Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Prime Minister Narendra Modi intervened to end the battle between the department of industrial policy and promotion (<keyword id="6391107" type="ORGANIZATION" weightage="100" keywordseo="DIPP">DIPP</keyword>) and the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> to exercise control over the Foreign Investment Promotion Board (<keyword id="6360345" type="ORGANIZATION" weightage="100" keywordseo="FIPB">FIPB</keyword>). 
 
DIPP, at present, is a part of the Ministry of Commerce and Industry. "It has been decided that FIPB will remain with the Finance Ministry," a senior government official said. The Modi government wants to ensure that the policy regime encourages foreign investors to invest in the country. 
 In order to ensure effective coordination between ministries, Modi had given <keyword id="129243" type="PERSON" weightage="60" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> independent charge of commerce and industry and also made her the Minister of State for Finance and Corporate Affairs. DIPP had asked for moving FIPB back into its fold after the Modi government took charge. 
 
The Department of Economic Affairs (DEA), which is a part of the Finance Ministry, had also asked for absolute control of the FIPB, including the policy on foreign direct investment.

FIPB To Remain Under Finance Ministry

The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword> has supported the scrapping of restrictions on <keyword id="436047" type="UNKNOWN" weightage="20" keywordseo="Ecommerce">ecommerce</keyword> companies that have overseas investment, for example, those on directly offering discounts to clients, said an official. 
 "This condition (directly or indirectly impacting discounts) is arbitrary," the individual said. “It unnecessarily creates confusion.” The foreign direct investment (FDI) policy permits companies, for example, <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> and Amazon to function as market places or stages for purchasers and sellers to transact. Be that as it may, discounts, a basic component of the ecommerce model, must be offered by sellers and not the market places. 
 
The finance ministry is of the view that this and different curbs have offered ascend to disarray and could discourage investments, offering support that could give a straightforward and clear policy for online retail. 
 
A Niti Aayog board is assessing the general policy system for ecommerce and is relied upon to solidify its perspectives on the matter in a month. It had held discussions on the matter with stakeholders. 
 
A decision will be taken after the committee presents its proposals. The Department of Industrial Policy and Promotion (DIPP) issued a press note in March clearing up the provision relating to ecommerce. 
 
The policy permits 100% FDI in the market put model through an automatic route. Be that as it may, it additionally lays out the guidelines for price cuts. 
 
“Ecommerce entities providing market place will not directly or indirectly influence the sale price of goods or services and shall maintain level playing field,” the policy states. Other than that, no single vendor can represent more than a fourth of aggregate deals on the portal. 
 
It likewise discounts FDI in the stock based model, so foreign subsidized ecommerce companies can't purchase merchandise, stock them and then retail them to shoppers online. 
 
The restrictions were forced after businesses griped against online discounts and looked for a level playing field. North Block is of the view that this segment can be a much greater investment draw if the rules are relaxed, creating more jobs. 
 
The finance ministry is keen to achieve consistency and clarity in the foreign investment administration other than empowering technology and innovation.

Finance Ministry easens policies on FDI in ecommerce

Providing relief to SEZ units and developers, the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> today said they will be entitled to refund of the Swachh Bharat cess, a levy imposed by the government from November last year to fund its cleanliness drive. 

	"The SEZ Unit or the Developer shall be entitled to refund of the Swachh Bharat Cess paid on the specified services on which ab-initio exemption is admissible but not claimed," the Central Board of Excise and Customs said in a notification.
 

	It has also specified a formula for calculating refund due to SEZ units and developers. 
 Government had imposed 0.5 per cent Swachh Bharat cess on taxable services from November 15, 2015. With the imposition of the cess, <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">service tax</keyword> rate has gone up from 14 per cent to 14.5 per cent. The cess is levied only on the portion of taxable services (after abatement) and will go towards <keyword id="6357455" type="EVENT" weightage="20" keywordseo="Funding">funding</keyword> of the Swachh Bharat scheme, a pet project of Prime Minister Narendra Modi. The concessions provided to the Special Economic Zones (SEZs) is expected to generate some interest of investors in them. Investors have been losing interest in these zones for various reasons including global economic slowdown, imposition of minimum alternate tax (MAT) and dividend distribution tax ( <keyword id="375780" type="ORGANIZATION" weightage="20" keywordseo="DDT">DDT</keyword>). 

