Tag: finance minister
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Update on GST: Over 12,000 False Entities; Biometric Authentication Coming Soon; Tighter Return Filing
In order to combat fraudsters who use other people’s PAN and Aadhaar to register for GST, the CBIC is working on biometric identification of dangerous organizations under GST, according to CBIC chairman Vivek Johri. Johri said that the tax authorities are also talking about further tightening the requirements for submitting GST returns in order to…
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PM Modi urges acceptance of digital transactions for transparency
Prime Minister Narendra Modi emphasised the value of digital payments in fostering openness on Saturday and advised people to limit their use of cash wherever feasible. The Prime Minister encouraged everyone to embrace digital transactions as a way to promote transparency during his speech at the 17th Indian Co-operative Congress. He emphasised how India is…
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The “Exemplar” GST scheme lowered taxation on individuals: Sitharaman
Finance Minister Nirmala Sitharaman said on Saturday that the Goods and Services Tax (GST) regime is a “exemplar” that reduced tax burden on individuals, brought ease of compliance, and created an effective federal institution with high revenue buoyancy for states, citing media reports referring to the 1.6 lakh core monthly collection as the new normal.…
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In FY2022-23, PSBs’ net profit triples to Rs1.04 lakh: FM Sitharaman
On Saturday, Nirmala Sitharaman, the minister of finance, expressed her gratitude for the outstanding profitability of the state-run banks. She emphasised that despite the failure of many major international banks, Indian banks did well because of the professionalism shown in their management. The net profit of public sector banks almost quadrupled to Rs.1.04 lakh crore…
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Gst Contributed to States’ Increased Revenue Buoyancy: FM
Nirmala Sitharaman, the finance minister, said on Saturday that the GST has enhanced the states’ income growth and that the overall benefit is “exemplary”. According to her at GST Day 2023, the pre-GST system’s tax multiplicity led to a “tax-on-tax” impact that increased the cost of goods for customers by taxing the same item more…
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Twin-balance sheet issue no longer affects the Indian economy, and banks are now profitable: FM Nirmala Sitharaman
Nirmala Sitharaman, India’s finance minister, said on Saturday that the Modi administration’s concentrated efforts have allowed the Indian economy to transition from having a problem with banks and corporations’ double balance sheets to having a benefit from them. The profit of public sector banks tripled from 2014 to Rs 1.04 lakh crore in 2022–23, according…
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PSU banks’ net income almost tripled: Sitharaman
Nirmala Sitharaman, the Union Finance Minister, said on Saturday that the public sector banks’ (PSBs’) net earnings have almost tripled from Rs 36,270 crore in FY 2014 to Rs 1.04 lakh crore in FY 2022–23. “The ‘Twin-Balance Sheet Problem’ was something we inherited in 2014 when we took office. We discuss the balance sheets of…
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Punjab & Sind Bank’s new corporate office is opened by Nirmala Sitharaman
In the presence of Dr. Bhagwat Kishanrao Karad, Honourable Minister of State (Finance), and Dr. M P Tangirala, Additional Secretary, DFS, today saw the official opening of the new corporate office of Punjab & Sind Bank, a renowned public sector bank, at the NBCC Complex in East Kidwai Nagar, New Delhi. The Hon. Finance Minister…
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GST Implementation Has Sparked a Nationwide Economic Revolution: Puducherry LG
The adoption and implementation of the Goods and Services Tax (GST) throughout the nation have sparked an economic revolution, according to Puducherry Lt Governor Tamilisai Soundararajan on Saturday. The Lt Governor noted that the introduction of the GST represented a key turning point in the indirect system of taxes while addressing officers and taxpayers at…