finance minister

Special Cash Package Scheme In Lieu of LTC for Government Employees

Finance - 1. The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Scheme? The Leave Travel Scheme is assistance received by the employee from his employer for traveling on leave. The employee and family can visit ...

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43 Key Highlights of FM press conference dated 26.03.2020

Finance - 43 Key Highlights of Finance Minister Smt. Nirmala Sitharaman press conference dated 26.03.2020 1. Government to contribute 12% from the employee and employer side to the PF, for firms having less than 100 employees. Government will contribute 12% from the employer side and 12% from the employee side to PF accounts. This for those firms [...

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Important Update by Finance Minister on 24th March 2020

Finance - Some Big announcements made by Finance Minister for Compliance and taxation relief. Most awaited relief given. Have a look at it. COVID19 Relief Compliance and Regulation Related Announcements: Income Tax: Last date for Returns for FY 2018-19 extended to 30th June 2020 Delayed Payments made till 30th June – Interest Rate reduced fro...

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Analysis of Press Release Dt. 24/03/2020 of FM In View of Covid-19

Finance - Outcome of Press Release Dt. 24/03/2020. By FM Nirmala Sitharaman & MOS Anurag Thakur In View of Covid – 19. As it was the need of the hour the government has addressed statutory and compliance related issues & has made following changes, few of which has been addressed....

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30 Key Highlights of Announcements From FM on 24.03.2020

Finance - TOP 30 KEY HIGHLIGHTS OF ANNOUNCEMENTS FROM FM PRESS MEET DATED 24.03.2020 1. Invest India Business Immunity Platform launched to helping businesses withstand COVID-19 Invest India, India’s national Investment Promotion & Facilitation Agency, under the Ministry of Commerce and Industry has launched The Invest India Business Immunity...

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FM reviews implementation of Aatma Nirbhar Bharat Package

Finance - Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs...

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Finance Minister unveils Doorstep Banking Services

Finance - Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman today inaugurated Doorstep Banking Services by PSBs and participated in the awards ceremony to felicitate best performing banks on EASE Banking Reforms Index....

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Structural Reforms are a Key Priority of Government: FM

Finance - Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman stressed that structural reforms are a key priority of the government as has been reflected in the slew of measures & policies announced since outbreak of COVID-19. Every policy which was introduced had a structural com...

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FM announces measures to support poor, migrants, farmers, tiny businesses & street vendors

Finance - • Free food grains supply to Migrants for 2 months. • Technology system to be used enabling Migrants to access PDS(Ration) from any Fair Price Shops in India by March,2021-One Nation one Ration Card. • Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched....

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Highlights of financial stimulus announced by Nirmala Sitharaman

Finance -  Six major steps for the revival of the MSME sector 1. Collateral free loan of Rs 3 lakh crores for MSMEs. This will benefit 45 lakh units so that they can resume work and save jobs. 2. For stressed MSMEs, Subordinate debt provision of Rs 20,000 cr has been announced for 2 lakh MSMEs. It […]...

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Assessee is entitled for depreciation on assets of a closed unit which are part of block of assets

Swati Synthetics Ltd. Vs. ITO (ITAT Mumbai) - The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of business during the year. Under the circumstances the assets of the said closed unit amounts to use for the purpose of business in the year under consideration ,...

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FM announces measures of Rs 73,000 crore to stimulate consumer spending

Release ID: 1663722 - (12/10/2020) - Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measu...

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FM announces Stimulus to boost Demand in Economy: Highlights

(Release ID: 1663675 - (12/10/2020) - Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given....

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LTC for Central Government Employees during Block 2018-21

F. No. 12(2)/2020-EII(A) - (12/10/2020) - It has been decided that cash equivalent of LTC, comprising Leave Encashment and LTC fare of the entitled LTC may be paid by way of reimbursement, if an employee opts for this in lieu of one LTC in the Block of 2018-21 subject to the following conditions:-...

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FM lauds IT Department for being responsive to people

(Release ID: 1640966 - (24/07/2020) - Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building...

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FM: Strive to make GST Tax Administration simple

Release ID: 1635730 - (01/07/2020) - On GST Day, 2020 FM highlighted that GST has come a long way in simplifying the GST Tax Administration based on feedback from stakeholders. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market....

