Finance Ministry | Pixr8 News

22Jun By Press Trust of IndiaNo Comments

INDIA

India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment

New Delhi, Jun 22nd, 2020: Amid growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India's bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, "A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases." Any foreign investment from these countries will be subject to approval from the government. The restriction would be applicable f...

EVs to Get Upto Rs 1.4 Lakh Subsidy, Petrol Cars to Become Expensive

28Aug By Gauri SinghNo Comments

INDIA

EVs to Get Upto Rs 1.4 Lakh Subsidy, Petrol Cars to Become Expensive

Nowadays, electric vehicles are getting major attraction and therefore, the government has reportedly decided to offer a direct subsidy of around Rs 1.4 lakh for each electric car with an aim to boost sales of the electric vehicles, including cars and two-wheelers and three-wheelers. The particular announcement was made during a meeting of the committee on EVs on 23rd August 2018, which was chaired by Expenditure Secretary AN Jha. Along with this decision, the ministry also decided to increase the allocation of subsidy on e-vehicles from Rs 4,000 crore to Rs 5,000 crore for a period of five years under the second phase of Faster Adoption and Manufacturing of Electric (and Hybrid) vehicles (FAME) scheme. Under the phase 2 of the scheme, the government is looking to see about 8-fold in...

1Jun By Lavina TolaniNo Comments

CHINA

China to Cut Import Tariffs on Consumer Goods By July 1

The Finance Ministry of China has announced to slash import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, a move that would boost imports as a part of efforts to open up the economy. This move will be in line with Beijing's pledge to its trade partners-including US that China will push efforts to increase imports offering a boon to global brands looking to extend their reach in China. A detailed list of products that will be affected by the new tax rates has been published by the finance ministry. Import tariffs on footwear, apparel, kitchen supplies will be halved to an average of 7.2 percent from 15.9 percent while refrigerators and washing machines tariffs will be reduced to 8 percent, from 20.5 percent. Skincare and cosmetic p...

1Jun By Gauri SinghNo Comments

INDIA

India’s GST Revenue Collection Crosses 94,000 Crore

Hasmukh Adhia, the Union Finance Secretary has announced that the revenue collection from the total goods and services tax (GST) for the month of May amounted to Rs 94,016 crores. The news became trending on Friday after the statement given by Adhia. In this context, he quoted, "The total GST collection for May (April revenue collected in May) is Rs 94,016 crore, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills." Digging into the details, the Finance Ministry's information as filed in the reports revealed that out of the total amount of revenue, Central GST (CGST) amounted to Rs 15,866 crore while the State GST (SGST) amounted to Rs 21,691 crore. On the other hand, Rs 49,120 crore w...

GST Council Approves Simpler Tax Filing System

6May By Lavina TolaniNo Comments

INDIA

GST Council Approves Simpler Tax Filing System

The Goods and Service Tax Council (GST Council) has approved of a simpler tax return filing system under the new indirect tax regime and has also given approval for conversion of GST Network into a government holding as per information from Finance Ministry of India. The new return filling form will reduce the compliance burden for taxpayers involving submission of only one monthly return application and upload of invoices by the sellers. As per the GST Council, the existing GSTR 1 and GSTR 3B forms will be continued for next six months. After this period, taxpayers will need to file only one monthly return with composition dealers. On the other hand, dealers filing no tax returns will need to file only quarterly returns. The government has retained the right to cover dues for ...

16Apr By AdityaNo Comments

INDIA

Indian Finance Ministry Receives Over 38,000 Mails on Black Money Email id

The email address launched by the Finance Ministry for getting tips about black money received over 38,000 emails, but only 16 per cent of them were forwarded for further inquiry, CBDT said in a reply to an RTI query earlier this month. Jitendra Ghadge, a city-based Right To Information activist, had asked for information about response to the email address 'blackmoneyinfo@incometax.gov.in', launched last December. The Central Board of Direct Taxes said in its reply dated April 7 that 38,068 emails were received, and 6,050 or about 16 per cent of them were forwarded to the respective Director Generals Of Income Tax (Investigation) for further inquiry. The remaining 32,018 emails were closed without any action, it said. To Ghadge's query about number of "false" emails received, ...

