GST collections rise 12 per cent to Rs 1.57 lakh crore in May: Finance Ministry
Business | June 01, 2023 17:31 ISTThe GST collections in May saw a rise of 12 per cent which indicates a bullish trend in the Indian economy amid global challeges.
The GST collections in May saw a rise of 12 per cent which indicates a bullish trend in the Indian economy amid global challeges.
The new Parliament building will be inaugurated by Prime Minister Narendra Modi on Sunday.
The Ministry of Finance on Thursday set up a committee to review the pension system for the government employees.
Budget 2023: Finance Minister Nirmala Sitharaman wore the famous Ilkal saree with intricate kasuti threadwork while presenting the Union Budget 2023-24.
Budget 2023: She will explain the budget to the MPs in the meeting. The briefing will be held at around 9:00 am at the Balayogi Auditorium in Parliament Library Building in the national capital, all MPs have been informed.
Budget 2023: The government has decided to increase Agriculture Infrastructure and Development Cess on silver bar from the existing 2.5 per cent to 5 per cent and 2.5 per cent to 4.35 per cent on silver dore.
Budget 2023: FM Sitharaman also said that the process of KYC will be simplified by adopting a risk-based system.
Budget 2023: The finance ministry is looking into proposals sent by various government departments on specific steps which may be announced in the Budget, benefitting a large section of the middle class.
Delhi: The timing of the matter is crucial as Union Budget 2023 is set to be presented after two weeks and a leak of any sensitive data may cost huge.
The police also claimed to have unearthed a data sheet containing information about approximately 3,000 potential victims.
UPI to remain free: In a tweet, the finance ministry said: "UPI is a digital public good with immense convenience for the public and productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services."
Government employees are currently required to purchase air tickets only from three authorised travel agents -- Balmer Lawrie & Co, Ashok Travel & Tours and IRCTC.
Finance Ministry yesterday said the Centre has already released eight months of GST compensation dues to the states for fiscal ended Mar 2022 and Rs 78,704 cr is pending due to inadequate balance in the cess fund.
Currently, GST is a four-tier structure of 5, 12, 18 and 28 per cent. Besides, gold and gold jewellery attract 3 per cent tax. In addition, there is an exempt list of items like unbranded and unpacked food items which do not attract the levy.
The government was looking to sell 5 per cent stake in Life Insurance Corporation (LIC) this month, which could have fetched over Rs 60,000 crore to the exchequer. The IPO would have helped meet the curtailed disinvestment target of Rs 78,000 crore this fiscal.
Observing that the IMF in its January 2022 update has lowered its global growth estimate for 2022, the report said India is the only large and major country listed by the IMF whose growth projection has been revised upwards in 2022-23.
Chidambaram claimed that today's speech by Sitharaman was the 'most capitalist' speech made by any finance minister.
On Monday, the Economic Survey highlighted that 33.99 lakh houses were completed in 2020-21 and 26.20 lakh units as of November 25, 2021 under the Pradhan Mantri Awas Yojana - Gramin (PMAY-G) programme.
Defence Minister also welcomed FM Nirmala Sitharaman's announcement that 68 pc of the defence capital procurement budget would be allocated towards procurement from domestic industry.
Congress general secy and chief spokesperson Randeep Surjewala said the salaried and the middle classes have been affected due to pay cuts and high inflation.
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