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finance ministry

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The previous all-time high price of petrol was ₹84 a litre on October 4, 2018.(REUTERS)

Petrol prices touch record high at 84.20 a litre in NCR

By Utpal Bhaskar | Hindustan Times, New Delhi, New Delhi
PUBLISHED ON JAN 08, 2021 12:47 AM IST
Central and state taxes and the commission of dealers are added to the refinery gate price of auto fuel to arrive at the retail price.
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This was the second review meeting by Sitharaman with various ministries and departments to monitor and accelerate NIP project implementation.(PTI Photo)
This was the second review meeting by Sitharaman with various ministries and departments to monitor and accelerate NIP project implementation.(PTI Photo)

Nirmala Sitharaman reviews progress of projects worth Rs 3.6 lakh cr under National Infrastructure Pipeline

By Press Trust of India| Posted by: Harshit Sabarwal | New Delhi
PUBLISHED ON JAN 06, 2021 07:30 PM IST
During the meeting, the finance minister asked the two ministries/ departments to push infra expenditure by effectively implementing all NIP projects in time and ensure quick resolution of issues in coordination with state governments and other ministries. Secretaries of these two departments were asked to promote investible projects by holding discussions with prospective investors, the finance ministry said in the statement.
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India faces the challenge of boosting spending on productive assets that aid economic growth after being forced to direct the bulk of stimulus last year on the poor and the farmers to protect them from a pandemic-induced slowdown.(Bloomberg representative image)
India faces the challenge of boosting spending on productive assets that aid economic growth after being forced to direct the bulk of stimulus last year on the poor and the farmers to protect them from a pandemic-induced slowdown.(Bloomberg representative image)

India considers creating bank with $13.7 billion equity capital to fund roads

By Bloomberg | Posted by Deepali Sharma
PUBLISHED ON JAN 06, 2021 03:28 PM IST
Attracting foreign investment is also crucial to meet Modi’s goal of spending $1.5 trillion on new roads, rail links and other infrastructure over the next five years as public finances deteriorate.
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A paramedic fills a syringe with a vaccine against the coronavirus disease (Covid-19) before administering it to a health worker during its trials at Civil Hospital in Ahmedabad on January 5, 2021.(Reuters File Photo)
A paramedic fills a syringe with a vaccine against the coronavirus disease (Covid-19) before administering it to a health worker during its trials at Civil Hospital in Ahmedabad on January 5, 2021.(Reuters File Photo)

Approval of Covid-19 vaccine lends strength to optimism on health, eco fronts: Report

By Press Trust of India | Posted by Kanishka Sarkar | New Delhi
PUBLISHED ON JAN 05, 2021 05:35 PM IST
India, the report said, “has been successful in bending the Covid-curve till now, with reducing weekly/daily infections, rising recovery rate (now at around 95 per cent) and one of the world’s lowest case fatality rates”.
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Gangwar had approved the 8.5 per cent rate for last fiscal after receiving the finance ministry’s concurrence. Thereafter the direction was sent to the EPFO for crediting the interest on EPF into the subscribers’ accounts.(Mint Archive)
Gangwar had approved the 8.5 per cent rate for last fiscal after receiving the finance ministry’s concurrence. Thereafter the direction was sent to the EPFO for crediting the interest on EPF into the subscribers’ accounts.(Mint Archive)

EPFO starts crediting 8.5% for 2019-20, amount to reflect in EPF accounts from Jan 1

By Press Trust of India | Posted by Shankhyaneel Sarkar | New Delhi
UPDATED ON DEC 31, 2020 05:53 PM IST
“It (8.5 per cent interest) would comprise 8.15 per cent from debt income and balance 0.35 per cent (capital gain) from the sale of ETFs (exchange traded funds) subject to their redemption by 31st December, 2020,” he said.
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Rajesh Gupta, co-founder and director of accounting software firm Busy Infotech, expects GST collection in December to exceed the November figure of Rs 1,04,963 crore.(PTI)
Rajesh Gupta, co-founder and director of accounting software firm Busy Infotech, expects GST collection in December to exceed the November figure of Rs 1,04,963 crore.(PTI)

GST revenue may exceed Rs 1 lakh crore for third consecutive month

By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 30, 2020 04:59 AM IST
According to available data so far, GST collections look good, with increased demand from consumers in the festive season, two officials with direct knowledge of the matter said, requesting anonymity. The finance ministry will release GST revenue data on Friday.
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Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan.(Reuters)
Cairn India employees work at a storage facility for crude oil at Mangala oil field at Barmer in the desert Indian state of Rajasthan.(Reuters)

