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The Latest Breaking News from The Finance Ministry

GST revenues register three-month high in July

India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross ₹1.65 lakh crore in July. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues from the same month last year. Overall GST Compensation Cess levies, which will…

The Hindu

Interest of national security from Defence perspective is more important than public interest: Karnataka High Court

The interest of national security from the Defence perspective assumes greater national significance than the public interest, the High Court of Karnataka has said while quashing a tender awarded by the BHEL to a private company, having consortium agreement with a Chinese company, contrary to the Union government’s restriction imposed…

The Hindu

No review of Uniform Civil Code impact on HUFs: Finance Ministry

Under the Income Tax Act, an HUF is treated as a ‘person’ and is assigned a separate entity for the purpose of assessment. Read more details on The Hindu

The Hindu

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Linking GST, PMLA is road to tax ‘terrorism’, alleges Congress

The Congress alleged that the Narendra Modi government has unleashed “tax terrorism” by surreptitiously bringing the Goods and Services Tax Network under the Prevention of Money Laundering Act, saying that the move will be used to threaten trade and industry leaders

The Hindu

Premier delay will affect fiscal budget

The implementation of the fiscal 2024 budget, starting on Oct 1, will be delayed if the new prime minister and government are not appointed within this month, according to the Budget Bureau.

Bangkok Post

Explained | The changes to the Liberalised Remittance Scheme

The finance ministry deferred the imposition of an increased 20% rate for Tax Collected at Source to October 1, and said transactions with international credit cards overseas will not be subject to the Liberalised Remittance Scheme.

The Hindu

Banknotes set to debut in July 2024

The planned issuance of three denominations of new banknotes, including a 10,000 yen bill featuring noted industrialist Eiichi Shibusawa, will begin in the first half of July next year, the Finance Ministry said Wednesday.

The Japan News/Yomiuri

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Fiscal fundamentals remain 'solid'

Thailand's financial and treasury fiscal fundamentals remained solid in the first eight months of fiscal 2023, with revenue collection exceeding the government's target by up to 122 billion baht.

Bangkok Post

Intel To Invest $25 Billion In Israel Chip Plant

Tech giant to build third factory in Kiryat Gat, boosting Israeli economy and exports.

Zenger

Net Direct Tax receipts up 11.2%

Net direct tax collections have risen 11.2% in the first two and a half months of this financial year, with advance tax inflows for the first quarter of 2023-24 increasing 13.7%, the Finance Ministry said on June 18.

The Hindu

Ministry told to explore diesel tax cut extension

Prime Minister Prayut Chan-o-cha assigned the Finance Ministry and relevant agencies on Tuesday to study the possibility of extending the excise tax cut on diesel of 5 baht per litre, which is scheduled to end on July 20 this year.

Bangkok Post

Centre releases ₹1.18 lakh cr as third instalment of tax devolution to states in June

The Centre has released ₹1.18 lakh crore as the third instalment of tax devolution to states in June, the Finance Ministry said on Monday.

The Hindu

Israel Poised To Release World’s First Digital Government Bond

The Tel Aviv Stock Exchange (TASE) and Israel’s Finance Ministry prepare for a digital Israel Bond traded on blockchain platform.

Zenger

Andhra Pradesh: Union government lifts component-wise ceiling on payments in the execution of Polavaram irrigation project

This restriction has been hampering funds flow from the Central government, and with the cap going, the State government will be able to expedite the execution of the project, says Shashibhushan Kumar, Principal Secretary, Water Resources Department

The Hindu

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The Hindu

Andhra Pradesh: Finance Ministry approves proposal to release ₹12,911 crore for completion of Polavaram project up to 41.15 metres

The Ministry of Finance gives its in-principle nod for release of ₹2,000 crore towards the cost of repairing the damages caused to the irrigation project by the Godavari floods

Bangkok Post

SEC strips Asia Wealth of securities business licence

The Finance Ministry has revoked a securities business licence of Asia Wealth Securities (AWS), as proposed by the Securities and Exchange Commission (SEC) for misuse of client funds without permission.

Bangkok Post

Rubber deal set to boost Thai firms in global market

The Finance Ministry, in collaboration with the Thai Chamber of Commerce and the Rubber Authority of Thailand, has signed a letter of intent for the Capital Flow in Rubber Industrial Estate project to boost the international competitiveness of entrepreneurs in the rubber supply chain.

Bangkok Post

POSTBAG

Handling the purse

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Bangkok Post

Government revenue beats target amid growth

The Finance Ministry reported government revenue collection for the first seven months of fiscal 2023 (October to April) exceeded the target by 112 billion baht, mainly contributed by agencies other than the Revenue Department, says Pornchai Thiraveja, director-general of the Fiscal Policy Office.

Bangkok Post

Leading the economy

The business sector is calling for the new government to appoint appropriate leaders to take the helm at economic ministries, in particular the Finance Ministry, as they want to see the country progress without interruption amid several internal and external challenges.

Bangkok Post

MFP needs solid team

Statistically, it is often observed that after a general election, the stock index experiences a significant jump, reflecting the heightened confidence of investors once the political scene becomes clearer.

The Hindu

Finance Ministry waives duty and agri cess on crude soybean, sunflower oil imports

The finance ministry has exempted imports of crude soya bean and sunflower oil from basic customs duty and agriculture infrastructure and development cess till June 30, subject to certain conditions.

Reuters

Lula pick for Brazil central bank key role says he doesn't always agree with governor

Brazil's executive secretary of the Finance Ministry, Gabriel Galipolo - who is due to be nominated for a key role at the country's central bank - said on Tuesday he has good relations with central bank Governor Roberto Campos Neto but does not always agree with him.

Bangkok Post

Ministry sets targets for tax reform

The Finance Ministry has set four targets for tax reform, aiming to boost revenue to cover expenses and deal with future economic uncertainties, says Fiscal Policy Office director-general Pornchai Thiraveja.

Bangkok Post

Targeted approach utilised for aid

The Finance Ministry has continued to maintain its targeted fiscal policy, including the provision of financial aid directly to specific groups, helping the country save on budget spending, says Fiscal Policy Office (FPO) director-general Pornchai Thiraveja.

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