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 notifies extended deadline for 2019-20 ITR filing
NEW DELHI: The finance ministry has notified the extended due date for filing income tax returns (ITR) for the 2019-20 fiscal. While the deadline for filing ITR by individual taxpayers has been extended by a month till December 31, the due date for those taxpayers whose accounts need to be audited has been extended to […]
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 […]
No restrictions on utilisation of additional borrowing by states: Finance Ministry
NEW DELHI: The government of India has not imposed any restrictions on states for utilisation of additional borrowing of 2 per cent and they are free to spend as per their requirements, a senior Finance Ministry official has said. It is to be noted that the basic limit of 3 per cent remains unconditional, while […]
Brokers body seeks Sebi,Finance Ministry of intervention as Franklin closes 6 Mutual Fund schemes
NEW DELHI:Terming the shut down of six debt schemes by Franklin Templeton Mutual Fund (FTMF) as an extreme step that has created panic, an umbrella body of brokers on Friday sought markets regulator Sebi and the Ministry of Finance’s intervention to protect investor interest. FTMF stunned all by deciding to shutter operations of six schemes […]
Finance Ministry notifies changes in FDI policy under FEMA
NEW DELHI: The Finance Ministry on Wednesday notified changes in FDI rules, which made prior approval of the government mandatory for foreign investments from countries that share border with India, to prevent opportunistic takeover of domestic firms amid COVID-19 pandemic under the FEMA law. The countries which share land borders with India are China, Bangladesh, […]
Finance Ministry sanctions Rs 46,038 crore states’ share in central taxes for April
NEW DELHI: The Finance Ministry on Monday said it has sanctioned Rs 46,038 crore for the devolution of states’ share in central taxes and duties for April. In a tweet the ministry said to assist states effectively address situation arising out of Covid-19 pandemic, as a special dispensation, the calculation of net proceeds of shareable […]
Finance Ministry releases Rs 17,287 crore to states to fight coronavirus pandemic
NEW DELHI: The Finance Ministry on Friday released Rs 17,287 crore to states to enhance their financial resources during the COVID-19 crisis. Of this amount, Rs 11,092 crore is towards State Disaster Response Mitigation Fund (SDRMF) to all states. An amount of Rs 6,195 crore has been released as ‘Post Devolution Revenue Deficit Grant’ to […]
Current fiscal year will end as scheduled on March 31, no extension: India
NEW DELHI: The government of India has not extended the current 2019-20 fiscal year and it will end as scheduled on March 31, the finance ministry said Monday. PTI erroneously reported that the new financial year will start from July 1. The news alert and the related story have been withdrawn. “There is no extension […]
India considering another ‘booster dose’ to revive economy
NEW DELHI: India’s finance ministry is working on one more booster dose to give a leg-up to the economy that has hit over six-year low of 5 per cent, a senior finance ministry official said. The blue print for the stimulus is ready that would be announced by Finance Minister Nirmala Sitharaman in the next […]
Finance Ministry to rework proposal for Air India sale after considering oil price
NEW DELHI: The Finance Ministry is preparing a fresh proposal for sale of Air India, incorporating issues like crude oil prices and exchange rate volatility, flagged by EY last year on possible reasons of the government failing to attract bidders for the national carrier. The ministry’s proposal, to be placed before Air India Specific Alternative […]