Finance Ministry | The Asian Age

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The Finance Ministry on Sunday extended the deadline for filing summary sales return GSTR-3B for the month of September by five days to October 25.

Finance Ministry extends deadline for filing Sept GST returns to October 25

With this extension, businesses which wish to claim ITC benefit for July 2017-March 2018 period can do so till October 25.

21 Oct 2018 12:59 PM

A search committee appointed by the finance ministry is expected to finalise the list of suitable candidates soon.

Govt likely to appoint new CEA in next 1-2 months

Govt on June 30 invited applications for the appointment of CEA on deputation basis after Arvind Subramanian quit.

19 Oct 2018 12:48 PM

Serial number 4A of Table 4 of Form GSTR-4 gives details of purchases made from GST registered vendors.

Composition scheme biz need not file purchase details under GST

Over 18 lakh businesses opted for composition scheme under the new indirect tax regime.

18 Oct 2018 9:57 AM

CAD widened to 2.4 per cent of the GDP in the first quarter of 2018-19.

Govt hikes import duty on select 17 items to curb CAD

Falling rupee, market bloodbath force govt to take more measures.

12 Oct 2018 8:58 AM

Petrol has risen by 86 paise per litre since then and diesel by Rs 1.67, negating the entire excise duty reduction in less than a week.

Govt may not burden OMCs further with fuel subsidy

The market capitalisation of six large oil companies has falled by Rs 1.2 lakh crore.

12 Oct 2018 8:57 AM

Allaying concerns about the return of fuel subsidy regime, a top Finance Ministry official on Thursday said the government asking oil PSUs to subsidise petrol and diesel prices by Re 1 per litre was a "one-time thing" and it does not intend to ask them to do it again.

Govt will not ask oil companies to further subsidise fuel prices: official

While OMCs will continue to enjoy marketing freedom, upstream oil producers like ONGC would not be asked to share fuel subsidy burden.

11 Oct 2018 5:05 PM

Sensex in the early trade crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar.

Market, rupee slump due to external factors; govt to take action: official

The government will take action at an appropriate time to check widening CAD

11 Oct 2018 3:18 PM

For 2018-19, Rs 52,494 crore has been budgeted as dividend from all PSUs, which is lower than the Rs 54,810 crore revised estimates of 2017-18.

OMCs will continue to bleed as govt rules out dividend relief

Reduction in dividend from oil marketing companies, cut in subsidies, lesser disinvestment revenue.

10 Oct 2018 10:58 AM

A day after relaxing overseas borrowing norms for oil companies, the government on Thursday said state-owned fuel retailers will have to complete USD 10 billion external commercial borrowing (ECBs) within a year and they would not be required to hedge the exposure.

OMCs to complete USD 10 bn overseas borrowing in one year: Fin Min

Till now OMCs were not allowed to raise ECB for working capital needs on a long-term basis.

04 Oct 2018 6:28 PM

Gross direct tax collection in the first six months of the financial year grew 16.7 per cent to Rs 5.47 lakh crore, Finance Ministry said on Thursday.

Gross direct tax collection grows 16.7 pc to Rs 5.47 lakh crore in Apr-Sept

The Central Board of Direct Taxes has collected Rs 2.10 lakh crore as advance tax.

04 Oct 2018 12:39 PM

Deposits in this account can be made in any of the major currencies like dollar, pound, Canadian dollar, mark, yen and euro.

Govt may resort to tested tool of NRI deposits

The measures announced by the government to control rupee depreciation haven’t worked as desired.

04 Oct 2018 8:47 AM

Finance minister Arun Jaitley had announced a 100 per cent salary hike for MPs in the Union budget 2018.

Rs 1,997 crore spent on salaries, perks of MPs in 4 years

While Rs 71.29 lakh was spent on an average for a member of Lok Sabha, Rs 44.33 lakh was spent on a Rajya Sabha member.

03 Oct 2018 8:39 AM

The finance ministry expects the GST collections to cross Rs 1 lakh crore in November and December on account of festive season demand and the anti-evasion measures initiated by the revenue department.

GST collections likely to top Rs 1 lakh crore in November, December

The GST collection should cross Rs 1 lakh crore because of festive season demand.

02 Oct 2018 6:07 PM

The total revenue earned by Central Government and the State Governments after settlement in September, 2018 is Rs 30,574 crore for CGST and Rs 35,015 crore for SGST.

GST mop-up rises to Rs 94,442 crore in September

As many as 67 lakh Goods and Services Tax (GST) returns were filed in September.

01 Oct 2018 1:29 PM

The other items include washing machines, speakers, radial car tyres, jewellery items, kitchen and tableware, certain plastic goods, and suitcases. (Photo: File)

ACs, flying gets costlier as Centre hikes import duty on non-essential goods

Total import bill on account of shipment of these items into the country last fiscal was Rs 86,000 crore, Finance Ministry said.

26 Sep 2018 8:33 PM

India is yet to take a call on complying with the US sanctions on Iran.

FinMin, RBI working out mechanism to ensure smooth India-Iran trade

The commerce secretary says India will impose duties on imports within WTO norms.

26 Sep 2018 8:17 AM

The finance ministry along with the Prime Minister’s Office (PMO) and the commerce ministry is learnt to have finalised a list of products, which would attract higher import duty under an action-plan by the government, to stem the fall of rupee.

Duty hike on many products soon to support Rupee

The new list is likely to be announced on Wednesday.

24 Sep 2018 2:47 PM

Govt planned to announce a reduction in its borrowing needs, but the yield inched up to 8.07 per cent later in the day.

Govt likely to announce lower borrowing programme next week: sources

Investors were also worried whether govt will be able to stick to its fiscal deficit target of 3.3 per cent of gdp.

22 Sep 2018 11:42 AM

Finance minister Arun Jaitley (Photo: PTI)

Finance Ministry hikes interest rates on small savings

As per the finance ministry notification, the interest rate on popular PPF has been increased to 8 per cent for the third quarter from 7.6 per cent.

21 Sep 2018 1:34 AM

The rupee had collapsed to a historic intra-day low of 72.99 against the US dollar on Tuesday.

Finance Ministry pegs dollar value at Rs 73.65 for computing import duty

The conversion rate for computation of duty on export of goods has been fixed at Rs 71.95 to a dollar.

20 Sep 2018 6:39 PM

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Dilip Cherian