Public, Private Sectors banks sanctioned loans worth over Rs 1.10 lakh cr under Emergency Credit Line Guarantee Scheme

July 3, 2020 8:58 PM

Public, Private Sectors banks sanctioned loans worth over Rs 1.10 lakh cr under Emergency Credit Line Guarantee Scheme

Public and Private Sectors banks have sanctioned loans worth over one lakh ten thousand crore rupees so far under Emergency Credit Line Guarantee Scheme. Out of which, more than 52 thousand 200 crore rupees have already been disbursed. The scheme was launched by the government to provide relief to the MSME sector by incentivizing member lending institutions to provide additional credit of up to three lakh crore at low interest to enable MSMEs to meet their operational requirements during the COV...

Finance Ministry dismisses reports of central govt employees salary cut amid lockdown

May 11, 2020 4:24 PM

Finance Ministry dismisses reports of central govt employees salary cut amid lockdown

Finance Ministry today clarified that there is no proposal under consideration of government for any cut whatsoever in the existing salary of any category of Central Government employees. In a tweet, the Ministry said that the reports in some section of media regarding this are  false and have no basis at all. Minister of State for Personnel Dr Jitendra Singh also termed it as fake news. A private TV channel had reported that Central Government  is mulling to cut 30 per cent salary of its  emplo...

Numerous measures have been proposed in budget 2020 to promote digital payments further

January 27, 2020 12:04 PM

Numerous measures have been proposed in budget 2020 to promote digital payments further

More than three thousand one hundred crore rupees digital payment transaction took place in the current financial year so far. Finance Ministry said, numerous measures have been proposed in the budget 2019-20 to promote digital payments further. AIR correspondent reports that nearly 11 lakh BHIM Aadhar Pay point of sale devices are in India. Government has taken several initiatives in the recent past for promotion of digital payment and less cash economy. Over the past three years, digital payme...

GST collection in August stands at Rs 98,202 cr

September 1, 2019 7:30 PM

GST collection in August stands at Rs 98,202 cr

GST collection in the month of August stood at 98 thousand 202 crore rupees. In a release, the Finance Ministry said the total number of GSTR 3B Returns filed for the month of July up to 31st of August is around 76 lakh.  The government has settled 23 thousand 165 crore rupees to CGST and 16 thousand 623 crore rupees to SGST from IGST as a regular settlement.  The total revenue earned by the Central Government and the State Governments after regular settlement in the month of August 2019 is  40 ...

Finance Ministry extends last date for filing final sales return for March till April 13

April 11, 2019 7:58 AM

Finance Ministry extends last date for filing final sales return for March till April 13

Finance Ministry has extended last date for filing final sales return for March till April 13. In a notification, Central Board of Indirect Taxes and Customs said, the extension of due date for filing sales return came after businesses complained of some issues in the GSTR-1 form while filling the form.  Similarly, the due date for furnishing tax deducted at source (TDS) return GSTR-7 for March has also been extended till April 12. The notification further said that details of outward supply of ...

Finance Ministry urges foreign diplomatic missions to mention place of supply in GST return forms

November 10, 2018 9:23 AM

Finance Ministry urges foreign diplomatic missions to mention place of supply in GST return forms

The finance ministry has asked foreign diplomatic missions or UN organisations to correctly mention the 'place of supply' of services in their GST return forms to enable quick processing of refund.   GST Act provides for allotting a Unique Identification Number (UIN) to consulates, embassies and UN organisations to enable them claim refund of the GST paid.   However, it has come to the notice of the revenue authorities that many UIN entities while filling invoice data have been...

Finance Ministry launches Mobile Application Jan Dhan Darshak as a Part of Financial Inclusion

September 26, 2018 2:06 PM

Finance Ministry launches Mobile Application Jan Dhan Darshak as a Part of Financial Inclusion

Finance Ministry has launched Mobile Application  Jan Dhan Darshak as a Part of Financial Inclusion. This App will provide guidance to the common people in locating a financial service touch point at a given location in the country.             Department of Financial Services (DFS), Ministry of Finance and National Informatics Centre  (NIC) have jointly developed the app Jan Dhan Darshak as a part of financial inclusion initiative.  Jan Dhan Darshak app will be in a unique position to provide a...

India hikes customs duty on several goods imported from US

June 21, 2018 5:34 PM

India hikes customs duty on several goods imported from US

India has hiked customs duty on several goods imported from the US. The Finance ministry, in a notification, said that the import duty on chickpeas and Bengal gram has been increased to 60 per cent, while on lentils has been hiked to 30 per cent. The duty on boric acid and binders for foundry moulds has been hiked to 7.5 per cent, while that on domestic reagents was raised to 10 per cent. The other products on which duties have been hiked include certain kind of nuts, iron and steel products, ap...

Finance ministry ties up with 40 entities for extending loans to small entrepreneurs

May 22, 2018 7:29 AM

Finance ministry ties up with 40 entities for extending loans to small entrepreneurs

The finance ministry has tied up with 40 entities including Flipkart, Swiggy, Patanjali and Amul, which are big job creators, for extending loans to small entrepreneurs under the Mudra scheme. Financial Services Secretary Rajiv Kumar told PTI that in order to identify people who can be given funds under the Pradhan Mantri Mudra Yojana (PMMY), the ministry will  organise an event in Mumbai on Wednesday (23 May) to extend loan under the scheme. He said about 40 companies have been identified  as b...