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

The central government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) worth ₹4.5 lakh crore relief scheme till March 2022. This move will help the small and micro-enterprises gain momentum and overcome the setback caused by the lockdowns during the Covid-19 pandemic. The scheme was earlier due to expire in September 2021. The NCGT Company Limited is yet to update the revised coverage norms of the scheme.

The Department of Public Enterprises (DPE) which was earlier under the 'Ministry of Heavy Industries and Public Enterprises' has merged with the Finance Ministry. The move was brought in to ease coordination related to disinvestment plans. However, the Secretariat notification was issued which assigned these rules under the Government of India (Allocation of Business) 361 Amendment Rules 2021. Besides, this will be the sixth department under… read-more

The Centre on April 6 appointed Tarun Bajaj as new revenue secretary under the Finance Ministry. Tarun, a 1988-batch Haryana-cadre IAS officer, will fill in for Ajay Bhushan Pandey. Earlier, served as Secretary to the Department of Economic Affairs (DEA), Bajaj also had a stint in Prime Minister's Office. The government also appointed Ajay Seth as Secretary, Department of Economic Affairs and Gyanesh Kumar as Secretary, Ministry of… read-more

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.