	Many business houses have surrendered SEZs while the government on its part has given more time to some developers to execute the projects. 
	 
	(Image credit: BCCL)

Finance Ministry to refund Swachh Bharat cess paid by SEZs

The Finance Ministry on Friday evening clarified that the securities transaction tax (STT) on options trading has been hiked by 25 per cent from 0.05 per cent to 0.0625 per cent, and not from 0.017 per cent to 0.021 per cent, saying that it was a typographical error and the rectification will be done in accordance with the extent procedure of the government. The <keyword id="16937384" type="General" weightage="20" keywordseo="STT-for-futures-trading" source="Orion">STT for futures trading</keyword> remains the same, as was announced in the amendments to the <keyword id="16001498" type="General" weightage="20" keywordseo="finance-bill-2023" source="Orion">Finance Bill 2023</keyword>, i.e., it has been raised to 0.0125 per cent from 0.01 per cent. The hikes in STT for both futures and options trading would be effective from April 1, 2023. In short, the STT has been hiked by up to 25 per cent on futures and options (F&amp;O) trading as per the amendments to the <keyword id="123776" type="General" weightage="20" keywordseo="finance-bill" source="Orion">Finance Bill</keyword> 2023, which was passed in the Lok Sabha earlier in the day through voice vote, without any discussion. By effecting a <keyword id="16937385" type="General" weightage="20" keywordseo="hike-in-STT-on-FO-trading" source="Orion">hike in STT on F&amp;O trading</keyword>, the government aims to tax such transactions more as turnover is higher in them. As per the amendments, option traders will have to pay Rs 6,250 for every Rs 1 crore worth of turnover as against Rs 5,000 that is being paid currently, which translates into a hike of around 25 per cent. Also, traders will now have to pay STT of Rs 1,250 on Rs 1 crore of turnover while selling futures. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/desk-bombing-monk-mode-other-emerging-trends-at-the-workplace-as-per-linkedin/slidelist/98973217.cms">Desk-bombing, monk mode &amp; other emerging trends at the workplace</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/haircut-on-cases-resolved-through-ibc-not-very-encouraging-says-kotak-report/articleshow/98972743.cms">Haircut on cases resolved through IBC not very encouraging, says Kotak report</a>

Finance ministry clarifies on hike in STT on options trading

The <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">Finance Ministry</keyword> today has said that subscribers of the Public Provident Fund (<keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>) can prematurely close their deposit scheme once they have completed five financial years, citing reasons like higher education or expenditure towards medical treatment. 
 
"A subscriber shall be allowed premature closure of his account or account of a minor of whom he is the guardian on ground that amount is required for treatment of serious ailments or life-threatening diseases of the account holder, spouse or dependent children on production of supporting documents from competent medical authority," said a notification from the Finance Ministry. 
 
It added that the allowance will be applicable to the requirement of higher education of the account holder or the minor account holder when the documents and fee bills are produced, confirming admission in a recognised institution in India or abroad. 
 
<a href="http://www.enemyofdebt.com/wp-content/uploads/2015/10/EOD_SavingsLoanPic.jpg">Image source</a>

Finance ministry has decided the terms for premature PPF withdrawal

The <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">Finance Ministry</keyword> has given nod to constitute a committee under <keyword id="30067" type="ORGANIZATION" weightage="80" keywordseo="RBI">RBI</keyword> Deputy Governor HR Khan to look into unclaimed amounts in <keyword id="76579" type="CITY" weightage="100" keywordseo="PPF">PPF</keyword>, post office and savings schemes. The committee will recommend how this money can be used for the financial welfare of the senior citizens. 
 
