EPFO subscribers may look forward to credit of interest

EPFO subscribers may look forward to credit of interest

With the General Elections over, subscribers to the Employees Provident Fund can look forward to the credit of interest on their retirement savings for 2023-24. While the EPFO’s apex decision-making body, the Central Board of Trustees, had in February approved an interest rate of 8.25% for the FY24, the formal notification is still awaited by … Read more

Finance Ministry notifies LIC’s 17% wage revision for employees from 2022: Report

Finance Ministry notifies LIC’s 17% wage revision for employees from 2022: Report

The Union Finance Ministry has recently notified the wage revision of LIC employees, which will benefit over 1.1 lakh employees in the state-run insurance company. The revision, which is about 17 per cent annual increase in the wages, with be applicable from August 1, 2022.  The wage revision would see an annual implication of around … Read more

Interim budget: Govt likely to give populist spending a pass ahead of general election

Interim budget: Govt likely to give populist spending a pass ahead of general election

New Delhi: The government is likely to stay on the fiscal course-correction glide path in the interim budget for FY25, shunning populist spending or incentives ahead of the summer general election, said people aware of deliberations on the subject. The post-Covid-19 fiscal consolidation roadmap proposed by the government estimates the fiscal deficit at 4.5% of … Read more

Govt extends deadlines for GST officers to issue demand notices for FY’19, FY’20

Govt extends deadlines for GST officers to issue demand notices for FY’19, FY’20

New Delhi: GST officers have been given more time to issue demand notices for discrepancies in annual returns for 2018-19 and 2019-20 financial years. On Thursday, the government extended the deadline in this regard for 2018-19 fiscal to April 30, 2024 and for 2019-20 fiscal to August 31, 2024. A notification has been issued by … Read more

Roadmap for 2047 should include an average growth of 7% to 7.5%, says senior Finance Ministry official

Roadmap for 2047 should include an average growth of 7% to 7.5%, says senior Finance Ministry official

Vivek Joshi, Secretary, Department of Financial Services, in New Delhi. | Photo Credit: KAMAL NARANG The roadmap for 2047, includes an average growth of 7% to 7.5%; rise of domestic savings to 31% of GDP; rise in credit-to-GDP ratio to 130% among others, said Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance on … Read more

Funding demand for rural employment guarantee scheme almost doubles

Funding demand for rural employment guarantee scheme almost doubles

New Delhi: The rural development ministry has sought ₹1.1 lakh crore for the rural employment guarantee scheme for the next fiscal, almost double the ₹60,000 crore budgeted for the current financial year, a person aware of the details told ET. Relatively strong work demand, wage hikes and inflation could push up expenditure under the Mahatma … Read more

Finance ministry releases Rs 10,000 crore in urgent aid for NREGS

Finance ministry releases Rs 10,000 crore in urgent aid for NREGS

New Delhi: The finance ministry has released ₹10,000 crore in urgent assistance to meet unexpected enhanced expenditure under the rural job guarantee scheme until the first batch of supplementary demands for grants is approved by parliament at its next session, a senior official said. The unusual move came after 95% of the FY24 budgetary outlay … Read more

A hard look at divestment calendar: Govt may adopt a ‘prudent selloff’ approach

A hard look at divestment calendar: Govt may adopt a ‘prudent selloff’ approach

New Delhi: The finance ministry is reviewing its disinvestment schedule following the recent stock market selloff amid high volatility triggered by global factors, said people aware of the details. The ministry is likely to adopt a “prudent selloff” approach now, one official told ET, adding there won’t be “divestment for the sake of divestment anymore” … Read more

Extend concessional tax rate of 15% to domestic infra industry, LLPs: India Inc

Extend concessional tax rate of 15% to domestic infra industry, LLPs: India Inc

Extension of the concessional tax rate of 15% to domestic infrastructure companies and non-corporate taxpayers like LLPs and trusts, exemption from withholding tax on payment of interests on overseas bonds having longer maturity period than 5 years and allowing carry forward and set off of business losses for service industry are some of the prominent … Read more