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Recent Posts in "finance minister"

Special Cash Package Scheme In Lieu of LTC for Government Employees

1. The Government vide office memorandum no. F.No. 12(2)/2020—EH(A) dated 12 October 2020 announced the Cash Voucher LTC (Leave Travel Scheme) scheme for Government employees. 2. What is LTC Scheme? The Leave Travel Scheme is assistance received by the employee from his employer for traveling on leave. The employee and family can visit ...

Read More
Posted Under: Finance |

FM announces measures of Rs 73,000 crore to stimulate consumer spending

Release ID: 1663722 (12/10/2020)

Finance Minister announces measures of Rs 73,000 crore to stimulate consumer spending before end of this Financial Year in fight against COVID-19. Cash payment and leave encashment in lieu of one LTC during 2018-21 according to entitlement. Special Festival Advance Scheme revived as a one-time measure for both Gazetted and non-Gazetted em...

Read More

FM announces Stimulus to boost Demand in Economy: Highlights

(Release ID: 1663675 (12/10/2020)

Under LTC Cash Voucher Scheme, the Government has decided to give cash payment to employees in lieu of one LTC during 2018-21, in which full payment on Leave encashment and tax-free payment of LTC fare in 3 flat-rate slabs depending on class of entitlement will be given....

Read More

LTC for Central Government Employees during Block 2018-21

F. No. 12(2)/2020-EII(A) (12/10/2020)

It has been decided that cash equivalent of LTC, comprising Leave Encashment and LTC fare of the entitled LTC may be paid by way of reimbursement, if an employee opts for this in lieu of one LTC in the Block of 2018-21 subject to the following conditions:-...

Read More

FM reviews implementation of Aatma Nirbhar Bharat Package

Finance Minister Smt. Nirmala Sitharaman reviews implementation of Aatma Nirbhar Bharat Package pertaining to Ministries of Finance & Corporate Affairs...

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Posted Under: Finance |

Finance Minister unveils Doorstep Banking Services

Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman today inaugurated Doorstep Banking Services by PSBs and participated in the awards ceremony to felicitate best performing banks on EASE Banking Reforms Index....

Read More
Posted Under: Finance |

Structural Reforms are a Key Priority of Government: FM

Addressing the captains of the Indian Industry, Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman stressed that structural reforms are a key priority of the government as has been reflected in the slew of measures & policies announced since outbreak of COVID-19. Every policy which was introduced had a structural com...

Read More
Posted Under: Finance |

FM lauds IT Department for being responsive to people

(Release ID: 1640966 (24/07/2020)

Finance Minister Smt. Nirmala Sitharaman lauds IT Department for being responsive to people as CBDT observes 160th Income Tax day towards Nation Building...

Read More

FM: Strive to make GST Tax Administration simple

Release ID: 1635730 (01/07/2020)

On GST Day, 2020 FM highlighted that GST has come a long way in simplifying the GST Tax Administration based on feedback from stakeholders. GST has been instrumental in Breaking Barriers to build an AatmaNirbhar Bharat and taking forward the motto of One Nation One Tax One Market....

Read More

FM announces measures to support poor, migrants, farmers, tiny businesses & street vendors

• Free food grains supply to Migrants for 2 months. • Technology system to be used enabling Migrants to access PDS(Ration) from any Fair Price Shops in India by March,2021-One Nation one Ration Card. • Scheme for Affordable Rental Housing Complexes for Migrant Workers and Urban Poor to be launched....

Read More
Posted Under: Finance |

Highlights of financial stimulus announced by Nirmala Sitharaman

 Six major steps for the revival of the MSME sector 1. Collateral free loan of Rs 3 lakh crores for MSMEs. This will benefit 45 lakh units so that they can resume work and save jobs. 2. For stressed MSMEs, Subordinate debt provision of Rs 20,000 cr has been announced for 2 lakh MSMEs. It […]...

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Posted Under: Finance |

FM Releases Ordinance on relaxation Provided on 24th March 2020

(Release ID: 1609734) (31/03/2020)

Finance Ministry issues Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 today In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of CO...

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Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020

No. 2 OF 2020 (31/03/2020)

Govt notified Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 on 31st March 2020 to give effect to Various Direct/Indirect Tax and Statutory Compliance relaxation announced on  announced on 24th March 2020. Also Read- FM Press Release Dated 24.03.2020 FM Press Release Dated 26.03.2020 FM Press Release Dated 31....

