Finance Ministry

"In order to keep a close track of receipts, expenditure and involving fiscal position of the central government in the month of March, 2023, it is necessary to have updated information on a day-to-day basis," the Controller General of Accounts (CGA) under the finance ministry said in an office memorandum dated March 1.

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An allocation of Rs 300.7 crore has been made in the budget for teaching, promoting and encouraging the youth in regional languages. It is 20 per cent higher than the previous year's allocation. On the other hand, for the IKS, the allocation has been increased by 100 per cent. According to the Union Education Ministry, the Central government has taken several steps to promote regional languages in educational institutions.

Amid this scenario, Indian steel makers have sought suo moto safeguard in terms of import duty of up to 25 per cent on ad-valorem basis, in the forthcoming union budget. In a representation to the finance ministry, the domestic steel makers have also sought reinstatement of anti-dumping measures on HR coil, sheets and plates as well as colour coated and wire rods.

This tax was discontinued in 2005, but was reintroduced in 2018 in the Union Budget for that fiscal. The Finance Ministry is learnt to be looking at ensuring parity between similar asset classes by rationalising the LTCG tax structure and even revising the base year for computing inflation adjusted capital gains, sources aware of developments said.

In accordance with Rule 8(2) of the NFRA Rule 2018, NFRA intends prescribing publication of ATR containing certain critical information about the auditor's operational activities, management, governance and ownership structures, and policies and procedures necessary to deliver high-quality audits.

"As announced in the Union Budget 2022-23, the government of India, as part of its overall market borrowings, will be issuing Sovereign Green Bonds (SGrBs), for mobilising resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy," the Finance Ministry said in a statement.

With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned. Already there are indications that the government may enhance tax exemption limit to Rs 5 lakh per annum from the current Rs 2.5 lakh per annum.

Rates for deposits up to 5 per cent as well as NSC, senior citizen savings scheme and KVP have been hiked by up to 1.1 percentage points, according to a Finance Ministry notification. The changed interest rates would be applicable between January 1, 2023 and March 31, 2023.

As per Controller General of Accounts (CGA) data, the revenue deficit stood at Rs 5.73 lakh crore, or 57.8 per cent, of the current fiscal's target of Rs 9.91 lakh crore. The government's total expenditure was Rs 24.43 lakh crore, or 61.9 per cent, of the Budget's target of Rs 39.45 lakh crore, as per the data.