DGGI busts fake GST invoice syndicate
As per the ministry of finance, the ongoing investigation has also revealed the involvement of bank officials in the establishment of bank accounts under the names of fictitious firms.
ministry of finance
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There is no distress: Finance Ministry on drop in household savings
Households added net financial assets of ₹22.8 lakh crore in 2020-21, nearly ₹17 lakh crore in FY22 and ₹13.8 lakh crore in FY23.
Direct tax collections rise 23.51% to ₹8.65 lakh cr in FY24
The net direct tax collections include corporation tax at ₹4,16,217 crore (net of refund) and personal income tax including securities transaction tax at ₹4,47,291 crore (net of refund).
Elevated inflation challenges macro stability: FinMin
It may be noted that headline retail inflation in the economy spiked to 7.4% in July 2023, with specific food commodities mainly driving the increase.
20% TCS on credit card spends abroad not high: Govt
International credit cards are being issued with limits in excess of the current LRS limit of $2,50,000, says Ministry of Finance
GST e-invoicing threshold lowered to ₹5 crore
Businesses with a turnover of ₹5 crore or more will be required to switch to e-invoicing from August 1, 2023
Indian banks less prone to U.S. crisis: FinMin
Investments in held-to-maturity securities by the Indian banks are limited to 23% of deposits, according to the monthly economic review for March.
More than ₹40,700 cr sanctioned to over 1.8 lakh accounts under Stand Up India scheme in 7 yrs: FM
Stand Up India scheme was launched on April 5, 2016, in order to promote entrepreneurship at the grassroot level amongst women, and SC/ST (Scheduled Caste/Scheduled Tribe) category.
GST collection up 12% YoY to ₹1.5 lakh cr in February
On a month-on-month basis, Feb collection declines; Centre says Feb being a 28-day month saw a relatively lower revenue collection
Centre likely to slow down highway capex in Budget 2023
The highway ministry is likely to get gross budgetary support to the tune of ₹2.10 lakh crore in the upcoming budget.
