Finance Ministry
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Finance panel grills Finance Ministry on Demonetisation, state of economy
India | Nov 12, 2019, 05:25 PM ISTThe subject came up for discussion at the meeting of Parliamentary Standing Committee on Finance last week. But what was meant as one-off mention soon became a full-blown issue with several members terming the move as bad for the economy.
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Finance Ministry to kick-start budgetary exercise from October 14
Business | Oct 06, 2019, 12:29 PM ISTThe Budget Estimates for 2020-21 will be provisionally finalised after the expenditure secretary completes discussions with other secretaries and financial advisers. Pre-Budget meetings will begin from October 14 and continue till the first week of November, it said.
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INX Media: Retd officers write to PM against prosecuting ex-officials
India | Oct 04, 2019, 11:05 PM ISTSeventy-one retired bureaucrats on Friday wrote to Prime Minister Narendra Modi, expressing concern over the prosecution of four former officials of the Finance Ministry in the INX Media case and asserted that such action will demotivate diligent and honest officers from taking important decisions.
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GST Council meet in Goa today; tax cut on cars, hotels likely
Business | Sep 20, 2019, 07:14 AM ISTItems likely to see a tax cut include luxury hotels and outdoor catering services. Luxury hotels which charge Rs 7,500 and above per night are now taxed at 28 per cent and outdoor catering services at 18 per cent.
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Finance Ministry gets 100 applications for post of RBI deputy governor
Business | Sep 19, 2019, 03:16 PM ISTNearly 100 candidates have applied for the post of deputy governor of the Reserve Bank of India (RBI) - a position that fell vacant after Viral Acharya resigned six months before the scheduled end of his term.
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World Bank to sanction Rs 3,000 crore for food parks: Govt
Business | Sep 13, 2019, 06:55 PM ISTMinor formalities remain to be completed on this front before the first disbursement of the sanctioned amount is released, the Minister of State for Food Processing Industries said.
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Finance Ministry sets up task force to identify infra projects for Rs 100 lakh crore investment
Business | Sep 07, 2019, 02:06 PM ISTThe task force, headed by the economic affairs secretary, will draw up a 'National Infrastructure Pipeline' of Rs 100 lakh crore, the finance ministry said in a statement.
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Big News for 6 crore employees! Centre to soon notify 8.65% interest rate on Employees' Provident Fund
Business | Aug 30, 2019, 01:55 PM ISTThe labour ministry will soon notify 8.65 per cent rate of interest on Employees' Provident Fund (EPF) for 2018-19, said Labour Minister Santosh Gangwar on Friday. He also added that the finance ministry does not disagree on this rate.
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7th Pay Commission: Good News! Central govt employees expected to get up to Rs 10,000 hike in July salary
Business | Aug 02, 2019, 07:31 PM IST7th pay commission: Central government employees are expected to get a huge pay hike by the end of July. Earlier, Centre has hinted to the staffers that it will increase the Dearness Allowance (DA) from July 1, 2019. The hike in the DA is expected to be from 4 to 5 per cent. However, if not increased by up to 4 per cent, still it will boost the central government employees salary from s 720 to Rs 10,000 per month depending on seniority and other relevant factors.
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GST Council cuts tax rate on electrical vehicles, chargers to 5 per cent
Business | Jul 27, 2019, 01:42 PM ISTGST Council meet concluded on Saturday with a decision to reduce GST rates on electric vehicles and charges. The GST Council has decided to reduce GST rate on electrical vehicles from 12 per cent to 5 per cent. The council has also approved an exemption from GST on hiring of electric buses by the local authorities.
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Explained: Subhash Chandra Garg, his transfer, VRS and the PMO link
Fyi | Jul 26, 2019, 11:06 PM ISTIn a major bureaucratic reshuffle, Former Finance Secretary Subhash Chandra Garg was shunted out of the Finance Ministry and appointed as the Power Secretary this week. The July 24 rejig raised eyebrows as Garg's transfer was seen as a demotion with designation of Finance Secretary being one of the most coveted positions in bureaucratic circles. Atanu Chakraborty, the former Secretary for the Department of Investment and Public Asset Management (DIPAM), was named the Secretary of the Department of Economic Affairs.
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Tax officials detect Rs 37,946 crore fraud in FY19, Finance Ministry tells Parliament
Business | Jul 16, 2019, 04:15 PM ISTTax officials detected Rs 37,946 crore worth of tax fraud in 2018-19 and Rs 6,520 crore in the April-June period of the current financial year after the GST implementation, the Finance Ministry told Parliament on Tuesday.
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Economic Survey to be tabled before Parliament today
Budget | Jul 04, 2019, 11:10 AM ISTAhead of Modi government's maiden Budget in the second term, an economic survey will project the state of health of the country's economy and outlining the challenges. The annual Economic Survey is usually presented a day before the presentation of the annual budget.
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GST collections dip below Rs 1 lakh cr-mark in June
India | Jul 01, 2019, 11:08 PM ISTWhile the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year.
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Printing of Budget 2019-20 documents begins with Halwa ceremony
Budget | Jun 22, 2019, 06:09 PM ISTThe NDA government would on July 5 unveil the full Budget for 2019-20. On February 1, the government had presented an Interim Budget to take Parliament nod for spending till the new government takes charge after the general elections.
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DoE's Group A and B employees' June salary deferred to July
Business | Jun 22, 2019, 09:29 AM IST"Payment of salaries in respect of Group A and B officers may be made after full Budget provisions are made available by Parliament", the memorandum said.
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Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year
Business | Jun 10, 2019, 05:17 PM ISTWithdrawing a cumulative Rs 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory.
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Nirmala Sitharaman is new Finance Minister; first lady after Indira Gandhi to occupy the chair
India | May 31, 2019, 02:01 PM ISTNirmala Sitharaman joined the BJP in 2008 and has served as a spokesperson for the party. In 2014, she was inducted into Narendra Modi's cabinet as a junior minister and in June 2014, she elected as a Rajya Sabha Member from Andhra Pradesh.
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Finance Ministry may look at 10-year tax holiday on rental profits earned by builders
India | May 29, 2019, 07:01 PM ISTThe finance ministry may look at a 10-year tax holiday for real estate developers on profits earned from rental housing as it looks to revive investment and boost a slowing economy, sources said.
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Finance Ministry readies groundwork for next wave of bank consolidation
Business | May 27, 2019, 04:42 PM ISTIn 2019, the consolidation exercise is expected to revolve around Punjab National Bank (PNB) to take some smaller PSU banks under its ambit. The names of Syndicate Bank, Oriental Bank of Commerce, Andhra Bank and Allahabad Bank is being considered for the merger.