2023-04-03 11:33:39 About Rs 35,000 crore unclaimed deposits as of February 2023 were transferred to the Reserve Bank by public sector banks (PSBs) in respect of deposits which have not been operated for 10 years or more, Parliament was informed on Monday. These unclaimed deposits belong to 10.24 crore accounts transferred to the Reserve Bank … Read more
2023-04-03 14:12:40 The Centre has exceeded the revised Direct tax target for the financial year 2022-23 by Rs 11,000 crore, on the back of a resilient economy, provisional data released on Monday suggested. The centre mopped up Rs 16.61 lakh crore as direct tax, net of refunds, marking a growth of 17.63%, provisional data released … Read more
The Centre is considering relaxing the borrowing norm for states to give them one more year till FY27 to bring their ‘off-budget’ borrowing within the annual budget by repaying such loans. Many states have already started the clean-up, helping reduce the consolidated off-budget borrowings of the states to ₹18,500 crore in FY23 from ₹67,000 crore … Read more
India’s net direct tax collections surged by 17.63 per cent to Rs 16.61 lakh crore in the financial year 2022-23 (FY23), against Rs 14.12 lakh crore in the preceding financial year. The Budget Estimates (BE) for direct tax revenue in the Union Budget for FY23 were fixed at Rs 14.20 lakh crore which were revised … Read more
Former Niti Aayog Vice Chairman Rajiv Kumar on Thursday said the Budget should have focused more on asset monetisation and privatisation, besides allocating more funds to the social sector schemes. Finance Mininster Nirmala Sitharaman presented the Union Budget 2023-24 in the Lok Sabha on February 1. Participating in a discussion on ‘Union Budget 2023 and … Read more
Fiscal deficit would be brought down to below 4.5 per cent by 2025-26, Finance Minister Nirmala Sitharaman said on Wednesday. She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit. To finance the fiscal deficit … Read more