Withdrawing a cumulative Rs 10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory.
Nirmala Sitharaman joined the BJP in 2008 and has served as a spokesperson for the party. In 2014, she was inducted into Narendra Modi's cabinet as a junior minister and in June 2014, she elected as a Rajya Sabha Member from Andhra Pradesh.
The finance ministry may look at a 10-year tax holiday for real estate developers on profits earned from rental housing as it looks to revive investment and boost a slowing economy, sources said.
In 2019, the consolidation exercise is expected to revolve around Punjab National Bank (PNB) to take some smaller PSU banks under its ambit. The names of Syndicate Bank, Oriental Bank of Commerce, Andhra Bank and Allahabad Bank is being considered for the merger.
The due date for filing summary sales return GSTR-3B and GSTR-1 for April was earlier notified as May 20 and May 11, respectively.
However, for CPSEs like Air India, which are relatively bigger in size, the timeline for completion of strategic sale is likely to be fixed at 6 months from the date of issuance of Preliminary Information Memorandum (PIM) about the company.
The Central Statistics Office (CSO), which released the national account data for the third quarter, had in February revised downwards the growth estimate for 2018-19 fiscal to 7 per cent from 7.2 per cent. The 7 per cent growth is the lowest in 5 years.
Kumar further said Punjab National Bank will get Rs 5,908 crore, Union Bank of India Rs 4,112 crore, Andhra Bank Rs 3,256 crore and Syndicate Bank Rs 1,603 crore.
Market players attributed the decline in inflow to volatile market and political uncertainty, wherein the broader indices remained under pressure.
The RBI had retained Rs 13,190 crore towards risks and reserves during 2016-17. It increased to Rs 14,190 crore in 2017-18. Together, retained amount is Rs 27,380 crore.
These estimates were based on various unverifiable assumptions and approximations, it had said.
GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said on Thursday.
According to data available with the depositories, FPIs withdrew a net amount of Rs 5,880 crore during January 1-25
The 'Know Your Budget' series, which explains the importance of Union Budget and its making, would continue for about a fortnight.
Finance Secretary Ajay Narayan Jha has been given one-month extension in service and appointed as the member of the 15th Finance Commission, according to a Personnel Ministry order.
The measure, once implemented, would check the widespread practice of composition dealers of charging GST from purchasers and not depositing it with the exchequer, PTI reported quoting an official.
Shares of Axis Bank settled at Rs 666.50, up 0.53 per cent, while ITC was up 2.02 per cent at Rs 295.40 at close of market hours on January 11.
The senior official said the RBI and the government from time to time decides on the quantum of currency to be printed on the basis of money in circulation.
"Indian economy is projected to be the fastest-growing major economy in 2018-19 and 2019-20 (International Monetary Fund October 2018 database). This is borne by GDP growth of 7.6 per cent in the first half of 2018-19," it said.
In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".
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