Tag: Finance Ministry

Finance ministry releases instalment of Rs 6,000 crore to states to meet GST compensation shortfall

NEW DELHI: The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to […]

Direct tax refunds of nearly Rs 1.37 lakh crore issued in FY21

NEW DELHI: The Central Board of Direct Taxes (CBDT) has issued refunds of nearly Rs 1.37 lakh crore to over 41.25 lakh taxpayers so far in the financial year 2020-21. The total refund amount includes Rs 36,028 crore of income tax refunds and over Rs 1 lakh crore as refunds on corporate tax, the Income […]

Lodha ousted from directorship of 5 MP Birla Group; Corporate Affairs Ministry okays admin panel move

NEW DELHI:Harsh Vardhan Lodha has been ousted from the Boards of five investment companies of MP Birla Group after an order by the Calcutta High Court restrained him from holding offices. The Union Corporate Affairs Ministry had on Wednesday approved and accepted the cessation of directorship of Lodha as recorded by the Board of Directors […]

Finance Ministry approves MEIS allocation of Rs 39K crore for FY20

NEW DELHI: The Finance Ministry has approved the allocation of Rs 39,097 crore under the Merchandise Exports from India Scheme (MEIS) for the exports made during FY 2019-20. In an office memorandum, the Central Board of Indirect Taxes and Customs (CBIC), which comes under the Ministry’s Department of Revenue, said that the MEIS allocation of […]

India poised to recover at fast pace: Finance Ministry

NEW DELHI: Indian economy is poised to recover at a fast pace and reach pre-COVID-19 levels by the end of the year, the finance ministry said in its monthly report but also cautioned about the possibility of “fatigue with social distancing norms” triggering a second wave of coronavirus infections. The sustained surge of activity levels […]

Income Tax refunds of Rs 1.27 trillion issued so far this fiscal: Finance Ministry

NEW DELHI: Income Tax refunds worth Rs 1.27 lakh crore has been issued to individuals and businesses so far this fiscal, Finance Secretary Ajay Bhushan Pandey said on Friday. He said the quick refund payment system is fully automated and transparent and the revenue department is monitoring the refund system every week. “In this financial […]

Finance Ministry allows additional Rs 7,106 crore borrowing by Uttar Pradesh, Andhra Pradesh

NEW DELHI: The government of India (Centre) on Friday permitted Uttar Pradesh and Andhra Pradesh to go for an additional borrowing of Rs 7,106 crore, to meet their expenditure requirements amid falling revenues due to the COVID-19 crisis. “The Ministry of Finance has granted additional borrowing permission to two more states, Uttar Pradesh and Andhra […]

Temporary retention of GST cess pending reconciliation not diversion: Finance ministry

NEW DELHI: Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion. Days after the Comptroller and Auditor General (CAG) flagged that the Centre in the first two years of the GST implementation wrongly […]

Regular reviews of implementation of economic package under Aatma Nirbhar Bharat being done: Finance Ministry

NEW DELHI: Prime Minister Narendra Modi on May 12th, 2020, announced a special economic and comprehensive package of Rs 20 lakh crore – equivalent to 10% of India’s GDP – to fight the COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or a Self-Reliant India Movement. He also outlined five […]

Supreme Court seeks finance ministry’s reply on waiver of interest on loans during moratorium period

NEW DELHI: The Supreme Court Thursday sought finance ministry’s reply on waiver of interest on loans during the moratorium period after the Reserve Bank of India (RBI) said it would not be prudent to go for a forced waiver of interest risking financial viability of the banks. The top court said there are two aspects […]

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