Cairn wins $1.2 billion award in damages in tax row with Centre

By Gireesh Chandra Prasad | Livemint, New Delhi
UPDATED ON DEC 24, 2020 05:24 AM IST
Cairn approached the tribunal after India’s 2015 tax demand of $2.74 billion over the group’s reorganisation in 2006, resulting in the creation of Cairn India Ltd.
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The CBIC issued notification to deal with the menace of fraudsters.(Representative Photo/PTI)
The CBIC issued notification to deal with the menace of fraudsters.(Representative Photo/PTI)

Fake GST invoice menace: Tax department debunks misinformation about rule change

By hindustantimes.com | Edited by: Amit Chaturvedi | Hindustan Times, New Delhi
UPDATED ON DEC 23, 2020 08:35 PM IST
In a release, the The Central Board of Indirect Taxes and Customs said that it has so far registered about 12,000 cases of ITC fraud and arrested 365 people.
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Andhra Pradesh, Karnataka and Madhya Pradesh are the other states which have been permitted to borrow the extra amount.(Mint file photo)
Andhra Pradesh, Karnataka and Madhya Pradesh are the other states which have been permitted to borrow the extra amount.(Mint file photo)

Finance Ministry permits 5 states to borrow extra Rs 16,728 cr

By Press Trust of India | Posted by Deepali Sharma | New Delhi
PUBLISHED ON DEC 20, 2020 02:13 PM IST
The reforms stipulated in the category include completion of first assessment of ‘District Level Business Reform Action Plan’.
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A health worker in personal protective equipment (PPE) checks the temperature of passengers amid the spread of the coronavirus disease at a railway station in Mumbai, India, December 11, 2020.(REUTERS)
A health worker in personal protective equipment (PPE) checks the temperature of passengers amid the spread of the coronavirus disease at a railway station in Mumbai, India, December 11, 2020.(REUTERS)

India may need to spend $1.8 billion on Covid-19 vaccines in first phase, documents show

By Reuters | Posted by Arpan Rai | New Delhi
PUBLISHED ON DEC 16, 2020 10:43 PM IST
India also needed $30 million to $80 million for the insfrastructure to transport and store vaccines that must be kept at very low temperatures, the report said.
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Migrants laborers from Uttar Pradesh state and their families trying to return to their villages walk towards a bus terminal in New Delhi, India, Sunday, May 10, 2020.(AP)
Migrants laborers from Uttar Pradesh state and their families trying to return to their villages walk towards a bus terminal in New Delhi, India, Sunday, May 10, 2020.(AP)

Covid-19: India signs $400 million project with World Bank to protect poor, vulnerable

By hindustantimes.com | Edited by Arpan Rai | Hindustan Times, New Delhi
PUBLISHED ON DEC 16, 2020 10:29 PM IST
Officials stated that due to the Covid-19 crisis, risks of migrants and the urban poor have been brought to the fore along with the need for governments to strengthen preparedness for future disasters of this nature.
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In its latest attempt to offload the airline, the Indian government plans to sell 100% of Air India.(PTI)
In its latest attempt to offload the airline, the Indian government plans to sell 100% of Air India.(PTI)

Multiple parties show interest in Air India: Govt

By HT Correspondent | Mint, New Delhi
PUBLISHED ON DEC 15, 2020 04:57 AM IST
The government has been looking for a buyer for the state-run airline since 2017 but has drawn a blank so far as investors have been deterred by the money-losing airline’s huge debt load.
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CII president Uday Kotak said Budget 2021-22 should address pvt investment needs.(Blomberg file Photo)
CII president Uday Kotak said Budget 2021-22 should address pvt investment needs.(Blomberg file Photo)

India Inc seeks fresh stimulus

By Shreya Nandi
UPDATED ON DEC 15, 2020 05:08 AM IST
The Confederation of Indian Industry (CII) recommended a three-pronged strategy for Budget 2021-22 centering around growth, fiscal consolidation and strengthening of the financial sector that would help overcome the impact of Covid-19 on the economy.
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Labourers under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) work at a site, during the Covid-19 lockdown’s second phase, on the outskirts of Ajmer.(PTI)
Labourers under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) work at a site, during the Covid-19 lockdown’s second phase, on the outskirts of Ajmer.(PTI)

Govt made record payments under MGNREGS this year

By Chetan Chauhan | Hindustan Times, New Delhi
UPDATED ON DEC 14, 2020 04:47 AM IST
The rural development ministry, which administers the world’s biggest job guarantee scheme, was allocated Rs 84,900 crore in two instalments to fund MGNREGS in the year ending in March 2021.
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The Finance Ministry has released the weekly installment of Rs 6,000 crores to the states to meet the Goods and Services Tax compensation shortfall
The Finance Ministry has released the weekly installment of Rs 6,000 crores to the states to meet the Goods and Services Tax compensation shortfall