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Finance Minister announces Rs 1.70 Lakh Crore relief package

Finance Minister announces Rs 1.70 Lakh Crore relief package under Pradhan Mantri Garib Kalyan Yojana for the poor to help them fight the battle against Corona Virus...

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Posted Under: Finance |

43 Key Highlights of FM press conference dated 26.03.2020

43 Key Highlights of Finance Minister Smt. Nirmala Sitharaman press conference dated 26.03.2020 1. Government to contribute 12% from the employee and employer side to the PF, for firms having less than 100 employees. Government will contribute 12% from the employer side and 12% from the employee side to PF accounts. This for those firms [...

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Posted Under: Finance | ,

Important Update by Finance Minister on 24th March 2020

Some Big announcements made by Finance Minister for Compliance and taxation relief. Most awaited relief given. Have a look at it. COVID19 Relief Compliance and Regulation Related Announcements: Income Tax: Last date for Returns for FY 2018-19 extended to 30th June 2020 Delayed Payments made till 30th June – Interest Rate reduced fro...

Read More
Posted Under: Finance |

Analysis of Press Release Dt. 24/03/2020 of FM In View of Covid-19

Outcome of Press Release Dt. 24/03/2020. By FM Nirmala Sitharaman & MOS Anurag Thakur In View of Covid – 19. As it was the need of the hour the government has addressed statutory and compliance related issues & has made following changes, few of which has been addressed....

Read More
Posted Under: Finance |

30 Key Highlights of Announcements From FM on 24.03.2020

TOP 30 KEY HIGHLIGHTS OF ANNOUNCEMENTS FROM FM PRESS MEET DATED 24.03.2020 1. Invest India Business Immunity Platform launched to helping businesses withstand COVID-19 Invest India, India’s national Investment Promotion & Facilitation Agency, under the Ministry of Commerce and Industry has launched The Invest India Business Immunity...

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Posted Under: Finance |

Declarations of Finance Ministry Today At 2.30 Pm

Finance minister declaration India today meeting at 2:30 p.m. 1. Vivad se Vishwas extended to 30th June 2. return filing for 18-19 financial year extended to 30th June interest on 3. TDS interest will be now from 18 % to 9% 4. Any date of IT was expiring at 31st March that has been extended […]...

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Maharashtra CM requests FM to extend Income Tax / GST Due Dates

As per twitter Handle of CMNO Maharashtra, Hon’ble CM Uddhav Balasaheb Thackeray has spoken to Hon’ble FM Smt Nirmala Sitharaman to consider the postponement for the following: 1. 31/3/2020 last date to file belated return for financial year 18-19. 2. 31/3/2020 last date to file revised return for financial year 18-19. 3. 31/3/2020 la...

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Posted Under: Finance |

FM Launches two new IT Initiatives -ICEDASH & ATITHI

Finance Minister Launches two new IT Initiatives -ICEDASH & ATITHI for improved monitoring and pace of Customs clearance of imported goods and facilitating arriving international passengers. ICEDASH : Ease of Doing Business monitoring dashboard of the Indian Customs helping public see the daily Customs clearance times of import cargo. ATI...

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Posted Under: Finance |

Status of several measures announced by FM to boost Economy

The Finance Minister, Smt. Nirmala Sitharaman had announced several short and long-term measures to boost economy on 23.08. 2019, 30.8.2019 and 14.09.2019. Out of these a total number of thirty-two measures were announced on 23.08.2019 to boost the economy. Out of these, thirteen (13) announcements have been fulfilled....

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CBI Files Chargesheet Against Then FM and Officials of MOF

CBI FILES CHARGESHEET AGAINST 14 ACCUSED PERSONS/COMPANIES INCLUDING PRIVATE COMPANIES & THEIR THEN DIRECTORS; THEN FINANCE MINISTER (FM) AND CERTAIN THEN OFFICIALS OF MINISTRY OF FINANCE (MOF)...

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FM’s Corporate Tax Sop- MSME & Common Man Dismayed

The Finance Minister announced certain bold measures to give boost to the ailing Economy of the country, a fortnight ago. New Sections 115 BAA & 115 BAB were introduced in the Income Tax Act with the aim of reducing Income Tax on the Corporate Sector to enable the Companies to boost production, bring in new […]...

