Ministry of Finance: News
GST collection rises to Rs. 96,483 crore in July
GST collections rose to Rs. 96,483cr in July from Rs. 95,610cr mopped up in the previous month, the Finance Ministry said.
ITR filings have doubled, refunds have increased significantly
While the Finance Ministry has extended the deadline for filing of annual income tax returns (ITRs) to August 31, it seems like the government's efforts to bring more eligible people under the tax net has worked.
GST-cut: Refrigerators, washing-machines, vacuum-cleaners are now 8-10% cheaper
If you were looking to buy a refrigerator, washing machine, vacuum cleaner or a small-screen TV, now is the time: industry insiders say prices will fall to a two-year low after the biggest GST rate cut since November, that was announced last week.
ITR filing deadline extended for 'certain categories' of taxpayers
In a tweet, the Finance Ministry has announced that the deadline for the filing of Income Tax returns has been extended by a month to August 31, 2018, albeit only for certain categories of taxpayers.
Finance Ministry refuses to share three reports on 'black money'
The Finance Ministry has refused to share a copy of three reports on the quantum of black money held by Indians inside the country and abroad, saying its disclosure would cause a breach of privilege of Parliament.
Now, only 35 goods in highest 28% tax-bracket of GST
The Goods and Services Tax (GST) Council has pruned the 28% slab by cutting tax rates on 191 goods over the last one year, leaving just 35 items, including ACs, digital cameras, video recorders, dishwashing machines, and automobiles, in the highest tax bracket.
Tap-and-go debit/credit cards for hassle-free metro, bus, train travel
In line with the government's target of 30-billion digital transactions in the current year, the Ministry of Finance has asked banks to issue near-field communication (NFC)-enabled tap-and-go debit and credit cards that can be used beyond merchant transactions for services like metro, train, and bus travel.
#FinancialBytes: Situations in which you can withdraw PF before retirement
Employees Provident Fund (EPF) is primarily a retirement benefit scheme by the Government of India for all salaried individuals in which employees get their accumulated funds after retirement or job-loss to finance their expenditures.
IIM-Ahmedabad gets a service tax bill of Rs. 52cr
The IIM-Ahmedabad has been hit with a massive tax burden: authorities have demanded Rs. 52cr as service tax for the period between 2009-10 and 2014-15.
Finance ministry approves Rs. 1.07 lakh crore for metro-rail projects
The Finance Ministry has given 'in-principle' approval to metro rail projects in Kanpur, Bhopal, Indore, Agra and the phase IV of Delhi Metro, amounting to Rs. 1.07 lakh crore, multiple reports said.
Malaysian CEO killed as his smartphone explodes during charging
Smartphone explosions have become quite common, but deaths due to it aren't. The CEO of a Malaysian company became a rare victim.
Chief Economic Adviser Arvind Subramanian quits months before term ends
Indian Chief Economic Adviser (CEA) Arvind Subramanian is quitting and moving to the US due to "pressing family commitments," Finance Minister Arun Jaitley announced today.
Air India sale: After flop-show, government mulls selling 100% stake
After a flop attempt at handing off its money-guzzling flag carrier to the private sector, the government is now mulling selling 100% shares of Air India.
Jaitley returns home after kidney transplant; expresses gratitude to AIIMS
Finance Minister Arun Jaitley is back home after a three-week stay at AIIMS for a kidney transplant.
#FinancialBytes: 6 apps that help you buy/sell Bitcoins in India
World's most popular cryptocurrency Bitcoin's valuation has had some dramatic fluctuations over the past one year. It picked up the pace in May'17 from $2,000 to $20,000 in Dec'17 and plummeted to $6,046 in Feb'18.
Government collected Rs. 1.03 lakh crore as GST in April
The government mopped up Rs. 1.03-lakh-crore as Goods and Services Tax (GST) collection in Apr'18, indicating stabilization of the new indirect tax regime that was rolled out in July'17.
#FinancialBytes: Best investment options for those who earn Rs. 1L
Creating wealth by making investments and earning good returns is essential for anyone as earning money isn't always enough these days to fund one's financial goals.
Revenue collection from GST stands at Rs. 7.41-lakh-crore in FY18
The government mobilized Rs. 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18 that was rolled out from 1 Jul'17.
RBI circular barring banking service for cryptocurrencies challenged in HC
The Delhi HC has sought the response of the Centre, the RBI, and the GST Council on a plea challenging a circular which prohibits banks and financial institutions from "providing any service in relation to virtual currencies such as cryptocurrencies."
