Tag Archives: Ministry

Finance ministry makes a budget case for small investors

Mumbai: Finance minister Nirmala Sitharaman told Indian industry on Friday that proposed changes in dividend distribution tax (DDT) rules were aimed at putting more money in the hands of small shareholders, declaring, “let them decide what they want to do with it”. While admitting that promoters and high net-worth individuals (HNIs) will face a higher tax rate, she justified the move on the ... Read More »

Finance Ministry tightens purse strings for January-March quarter

The finance ministry has cut the amount various ministries and department can spend in the last quarter to a maximum of 25% of their budget estimate for the entire financial year, citing fiscal situation. The earlier limit for the last quarter spending was 33%. Also, within the 25% cap on spending for January-March, only a maximum of 10% of the total budget ... Read More »

DoT to take up Rs 36,000 crore ITC refund with finance ministry

New Delhi/Mumbai: The Department of Telecommunications will ask the finance ministry to refer the pending issue of refunding input tax credits of telecom companies worth Rs 36,000 crore to the GST Council, a move that could provide further relief to Vodafone Idea and Bharti AirtelNSE -1.33 %. One official said wider consultations are needed on the matter of reducing licence fees for telcos and this ... Read More »

Sebi taps finance ministry over new tag for foreign-owned MFs

Mumbai: The markets regulator has written to the finance ministry over its recent circular tagging foreign-controlled mutual funds as investment vehicles, two people familiar with the matter said. The regulator’s intervention comes amid fears that the new rules could force several equity asset managers to freeze investment activity and even sell their holdings. The Securities and Exchange Board of India (Sebi) made its representation ... Read More »

Finance Ministry officials to meet heads of CPSEs for capital expenditure push

The government has a capital expenditure plan of Rs 3.3 lakh crore during the current financial year. To revive sagging economy, the finance ministry will hold meeting with heads of central public sector enterprises (CPSEs) on Friday to impress upon them the need to expedite capital expenditure. The government has a capital expenditure plan of Rs 3.3 lakh crore during ... Read More »

Finance Ministry expects remaining four banks to be out of PCA framework this fiscal

New Delhi: The finance ministry expects the remaining four public sector lenders to be out of the RBI’s prompt corrective action (PCA) framework with the recent round of capital infusion. Currently, Indian Overseas BankNSE -0.96 % (IOB), Central Bank of India, UCO Bank and United Bank of India are under this framework which puts several restrictions on them, including on lending, management compensation ... Read More »

Trade bodies begin pre-budget consultations with finance ministry

With days remaining for the new government to take charge and the new council of ministers to be sworn in, all eyes are already on the finance ministry. With the economy losing steam, a number of trade bodies have already started their pre-budget consultations with the finance ministry. Even though the chambers of ministers are empty at North Block, the ... Read More »

FM Arun Jaitley meets 5 finance ministry secretaries amid hospitalisation rumours

Though reports suggest that Arun Jaitley might not take another tenure as India’s finance minister under the upcoming Modi Cabinet, he seems unperturbed. Amid rumours of his ill health, the Finance Minister today met five secretaries of the finance ministry, including Finance Secretary Subhash Chandra Garg, at his residence. Other top ministry officials who met Jaitley included Revenue Secretary Ajay ... Read More »

Finance Ministry considers steps to prevent composition dealers from charging GST from buyers

In a consumer-friendly measure, the revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers. The measure, once implemented, would check the widespread practice of composition dealers of charging GST from purchasers and not depositing it with ... Read More »

GST Council met 30 times, took 918 decisions in 2 years: Finance Ministry

The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday. The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in ... Read More »