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Highlights of Tax concessions announced by FM on 20 Sep 2019

The objective of this document is to summarize all the tax concessions, applicable w.e.f FY 2019-20, announced by Finance Minister, Nirmala Sitharaman with intent to boost the economy and to promote ‘Make-in-India’. Highlights of  Tax Concessions by Finance Minister press Conference on 20 Sep 2019 1. Tax Concessions for Exist...

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FM Presentation on Measures to Boost Economic Growth

Ministry of Finance Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman’s Presentation on Measures to Boost Economic Growth Dated:  14 SEP 2019 Measures to Boost Economic Growth 14th September 2019 Ministry of Finance, Government of India Contained Consumer Price Inflation Consumer Price Inflation: India &...

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Steering Committee on Fintech related issues submits its Final Report to FM

The Steering Committee on Fintech related issues constituted by the Ministry of Finance, Department of Economic Affairs, today submitted its Final Report to Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in her office in New Delhi....

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FM announces merger of Public Sector Banks

Bank Merger 1) Unlocking potential through consolidation, big banks with enhanced capacity to increase credit and bigger risk appetite, with national presence and global reach 2) Punjab National Bank, Oriental Bank of Commerce, and United Bank to be merged together. 3) Canara Bank and Syndicate Bank to be merged together 4) Union Bank, An...

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Stimulus Package offered by FM – Will it revive the economy?

The Stimulus Package offered by FM – Will it revive the economy? The only positive signal emanating from yesterday’s press conference by Finance Minister was the admission on the part of the Government that the economy is in deep crisis. The chairman of NITI Ayog, himself had to declare that the state of the economy […]...

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Achievements of Mr Arun Jaitley as Indian’s Finance Minister

Mr Arun Jaitley, India’s ex Finance Minister, and an important leader in the Modi Govt. has passed away today, on Saturday 24/08/2019. Mr. Jaitley, who held several important portfolios in his political career spanning over four decades, passed away at 12.07 P.M at AIIMS in the New Delhi. He was a senior Supreme Court lawyer […]...

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FM: CCI should safeguard Indian enterprises from abuse by overseas entities

Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman said here today that Competition Commission of India (CCI) should ensure Indian enterprises are safeguarded from abuse by entities operating from other jurisdictions. Smt. Sitharaman was speaking at the 10th anniversary celebrations of the CCI. Smt. Sitharaman said tha...

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Measures by FM to boost Indian Economy

Reform & Simplification –An Ongoing Endeavour Taxation – Ease of life for tax payers – Income tax, GST, Customs Prefilling of IT returns Faceless scrutiny from Vijaya Dashmi 2019 Reduction in GST returns and simplification of forms Refund process of GST simplified. Risk based approach in dealing with tax payers Labour laws Fixed...

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FM Flags serious issues related to taxation & digital economy companies

Smt Sitharaman flags serious issues relates to taxation and digital economy companies, and to curb tax avoidance & evasion FM urged to contain international oil market to bring benefits to both the oil exporting and importing countries FM flags issue of economic offenders fleeing legal jurisdictions and calls for cohesive action against s...

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Why J&K, & New Approach to Terrorism will Remain a Key Political Issue

During the course of election campaign, whenever issues relating to the terror attack at Pulwama and the Air Strikes at Balakot are raised, India’s Opposition is on the back-foot. Why are national security and terrorism related issues being made into subject matters of electoral debate? This is a question they raise....

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Legitimate action against corruption is not vendetta: Arun Jaitley

It has become a routine practice to call any action against corruption as political vendetta. Claim of vendetta has never been a legitimate defence in corruption. Those who commit such large acts of corruption have to be judged on the merits of the action itself....

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Choice of Political Funding – Cheque, Electoral Bonds or Blackmoney from Contractors and middlemen

The past few days have witnessed several cases where the Election Commission and the revenue authorities, both separately and acting jointly, trying to curb the use of blackmoney in elections. ...

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Rule of Law and the State of Jammu & Kashmir

The seven decade history of the State of Jammu & Kashmir confronts changing India with several questions. Was the Nehruvian course, which the State had embarked, a historical blunder or was it the correct course to follow? Most Indians today believe that it is the former. Does our policy today have to be guided by that erroneous vision or...

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Why Agriculture, Rural Development & Healthcare Require a GST Council Type Structure?