Jan Dhan accounts' deposits reached Rs. 80,545.70cr on April 11
Total deposits in Jan Dhan accounts, which have been steadily rising since March 2017, were at Rs. 80,545.70cr on April 11, according to Finance Ministry data.
FY18: Railways may clock its worst-ever operating ratio at 98.5%
Railways' operating ratio, the direct indicator of working of the government-run transporter is expected to settle at 98.5% for 2017-2018, recording its worst performance ever since 2000-2001 when it was 98.3%.
Printing presses operating 24x7 to meet Rs. 70,000cr currency shortfall
The government has ramped up printing of currency notes and is operating all the four presses 24x7, an official said on Thursday amid ATMs running dry in many parts of the country.
#FinancialBytes: Best investment options for those who earn Rs. 1L
Creating wealth by making investments and earning good returns is essential for anyone as earning money isn't always enough these days to fund one's financial goals.
ICICI loans to Videocon: RBI finds no 'quid pro quo'
The Reserve Bank of India had two years back conducted a detailed scrutiny to probe allegations of impropriety in ICICI Bank extending loans to Videocon Group but found no proof of any "quid pro quo" or reciprocal benefits, according to RBI documents.
Kathua, Unnao: Has anything changed for India's women since Nirbhaya?
On December 16, 2012, a paramedical student was brutally gang-raped on a bus in Delhi, an incident that forced India to confront the horrors of gender-based sexual violence prevalent in the country.
5% GST levied on food, drinks supplied in trains, platforms
Clearing all doubts about GST on Railway services, the Finance Ministry confirmed a 5% GST would be levied on food and drinks supplied on trains and platforms.
Honest taxpayers suffer due to willful loan defaulters: President Kovind
Amid mounting NPAs or bad loans in the banking sector, President Ram Nath Kovind today said honest taxpayers suffer due to willful and criminal default on a bank loan.
Haryana: Girl shoots self with father's-revolver for not topping class
A Class XI student of Pillukhera town of Haryana's Jind allegedly shot herself to death with her father's licensed gun on Sunday for not topping the class.
Rs. 350 coin to mark Guru Gobind Singh's birth anniversary
The government will come out with a Rs. 350 commemorative coin to mark the 350th birth anniversary of Guru Gobind Singh, the 10th and last Sikh Guru.
GST collection falls to Rs. 85,174 cr in February
GST collections slid for the second straight month to Rs. 85,174 crore in February as only 69% of the assessees filed returns.
INX money-laundering: Karti gets bail after 13-days in Tihar Jail
Karti Chidambaram, son of former Finance Minister P Chidamabaram, is out on bail in the INX money laundering case after 13 days in Tihar Jail.
Government repeals Rs. 10,000/month education fee cap for martyrs' children
Heeding to a demand by the armed forces, the government has removed the cap of Rs. 10,000/month imposed by it in July last year on educational assistance given to children of martyrs or those disabled in action, officials said.
No proposal under consideration to discontinue Rs. 2,000 note: Govt
The government on Friday categorically said there was no proposal to discontinue Rs. 2,000 currency note, which was introduced post demonetization.
GST among most complicated tax-regimes, but has benefits: World Bank
India's new GST regime has the second highest tax rate among 115 countries with similar indirect tax systems, a World Bank report noted.
4.2mn SBI accounts closed for not keeping minimum balance: RTI
The SBI has closed 41.16 lakh savings bank accounts between April 2017 and January 2018 for not maintaining the minimum monthly balance, revealed an RTI query.
CBI seeks judicial custody while Karti wants separate prison cell
The CBI produced Karti Chidambaram in court today after his three-day police custody expired, and has now sought 15-day judicial custody, saying he remained "evasive" and "non-cooperative" during interrogation.
INX case: SC refuses Karti Chidambaram protection from arrest
The SC has refused to grant interim protection from arrest by the Enforcement Directorate (ED) to Karti Chidambaram in the INX money laundering case.
INX money-laundering: Karti paid Rs. 1.8cr to influential political leader
ED has claimed that Karti Chidambaram, under investigation in the INX money laundering case, paid a senior political leader Rs. 1.8cr in five instalments in over 3.5 years.
15th Finance Commission to soon decide what populism is
In a first, the Finance Commission, which recommends how much money states should get out of the taxes collected by the central government, will define what a populist measure is and recommend incentives for states that do not resort to them.
PNB scam fallout: Center acts on setting up long-delayed NFRA
The massive PNB scam, India's biggest banking fraud till date, seems to have rattled the authorities.