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Central Releases 75,000 Cr Compensation For GST
The Ministry of Finance, Government of India has released Rs 75,000 crore to the States and Union Territories (UTs) on July 15, 2021 to compensate for the shortfall in revenue due to the implementation of GST. This amount released by the Finance Ministry is in addition to the normal GST compensation that is paid to the states on a bi-monthly basis out of the actual cess collection, the Finance Ministry informed. On May 28, 2021, the GST Council had announced that the government would borrow Rs 01.59 lakh crore and in the event of insufficient funds in the compensation fund,
Ban on private banks removed, government transactions can now be done
The central government has lifted the official ban on private sector banks on government-related bank transactions (tax and other revenue payment facility, pension payment and small savings). This information was given by the Department of Finance Services on 24 February 2021. Earlier, only a few private sector banks were allowed for these services. The central government’s decision has also been conveyed to the Reserve Bank of India (RBI). After this decision of the government, consumers will get better services and facilities. Finance Minister Nirmala Sitharaman said that private banks will also be partners in the social and financial inclusion schemes
Finance Minister Nirmala Sitharaman presented the Economic Review 2020-21 in Parliament
Union Finance Minister Nirmala Sitharaman presented the Economic Review 2020-21 in Parliament on 29 January 2021, prepared by Chief Economic Advisor Krishnamurthy Subramanian. The third Economic Survey of Modi Government 2.0 has been presented. This report shows the current state of the country’s economy and the results of the steps taken by the government. Union Finance Minister Nirmala Sitharaman will present the budget in Parliament on 01 February 2021. Economic survey is presented every year before the budget. The report of this survey is prepared by a team headed by the Chief Economic Advisor (CEA) of the government. CEA launched
Know About Atmnirbhar Bharat Rozgar Yojana In Detail
Union Finance Minister Nirmala Sitharaman launched a new scheme on 12 November 2020 to boost employment in India recovering from the Covid transition period. It has been named Atmnirbhar India Employment Scheme. He also announced an income tax benefit for buyers and builders. Modi government is going to bring a special kind of portal for migrant labourers. Its purpose is to encourage new employment. Under this, companies which are giving employment to new people i.e. those who were not already covered in Employees Provident Fund Organization (EPFO), will get the benefit. The Modi government announced the launch of Self-Reliant India
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