The GST was enabled by a Constitution Amendment which was unanimously approved by both the Houses of Parliament. Several legislations to implement the GST were passed by the Parliament. Laws relating to the State GST (SGST) were approved by all the State Legislatures....

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Piyush Goyal made temporary finance minister

Union Minister Shri Piyush Goyal, temporarily assigned charges of Minister of Finance and Minister of Corporate Affairs in addition to his existing portfolios. President’s Secretariat PRESS COMMUNIQUÉ Posted On: 23 JAN 2019 The President of India, as advised by the Prime Minister, hereby directed that during the period of indisposi...

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Present Government and Workers- Article by FM Arun Jaitley

The Left affiliated Trade Unions have organised a Bharat Bandh on the 8th & 9th January, 2019. Are there any real issues before them or is it a part of the strategy of the Left political organisations to organise a symbolic unrest to ensure that they are not wiped out from the political map of India....

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Benefits of the Aadhaar – where it stands today

The idea of having a Unique Identity Number (UID) for every citizen of India was conceived by Shri Nandan Nilekani during the UPA Government. Unquestionably, the credit goes to him for conceiving, initiating and implementing the idea. Aadhaar, however, was non-statutory. ...

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Two years of insolvency and Bankruptcy Code (IBC)

The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise. Upon constitution of the NCLT and the implementation of IBC its functionality had revealed the need for improvements in the law. Two legislat...

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100 days of Aayushman Bharat

The Aayushman Bharat Scheme, which was launched on 23rd September, 2018 has completed 100 days. These 100 days have witnessed the most significant steps in improving healthcare for the poor ever since independence....

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Posted Under: Finance |

Arun Jaitley on Eighteen Months of the GST

The Goods and Services Tax was implemented w.e.f. 1st July, 2017. It hasn’t completed eighteen months of implementation as yet. The GST has been at the receiving end of a lot of ill-informed and motivated criticism. What has been its real performance?...

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Investigative agencies to maintain high standards of professionalism: FM

Shri Arun Jaitley, Union Minister for Finance and Corporate Affairs, exhorted Directorate of Revenue Intelligence to maintain high integrity and professional standards and endeavour to become a a near perfect organisation....

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Posted Under: Finance |

FM defends Demonitisation & explains its Impact

Demonitisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method. ...

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Is the ‘Clown Prince’ out-clowning himself: Arun Jaitley

Many young Lawyers practising criminal law used to get an advice early in their career from Veterans in the field. They were told if you are strong on facts, bang the facts. If you are strong on law, bang the law. If you are weak on both, then bang the desk....

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ICAI letter to FM on evaluation of tendering for professional services

ICAI has certain suggestions regarding the evaluation process of tendering with respect to professional services. As per the present practice of tendering, the Least Cost Selection (LCS) Criteria are being adopted for awarding the work for professional services (audit service) however, for evaluation of tenders floated for services other ...

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Lessons for Rahul Gandhi from his Partyman

The Congress Party, for the last few days, has been busy spreading disinformation about the Government’s possible moves in relation to the private sector company IL&FS. The Congress is a national saboteur. It wants to sabotage India’s economy by allowing a situation in relation to a company to persist, expand and become unmanageable. ...

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Posted Under: Finance |

Falsehood of a ‘Clown Prince’

Arun Jaitley* I had, in my blog dated 29th August, 2018 on the Rafale deal, exposed each one of the falsehood stated by the Congress Party. The campaign of falsehood is entirely led by the Congress President. His strategy is simple – concoct a lie and repeat it as many times. This, at least, provides […]...

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Demonetisation & its impact on Tax collection & Formalisation of Economy

The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded. Was the invalidation of the Non-deposited cur...

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Arun Jaitely Puts 15 Questions on Rafale before Rahul Gandhi & Congress

Arun Jaitley Why these questions? Considering the security environment around India, the highest standards of defence preparedness are required. After the Kargil experience, the Armed Forces and the Raksha Mantralaya were of the opinion that combat ability of the Indian Air Force to strike at targets needs to be radically improved. This n...

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Posted Under: Finance |

What the IMF Had to Say About India in 2014 and Then in 2018

The International Monetary Fund holds bilateral discussions with its members usually every year. On the basis of the consultations with various experts and after analysing the economic data, they come out with their staff report. What political parties and their representatives normally say depends on where they stand – whether in Oppos...

