Ministry of Finance

Government Notifies Sale Reissue Of Following Government Securities

Vide Notification Dated 18th April 2022 by the Ministry of Finance, the Central Government has notified sale reissue of government securities as mentioned in the notification. Government said in the notification that GoI will have the option to retain additional subscription up to 2,000 crore against each security mentioned above. The sale will be subject …

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Minimum Pension Of Rs 1000 is Not Enough For EPFO ​​Subscribers: Parliament's Committee

Pension Of Rs 1000 is Not Enough For EPFO ​​Subscribers: Parliament’s Committee

A pension of Rs 1,000 is not enough for the subscribers of Employees’ Provident Fund Organization (EPFO). It needs to be increased. A committee of Parliament on Tuesday said that giving Rs 1,000 as minimum monthly pension to subscribers under EPFO’s pension scheme is too low. In such a situation, it is necessary that the …

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No Plan To Change Capital Gains Tax: Finance Ministry

No Plan To Change Capital Gains Tax: Finance Ministry

Clarifying the government’s stand on Tuesday, sources in the finance ministry said the central government has no plans to reform the capital gains tax structure at present. Sources have rubbished media reports that the government wants to reform the capital gains tax structure to increase its earnings and increase spending on welfare schemes. In a …

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Government Revises Rate Of Interest On Deposits Under Special Deposit Scheme

Government Revises Rate Of Interest On Deposits Under Special Deposit Scheme

Notification Dated 3rd January 2022 Ministry of Finance, Department of Economic Affairs The notification reads as under: It is hereby notified that the deposits made under the Special Deposit Scheme for Non Government Provident, Superannuation and Gratuity Funds, announced in the Ministry of Finance (Department of Economic Affairs) Notification No. F. 16(1) PD/75 dated 30th …

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Must read – Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys on glitches of new IT portal

Ministry of Finance Finance Ministry meeting with Infosys on glitches in e-filing portal of Income Tax Department Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the deep disappointment and concerns of the Government and the taxpayers about …

Must read – Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys on glitches of new IT portal Read More »

Ministry of Finance

Clarification by Ministry of Finance regarding holding of competitive exam of PSBs in local languages by IBPS

This is with reference to the news report published in certain section of media regarding the advertisement given by Institute of Banking Personnel Selection(IBPS) for holding an examination for recruitment in the clerical cadre of Public Sector Banks (PSBs)  only in two languages i.e. English and Hindi, despite the fact that 22 languages were recognized …

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India and UK financial Market Dialouge

India-UK hold 1st Financial Market dialogue

India and the United Kingdom (UK) held the inaugural meeting of the India-UK Financial Markets Dialogue (‘the Dialogue’) virtually late evening yesterday. The Dialogue was established at the 10th Economic and Financial Dialogue (EFD) in October 2020 to deepen bilateral ties in the financial sector. The Dialogue was led by senior officials from the Indian …

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CBIC

Online filing of application for Authorised Economic Operators (AEO T2 and AEO T3) launched

Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications. The AEO web application is accessible at URL http://www.aeoindia.gov.in. The new version (V 2.0) of the web application is designed to ensure continuous real-time and digital monitoring …

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GST

Gross GST revenue collection in June’ 2021 is of ₹ 92,849 crore

The gross GST revenue collected in the month of June’ 2021 is₹92,849 crore of which CGST is ₹16,424 crore, SGST is ₹20,397, IGST is ₹49,079 crore (including ₹25,762 crore collected on import of goods) and Cess is ₹6,949 crore (including ₹809 crore collected on import of goods).The above figure includes GST collection from domestic transactions …

Gross GST revenue collection in June’ 2021 is of ₹ 92,849 crore Read More »

Ministry of Finance

GOI announces auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘New 10 year GS, 2031’ and (iii) ‘6.76% GS 2061’

The Government of India (GoI) has announced the Sale (Issue / re-issue) of (i) ‘4.26% Government Security, 2023’ for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) ‘New Government Security, 2031’ for a notified amount of Rs 14,000 crore (nominal) through yield based auction, and (iii) ‘6.76% Government Security 2061’ …

