The GST Council will also decide whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, like senior citizens.
A clarification about opening bank accounts for LGBTQ people was earlier issued by the Reserve Bank of India (RBI) to all the scheduled commercial banks on August 21, 2024, the advisory by the Department of Financial Services under the finance ministry said.
The Halwa ceremony at North Block marked the final stages of preparing Budget 2024-25, attended by Finance Minister Nirmala Sitharaman and other officials. This traditional event symbolizes the commencement of a lockdown within the finance ministry until the budget's parliamentary presentation.
The Indian Space Association has urged the government to commit to procuring and adopting space technology solutions for various governance sectors. These sectors include agriculture, disaster management, infrastructure planning and development monitoring, and urban development.
The first budget of the BJP-led government NDA in its fresh term would be significant with Prime Minister Narendra Modi having stated earlier that the third term will be used to write new chapters of bold decisions. The budget is set to be presented on July 23.
Union Parliamentary Affairs Kiren Rijiju informed that the Union Budget (2024-25) will be presented in Lok Sabha on 23 July, 2024.
Nirmala Sitharaman was given the charge of the finance portfolio in the second stint of the Modi government after the 2019 general elections, becoming the first full-time woman finance minister in the independent India. In the third stint, PM Modi reposed his faith in her leadership.
According to Finance Ministry, the gross GST collection in the second month of financial year 2025 registered a n year-on-year growth due to increased revenues from domestic transactions amid slowing of imports.
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and services. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
In a statement, the ministry addressed confusion over the new tax regime, emphasising its lower rates but fewer exemptions and deductions. Finance Minister Nirmala Sitharaman's interim budget assured the preservation of existing tax rates.
The Union Budget was presented at 5 pm on the final day of February before 1999, following the practice in British India.
The event is a significant step in finalising the extensive budget-making process that spans several months.
Finance Minister Nirmala Sitharaman will present the Economic Survey in the Parliament on January 31. The Economic Survey is prepared by the Economic Division of the Ministry of Finance and covers economic matters.
Newly appointed Rajasthan ministers were on Friday allocated portfolios, with Chief Minister Bhajan Lal Sharma keeping eight departments, including home and excise.
The total number of audit reports and other forms filed during the period is 1.60 crore, as against 1.43 crore audit reports and forms filed in the corresponding period of the preceding year.
The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23.
The retail inflation based on the consumer price index (CPI) had touched a high of 7.8 per cent in April 2022. However, now it has been close to the Reserve Bank's target of 4 per cent.
Goods and Services Tax (GST) collections have jumped 15 per cent to over Rs 1.67 lakh crore in November, the Finance Ministry informed on Friday.
The Finance Ministry and RBI have been sensitising banks on this aspect at regular intervals amid the growing digitisation in the financial sector.
Vodafone Idea had filed a petition, asserting the excess tax paid, leading the court to express concern about the assessing officer's apathy.
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