Ministry of Finance: News

Finance Ministry issues list of 9,500 'high-risk' financial companies

As authorities probe the biggest banking fraud in Indian history, the Finance Ministry has released a list of nearly 9,500 'high-risk' non-banking financial companies (NBFCs).

After delays, e-way bills likely to go live from April

Two months after initial plans, the e-way bill system for inter-state movement of goods will likely become mandatory from April 1, reports said.

Deposit schemes, return-offers from jewelers, realtors may soon be banned

The Union Cabinet has cleared the Banning of Unregulated Deposit Schemes Bill, 2018 to be introduced in Parliament; it seeks to ban dubious schemes and punish those running such scams.

EPFO to announce provident-fund interest today: Here's all about it

The Employees' Provident Fund Organization (EPFO) is going to announce the provident fund interest rate for its five crore subscribers for 2017-18 after a meeting of its highest decision-maker, Central Board of Trustees (CBT).

Pakistan borrows $500mn from China to support diminishing reserves

Pakistan has taken another foreign commercial loan of $500mn from Industrial and Commercial Bank of China (ICBC) to support its diminishing foreign currency reserves.

Govt proposes allowing premature closing of PPF accounts

In what could benefit lakhs, the government has proposed allowing premature closure of small savings schemes, including the public provident fund (PPF).

Eight tax officers to handle your GST queries online

In light of mass complaints regarding lack of information about the GST, the Finance Ministry has roped in eight tax officers, all assistant commissioners, to answer related queries on Twitter/email with immediate effect.

E-way bill system goes live today: All you should know

The e-way bill regime, devised as a tool to check tax evasion under GST, is rolling out nationwide today.

#DecodingBudget: Before the D-day, 7 interesting facts about the budget

The day is finally here. NDA government will present its last full-fledged budget on 1st Feb.

Govt mulls higher tax deduction limits, but with conditions

According to reports, the finance ministry is considering offering relief to taxpayers; there are discussions to increase the current Rs. 2L deduction limit to Rs. 2.5L.

Budget-2018 process begins with 'Halwa Ceremony': Here's all about it

Finance Minister Arun Jaitley has officially kicked off the Union Budget 2018-19 process by performing the traditional pre-Budget "Halwa Ceremony" ahead of the Budget presentation on 1 February. This marked the inauguration of formal printing of all Budget-related documents.

GST Council Meet: Rates on 29 goods, 53 services revised

At the 25th GST Council Meeting, convened in New Delhi, the highest decision-making authority on Goods and Services Tax (GST) has revised the tax rates on as many as 29 items and 53 services.

Government may allow 100% FDI in banking: Report

After allowing 100% FDI (Foreign Direct Investment) in aviation, single-brand retail, and construction, the Centre is now considering to hike the FDI limit in the banking sector to 100%.

Center approves 100% FDI in single-brand retail under automatic route

The government has approved 100% Foreign Direct Investment (FDI) in single-brand retail and construction development without government approval and relaxed norms for other sectors, including aviation.

Before 2019 polls, will government lure middle-class with tax sops?

In its final budget before 2019's general elections, the NDA government will probably woo the middle class with tax sops. The middle class has traditionally been NDA's main voter-base.

Will electoral bonds help cleanse political funding like Jaitley says?

Finance Minister Arun Jaitley has reiterated that the government is committed to transparency in political funding.

India's first app-based Bitcoin wallet launched; transact using your mobile-number!

Despite RBI's warnings and the rising concerns about the potential risks involved in investing in Bitcoin and other cryptocurrencies, investments in virtual currencies are on the rise in India.

Now, I-T officers can access banking databases to catch defaulters

It is now impossible for the tax defaulters/evaders to escape from the clutches of the Income Tax Department, as the Centre has amended the I-T rules, empowering the tax authority.

Direct Tax Collections rise 14%, hitting Rs. 4.8-lakh-crore till November

In yet another boost to the economy, Central Board of Direct Taxes (CBDT) latest data showed that the Direct Tax Collections for FY 2017-18 recorded a growth of 14.4% between April and November.

ICICI Bank customers can now open PPF-account sitting at home

India's largest private bank ICICI Bank has introduced a fully-digital service to enable its customers to open a Public Provident Fund (PPF) online.

EPF cover salary limit to be increased to Rs. 21,000

Restaurants charging more post-GST? You can do these 3 things

The GST Council, in its 23rd meeting in Guwahati, reduced the Goods and Services Tax rate for restaurants to 5% from 18%, which was expected to make eating out cheaper.

Airfares likely to increase with hike in passengers services fee

Airfares are likely to increase as the government mulls raising passenger services fee (PSF) by at least 38% to meet airport security costs.

Arun Jaitley talks GST, Bharatmala, affordable housing and more

At a press conference, Finance Minister Arun Jaitley reiterated the government's commitment to infrastructure development, affordable housing, a strong banking sector and more.

Late GST filing fees waived off for August and September

In major relief for taxpayers, the government has waived off penalties on delayed filing of GST returns for August and September.

Six properties of Dawood Ibrahim put up for auction

The Finance Ministry has announced an auction of six properties belonging to gangster Dawood Ibrahim on November 14, including Hotel Raounaq Afroz, also known as Delhi Zaika.

New online chat support for taxpayers on I-T website

In a significant help for taxpayers, the Income Tax department has launched an 'online chat' to help citizens resolve basic queries and doubts.

Direct tax collections up 15.8% to Rs. 3.86L crore

India's direct tax collections for April-September quarter increased 15.8% to Rs. 3.86L crore.

Banking unions threaten strike over unpaid demonetization overtime dues

Unions representing government-owned banks have threatened to go on strike and take legal action if the overtime dues owed to employees for working extra hours following demonetization aren't cleared.

L&T Infotech's $100 million government contract to catch tax evaders

The Centre's contract, to track social media accounts of taxpayers to see if their spending patterns are in accordance with their tax declarations in order to nab the tax evaders, was awarded to India's largest engineering conglomerate Larsen & Toubro Ltd-owned L&T Infotech Ltd.

You could get Rs. 1cr for revealing benami properties

Starting October-November, you could get a reward of up to Rs. 1cr for informing authorities about benami properties.

Union Minister Dharmendra Pradhan proposes bringing petroleum products under GST

Petroleum and Natural Gas Minister Dharmendra Pradhan has requested Finance Ministry to include petroleum products under GST ambit.

New Rs. 100 coins, Rs. 5/10 coins to undergo changes

The Finance Ministry will be issuing Rs. 100 coins to commemorate the birth centenary of AIADMK founder Dr MG Ramachandran and singer Dr MS Subbulakshmi.

Government scraps Rs. 8700 crore funding project for IITs

The finance ministry has rejected a Rs. 8,700cr scheme that was being planned for seven IITs to improve their global standing.

Over 2 lakh companies' bank accounts frozen

The Finance Ministry has imposed restrictions on the operation of bank accounts of more than 2 lakh companies which have been "struck off" from the Register of Companies.

GST Update: Government waives penalty on late returns for July

Bringing much-needed relief, the Center, on the recommendations of the GST Council, has decided to not impose the fine of Rs. 200 per day on those who haven't been able to file their GST returns within the deadline. Note: This relaxation is only in place for July.