“4 Din Mai Bano Karobari (Businessman)” – PM Modi’s New Business Mantra

20Dec By PriyankaNo Comments

INDIA, News

“4 Din Mai Bano Karobari (Businessman)” – PM Modi’s New Business Mantra

Aiming to break into top 50 best countries to do business in, the government has identified areas requiring doing away with complex rules and simplifying procedures to enable businesses to start in four days flat. With India ranked poorly at 130th among 190 nations on the World Bank's Ease of Doing index, Finance Minister Arun Jaitley yesterday held a meeting to identify areas to improve the business climate and the country's ranking by cutting down on steps required to start a venture and make easy credit available. An eBiz portal will provide one-stop shop for dealing with matters related to the Ministry of Corporate Affairs as well as registrations of PAN/TAN and employee provident fund/employee insurance. "The Ministry of Corporate Affairs, CBDT, the Ministry of Labour and Employment ...

Finance Ministry Will Challenge Delhi High Court Order to Refund The Service Tax of Travel Portals MakeMyTrip, Ibibo and Ebiz

4Sep By Press Trust of IndiaNo Comments

INDIA, News

Finance Ministry Will Challenge Delhi High Court Order to Refund The Service Tax of Travel Portals MakeMyTrip, Ibibo and Ebiz

A recent High Court verdict directing the central revenue authorities to refund service tax collected from three travel portals including MakeMyTrip may be challenged in Supreme Court by the government. Officials sources today said legal experts are going through the High Court order and an appeal challenging the verdict is likely to be filed in Supreme Court. Delhi High Court had on Thursday ordered Directorate General of Central Excise Intelligence (DGCEI), an intelligence arm under the Finance Ministry to refund the service tax collected from travel portals-- MakeMyTrip, Ibibo and Ebiz, saying the payment made by them "was not voluntary but under coercion and duress". The court had also pulled up the DGCEI for "unwarranted" arrest of a senior official each from MakeMyTrip and Ebi...

GST is Challenge For IT Industry Because of Multiple Taxes : Nasscom

4Aug By NitishNo Comments

News

GST is Challenge For IT Industry Because of Multiple Taxes : Nasscom

The GST regime would streamline the taxation system and make it much more transparent, but would also create multiple taxation points, which will be a "challenge" for the IT industry, Nasscom said today. Nasscom President R Chandrasekhar said the concerns regarding multiple taxation points have been brought to the notice of the government and it expects a positive response while framing the GST law. "IT services are intangible. The way things are looked at in the GST law, not the Constitution amendment, there we have a number of concerns which have been shared with the government. "We feel that today for IT services, it is a simple regime. One single point of taxation which is central service tax, one single point of registration, one single invoice, one single place where you hav...

Extend Tax Holiday For Startups From 3 yrs to 7 yrs: Nirmala Sitharaman to FinMin

30May By Press Trust of IndiaNo Comments

INDIA

Extend Tax Holiday For Startups From 3 yrs to 7 yrs: Nirmala Sitharaman to FinMin

The Finance Ministry should consider raising tax holiday for startups to 7 years from the current 3 years to encourage budding entrepreneurs, Commerce and Industry Minister Nirmala Sitharaman today said. Nirmala Sitharaman said lots of inputs from startups have been received and "recommendations have gone to the Finance Ministry for extending the 3-year tax holiday to 7 years". "We shall pursue it and there shall now be lots more interactions with them," she told reporters while briefing them on the initiatives taken by her ministry during the last two years. The minister said she would visit different co-work spaces of these new age companies to see the ground picture and infuse fresh energy. Several startups have pitched for increasing the tax holiday period from the ...