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.
In October 2023, India's Goods and Services Tax (GST) collection reached an impressive ₹1.72 lakh crore, marking the second-highest collection ever recorded, with a remarkable year-on-year growth of 13%.
Over 13 lakh LIC agents and more than 1 lakh regular employees will benefit from these welfare measures, said the Ministry of Finance.
The Finance Ministry in a notification said that imports of LPG, liquified propane and liquified butane have been fully exempted from Agriculture Infrastructure Development cess (AIDC) effective September 1.
The government's external debt, which was 374,484 crore in 2013–14, will increase by 100% to 7,48,895 crore in 2022–23.
The collection is 32.03 per cent of the total budget estimates of direct taxes for the current fiscal 2023-24.
Under the "Vivad se Vishwas" scheme, the contractors will have time till October 31 to submit their claims.
A letter is being shared on WhatsApp and social media, which states that an amount has to be paid for taking a loan under the Central Government's scheme PM Mudra Yojana.
On March 28 this year, retirement fund body EPFO had marginally raised the interest rate on employees' provident fund (EPF) deposits to 8.15 per cent for 2022-23 for its over 6 crore subscribers.
The government has announced key changes in the existing GST tax slabs of various goods and services after the 50th GST Council meeting chaired by Finance Minister Nirmala Sitharaman. Here's what has become cheaper and costlier.
The wage revision for employees and officers of the public sector banks is due from November 1, 2022.
The amendment reverses a May 16 notification by the ministry which omitted Rule 7 from FEM (CAT) Rules, thereby effectively including forex spend through ICCs under LRS.
The scheme "Special Assistance to States for Capital Investment 2023–24" was announced in the Union Budget 2023–24 in order to provide a boost to capital spending by States and take into account the fact that capital expenditure has a greater multiplier effect.
In a statement, the ministry said that the corporation tax (CIT) will be Rs 1,56,949 crore and the personal income tax (PIT) will be Rs 2,22,196 crore, including the Securities Transaction Tax (STT).
In a research paper, titled 'Has India really become a mobile manufacturing giant?' Rajan raised concerns about the government's PLI scheme as well as concerns over India's rising mobile phone exports.
The GST collections in May saw a rise of 12 per cent which indicates a bullish trend in the Indian economy amid global challeges.
The new Parliament building will be inaugurated by Prime Minister Narendra Modi on Sunday.
The Ministry of Finance on Thursday set up a committee to review the pension system for the government employees.
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