The committee will submit its report by the end of this year. It will value the amount lying unclaimed and also giver its recommendation whether that amount should be placed within the government account or not. 
 Finance Minister <keyword id="42575" type="PERSON" weightage="80" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> had announced in the Budget that "a large amount of money was estimated to be lying as unclaimed amounts with PPF, post office and savings schemes.”

Finance Ministry Okays Panel On Unclaimed PPF And
Other Deposits

New Delhi [India], February 1 (ANI): Ahead of the presentation of the interim budget 2024-2025, Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> arrived at the Ministry of Finance on Thursday. MoS finance Bhagwat Karad and Pankaj Chaudhary also accompanied her to the finance ministry. The Union Finance Minister will table the interim budget as the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls are due to be held this year. This will be her sixth Budget as the Finance Minister and last in the second term of the Modi government. The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls. A full budget will be presented by the new government. The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and <keyword id="19895369" type="General" weightage="20" keywordseo="rajya-sabha" source="keywords">Rajya Sabha</keyword>. <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> equaled the record of former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964. In her address, the President said 2023 was a historic year for the country and among other steps, the country kept up the momentum of being the fastest-growing major economy. "The year 2023 was a historic year for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> when it grew the fastest among major economies despite the global crisis. India grew about 7.5 per cent for two consecutive quarters," she said. The last session before Lok Sabha polls, expected to be held in April-May this year, will have a total of eight sittings spread over 10 days. A day before the session was set to start, Parliamentary Affairs Minister Pralhad Joshi, at an all-party meeting, said the budget session would mainly be devoted to the financial business relating to the interim union budget for 2024-25 and discussion on the Motion of Thanks on the President's Address. However, essential legislative and other business may also be taken up during this session. The all-party meeting was attended by 45 leaders from 30 political parties. In addition, he also informed that Supplementary Demands for Grants for 2023-24 in respect of the Union Government will be discussed. The presentation and discussion on the Interim Budget of the Union Territory of Jammu and Kashmir for 2024-25 along with Supplementary Demands for Grants of Union Territory of Jammu and Kashmir for the financial year 2023-24 will also be taken up and voted. The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The last full Budget of Modi government 2.0 had proposed to increase capital expenditure outlay by 33 per cent to Rs 10 lakh crore in 2023-24, which would be 3.3 percent of the GDP. It was almost three times the outlay in 2019-20. (ANI)

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

New Delhi, Jan 28 () The Finance Ministry has invited applications for the next chairman of Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose three-year term comes to an end next month.
 Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as head of the market regulator in 2017 for the period of three years. He assumed charge on March 1, 2017.
 It was widely expected that Tyagi would get at least two years' extension given his stellar performance on the job.
 However, the public notice dated January 24 inviting application from eligible candidates indicates that the government in not inclined to give an extension of two years to the incumbent.
 Applications of eligible candidates in prescribed proforma along with attested copies of annual confidential report for the last five years, vigilance clearance and no penalty and integrity certificate in case of serving government employees should reach on or before February 10, a public notice issued by the Finance Ministry's Economic Affairs Department said.
 In the past, the government has given extension to U K Sinha for three years, making him the second longest-serving chief of Sebi.
 In case of Tyagi, the government issued appointment notification twice. According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in Department of Economic Affairs, was appointed chairman of Sebi for a period not exceeding five years or till the age of 65 years or until further order, whichever is earlier.
 Subsequently, another notification curtailed his appointment to initial period of three years.
 Since age in on his side, Tyagi can apply for the job again. However, this will be considered as fresh appointment and not an extension.
 As per the procedure for the appointment of regulators, the candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
 The shortlisted candidates are interviewed by the panel comprising of Economic Affairs Secretary and three external members having domain knowledge.
 Based on interaction, FSRASC recommends name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval. DP SID ANS
ANS

Finance Ministry invites applications for new Sebi chief

In order to curb the menace of <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">money laundering</keyword> in listed companies, the <keyword id="6355630" type="ORGANIZATION" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India">Securities and Exchange Board of India</keyword> (<keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">Sebi</keyword>) has sought the help of various investigative agencies under the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword>. 
 
