Finance Ministry
November GST collection rises to over Rs 1.31 lakh Cr
Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month. This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore. Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20. As per the Ministry of Finance, out of the total gross collection, CGST's share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.
India, US agree on transitional approach on 'Equalisation Levy' 2020
According to Ministry of Finance, India and the US will remain in close contact to ensure that there is a common understanding of the respective commitments and endeavor to resolve any further differences of views on this matter through constructive dialogue. The final terms of the agreement shall be finalised by February 1, 2022.
India should focus on supply through reforms: K.V. Subramanian
He was speaking about the three decades of 1991 economic reforms at the 3rd Global Finance Conclave organised by the Jindal School of Banking & Finance (JSBF) on Friday. Elaborating on how the economy has grown since 1991, Subramanian pointed out how the country handled the demand and supply line impact during the Covid-19 crisis.
India's Covid vax campaign, teeming festivities lend renewed optimism to economic recovery: Finance Minister
The Monthly Economic Review for October, 2021 released by the Department of Economic Affairs (DEA) on Wednesday said that with India's Covid-19 vaccination campaign crossing new milestones in rapid succession and teeming festivities lending renewed optimism to India's ongoing economic recovery, further demand stimulation, fuller restoration of supply chains, narrowing of demand-supply mismatches and greater employment generation, are in the offing.
RBI Governor Shaktikanta Das's term extended
In an order, it said: "The 'Appointments Committee of the Cabinet' has approved the reappointment of Shri Shaktikanta Das, lAS Retd. as Governor, Reserve Bank of India for a period of three years beyond December 10, 2021 or until further orders, whichever is earlier."
Centre releases Rs 44k cr to states/UTs under back-to-back loan facility
"After taking into account earlier release of Rs 115,000 crore, total amount released in the current financial year as back-to-back loan in-lieu of GST compensation is Rs 159,000 crore," the Ministry of Finanace said in a statement.
Sitharaman meets US CEOs, asks them to invest in India
The FMCBGs on Wednesday discussed developments in global economy, global commons, support to vulnerable countries & International Taxation. The FM noted that for recovery, ensuring equitable vaccines for all is a significant challenge and keeping up the support, building resilience, enhancing productivity and structural reforms should be our policy goals.
India on path of swift recovery: FinMin report
The Monthly Economic Review for September 2021 released by the Department of Economic Affairs (DEA) on Monday said that sustained and robust growth in agriculture, sharp rebound in manufacturing and industry, resumption of services activity and buoyant revenues are suggesting that economy is progressing well.
CEA K.V. Subramanian to head back to academia as tenure ends
"I have decided to return back to academia following the completion of my 3-year fulfilling tenure. Serving The Nation has been an absolute privilege and I have wonderful support and encouragement," Subramanian said in a tweet announcing his decision to move out from the North Block.
Centre notifies rules to scrap retrospective tax clause
Accordingly, the amendment bill notified on October 1, 2021, will enable the scrapping of the contentious retrospective tax demand provisions. Significantly, the notification of the bill is expected to end the much stretched tax disputes with UK's Cairn Energy, and Vodafone Plc.
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