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Arun Jaitely resumes charge of Ministry of Finance & Corporate Affairs 

The Union Minister, Shri Arun Jaitley today resumed the charge of the Ministries of Finance and Corporate Affairs after a gap of more than three months. ...

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Posted Under: Finance |

GST rate reduction & passage of Prevention of Corruption (Amendment) Bill, 2013

All household items stand reduced from 28 percent to 18 percent and 12 percent. All items of construction except cement stands reduced. Most white goods stand reduced. ...

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Posted Under: Finance |

What Supreme Court has actually observed in Delhi Government case?

The Constitution Bench of the Supreme Court on the 4th of July, 2018 settled the law with regard to allocation of legislative and executive powers between the elected Delhi Government and the Central Government alongwith the administrator of the Union Territory of Delhi – the Lieutenant Governor....

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The GST Experience- Arun Jaitley

It has been one year since the country’s switchover to a new indirect taxation system – the Good and Services Tax. One single tax replaced seventeen taxes and multiple cesses imposed by the Central and the State Governments. This had obviously necessitated every assesse to file multiple returns, have an interface with multiple ins...

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Posted Under: Finance |

The Impact of the Government Polices on Direct Tax Collections

The first sixty-seven years after Independence from 1947 to 2014 saw a total number of 3.82 crore assesses filing tax returns. Obviously, in comparison to total population of almost 1.3 billion, this figure appears highly inadequate. The total direct tax collection (income tax) in 2013-14 was Rs.6.38 lakh crore....

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Economy and Markets Reward Structural Reforms & Fiscal Prudence

The Fourth quarter results of GDP data showed a phenomenal 7.7 percent growth rate and has established India firmly as the fastest growing global economy. This trend, according to experts, is likely to continue for the next few years. With structural reforms like demonetisation, the implementation of the Goods and Services Tax and the enf...

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Piyush Goyal gets interim charge of finance in Cabinet reshuffle

During the period of indisposition of Shri Arun Jaitley, Minister; the portfolios of Minister of Finance and Minister of Corporate Affairs held by him, be temporarily assigned to Shri Piyush Goyal, in addition to his existing portfolios....

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The Impeachment Fiasco – Another Example of Congress Adopting a Fringe Position

The Congress Party’s impeachment motion against the Chief Justice of India was wholly misconceived. It is poorly drafted and lacked in substance. Many of its traditional allies were not willing to take on this confrontation with the judicial institutions....

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Posted Under: Finance |

Why the Malafide Impeachment Motion was bound to fail?

An impeachment motion was intended to be filed in the rarest of rare cases. These cases would include those where a gross misconduct has been indulged in by a delinquent judge during his tenure as a judge. ...

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Judge Loya Death Case – The One That Almost Created a Judicial Mutiny: Arun Jaitley

Yesterday I read the 114 page judgement in the Judge Loya death case authored by Justice D.Y. Chandrachud on behalf of the three Judge Bench of the Supreme Court. A reading of the judgement exposes every fact of the conspiracy to generate falsehood as propaganda in the public and political space....

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FM stresses on importance of procedural fairness in public procurement

The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley stresses on the importance of procedural fairness in public procurement and award of contracts ; ...

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Economic Survey Draws Attention to 10 New Economic Facts on Indian Economy

The Economic Survey presented by the Union Finance Minister Shri Arun Jaitley in Parliament today has relied upon analysis of the new data to highlight ten new economic facts:...

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A New, Exciting Bird’s-Eye View of Indian Economy Through the GST

As an information repository, the Goods and Services Tax (GST) embodies and heralds a radical alteration and enlargement in the understanding of the Indian economy....

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Posted Under: Finance |

Ease of Doing Business’ Next Frontier: Timely Justice

The government’s efforts to make business and commerce easy have been widely acknowledged. The next frontier on the ease of doing business is addressing pendency, delays and backlogs in the appellate and judicial arenas. ...

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Posted Under: Finance |

Demonitisation has Helped Share of Financial Saving Rise, Says Economic Survey

• The ratio of domestic saving to GDP reached 29.2 per cent in 2013 to a peak of 38.3 per cent in 2007, before falling back to 29 per cent in 2016. The cumulative fall over 2007 and 2016 has been milder for investment than saving, but investment has fallen to a lower level....

