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Latest Articles in finance ministry

Over 2 Cr ITR Filed On Income Tax Department E-portal: FinMin

Meanwhile, all Income Tax Returns (ITR) have been made available for e-filing. More than 2 crore ITRs for AY 2021-22 have been filed on the portal, of which ITRs 1 and 4 constitute 86 per cent.

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Delhi GST Officers Busts Fictitious Exporter Network For Rs 134 Cr ITC Fraud

The Finance Ministry said that based on risk analysis, M/s Vibe Tradex, engaged in export of Pan Masala, chewing tobacco, FMCG goods etc, was identified for scrutiny.

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Economic Recovery Showing Positive Sign, Witnessing Growth In Sectors: FinMin

Apart from the external sector, the merchandise exports crossed the $30 billion mark for the sixth consecutive month in Fiscal Year (FY) 2021-22.

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FinMin Releases Revenue Deficit Grant Of Rs. 9,871 Cr To 17 States

With the release of this installment, a total amount of Rs. 69,097.00 crore has been released to eligible states as PDRD in the current Financial Year (FY), the ministry informed.

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Govt Collects Rs 1,17,010 Cr GST Revenue In September

The revenues in September 2021 are 23 per cent higher than the GST revenues in the same month last year.

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FinMin Officials Pitch For Better Sovereign Rating Outlook With Moody's

The Indian economy contracted 7.3 percent in 2020-21 fiscal. In the April-June quarter of current fiscal, the economy grew 20.1 percent.

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Centre Releases Quarterly Report On Public Debt Management

Meanwhile, the yields on government securities hardened in the secondary market because of the increase in the supply of G-secs during the quarter like in the corresponding quarter of FY21.

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FinMin Approves Capital Expenditure Projects of Rs. 2,903.80 Cr In 8 States

Scheme “Special Assistance to States for Capital Expenditure for 2021-22” gives timely stimulus to economic recovery.

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FinMin Notifies Procedure To Issue Duty Credit For Goods Exported Under RoDTEP

The duty credit will be issued in lieu of remission of any duty or tax or levy, chargeable on any material used in the manufacture or processing of goods meant for exports, and where such tax is not exempted, remitted or credited under any other scheme, it added.

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The Average Indian family’s income Gone Down; That is The Real economic Indicator: Praveen Chakravarty, Data Analytics Chairman, Congress

Praveen Chakravarty, chairman of Congress' data analytics department, speaks with BW Businessworld on the range of issues that impact Indian economy. He talks about the real yardstick of measuring economic well being which is more about the falling average income and so the distress among the average Indian. He speaks on the untimely monetization of the critical asset and talks about the lack of sound macroeconomic policy for the emerging India. On the welfare, he sights the MGNREGA--and without such scheme, country would have faced riot- like situation.

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Centre Relaxes Provisions Of TDS Under Income-tax Act

No deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other than interest on securities, made by a Scheduled Bank (hereinafter the ‘payer’) located in a specified area to a member of Scheduled Tribe, the official statement said.

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More Than Rs 30,000 Cr Guarantee Approved For Bad Bank By Cabinet: FM

The NARCL is going to pay a total of 15 per cent of the agreed value for the cash loans and the remaining 85 per cent is going to be government-guaranteed security receipts.

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Past Losses Of PSUs Can Be Carried Forward, Clarify CBDT

Income Tax India took to Twitter and wrote, "CBDT issues clarification regarding carrying forward of losses in case of change in shareholding due to strategic disinvestment. Section 79 of the Income-tax Act, 1961 not to apply in a case involving a change in shareholding due to such strategic disinvestment."

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Centre Release Rs. 56,027 Cr Under Various Export Promotion Schemes

The ministry also said that a total amount of 56,027 crore is being released under various export promotion schemes.

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Finance Ministry Collects Rs 1,12,020 Cr of GST Revenue In August

Talking about the revenue from domestic transactions which includes import of services in August this year, it is 30 per cent extra as compared to revenue of the same month in 2020. Even as compared to the August revenues in 2019-20 of Rs. 98,202 crore, this is a growth of 14 per cent.

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