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union finance ministry

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GST collection in January 2021 is <span class='webrupee'>₹</span>1,19,847 crore, an 8.15% jump from <span class='webrupee'>₹</span>1,10,818 crore collected in January 2020.(Mint)

Centre gains record GST revenue of over 1 lakh crore for the first time

By hindustantimes.com | Edited by Deepali Sharma, Hindustan Times, New Delhi
PUBLISHED ON APR 01, 2021 03:18 PM IST
The GST revenue for the month is also 27 per cent higher than the revenue earned last year in the same month.
The government has authorised State Bank of India to issue and encash electoral bonds(Bloomberg Photo)
The government has authorised State Bank of India to issue and encash electoral bonds(Bloomberg Photo)

10-day sale of electoral bonds begins from today

By hindustantimes.com | Edited by Amit Chaturvedi, Hindustan Times, New Delhi
UPDATED ON APR 01, 2021 08:21 AM IST
The Supreme Court last month dismissed a plea seeking stay on the sale of these bonds in the wake of Assembly elections in five states and union territory of Puducherry.
File photo of finance minister Nirmala Sitharaman.(Mint)
File photo of finance minister Nirmala Sitharaman.(Mint)

Govt withdraws order slashing interest rates for small saving schemes

By hindustantimes.com | Edited by Amit Chaturvedi, Hindustan Times, New Delhi
UPDATED ON APR 01, 2021 08:29 AM IST
The government announced steep cuts in interest rates of small saving schemes, including the PPF and NSC, on Wednesday. That order has been withdrawn, finance minister Nirmala Sitharaman announced on Thursday morning.
AT-1 bonds are considered perpetual in nature, similar to equity shares as per the Basel III guidelines.(PTI File Photo)
AT-1 bonds are considered perpetual in nature, similar to equity shares as per the Basel III guidelines.(PTI File Photo)

Finance ministry asks Sebi to withdraw directive on tenure of AT1 bonds

PTI | , New Delhi
PUBLISHED ON MAR 12, 2021 10:10 PM IST
Sebi earlier this week issued regulations that put a limit of 10 per cent for cumulative investments by MFs in Tier I and Tier II bonds.
As part of its strategy to transition to cleaner energy sources, India is planning to expand its renewable power capacity fivefold to 450 gigawatts by 2030. Some 280 gigawatts of that will come from solar, according to the ministry. (AFP)
As part of its strategy to transition to cleaner energy sources, India is planning to expand its renewable power capacity fivefold to 450 gigawatts by 2030. Some 280 gigawatts of that will come from solar, according to the ministry. (AFP)

India to tax solar module imports, cut dependence on foreign supplies

Bloomberg |
PUBLISHED ON MAR 10, 2021 05:43 PM IST
The finance ministry has approved the proposal, which also includes a 25% customs duty on imports of solar cells, the ministry said in a note published on its website. It didn’t mention for how long the taxes will apply.
A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India.(Amal KS/ Hindustan Times)
A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India.(Amal KS/ Hindustan Times)

Finance ministry considers cutting taxes on petrol, diesel: Report

Reuters | , New Delhi
PUBLISHED ON MAR 01, 2021 08:44 PM IST
Finance Ministry has now started consultations with some states, oil companies and the oil ministry to find the most effective way to lower the tax burden, sources said.
The balance GST compensation for the period April-May 2020 and for the full period June-November'20 is pending to all states/UTs due to inadequate amount in the GST Compensation Fund during the current fiscal.(Mint)
The balance GST compensation for the period April-May 2020 and for the full period June-November'20 is pending to all states/UTs due to inadequate amount in the GST Compensation Fund during the current fiscal.(Mint)

Over 2.06 lakh crore GST compensation to states due for Apr-Nov

PTI | , New Delhi
UPDATED ON FEB 08, 2021 08:07 PM IST
  • Minister of state for finance Anurag Singh Thakur, in a written reply in the Lok Sabha, said The provisional GST compensation due for fiscal 2020-21 (April-November) stands at 2,06,461 crore. While GST compensation of 40,000 crore has been released to all states/UTs.
The drive by various GST authorities is still on and so far more than 2,500 case have been booked against 8,000 fake GST-registered entities, he said. “Authorities have recovered more than <span class='webrupee'>₹</span>820 crore from these fraudsters,” the official added.
The drive by various GST authorities is still on and so far more than 2,500 case have been booked against 8,000 fake GST-registered entities, he said. “Authorities have recovered more than 820 crore from these fraudsters,” the official added.

Eight Chartered Accountants arrested for GST fraud

By HT Correspondent, New Delhi
UPDATED ON JAN 25, 2021 05:17 AM IST
“One CA was arrested on Saturday along with his four businessmen in Jaipur for operating 25 fake firms to fraudulently avail and pass on ITC (input tax credit) through bogus invoices without actual supplies of goods and services,” one of the officials working in the Union finance ministry said requesting anonymity.
Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel.(HT_PRINT)
Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel.(HT_PRINT)

Include natural gas under GST to push for gas-based economy: Industry

PTI |
PUBLISHED ON JAN 10, 2021 03:23 PM IST
The Federation of Indian Petroleum Industry in a pre-Budget memorandum to the finance ministry said that inclusion of natural gas under the GST ambit will have a positive impact on gas-based industries, promote usage of the fuel, and avoid stranding of taxes
Union finance minister Nirmala Sitharaman.(Arvind Yadav/HT PHOTO)
Union finance minister Nirmala Sitharaman.(Arvind Yadav/HT PHOTO)

Nirmala Sitharaman wanted me out of finance ministry, says former secretary Subhash Garg

New Delhi | By Press Trust of India | Posted by Shivani Kumar
UPDATED ON OCT 31, 2020 05:57 PM IST
Garg, who took voluntary retirement soon after being moved from the finance ministry - where he handled the Department of Economic Affairs - to power ministry, said Sitharaman, unlike her predecessor Arun Jaitley, had “a very different personality and knowledge endowment”.
The release of non-plan grant is arrears of GST compensation for FY 2017-18 and FY 2018-19 worked out as per entitlement of the state government on the basis of revision of base year 2015-16 revenue(HT PHOTO)
The release of non-plan grant is arrears of GST compensation for FY 2017-18 and FY 2018-19 worked out as per entitlement of the state government on the basis of revision of base year 2015-16 revenue(HT PHOTO)

Cash-strapped Punjab gets a boost as Centre sanctions Rs 1,237 crore grant

Hindustan Times, Delhi | By HT Correspondent
UPDATED ON APR 11, 2020 10:58 PM IST
Punjab Finance Minister Manpreet Singh said the financial support has come at a critical time when the state was facing “the greatest challenge that humanity has ever faced”.
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