Agencies, whether public sector or private sector, may have to pay goods and services tax on the charges they collect on behalf of the government from clients. The authority for advance rulings (AAR), Telangana, has ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST, said Rajat Mohan, senior partner at AMRG & Associates. The AAR also ruled that neither services provided by the agency to the government, nor services provided on behalf of the government to the business entities are exempt from GST, he informed about the case.
Central government employees availing the LTC cash voucher scheme can purchase goods or services in the name of spouse or other family members eligible for LTC fare. The second set of FAQ issued by the Department of Expenditure also clarified that an employee can claim reimbursement for the purchase of goods and services, attracting GST of 12 per cent or more, on or after October 12 even if he/she has not formally exercised the option of availing the scheme.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
Scrapping Plan and non-Plan classifications necessitates the change
The cumulative seizure of such illegal inducements in the five poll-going states -- Uttar Pradesh, Uttarakhand, Manipur, Goa and Punjab -- stood at Rs 1,039.50 crore, the sources said, adding that it included drugs worth Rs 571.34 crore.
More boys than girls with cancer in India are being diagnosed with the disease and the probable cause for this is gender bias in society, according to a study published in The Lancet Oncology.
The size of the Reserve Bank's balance sheet, which is reflective of activities carried out by it in pursuance of currency issue function as well as monetary policy and reserve management, has increased by 6.99 per cent during the nine-month period ended March 31, 2021. While income for the year decreased by 10.96 per cent, the expenditure decreased by 63.10 per cent, as per the RBI's Annual Report for 2020-21. The year ended with an overall surplus of Rs 99,122 crore as against Rs 57,127.53 crore in the previous year, representing an increase of 73.51 per cent, it added.
The poll-panel called these seizures by its various field and technical enforcement teams a "historic milestone" achieved "for the first time in any assembly electoral process", meaning during simultaneously-held assembly polls.
The Delhi government has included Vailankanni Church in Tamil Nadu to the list of pilgrimage sites under its free pilgrimage scheme for senior citizens, Chief Minister Arvind Kejriwal announced on Wednesday.
The central government has mandated all ministries, public departments and public sector units to use the telecom services of State-run Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL).
The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
Dearness Allowance for central government employees has been hiked to 31 per cent of the basic pay from 28 per cent with effect from July 1, 2021, the Finance Ministry said. In an office memorandum, the Department of Expenditure, under the Finance Ministry, said the term 'basic pay' means the pay drawn as per the 7th pay commission matrix and does not include any other type of pay like special pay, etc. "....the Dearness Allowance payable to central government employees shall be enhanced from the existing rate of 28 per cent to 31 per cent of the basic pay with effect from July 1, 2021," said the office memorandum dated October 25.
Starting today, Modi and top officials in the Prime Minister's Office will be briefed by various central ministries and departments on their plans as well as agenda for the next five years. They will also apprise the PMO of the work they have done so far in realising the agenda of government's second term in office.
The total amount of money various entities have raised through the private placement route is at its lowest since 2014. They raised a total of Rs 1.96 trillion in the first five months of 2022, revealed the numbers from PRIME Database. It is down 23.4 per cent from the Rs 2.56 trillion raised in the corresponding period in 2021.
These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. Investment in infrastructure projects with high multiplier effect has been the Centre's main plank to revive the economy, create employment and boost consumption.
The Agriculture Ministry has incurred an expenditure of Rs 67,99,750 on production of three promotional and two educational films on the farm laws for its wider publicity through electronic media, social media and webinars.
Phase-I clinical trials have revealed "excellent safety" of the two candidate vaccines indigenously developed by Bharat Biotech in collaboration with Indian Council of Medical Research and Cadila Healthcare Ltd and their immunogenicity testing is now in progress, minister of state for health Ashwini Choubey informed the Rajya Sabha on Tuesday.
The nation will have nine nuclear reactors by 2024 and a new nuclear project, the first in northern India, will come up 150 kms away from Delhi in Gorakhpur of Haryana, the government informed the Rajya Sabha.
'Let us hope that this Budget delivers.' 'It needs 10 per cent plus real GDP growth in 2021-22, the rebound year,' notes Omkar Goswami.
Former CAG Rajiv Mehrishi says Centre has held back a report he submitted to the President, to end what he called "a nightmare of accounts that militates against good governance".
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
The first step to keeping your job safe, experts tell Rediff.com's Divya Nair, is understanding why layoffs happen.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The Comptroller and Auditor General of India on Monday reported multiple irregularities in the accounts of units under the IT and telecom ministries, including purchases of hardware and software worth Rs 890 crore by NICSI in contravention of rules. In its audit report for financial years 2017-18 and 2018-19, the Comptroller and Auditor General (CAG) has flagged anomalies in the decision taken by state-run telecom firm BSNL, C-DoT, the Department of Posts, ITI Limited and CDAC that had adverse financial implications. "NICSI procured hardware and software costing Rs 890.34 crore through the 'Strategic Alliance' route in contravention of General Financial Rules, 2005 and departmental instructions and thus failed to ensure transparency and competitiveness in the procurement process," according to the CAG report tabled in Lok Sabha on Monday.
The ministry of finance will kickstart its massive budgetary exercise from October 15.
In an army that favours officers who have spent the bulk of their service years doing counter-insurgency operations in Jammu and Kashmir, General Anil Chauhan is that rarity: A China specialist who has logged plenty of service years along the Line of Actual Control and the McMahon Line with China.
As around 5,000 nurses went on strike from the afternoon hampering patient care services at the premier hospital, AIIMS Director Randeep Guleria in a video message termed the strike in the time of pandemic as "inappropriate and unfortunate".
The government on Friday sought Parliament's nod for an additional Rs 54,000-crore spending mainly to meet its obligation towards GST compensation to states and defence-related expenditure. Minister of State for Finance Anurag Thakur presented the second and final batch of supplementary demands for grants in the Lok Sabha.
Five people have been arrested for allegedly seeking to fine a Dalit family of Rs 25,000 for 'purification' of the Hanuman temple in Miyapur village in the district after their two-year-old son entered it, police said on Wednesday.
Today, a friendship forged by common ideals behind prison walls has become a transactional understanding, notes Aditi Phadnis.
To meet the revised estimates for 2019-20, the central government will have to garner Rs 5.03 trillion in total revenues in March, which has seen the worst phase of the coronavirus pandemic so far and the resultant lockdown.
Indian issuers are borrowing lesser through bonds compared to their global peers. The total value of bond issuances was down 10.1 per cent on a rolling 4-quarter basis in March 2022, compared to a similar period in March 2019, shows an analysis of data from tracker Refinitiv, a London Stock Exchange Group (LSEG) business. The four quarters ended March 2019 marked the last full financial year before the pandemic took hold.
The BMC election will hold the key to a new shift in political power -- not just in Mumbai but in Maharashtra, reports Sarthak Choudhury.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
'The road ahead for the government's fiscal management will be full of many new challenges,' warns A K Bhattacharya.
Union finance secretary T V Somanathan recently said the Centre had saved Rs 10,000 crore in FY22 on interest payments after adopting new accounting mechanisms for central government agencies and centrally sponsored schemes (CSS) for state governments. Speaking at an event, Somanathan said due to these, there was an unspent balance of Rs 1.2 trillion with state agencies from CSS as on March 31, 2022. This means this amount will be reduced from the Centre's borrowing for now and it can be considered a short-term saving for the exchequer.
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