According to a media report, SEBI had recently written to the Finance Ministry, bringing to light evasion of taxes by some companies and the modus operandi used by them. 
 
"The regulator has sought that various investigative agencies including enforcement directorate, financial intelligence unit and the income tax department expedite their investigation in the listed companies' 'tax evasion'," a newspaper quoted a source as saying. 
 SEBI is currently looking into almost 100 listed companies suspected of being involved money laundering. As per the regulator’s estimates, the amount involved in the alleged scam could be as much as Rs 20,000 crore. The <keyword id="6378893" type="UNKNOWN" weightage="20" keywordseo="market-regulator">market regulator</keyword> has barred about 360 entities from the capital market till now. 
 
SEBI’s preliminary probe has revealed that these companies “exist only on paper.” These companies use the exchange platform to convert “black money into white.” "Probe is underway to verify whether these companies and related entities carried out trading among themselves to manipulate share prices, before and after preferential allotment," said a source.

SEBI Seeks Finance Ministry’s Help In Money Laundering Probe

The <keyword id="47209" type="General" weightage="100" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> will move ahead with the already-announced and planned privatisation of state-owned companies in the next fiscal, and the chances of the new addition to that list of CPSEs in the <keyword id="6358021" type="General" weightage="80" keywordseo="budget" source="Orion">Budget</keyword> for 2023-24 is unlikely, sources said. The disinvestment target outlined in the Budget for the next fiscal is likely to be a scaled-down and realistic one, as the budgeted PSU sell-off target is going to be missed for the fourth year in a row this fiscal. In the current fiscal, the government had budgeted to collect Rs 65,000 crore from disinvestment. However, so far, it has realised only Rs 31,106 crore by selling minority stakes in public sector companies. After tasting success in privatising loss-making Air India in 2021, the progress of PSU sell-off has not been very impressive over the past year, and experts say that with the general election around the corner in 2024, no major disinvestment announcement is expected in this Budget either. "The plan is to move ahead with the strategic sale of the companies for which the Cabinet approval is already in place," an official told PTI. This means that the government will go ahead with the privatisation of companies like Shipping Corporation of India, NMDC Steel Ltd, BEML, HLL Lifecare, Container Corporation of India and RINL or <keyword id="221747" type="General" weightage="50" keywordseo="vizag-steel" source="Orion">Vizag Steel</keyword>, as well as the big ticket IDBI Bank. Considering that strategic sale or privatisation takes at least a year, and in some cases even more, to conclude, a high budgeted disinvestment target may not be achievable. Nangia Andersen LLP, Partner- Government and Public Sector Advisory, Suraj Nangia said: "The privatization process often takes time, depending on the type of privatization and the economic, social, and political context, emphasizing the importance of a medium-term plan, a solid regulatory framework, and competitive markets". "A multi-year strategic plan for privatisation can be formulated to ensure there is a concrete timeline and a well-designed sequencing and strategy for privatisation," Nangia said. EY India, <keyword id="665532" type="General" weightage="80" keywordseo="associate-partner" source="Orion">Associate Partner</keyword>, Tax and Economic Policy Group, Rajnish <keyword id="6356160" type="General" weightage="80" keywordseo="gupta" source="Orion">Gupta</keyword> said the privatisation programme may see an uptick after the 2024 general elections. "Maybe this year's Budget is going to be a little muted and we may see announcements around disinvestment and sale of minority stakes. After 2024, we may see an acceleration in the privatisation programme again," Gupta said. In the past year, the government had called off a couple of strategic sales, including BPCL, due to a lack of investor interest. Experts feel that the private sector will be more keen on buying state-owned companies if their deal is sweetened with tax incentives and regulatory exemptions. Nangia said private sector participation is more likely to be successful when the required information is accurate, such as that of the operating performance, the condition of assets etc. "An important factor considered by investors as they decide on bidding in privatisation programme is a 'predictable regulatory environment and absence of undue administrative impediments to business in general'. Other relevant factors include sufficient and accessible resources, including the presence of relevant infrastructure and human capital, tax incentives, financial subsidies and regulatory exemptions," Nangia added. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budgeting-for-climate-change/articleshow/97378027.cms">Budgeting for the fifth C</a> <a href="https://www.businessinsider.in/business/news/an-app-that-wants-to-turn-fear-of-stock-markets-into-fun-raises-75-lakh-from-sharks/articleshow/97378121.cms">An app that wants to turn fear of stock markets into fun raises ₹75 lakh from sharks</a> <a href="https://www.businessinsider.in/india/news/steps-taken-in-subsidence-hit-joshimath-inadequate-declare-himalayas-eco-sensitive-zone-say-experts/articleshow/97411665.cms">Steps taken in subsidence-hit Joshimath inadequate, declare Himalayas eco-sensitive zone, say experts</a>

Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

<ul><li>The <keyword id="156153" type="General" weightage="100" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword> is recruiting 15 paid and 10 unpaid interns for a duration of 3-6 months.</li><li>The online application window will close on June 16, 2022.</li><li>Candidates can expect a stipend ranging between ₹10,000-20,000 depending upon their qualifications.</li></ul>The Ministry of Finance is inviting applications to fill 15 internship posts at the Department of Economic Affairs for a period of three to six months. The role is open for PhD and postgraduate students working on specific issues such as microeconomic management, economic reforms, capital markets, exchange management, foreign investment in India and Indian investment abroad, monetary policy and others. The online application window is open and the last day to apply for the opportunity is June 16. <cmsannotation type="cmsannotation" annotationid="Stipend" comment="subhead" text="Stipend">Stipend</cmsannotation> Post-graduate students will get a token remuneration of ₹10,000 per month, while PhD students will receive ₹20,000 per month on completion of their internship after submitting a report, a paper or feedback. The ministry will also be hiring ten additional unpaid interns out of those who are not selected for the paid internship. <cmsannotation type="cmsannotation" annotationid="Eligibility criteria for the internship" comment="subhead" text="Eligibility criteria for the internship">Eligibility criteria for the internship</cmsannotation> Candidates pursuing post-graduation (session 2021-23) or Ph.D. in economics/law/ finance/ or management from universities/ institutions ranked among the top 25 as per the National Institutional Ranking Framework. <cmsannotation type="cmsannotation" annotationid="Certificate of Internship" comment="subhead" text="Certificate of Internship">Certificate of Internship</cmsannotation> The certificate will be issued to the Interns on satisfactory completion of their internship of not less than three months and submission of their report/ paper/ feedback/ attendance certificate duly certified by the divisional head. <cmsannotation type="cmsannotation" annotationid="How to apply" comment="subhead" text="How to apply">How to apply</cmsannotation> Interested and eligible candidates can apply for the opportunity before June 16, 2022, on the official website of<a href="https://dea.gov.in/"> the Ministry of Finance</a>. <ol><li>Open the official website on any smart device. </li><li>Click on the link ‘Internship Scheme of the Department of Economic Affairs for the year 2022-23’. </li><li>Fill up your details and register yourself. </li><li>Add three divisions of interest in order of preference, duration of availability and complete the application form. </li><li>Submit the application form by clicking on ‘Submit’.</li></ol> Candidates will be shortlisted by a committee of senior DEA officers on the basis of the application form. Interested candidates may seek more information <a href="https://dea.gov.in/sites/default/files/internship%20ad%202022-23.pdf">here</a> and apply <a href="https://dea.gov.in/">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/auto/news/maruti-suzuki-will-gain-the-most-from-economic-recovery-and-also-regain-lost-market-share-say-brokerages/articleshow/92171487.cms">Maruti Suzuki will gain the most from economic recovery and also regain lost market share, say brokerages</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/news/indias-indigenous-drones-set-to-take-flight-but-concerns-remain-say-experts/articleshow/92171103.cms">India's indigenous drones set to take flight but concerns remain, say experts</a>

