Can't disclose black money reports as Parliamentary Panel examining them: Finance Ministry
India | February 04, 2019 13:08 ISTThese estimates were based on various unverifiable assumptions and approximations, it had said.
These estimates were based on various unverifiable assumptions and approximations, it had said.
GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said on Thursday.
According to data available with the depositories, FPIs withdrew a net amount of Rs 5,880 crore during January 1-25
The 'Know Your Budget' series, which explains the importance of Union Budget and its making, would continue for about a fortnight.
Finance Secretary Ajay Narayan Jha has been given one-month extension in service and appointed as the member of the 15th Finance Commission, according to a Personnel Ministry order.
The measure, once implemented, would check the widespread practice of composition dealers of charging GST from purchasers and not depositing it with the exchequer, PTI reported quoting an official.
Shares of Axis Bank settled at Rs 666.50, up 0.53 per cent, while ITC was up 2.02 per cent at Rs 295.40 at close of market hours on January 11.
The senior official said the RBI and the government from time to time decides on the quantum of currency to be printed on the basis of money in circulation.
"Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6 per cent in the first half of 2018-19," it said.
In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".
"The SBI, in the VII phase of sale of electoral bonds, has been authorised to issue and encash electoral bonds through its 29 authorised branches w.e.f. 01.01.2019 to 10.01.2019, the Finance Ministry said.
Bank of Baroda is the transferee bank, while Vijaya Bank and Dena Bank are the transferor banks in the amalgamation process, it added.
As part of the capital infusion plan announced by the Finance Ministry in October 2017, the government envisaged that public sector banks (PSBs) would raise Rs 58,000 crore from the stock markets by March 2019 to meet Basel III norms.
The GST collections stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1,00,710 crore in October.
The government data released Friday shows India's economy grew at 7.1 per cent in July-September, lowest in three quarters.
Banks recovered Rs 36,551 crore in the first quarter of 2018-19 and had recovered Rs 74,562 crore during 2017-18.
Plans to approach the Finance Ministry to resolve the GST issue are in the pipeline, said industry sources.
The GSTR-3B of a particular month has to be filed by the 20th day of the subsequent month. The deadline for September return filing was October 20.
Gross direct tax collection in the first six months of the financial year grew 16.7 per cent to Rs 5.47 lakh crore, Finance Ministry said Thursday.
"With the current trend for GST mop-up, it is expected that the monthly collections could again touch Rs 1 lakh crore around November and December," an official said.
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