The government is preparing for a second stimulus package as country is exiting from the lockdown amid signs that the pr day coronavirus cases are also falling, Reuters quoted a finance ministry official saying.

Ahead of the Bihar Assembly Elections 2020, Union Finance Minister Nirmala Sitharaman will launch BJP's manifesto for upcoming polls in Patna on October 22 (Thursday). Union Minister and Patna Sahib MP Ravi Shankar Prasad will also be present at the manifesto release.

The GST Council met for the third time in a row to discuss the issue of funding the revenue shortfall of states. Earlier in the day, finance minister announced a slew of measures to boost consumer spending in the economy.

Finance Minister Nirmala Sitharaman said the employees could buy items that attract 12 per cent or more goods and services tax (GST). These purchases will have to be made in digital mode from GST-registered outlets.

This year's compensation cess collected amounting to Rs 20,000 crores will be disbursed to the States tonight, Finance Minister Nirmala Sitharaman said.

Days after government announced 2 options for States on the issue of meeting GST compensation, Finance Ministry sources on Monday said the entire shortfall of compensation to the states irrespective of whether it is on account of GST implementation or coronavirus pandemic will be compensated.

The Finance Ministry on Saturday dismissed rumoured reports that the government has banned or restricted hirings saying that there is no restriction or ban on filling up of posts in Government of India.

Finance Minister Nirmala Sitharaman will hold a review meeting with heads of banks and NBFCs on Thursday for smooth and speedy implementation of the one-time debt recast for resolution of COVID-19 related stress in bank loans.

The finance minister will review the implementation of the resolution framework for COVID-19 related stress in bank loans on Thursday with the top management of scheduled commercial banks and NBFCs.

Finance Secretary Ajay Bhushan Pandey who attended the 41st GST Council Meet on the agenda of making up for shortfall in states’ revenues amid the pandemic, said that the Attorney General's clear opinion was that compensation gap cannot be met from India's consolidated fund and provided two options.

Finance Minister Nirmala Sitharaman, who chaired the 41st GST Council meeting, said the GST shortfall in FY21 was around Rs 2.35 lakh crore. Following a marathon five-hour meeting, Sitharaman said two options of compensating states were discussed.

Finance Minister Nirmala Sitharaman on Tuesday said the government is open to further tweaking the Rs 3 lakh crore credit guarantee scheme for providing collateral-free loans to small businesses.

The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.  

Prime Minister Narendra Modi launched a platform to honour honest taxpayers via video conferencing at 11 AM on Thursday (today). The launch of the platform for 'Transparent Taxation - Honoring the Honest' will further carry forward the journey of direct tax reforms.

As part of the 'Aatmanirbhar Bharat Abhiyan' package, the finance minister in May had announced that there will be a maximum of four public sector companies in strategic sectors, and state-owned firms in other segments will eventually be privatised.

Finance Minister Nirmala Sitharaman has reserved words of praise for the Income Tax department, complementing officers for being responsive to the needs of the taxpayers during the pandemic times by relaxing various compliance requirements and addressing the liquidity concerns of the taxpayers.

Appreciating its continuous efforts towards making the tax administration taxpayer-friendly, transparent and geared towards facilitating voluntary compliance, she said there has been a paradigm shift in its role in recent years, from being just a revenue collecting organisation to becoming a more citizen-centric establishment.

Finance Minister Nirmala Sitharaman on Tuesday promised more policy interventions to revive the economy, and emphasised that green shoots are visible and the agriculture sector is driving growth. 

Finance Minister Nirmala Sitharaman on Saturday said the G20 Action Plan is an expression of collective commitment to fight COVID-19 pandemic and it should remain relevant and effective as the crisis evolves.