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DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shei Surender Kumar Gupta resident of New Delhi on charges of availing and passing on fake input tax credit by way of receipt/issuance of invoices without any actual supply of goods or services. It is apparent from the investigation conducted till date, that Shri Surender ...

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Economic Survey Strongly recommends increase in public health spending from 1% to 2.5-3% of GDP

The Economic Survey 2020-21 has strongly recommended an increase in public spending on healthcare services from 1 percent to 2.5-3 percent of GDP, as envisaged in the National Health Policy 2017. It notes that this can significantly reduce the Out-of-Pocket-Expenditure (OOPE) from 65 per cent to 35 per cent of the overall healthcare spend. The Union Minister for Finance & ...

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India’s GDP is Estimated to Contract by 7.7 Per Cent in FY2020-21

India’s real GDP to record a growth of 11 per cent in 2021-22 and nominal GDP by 15.4 per cent-the highest since independence. The V-shaped economic recovery is supported by the initiation of a mega vaccination drive with hopes of a robust recovery in the services sector and prospects for robust growth in consumption and investment. The Union Minister for ...

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Exchange Rate Notification No.05/2021–Customs (N.T.)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.03/2021-Customs(N.T.), dated 7thJanuary, 2021 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies ...

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Banking facilities in rural areas

To ensure availability of banking outlet (Bank branch/Business Correspondent (BC), within 5 kilometers of all inhabited villages the Government has launched a Geographic Information System (GIS) based app., namely, Jan Dhan Darshak app (JDD app) developed by National Informatics Centre (NIC). This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs in a ...

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Monthly Review of Accounts of Union Government of India upto the month of July, 2020 for the Financial Year 2020-21

The Monthly Account of the Union Government of India upto the month of July, 2020 has been consolidated and reports published. The highlights are given below:- The Government of India has received Rs. 2,32,860 crore (10.4% of corresponding  BE 2020-21 of Total Receipts) upto July, 2020 comprising Rs. 2,02,788 crore Tax Revenue (Net to Centre),  Rs. 24,614 crore of  Non ...

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Partial Credit Guarantee Scheme (PCGS) 2.0 extended with greater flexibility to respond to emerging demands

As part of Aatmanirbhar Bharat Abhiyan, announced by the Government, Partial Credit Guarantee Scheme (PCGS) 2.0   was launched on 20.05.2020 to provide Portfolio Guarantee for purchase of Bonds or Commercial Papers (CPs) with a rating of AA and below issued by NBFCs/HFCs/ MFIs by Public Sector Banks (PSBs). It was envisaged to purchase Bonds/ CPs of Rs. 45,000 crore under PCGS 2.0 of which ...

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Tax system aims to be Seamless, Painless, Faceless : PM

Prime Minister Shri Narendra Modi launched a platform for “Transparent Taxation – Honouring the Honest” today through video conferencing. Speaking on the occasion he said that the process of Structural Reforms in the country has reached new heights today. The Prime Minister said the platform of  “Transparent Taxation – Honouring the Honest, has been launched to meet the requirements of ...

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RBI Allowed Banks to Declare Moratorium on Term Loans

Last week, the Reserve Bank of India has allowed Banks to declare a three-month moratorium on all term loans outstanding as on March 1, 2020, as well as on working capital facilities. The Indian Banks Association has answered a list of Frequently Asked Questions about the technicalities of the moratorium. QUESTION 1: When/what was the RBI announcement? ANSWER: Last week, the Reserve Bank of ...

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Public Sector Banks 

            To strengthen the Public Sector Banks (PSBs), over the last four financial years, the Government of India has taken comprehensive steps under its 4R’s strategy of recognising NPAs transparently, resolving and recovering value from stressed accounts through clean and effective laws and processes, re-capitalising banks, and reforming banks through the PSB Reforms Agenda. Over ...

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