GOI announces auction for Sale (Re-issue) of (i) ‘4.26% GS 2023’,(ii) ‘New 10 year GS, 2031’ and (iii) ‘6.76% GS 2061’ Read More »

Ministry of Finance

Public Debt Management report for the quarter of January March 2021released

During Quarter 4 of FY21, the Central Government issued dated securities worth Rs 3,20,349 crore as against Rs 76,000 crore in Q4 of FY20, while repayments were at Rs 29,145 crore. The weighted average yield of primary issuances increased to 5.80 per cent in Q4 FY21 from 5.68 percent in Q3 of FY21. The weighted …

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NIRMALA SITHARAMAN

44th GST Council Meeting Updates & Decision as per Press Briefing By Union Finance Minister

Finance Minister Nirmala Sitharaman chaired the 44th meeting of the GST Council through video conferencing. giving information about the decisions taken in this- GST on electric furnaces and temperature checking equipment has been reduced to 5 per cent and on ambulances to 12 per cent. These rates will be valid till September. GoM had recommended …

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Ministry of Finance

3rd installment of Revenue Deficit Grant of Rs. 9, 871 crore released to 17 States

The Department of Expenditure, Ministry of Finance released the 3rd monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9,871 crore for the year 2021-22 to 17 States.  With the release of the 3rd installment, a total amount of Rs. 29, 613 crore has been released in the first three months of the …

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CBIC- Notification No. 26/2021 – Central Tax- Dated 1st June, 2021

CBIC extend the due date for furnishing of FORM ITC-04 for Quarter Ended (QE) March, 2021 to 30.06.2021 vide Notification No. 26/2021 – Central Tax

Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNew Delhi Notification No. 26/2021 – Central Tax-  Dated 1st June, 2021 G.S.R. 370(E).—In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) and sub-rule (3) of rule 45 of the Central …

CBIC extend the due date for furnishing of FORM ITC-04 for Quarter Ended (QE) March, 2021 to 30.06.2021 vide Notification No. 26/2021 – Central Tax Read More »

Ministry of Finance

Review of Accounts of Union Government of India for the month of April 2021published

The Monthly Account of the Union Government of India upto the month of April 2021 has been consolidated and reports published. As per the PIB press release, highlights are given below:- Receipt:- The Government of India has received Rs. 1,47,991 crore (7.49% of corresponding BE 21-22 of Total Receipts) for April 2021 comprising Rs. 1,30,811 …

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Ministry of Finance

Unaudited Accounts of the Union Government of India for the Financial Year 2020-21published

The Unaudited Accounts of the Union Government of India for the Financial Year 2020-21 has been consolidated and reports published. As per the PIB press release following are the highlights of the accounts: Receipts:- The Government of India has received Rs. 16,89,720 crore (105.50% of corresponding RE 20-21 of Total Receipts) during 2020-21 comprising Rs …

Unaudited Accounts of the Union Government of India for the Financial Year 2020-21published Read More »

CBIC

Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules,2017

The Finance Minister had in her Budget Speech this year announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, the Central Board of Customs and Indirect Taxes( CBIC) had immediately enhanced the scope of these rules on 2nd February 2021. …

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PF Threshold Limit Raised to Rs. 5 Lakhs for Tax-Free Interest

PF threshold limit raised to Rs. 5 lakhs for tax-free interest PF threshold limit raised to Rs 5 lakh for tax-free interest where there is no contribution by employer. In the Union Budget 2021, FM had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

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Ministry of Finance

Rajasthan becomes the 5th State to complete Urban Local Bodies (ULB) reforms

Rajasthan has become the 5thState in the country to successfully undertake Urban Local Bodies (ULB)
reforms stipulated by the Department of Expenditure, Ministry of Finance and has thus become eligible for
additional reform linked borrowing. Accordingly, the State has been granted permission by the Department of Expenditure to mobilise additional financial resources of Rs.2,731crore through Open Market Borrowings.