Ministry of Finance is hiring interns with a maximum stipend of ₹20,000 per month

The Comptroller and Auditor General (<keyword id="19900713" type="General" weightage="20" keywordseo="CAG" source="keywords">CAG</keyword>) has asked the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="153" meta.entityid="Finance Ministry">Finance Ministry</keyword> to identify <keyword id="22837132" type="General" weightage="20" keywordseo="high-risk-taxpayers" source="keywords">high risk taxpayers</keyword> in the <keyword id="20981418" type="General" weightage="100" keywordseo="GST-composition-scheme" source="keywords">GST composition scheme</keyword> on a periodical basis and verify from other sources, including third parties, their declared <keyword id="22837745" type="General" weightage="20" keywordseo="value-of-sales" source="keywords">value of sales</keyword> to check <keyword id="20121097" type="General" weightage="20" keywordseo="tax-evasion" source="keywords">tax evasion</keyword>. Based on an analysis of 8.66 lakh composition taxpayers under the central jurisdiction between 2019-20 to 2021-22 fiscals, the Comptroller and Auditor General (CAG) found that a significant number of <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> taxpayers have a high risk of crossing the <keyword id="22837744" type="General" weightage="20" keywordseo="turnover-threshold" source="keywords">turnover threshold</keyword> for composition levy scheme (CLS). These high risk taxpayers were identified by audit from the data contained in GST returns viz. GSTR-4A, GSTR-7 along with third party data sources such as IT returns, 'Vahan' database etc. The GST composition scheme is available to taxpayers whose aggregate turnover, in the preceding financial year, has not exceeded Rs 1.5 crore. For taxpayers in special category states, this limit is Rs 75 lakh. The CAG said two major risk areas in respect of CLS taxpayers are under-declaration of the 'value of outward supply' by the taxpayers to continue in the scheme; and non-fulfillment of eligibility conditions for availing CLS. The audit also observed that there were certain CLS taxpayers who were continuing in the Scheme despite not fulfilling the eligibility criteria prescribed in the Act and the Rules, and a substantial number of CLS taxpayers were not discharging their obligatory responsibilities of filing returns and payment of tax under reverse charge. "The Ministry should identify high risk taxpayers in the CLS on a periodical basis using a risk-based approach and verify their declared value of outward supply from other sources including third parties to minimize the possibility of misuse by ineligible persons," the CAG said in a report tabled in Parliament recently. The official auditor also suggested that the Finance Ministry may develop a system of identifying ineligible taxpayers and take action to exclude them from the CLS in order to prevent misuse of the intended benefits of the scheme.

You Searched For "Finance Ministry" and got 12 results

FIPB To Remain Under Finance Ministry

BI India Bureau

Finance Ministry easens policies on FDI in ecommerce

BI India Bureau

Finance Ministry to refund Swachh Bharat cess paid by SEZs

BI India Bureau

Finance ministry clarifies on hike in STT on options trading

IANS

Finance ministry has decided the terms for premature PPF withdrawal

BI India Bureau

Finance Ministry Okays Panel On Unclaimed PPF And Other Deposits

BI India Bureau

Nirmala Sitharaman arrives at Finance Ministry ahead of Budget 2024

ANI

Finance Ministry invites applications for new Sebi chief

PTI

SEBI Seeks Finance Ministry’s Help In Money Laundering Probe

BI India Bureau

Finance Ministry to stick to privatisation of already announced CPSEs next fiscal

PTI

Ministry of Finance is hiring interns with a maximum stipend of ₹20,000 per month

Vaamanaa Sethi

Finance Ministry should identify high risk taxpayers in GST composition scheme: CAG

PTI

Popular Keywords

Buying Guides