty, FINANCE MINISTRY, Chinese
Courtesy: Free Press Journal
GST Revenue Collection Crosses Rs 1.44 Lakh Crore In June
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.
Tags: GST Revenue, Percentage, Higher In June, FINANCE MINISTRY, Nirmala Sitharaman
Get Cheap Air Tickets On Govt Account With Prior Bookings: Finance Ministry
In a release, the Union Finance Ministry asked government employees to opt for the 'cheapest fare available' on their entitled travel class a month prior booking, on a government account. Aiming a reduce prices on tickets, the ministry said, employees, to book one ticket for each leg, avoiding unnecessary cancellations. Furthermore, it mentioned bookings prior 72-hours of intended travel, and cancellations less than 24 -hours will need a self… read-more
Tags: Government Employees, FINANCE MINISTRY, Air Tickets, Cheap Flights, Air India
Consultation On Cryptocurrencies Done, Papers Will Be Submitted Soon
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.
Tags: Cryptocurrencies, FINANCE MINISTRY, Nirmala Sitharaman, Ajay Seth, Indian Govt
Courtesy: The Free Press Journal
Centre 'Unlikely' To Agree For Tax Cut As Relief From Rising Fuel Prices: Experts
The Central Government is not mulling over any plans for tax cuts on fuel to provide relief from the sting of rising fuel prices, said experts. The issue of this global rise in fuel price was raised during a recent meeting between senior executives, finance and oil ministers, and others. A person privy to the discussion said that the Finance Ministry has turned down the proposal to cut the duty.
Tags: business, Inflation, fuel prices hike, tax cut, FINANCE MINISTRY
Courtesy: The Economic Times
Finance Ministry Clears Rs 96,576 Crore To States As GST Compensation
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.
Tags: business, FINANCE MINISTRY, money, STATES, GST COMPENSATION
Courtesy: ANI News
GDP Growth In India Slows Down To 5.4% In Q3 Of 2021-2022 FY
India's Gross Domestic Product (GDP) for Q3 of current FY, slowed down to 5.4%, compared to 8.5% in Q2. GDP prices in Q3 of Current FY stands at Rs 36.26 lakh crore, compared to Q3 of FY 2020-21 which stood at Rs. 38.22 lakh crore, reported National Statistical Office (NSO), on February 28. Furthermore, the NSO also estimated a growth rate of 19.4% in nominal GDP for the year 2021-22.
Tags: GDP, Economic growth, Union government, FISCAL YEAR, FINANCE MINISTRY
Indian Economy To Rebound Strongly By End Of 2022: Finance Ministry
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
Tags: India, FINANCE MINISTRY, business, economic reset, 2022
Courtesy: The Economic Times