Neha R Gupta & Co.

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The finance ministry will kick-start the exercise to prepare the annual budget for 2023-24 from October 10 in the backdrop of revival of the Indian economy and fears of recession in developed countries.

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#financeministry #finance

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The amendments to foreign exchange rules notified by the Centre on Monday have cleared the decks for Indian entrepreneurs and wealthy investors looking to put money in foreign fintech companies.

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The countdown for the last date for filing Income Tax Return (ITR) is July 31, just four days away. Taxpayers must submit their ITR for the financial year 2021-22 online before the end of the deadline to avoid any fine or penalty and legal consequences.

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The launch of international trade in Indian rupees could lead to annual savings of $30-36 billion in hard currency and widen the scope for such trades with countries in the region, easing pressure on the exchange rate, experts told ET.

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The Centre dismissed apprehensions about India's external debt, saying out of India's total external liability of $620.7 billion, the Centre's share is just $130.8 billion, 21% of the total debt liability.

This also includes India's Special Drawing Right (SDR) allocation.

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The Reserve Bank of India (RBI) today imposed a monetary penalty of Rupees one crore and five lakh on Kotak Mahindra Bank.
The penalty on Kotak Mahindra Bank can be attributed to non- compliance with the Banking Regulation Act, 1949 and directions on ‘Customer Protection

[Neha R Gupta & Co. @NehaRGuptaCo]

Several goods and services will cost more from July 18 with the Goods and Services Tax (GST) Council approving an increase in rates to address inverted duty structures and withdrawing some exemptions. Finance minister Nirmala Sitharaman said any increase in GST rates is intended

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Commerce and industry minister Piyush Goyal on Sunday said that India wants to capture the world market in all sectors and the country would “very soon” become a $30 trillion economy from the level of $3 trillion at present.

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Looking to address the concerns of taxpayers about high-pitched assessments under the faceless scheme, the revenue department has asked the Central Board of Direct Taxes (CBDT) to initiate strict action against officials for slapping notices on taxpayers

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An Authority for Advance Ruling (AAR) ruling has said that any voluntary payment made to a housing society by a member or a resident should attract Goods and Services Tax (GST).

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#gst #aar #authorityofadvanceruling

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The Karnataka government on Wednesday said the World Economic Forum Meet in Davos has proved to be "very fruitful", as the team led by Chief Minister Basavaraj Bommai has inked pacts with two major companies for a total investment flow of Rs 52,000 crore.

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The government has completed transactions worth Rs 1 lakh crore under the National Monetisation Pipeline (NMP) in 2021-22, surpassing the ambitious programme's first-year target of Rs 88,000 crore, Niti Aayog CEO Amitabh Kant said on Tuesday.

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GST dept. is working to resolve the Technical issue. Meanwhile, those who are willing to file GSTR3B for April 22 can file the return on self assessment basis.

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#gst #gstr #gstr2b #gstr2a #gstr2bissues #technicalissue

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Prudent Corporate Advisory Services’ three-day initial public offering (IPO) opens on Tuesday (10 May) and will conclude on Thursday (12 May). The company has set a price band of Rs 595-630 per share for the Rs 538.6 crore IPO.

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The Supreme Court on Wednesday invoked its extraordinary powers under Article 142 of the Constitution to uphold all reassessment notices issued after March 31, 2021, by the income tax department reopening assessments going back six years.

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The government has released 2.78 L cr towards Goods and Services Tax (GST) compensation for FY21. In a statement late on Wednesday, the finance ministry said no compensation was pending for the year.

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The focus on capex in the recently announced Budget for the current fiscal year will boost manufacturing and tax revenue collections, thereby keeping India on track to becoming a USD 5 trillion economy, the finance ministry said on Thursday.

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The Centre has released Rs 2,94,718 crore towards food subsidy during the last fiscal to Food Corporation of India (FCI) and states, which is slightly higher than the revised budget estimates. During the financial year 2021-22, the Department of Food & Public Distribution!

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Bank customers will be able to make a cardless cash withdrawal from ATMs of any bank soon. The Reserve Bank of India (RBI) on Friday proposed to make a cardless cash withdrawal facility available across all banks and automated teller machine (ATM) networks using a UPI.

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India's GDP is estimated to grow at 7.4 per cent in the financial year 2022-23 with rising prices triggered by the Russia-Ukraine conflict posing as the biggest challenge to the global economic recovery, Ficci's Economic Outlook Survey released on Sunday said.