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Economic Survey Predicts 7-7.5 Percent Growth in 2018-19

A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 percent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19, thereby re-instating India as the world’s fastest growing major economy. ...

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Economic Survey calls for Fiscal Federalism and accountability to avoid low equilibrium trap

Is there a low equilibrium trap if fiscal federalism is not achieved? This was the question posed by the Economic Survey 2017-18 tabled by the Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley in Parliament today. ...

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FM Ask DRI officers to keep pace with technology

FM: Ask the officers of the Directorate of Revenue Intelligence (DRI) to keep pace with technology and use the latest technological tools such as data analytics in fighting the menace of smuggling of sensitive contraband items such as gold and narcotics among others....

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The Fiction of Loan Waiver to Capitalists: FM Clarifies

Over the last few days, a rumor is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard....

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Posted Under: Finance |

Clarification regarding number of Taxpayers added after Demonetization

Various news reports/articles have appeared in the media regarding inconsistency in the estimates of the number of taxpayers added after demonetization. It has been commented that the following different figures have been given at different forums by different authorities: ...

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FM Launches Operation Clean Money Portal; 5.68 lakh new cases identified

The Union Minister of Finance, Shri Arun Jaitley, launches Operation Clean Portal; Will enable citizen engagement for creating a tax compliant society and transparent tax administration...

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Govt has no plan to impose any tax on agriculture income: FM

Central Government has no plan to impose any tax on agriculture income. As per the Constitutional Allocation of Powers, the Central Government has no jurisdiction to impose tax on agricultural income...

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NPAs slowed down in Q4 of Current Financial Year: FM

FM: Rate of increase of Non Performing Assets (NPAs) has slowed down in the last Quarter of the Current Financial Year; Government is taking sector specific measures to deal with the problem of NPAs;...

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Ram Jethmalani cross examined Arun Jaitley in court: Part 2

Are you aware that I advised Mr. Narender Modi not to set you up as a candidate from the Amritsar seat? Can you assign any serious reason for which Mr. Bishan Singh Bedi made a complaint against you with the Prime Minister?...

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Ram Jethmalani cross examined Arun Jaitley in court: Part 1

I put it to you that 'goodwill' is enjoyed even by a crook, who has done some good thing to somebody. What do you have to say? You have used the word 'goodwill' in the letter addressed to Deputy Registrar filed along with the plaint. Are you aware about the difference between goodwill and reputation?...

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FM releases Revised General Financial Rules (GFR) 2017

The Finance Minister Shri Arun Jaitley calls upon the Financial Advisers of different Ministries to ensure that expenditure on schemes and projects start from the beginning of the financial year to leverage the early passing of the Finance Bill this year;...

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Respect autonomy and independence of RBI

Finance Ministry says that it respects autonomy and independence of Reserve Bank of India after a report in sections of Press that some unions have alleged infringement of autonomy of Reserve Bank of India....

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Demonetisation – A look back at the last two months

In this Article Hon'ble Finance minister Shri. Arun Jaitley analysed the rationale behind the Demonetisation decision and its impact....

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Need for move towards a mindset of voluntary Tax compliance: FM

Finance Minister: There is a need for move towards a mindset of voluntary compliance and payment of legitimate taxes should be considered as part of the process and nobody should think that tax evasion is acceptable;...

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No new exemption to Political parties post demonetisation : FM

Political parties have not been granted any exemption post demonetisation and introduction of Taxation Laws (Second Amendment) Act, 2016 ...

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Digital transactions, not a substitute, for cash transactions: FM

FM Says that digital transactions are a parallel mechanism, not a substitute, for cash transactions; less cash can be gradually substituted through digital payments ...

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Bank notes in Circulation as on 05.11.2016 is 94.86 billion pieces : FM

(a) & (b) The new series of bank notes of Rs. 500 and Rs. 2000 have been introduced with effect from 10th November, 2016 after the cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes. These new series bank notes are distinctly different from the old ones in terms of look, design, size and colour. ...

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India prepared to deal with consequences of Brexit

We are well prepared to deal with the short and medium term consequences of Brexit;. Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position....

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No rollback of excise duty on Articles of Jewellery : FM

FM Said in RS that excise duty on Articles of Jewellery will be enforced upon the traders having turnover of 12 crores and 6 crores of rupees and not on lower category of traders. We can decide the items which can be taxed. It is not possible to recall the tax due to some organised agitation. ...

