Govt constitutes expert committee to examine and suggest appropriate measures to address regulatory and other issues

The government has constituted an expert committee to examine and suggest appropriate measures to address regulatory and other issues to enable scaling up investments by venture capital and private equity investment. Finance Ministry said the six-member panel will be headed by former SEBI chairman M Damodaran. The committee will suggest measures to further accelerates investment into start-ups and sunrise sectors.  In her Budget speech 2022-23, Finance Minister Nirmala Sitharaman proposed to set...

Finance ministry releases Rs 1348 crore to six states for providing grants to Urban Local Bodies

The Finance Ministry today released  1348 crore rupees to six states Jharkhand, Karnataka, Kerala, Odisha, Tripura, and Tamil Nadu for providing grants to Urban Local Bodies.   The 15th Finance Commission in its report for the period from 2021-22 to 2025-26 has divided the Urban Local Bodies into two categories, million-plus urban cities excluding Delhi and Srinagar and all other cities and towns with less than one million population. In the current financial year, the Union Government has relea...

Finance Ministry releases IIP data; clear signs of investment being induced by rise in consumption

Last date for filing of GST returns for 2019-20 fiscal extended till March 31

Finance Ministry has extended the due date for furnishing of the Annual returns GSTR-9 and GSTR-9C for the financial year 2019-20 to 31st of this month. In a statement, the Finance Ministry said that the due date was extended with the approval of Election Commission of India.   The Ministry said, the decision to this effect was taken in view of the difficulties expressed by the taxpayers in meeting this time limit. Earlier the government had extended the due date of furnishing the Annual Returns...

CBDT will validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports: Finance Ministry

Finance Ministry has said, CBDT will validate Unique Document Identification Number (UDIN) generated from ICAI portal at the time of upload of Tax Audit Reports.   Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications ...

CGST Delhi busts syndicate of firms involved in availing benefit of around Rs 685 Cr from bogus invoices: Finance Ministry

Finance Ministry today said Central Goods and Service Tax, CGST Delhi has busted a syndicate of firms involved in availing benefit of around 685 crore rupees from bogus invoices. A case was registered against the company M/s. Baan Ganga Impex having their principal place of business at Mahipalpur in New Delhi.   The company has availed the invoices from the fake entities amounting to 685 crore rupees involving GST of 50 crore rupees and succeeded to get refund of  35 crore rupees.

Top Finance Ministry official says govt may look at introducing 2nd set of fiscal stimulus measures