Tag: Ministry of Finance

Revenue-deficit States may face fiscal stress, says Centre

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Revenue-deficit States may face fiscal stress, says Centre

A revenue deficit is when expenditure on recurring items such as salaries, pensions, subsidies, and interest payments exceed the revenue earned from regular sources such as taxes and fees.  (Representational image) | Photo Credit: Getty Images/iStockphoto The Ministry of Finance has warned that States with revenue deficits and high debt burdens will find it harder…

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Timely access to justice: Tax experts praise government’s operationalisation of GST Appellate Tribunal

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Timely access to justice: Tax experts praise government’s operationalisation of GST Appellate Tribunal

In a notification dated September 17, the Ministry of Finance notified that appeals against orders communicated before April 1, 2026, can be filed up to June 30, 2026. | Photo Credit: Getty Image/iStockPhoto In a further step towards making the crucial Goods and Services Tax Appellate Tribunal (GSTAT) functional, the government has notified the timelines…

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Finance Ministry’s financial inclusion push sees 61 lakh new bank accounts, 2.6 crore insurance enrolments so far

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Finance Ministry’s financial inclusion push sees 61 lakh new bank accounts, 2.6 crore insurance enrolments so far

People waiting in a queue to get relief amount under Pradhan Mantri Jan-Dhan Yojana, at a bank in Vijayawada. | Photo Credit: K.V.S. Giri In the last 2.5 months, the Ministry of Finance has opened more than 61 lakh new bank accounts, and has created more than 2.6 crore fresh enrolments in its three flagship…

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Making India’s climate taxonomy framework work

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Making India’s climate taxonomy framework work

In May this year, the Ministry of Finance released India’s draft Climate Finance Taxonomy for public consultation. As a foundational tool, the taxonomy aims to mobilise climate-aligned investments, prevent greenwashing, and clarify for investors which sectors, technologies and practices contribute to mitigation, adaptation, or transition. Importantly, the document calls itself a “living” framework, adaptable to…

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Centre moots two-rate GST system as part of PM Modi’s ‘Diwali gift’

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Centre moots two-rate GST system as part of PM Modi’s ‘Diwali gift’

Representational image only. | Photo Credit: Getty Images/iStockphoto Prime Minister Narendra Modi’s “Diwali gift” to the people of India, of reforms to the Goods and Services Tax (GST) system, will likely be across three pillars — structural reforms, rate rationalisation, and ease of living — and could entail a shift to a two-rate GST system…

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Finance Minister Nirmala Sitharaman To Present Economic Survey In Parliament Today

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Finance Minister Nirmala Sitharaman To Present Economic Survey In Parliament Today

New Delhi: The Economic Survey, a pre-budget document detailing the state of the economy over the last fiscal year, will be presented in Parliament at 12 p.m. on Friday by Finance Minister Nirmala Sitharaman. The presentation comes a day before the much-anticipated arrival of the Union Budget 2025-26. The survey will be tabled in Lok…

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Nation

Economic Survey To Be Tabled In Parliament Ahead Of Budget

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Economic Survey To Be Tabled In Parliament Ahead Of Budget

Parliament Budget Session LIVE Updates: Economic Survey 2023-24 will be tabled in Parliament today. New Delhi: The Economic Survey 2023-24 will be tabled by the Centre in both houses of Parliament today. The Economic Survey document, prepared by the Ministry of Finance, give insights into the state of the economy and various indicators of 2023-24. The…

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Nation

Why sustainable funding matters for India’s ‘science power’ ambition | Explained

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Why sustainable funding matters for India’s ‘science power’ ambition | Explained

The 2024 theme for National Science Day, which India celebrates every year on February 28, is “Science for Sustainable Development”. Science and technological developments are key drivers of India’s journey towards becoming a developed country by 2047. India is committed to making this progress through sustainable means, as evidenced by its commitments under the Paris…

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Science

Finance Ministry notifies valuation methodology for calculating GST on online gaming, casino

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Finance Ministry notifies valuation methodology for calculating GST on online gaming, casino

Image for representation purpose only. | Photo Credit: Reuters The government on September 6 notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax. The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of…

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