Sixth installment of Rs 6,000 cr released to states/UTs as loan to meet GST compensation shortfall

By Asian News International | Posted by Ayshee Bhaduri | New Delhi
PUBLISHED ON DEC 09, 2020 09:04 PM IST
The central government is borrowing this amount on behalf of the states and UTs through a special borrowing window to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of GST implementation.
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The RBI has previously faced criticism for largely overstating inflation, forecasts that were then used to underpin the MPC’s hawkish policy stance in 2018.(File photo)
The RBI has previously faced criticism for largely overstating inflation, forecasts that were then used to underpin the MPC’s hawkish policy stance in 2018.(File photo)

Govt considers easing inflation to support growth

By Bloomberg | Posted by Deepali Sharma
PUBLISHED ON DEC 09, 2020 02:20 PM IST
Currently, a spike in inflation has forced the central bank to pause interest-rate cuts despite the economy needing more stimulus after entering an unprecedented recession.
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Oil pumping jacks, also known as "nodding donkeys"in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia.(Bloomberg)
Oil pumping jacks, also known as "nodding donkeys"in a Rosneft Oil Co. oilfield near Sokolovka village, in the Udmurt Republic, Russia.(Bloomberg)

Russia starts preparing for lower budget revenues as global oil demand declines

By Bloomberg | Posted by Shankhyaneel Sarkar
UPDATED ON DEC 05, 2020 04:37 PM IST
The comments are a rare admission from a senior Russian official that the best days may be over for the energy revenues that drive the economy.
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An illuminated Parliament ahead of the midnight launch of Goods and Services Tax (GST) in New Delhi in 2017.(PTI FILE)
An illuminated Parliament ahead of the midnight launch of Goods and Services Tax (GST) in New Delhi in 2017.(PTI FILE)

Jharkhand, the only remaining state, accepts Centre’s Rs 1.1L cr borrowing option

By Rajeev Jayaswal | Hindustan Times, New Delhi
PUBLISHED ON DEC 05, 2020 11:18 AM IST
With this, the 31 members of the GST Council – 28 states and 3 union territories -- have formally accepted the first borrowing option of Rs 1.1 lakh crore proposed by the Centre in August
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Union finance minister Nirmala Sitharaman(Sanjeev Verma/HT PHOTO)
Union finance minister Nirmala Sitharaman(Sanjeev Verma/HT PHOTO)

All states accept Rs 1.1 lakh crore borrowing option to meet GST shortfall

By Hindustantimes.com | Edited by Kanishka Sarkar | Hindustan Times, New Delhi
UPDATED ON DEC 05, 2020 11:03 AM IST
Jharkhand has become the latest State to go for Option-1 and it will get Rs. 1,689 crore through special borrowing window to meet the GST implementation shortfall.
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Labourers at work on a construction site against the backdrop of a setting sun on Dwarka Expressway near Sector-94, in Gurugram.(Parveen Kumar/Hindustan Times)
Labourers at work on a construction site against the backdrop of a setting sun on Dwarka Expressway near Sector-94, in Gurugram.(Parveen Kumar/Hindustan Times)

Finance ministry report says economy witnessing V-shaped recovery

By Press Trust of India | Posted by Shankhyaneel Sarkar | New Delhi
UPDATED ON DEC 03, 2020 04:15 PM IST
The growth drivers have obtained the largest support from agriculture followed by construction and manufacturing, it said, adding, the contact-sensitive services sector has also contributed although mainly through logistics and communication.
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Under the borrowing plan (Option-1), the Centre would borrow from market Rs 1.10 lakh crore which the revenue shortfall on account of GST implementation.(PTI)
Under the borrowing plan (Option-1), the Centre would borrow from market Rs 1.10 lakh crore which the revenue shortfall on account of GST implementation.(PTI)

Telangana accepts Centre’s borrowing option-1 to meet GST shortfall

By Press Trust of India | Posted by Deepali Sharma | New Delhi
PUBLISHED ON NOV 17, 2020 09:50 PM IST
The second option given by the Centre to meet the shortfall in revenue arising out of GST implementation was for the states to borrow the entire Rs 1.83 lakh crore collection shortfall.
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In a nationwide drive against GST fake invoice frauds, started last Monday, within four days 25 arrests have been made against 1,180 entities, a finance ministry official said(File Photo)
In a nationwide drive against GST fake invoice frauds, started last Monday, within four days 25 arrests have been made against 1,180 entities, a finance ministry official said(File Photo)