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One Website for Online payment of all all Non-Tax Receipts

Finance Minister Shri Arun Jaitley inaugurates the Non-Tax Receipt Portal (NTRP); Portal provides a one-stop platform to citizens/corporates/other users for making online payment of Non-Tax Receipts to Government of India;...

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FM expects economy to grow in the vicinity of 7.5% during current Financial Year 2015-16

The Finance Ministry further observed that the growth is being mainly driven by pick-up in the manufacturing sector, which has grown by 9.3 per cent in the Second Quarter. Similarly, the Fixed Investment is showing a sign of revival as it has grown by 6.8 per cent in the Second Quarter of current Financial Year 2015-16. Further, the Servi...

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Extension of Tenure of High Level Committee to interact with Trade & Industry on Tax Laws

In his Budget Speech 2014¬-15, the Union Finance Minister Shri Arun Jaitley had announced the setting-up of a High Level Committee (HLC) to interact with trade and industry and ascertain areas where clarity on tax laws is required. Accordingly, a High Level Committee (HLC) was constituted with the approval of the Finance Minister on 26th...

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FM Lanuches e-Sahyog project of Income-tax Department

The Income-tax Department is committed to the ‘Digital India’ initiative of the Government of India.The Finance Minister today launched an e-Sahyog pilot project which furthers the Department’s commitment to work in an e-environment and reduces the need for the taxpayer to physically appear before tax authorities....

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Black Money-PAN card may be mandatory for cash transactions beyond a limit

The Government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken. The monitoring regime of the income tax has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion, has been enhan...

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Formalizes Merger of Forward Markets Commission (FMC) with SEBI

Finance Minister Arun Jaitley Formalizes Merger of Forward Markets Commission (FMC) with SEBI; FM: Amalgamation of FMC And SEBI would bring Convergence of Regulations in the Commodities and Equity Derivatives Markets; FM: Markets Thrive where there is Confidence and Integrity and the Regulator must ensure that Manipulative Activities are ...

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FM to Inaugurate 2 Day Annual Conference of Chief Commissioners / Director Generals of Customs, Central Excise and Service Tax

Finance Minister to Inaugurate Two Day Annual Conference of Chief Commissioners / Director Generals of Customs, Central Excise and Service Tax on Monday, 24th August, 2014; Conference to Focus on Emerging Areas such as Taxpayers Services, Ease of Doing Business, Make in India and Goods and Services Tax Among Others; Dr. Arvind Panagariya,...

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FM approves formation of 2 Committees to facilitate implementation of GST from 1.4.2016

A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governm...

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FM ask banks to reduce interest rate on Bank Loans

Finance Minister Shri Arun Jaitley Reviews the Annual Financial Performance of Public Sector Banks and Financial Institutions for Fy 2014-15; asks the Chief Executive Officers (CEOs) of both the Public Sector Banks (PSBs) and Private Sector Banks to Effect a Corresponding Rate cut of 75 Basis Points in Response to RBI’s rate cut of same...

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Redress Grievances of Tax Payers promptly – FM to Income Tax Department

Finance Minister Shri Arun Jaitley Exhorts the Senior Officers of Income Tax Department to be Prompt in Redressing the Grievances of the Tax Payers, Expand the Tax Base in a Non-Intrusive Manner while Striving to Achieve the Revenue Generation Targets; Inaugurates the 31st Annual Conference of Pr. Chief Commissioners /Pr. Directors Genera...

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Challenges for Success of Goods and Service Tax (GST) In India

The 122nd Constructional Amendment Bill seeks to introduce the Goods and Service Tax (GST Bill) was tabled in the Lok Sabha on 19th December 2014. Touting it as the single biggest tax reform since independence, Finance Minister Arun Jaitley (FM) while introducing the Bill had said that the GST law will subsume all indirect levies from Apr...

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FM moves the motion for consideration of GST Bill in Lok Sabha

THE CONSTITUTION (ONE HUNDRED AND TWENTY-SECOND AMENDMENT) BILL, 2014 THE MINISTER OF FINANCE, MINISTER OF CORPORATE AFFAIRS AND MINISTER OF INFORMATION AND BROADCASTING (SHRI ARUN JAITLEY) moving the motion for consideration of the Bill said: In the matter of revenue and taxation, probably this is the most important Amendment that has ev...

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