Banks have written off loans worth about Rs 10 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2021-22, the write-off amount came down to Rs 1,57,096 crore compared to Rs 2,02,781 crore in the previous year, Minister of State for Finance Bhagwat K Karad said in a written reply [...]
Amid concerns over the decline in the value of the rupee against the US dollar, Finance Minister Nirmala Sitharaman on Tuesday asserted there is no collapse of the unit and it is actually finding its natural course. Sitharaman informed the Rajya Sabha that the RBI is continuously monitoring the local currency and intervening only if [...]
GST collections rose 28 per cent to Rs 1.49 lakh crore on an annual basis in July on the back of economic recovery and measures taken to curb tax evasion, the government said on Monday. In July, 2021, Goods and Services Tax (GST) collections stood at Rs 1,16,393 crore. The collections in July this year [...]
Days after the US Fed raised the interest rate, the RBI may go in for its third consecutive policy rate hike by at least 35 basis points to check high retail inflation, experts said. The central bank has already announced to gradually withdraw its accommodative monetary policy stance. The Reserve Bank of India's rate-setting panel [...]
Indian pharma exports registered a growth of eight per cent during the first quarter of the current financial year to USD 6.26 billion, as officials hope for a 10 per cent growth by the end of the fiscal. Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department [...]
More than 5 crore income tax returns have been filed till late Saturday evening, the department said, a day before the ITR filing time for the financial year 2021-22 ends. The department issued a public message through its official Twitter handle asking taxpayers, largely individuals and salaried class, to file their returns within the due [...]
Facing criticism over GST on daily use items, Finance Minister Nirmala Sitharaman on Tuesday said the 5 per cent tax is being levied on wheat flour and other items after nod from all states, including non-BJP ruled states. Non-BJP ruled states of Punjab, Chhattisgarh, Rajasthan, Tamil Nadu, West Bengal, Andhra Pradesh, Telangana and Kerala had [...]
Retirement fund body EPFO is likely to approve this month a proposal to enhance its investments in equites to up to 20 per cent of the investible deposits from the current limit of 15 per cent. The proposal is expected to be considered and approved during the EPFO trustees' meeting scheduled to be held on [...]
Single packages of unbranded pre-packed and labelled food items like cereals, pulses and flour weighing in excess of 25 kg are exempt from 5 per cent GST levy. The Central Board of Indirect Taxes and Customs on Sunday late night issued FAQs clarifying various doubts and said only pre-packed items up to 25 kg will [...]
The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15. The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders. [...]