Honest taxpayers need not worry about display of GST details: Govt

By Rajeev Jayaswal | Hindustan Times, New Delhi
PUBLISHED ON NOV 17, 2020 08:08 AM IST
The Department of Revenue (DoR) has reiterated that there will be no extra compliance burden on the taxpayer for GST turnover displayed in the Form 26AS. The turnover is being shown in 26AS just for the information of taxpayer, the official said requesting anonymity. DoR is an arm of the finance ministry.
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The scene of the blast at Lalru on Friday.(HT Photo)
The scene of the blast at Lalru on Friday.(HT Photo)

Lalru dhaba blast: No action by govt despite complaints earlier, say oil companies

By Hillary Victor | Hindustan Times, Mohali, Mohali
UPDATED ON NOV 16, 2020 11:41 PM IST
Thefts stop when dhabas are raided after complaints to authorities, but the problem starts again soon, says a senior official of Indian Oil Corporation Limited
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Over the years, the Finance Ministry has been holding pre-budget consultations in North Block with industry/commerce associations, trade bodies and experts to seek ideas for the annual budget.(Sanjeev Verma/HT PHOTO)
Over the years, the Finance Ministry has been holding pre-budget consultations in North Block with industry/commerce associations, trade bodies and experts to seek ideas for the annual budget.(Sanjeev Verma/HT PHOTO)

Finance Ministry seeks suggestions for annual budget 2021-22 on MyGov portal from Nov 15

By Asian News International| Posted by Susmita Pakrasi | New Delhi
PUBLISHED ON NOV 13, 2020 09:54 PM IST
The app will go live on November 15, 2020, and will remain open till November 30, 2020 to receive ideas for the budget, the Ministry of Finance said in an official release.
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One can now buy a house at a rate 20% lower than the one arrived at according to the circle rate(Bloomberg)
One can now buy a house at a rate 20% lower than the one arrived at according to the circle rate(Bloomberg)

You can now buy houses at 20% below circle rate: All you need to know

By hindustantimes.com | Edited by Prashasti Singh | Hindustan Times, New Delhi
UPDATED ON NOV 13, 2020 02:46 PM IST
Circle rate is the minimum rate of property set by the authorities for a particular area.
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Union finance minister Nirmala Sitharaman along with minister of state for finance Anurag Thakur address a press conference at National Media Centre, in New Delhi.(Sanjeev Verma/HT Photo)
Union finance minister Nirmala Sitharaman along with minister of state for finance Anurag Thakur address a press conference at National Media Centre, in New Delhi.(Sanjeev Verma/HT Photo)

Highlights: Nirmala Sitharaman announces measures under Atmanirbhar 3.0 to revive economy

By hindustantimes.com| Edited by: Harshit Sabarwal | Hindustan Times, New Delhi
UPDATED ON NOV 12, 2020 03:25 PM IST
Her address comes a day after the Centre approved a Rs 2 lakh crore production-linked incentive (PLI) package to boost demand in India.
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Non faculty staff of PGIMER will not be getting Diwali bonus this year.(HT Photo)
Non faculty staff of PGIMER will not be getting Diwali bonus this year.(HT Photo)

Hailed as Covid warriors, but no bonus: Chandigarh PGI non faculty staff to hold protest on Diwali

By HT Correspondent | Hindustan Times, Chandigarh, Chandigarh
UPDATED ON NOV 11, 2020 11:31 PM IST
Approximately 5,000 group B (non-gazetted), C and D employees will not receive the bonus
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Representational photo.(REUTERS)
Representational photo.(REUTERS)

Government re-imposes anti-dumping duty on Chinese linen fabric

By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON NOV 11, 2020 05:25 PM IST
This is the third time since 2009 the government imposed anti-dumping duty on flax or linen fabric with more than 50% flax content that originated from China and Hong Kong
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Finance Minister Nirmala Sitharaman (PTI Photo)
Finance Minister Nirmala Sitharaman (PTI Photo)

LTC cash voucher scheme: Central employees can make purchases in family member’s name, says govt

By Press Trust of India | Posted by Karan Manral
UPDATED ON NOV 11, 2020 12:57 PM IST
Issuing a second set of FAQs, the govt also clarified an employee can claim reimbursement for the purchase of goods and services, on or after October 12, even if he/she has not formally exercised the option of availing the scheme.
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As per RBI guidelines, all banks, including PSBs, are permitted to levy charges for their services in a fair, transparent and non-discriminatory manner, the ministry has said issuing a clarification.(REUTERS)
As per RBI guidelines, all banks, including PSBs, are permitted to levy charges for their services in a fair, transparent and non-discriminatory manner, the ministry has said issuing a clarification.(REUTERS)

Have banks increased charges for depositing and withdrawing money? All you need to know

By hindustantimes.com | Edited by Poulomi Ghosh | Hindustan Times, New Delhi
UPDATED ON NOV 05, 2020 09:47 AM IST
Bank of Baroda initially decided to increase the service charges from November 1, but later withdrew the decision, the ministry has said.
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