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Traders’ body CAIT on Friday urged finance minister Nirmala Sitharaman to defer the implementation of Rule 86B in goods and services tax (GST), whereby businesses with over Rs 50 lakh monthly turnover will have to pay at least 1 per cent of their GST liability in cash, terming it a “counter productive” measure that will … Continue reading CAIT urges FM to defer rollout of Rule 86B in GST

Finance minister Nirmala Sitharaman on Friday emphasised the need for further efforts by the G-20 countries to end the Covid-19 crisis, and highlighted affordability as well as the accessibility of vaccines for all as a crucial step in this direction.

FM asks banks to promote RuPay cards

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Finance minister Nirmala Sitharaman on Tuesday asked banks to ensure that all accounts are linked with Aadhaar numbers of respective customers by March 31, 2021. She said the financial inclusion story is not over and banks still have inclusion to carry forward. There are many accounts which are not linked with Aadhaar.

A positive message is being conveyed by the spate of economic data pointing to a rebound, finance minister Nirmala Sitharaman said on Monday, but asserted that sustaining the numbers in the months ahead will lend certainty to the recovery.

DEA secretary Tarun Bajaj on Tuesday said that finance minister Nirmala Sitharaman will announce the next set of economic stimulus package soon and the government is looking at requests and comments received from the industry. Expecting further improvement in economy in coming months, the DEA secretary noted that uptick is much faster than anticipated by … Continue reading FM to announce next stimulus package soon: DEA secy

Finance minister Nirmala Sitharaman on Tuesday said that India’s GDP might be in negative zone or near zero in the current fiscal due the coronavirus pandemic. Speaking at the India Energy Forum of CERAWeek, she said that with unlock, the Indian economy has started showing signs of revival and by next year it will be … Continue reading GDP growth may be in negative zone this fiscal: FM

Finance minister Nirmala Sitharaman on Monday said the government has begun an exercise to assess the impact of the pandemic on the economy and likely contraction in GDP, even as she did not rule out the possibility of another stimulus to boost growth. “I have not closed the option for another stimulus,” she said at … Continue reading Haven’t ruled out possibility for another stimulus: FM

A day after the Centre agreed to borrow Rs 1.10 lakh crore on behalf of states for meeting GST shortfall, finance minister Nirmala Sitharaman on Friday reached out to all states explaining the contours of the special window.

Finance minister Nirmala Sitharaman on Thursday said V-shaped pattern of recovery is being seen in several high-frequency indicators, driven by various measures taken by the government to revive economic growth, hit hard by the outbreak of COVID-19 pandemic.

Union finance minister Nirmala Sitharaman said here on Wednesday that revival of the nations economy post-Covid lockdown was clearly visible and the indicators looked positive. “We are getting good positive marks from high frequency indicators. And, indicators from all states show a revival,” she pointed out.

Union finance minister Nirmala Sitharaman on Tuesday made a veiled attack on Congress vis-a-vis the new farm legislations, saying those who did not even provide MSP for commodities other than paddy and wheat were now raising ‘unreasonable’ apprehensions. She added these legislations came under the ambit of the Union government and it covered inter-state farm … Continue reading FM mounts veiled attack on Congress over MSP

Union finance minister Nirmala Sitharaman on Monday said that Rs 20K crore compensation cess will be disbursed to the states. Compensation cess is given by the Centre to states for revenue losses. After the 42nd GST Council meet, the minister stated that this year’s cess amount will be disbursed tonight. The GST Council has approved … Continue reading Rs 20k cr compensation cess to be disbursed to states: FM

The new provisions relating to tax collection at source (TCS) kick in from October 1. The dire economic situation arising out of the pandemic and certain ambiguities in these provisions has led several CA associations to make a joint representation to the finance minister.

Taking on critics, Nirmala Sitharaman on Friday said a “simple woman finance minister saying Act of God is taken sarcastically” while latin word ‘force majeure’ is well accepted. Speaking in Lok Sabha, Sitharaman said her remark is being criticised also because she “looks like a neighbourhood aunty” and asserted that twisting her comment is irresponsible.

Finance minister Nirmala Sitharaman on Thursday asked banks and NBFCs to roll out loan restructuring scheme for COVID-19 related stress by September 15, and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts.

Finance minister Nirmala Sitharaman on Thursday said that the economy is facing an extraordinary ‘act of God’ in form of the coronavirus pandemic which may result in contraction in India’s growth for the current fiscal. She also revealed that the pandemic has severely impacted GST revenues which have widened to Rs 2.35 lakh crore from … Continue reading Covid an ‘act of God’, may contract economy: FM

Finance minister Nirmala Sitharaman on Monday held a virtual bilateral meeting with United Arab Emirates (UAE) minister of state for financial affairs Obaid Al Tayer and urged the Middle Eastern nation to participate in India’s ambitious Rs 111 lakh crore National Infrastructure Pipeline.

Finance minister Nirmala Sitharaman on Friday exhorted large central public sector enterprises (CPSEs) to achieve by next month 50% of their planned capital expenditure target for FY21 to support economic growth. She held a virtual meeting with secretaries of the ministries of shipping, road transport and highways, housing and urban affairs, defence and telecom.

Finance minister Nirmala Sitharaman said the faceless tax scrutiny assessment and appeal would help ease compliance burden of taxpayers and increase fairness and objectivity in the tax system. PM Narendra Modi launched the platform ‘Transparent Taxation – Honoring the Honest’ which provides for launch of faceless assessment and adoption of a taxpayer charter.

Asserting that green shoots are visible, finance minister Nirmala Sitharaman on Tuesday assured the industry that the government is open to taking more actions in future to boost economic recovery. Speaking at the 2020 India Ideas Summit, the minister said that the Rs 20.97 lakh crore stimulus package announced by the government to fight the … Continue reading Green shoots visible, govt open to take more steps: FM

Finance minister Nirmala Sitharaman on Wednesday asked GST officers to foresee the issues faced by domestic businesses and address them proactively so that they can compete on a global scale and build a self-reliant India.

Finance minister Nirmala Sitharaman on Thursday said that there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China.

The finance ministry has initiated steps for a one-time restructuring for businesses that were viable in the pre-Covid period, but are struggling under the weight of the pandemic, the government said on Thursday. While the government has announced stimulus packages for various sectors, some businesses that were viable before the pandemic have not got fiscal … Continue reading Cos viable before Covid may get debt recast: FM

A day after an assault on a female staff within bank premises in Surat, finance minister Nirmala Sitharaman on Wednesday said nothing should threaten the safety and dignity of bank employees and that she will closely follow the matter.

In a curtain-raiser event, finance minister Nirmala Sitharaman addressed a press conference on the launch of the Garib Kalyan Rojgar Abhiyaan. The campaign will be launched by PM Narendra Modi on June 20. “Govt of India has decided to launch a massive rural public works scheme to empower and provide livelihood opportunities to the returnee … Continue reading FM on ‘Garib Kalyan Rojgar Abhiyaan’: Key points

Ahead of the launch of ‘Garib Kalyan Rojgar Abhiyaan’ scheme, Union finance minister Nirmala Sitharaman said that Central and state governments have meticulously mapped the skill sets of the migrant workers who have returned in large numbers to the 116 districts in six states.