The Emergency Credit Line Guarantee Scheme (ECLGS) was launched in May, 2020 as part of Aatmanirbhar... Bharat Abhiyan to support eligible Micro, Small and Medium Enterprises (MSMEs) and business enterprises in meeting their operational liabilities and restarting their businesses in the context of the disruption caused by the COVID-19 pandemic. As per the information received from National Credit Guarantee Trustee Company Limited (NCGTC), the agency operating the scheme, as on 31.1.2023, guarantees amounting to Rs 3.61 lakh crore have been issued under ECLGS, benefiting 1.19 crore borrowers. Also, the Economic Survey 2022-23 states that the credit growth to the Micro, Small, and Medium Enterprises (MSME) sector has been remarkably high, over 30.6 per cent, on average during Jan-Nov 2022, supported by the ECLGS. show more

  There has been a growth of more than 200% in digital payment volume during the last four y...ears since 2018-19. Further, as per the data sourced from National Payments Corporation of India (NPCI), UPI transactions registered in FY 21-22 were 45 billion, showing 8 times growth in last 3 years and 50 times growth in last 4 years. Therefore, the Scheme provides financial incentive to Banks for promoting point-of-sale (PoS) and e-commerce transactions using RuPay Debit Cards and person- tomerchant (P2M) transactions of low value (i.e up to Rs.2,000) on the BHIM-UPI platform. The Scheme also promotes UPI lite and UPI 123 PAY as economical and user-friendly digital payment solutions. MeitY has allocated Rs. 2,600 crore for the Scheme for FY 2022-23.   show more

  The Scheme aims to share and verify such financial transaction information with the taxpay...er which appears to be either unreported or under-reported in the Income Tax Return (ITR) filed by the taxpayer. The entire information is now displayed to the taxpayer through the Annual Information Statement (AIS). The AIS provides a facility to the taxpayer to object to any information if the Source has misreported any such information. On a pilot basis, in about 68,000 cases, information of financial transactions pertaining to FY 2019-20 has been taken up for e-Verification. So far, e-Verification has been completed by the designated Directorate in approximately 35,000 cases and remaining are under verification.   show more

  Direct Tax collections up to 10th March, 2023 show that gross collections are at Rs. 16.68... lakh crore which is 22.58% higher than the gross collections for the corresponding period of last year. Direct Tax collection, net of refunds, stands at Rs. 13.73 lakh crore which is 16.78% higher than the net collections for the corresponding period of last year. This collection is 96.67% of the total Budget Estimates and 83.19% of the Total Revised Estimates of Direct Taxes for F.Y. 2022-23. Further the net growth in CIT collections is 13.62% and that in PIT collections are 20.73% (PIT only)/ 20.06% (PIT including STT). Refunds amounting to Rs.2.95 lakh crore have been issued during 1st April, 2022 to 10th March 2023, which are 59.44% higher than refunds issued during the same period in the preceding year.   show more

Sovereign Gold Bonds 2022-23 (Series IV) will be opened for subscription during the period March 06-...10, 2023 with Settlement date March 14, 2023. The issue price of the Bond during the subscription period shall be ₹5,611 (Rupees Five Thousand Six Hundred Eleven only) per gram, as also published by RBI. Government of India in consultation with the Reserve Bank of India has decided to allow discount of ₹50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode show more

It states the gross GST revenue collected in the month of February 2023 is ₹1,49,577 crore of whic...h CGST is ₹27,662 crore, SGST is ₹34,915 crore, IGST is ₹75,069 crore (including ₹35,689 crore collected on import of goods) and Cess is ₹11,931 crore (including ₹792 crore collected on import of goods), The government has settled ₹34,770 crore to CGST and ₹29,054 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of February 2023 is ₹62,432 crore for CGST and ₹63,969 crore for the SGST. It further states The revenues for the month of February 2023 are 12% higher than the GST revenues in the same month last year, which was Rs. 1,33,026 crore show more

DGFT has notified amended rules for implementing all PRC (Policy Relaxation Committee) decisions reg...arding the levy of Composition Fee. DGFT is extending the benefit of reduced Composition Fee for cases where it has allowed an extension in EOP (Export Obligation Period) and/or regularization of exports already made which is designed under the Advance Authorization Scheme. The revised Composition Fee model, which is based on a specific rate for different levels of the 'CIF value of Authorisation,' is less complicated and simpler to calculate. The goal is to make doing business easier and reduce transaction costs show more

A Post Budget webinar on ‘Unleashing the Potential — Ease of living using Technology&rsq...uo; held on 28th February 2023 inaugurated by Prime Minister. As a part of the webinar, four parallel breakout sessions on different themes- Ease of living using technology for access (led by MeitY); ease of accessing justice (led by DoJ); ease of doing business using technology, especially for small businesses (led by DPIIT); and ease of living using 5G use-cases and labs (led by DoT) were organized show more

The Government of India has received ₹19,76,483 crore (81.3% of corresponding RE 2022-23 of Total ...Receipts) up to January, 2023 comprising ₹16,88,710 crore Tax Revenue (Net to Centre), ₹2,30,939 crore of Non-Tax Revenue and ₹57,194 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans of ₹18,523 crore and Miscellaneous Capital Receipts of ₹38,671 crore. ₹6,67,770 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is ₹1,22,378 crore higher than the previous year. Total Expenditure incurred by Government of India is ₹31,67,648 crore (75.7% of corresponding RE 2022- 23), out of which ₹25,97,756 crore is on Revenue Account and ₹5,69,892 crore is on Capital Account. Out of the Total Revenue Expenditure, ₹7,38,658 crore is on account of Interest Payments and ₹3,99,400 crore is on account of Major Subsidies show more

The One District One Product (ODOP) programme under Department of Commerce (DoC) and Department for ...Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry is aimed at creating sustainable employment at the district level while promoting holistic socio-economic development. The idea is to select, brand, and promote one product from each district of the country. ODOP mapped and tagged the overlapping tribal products at the TRIBES India store at the ongoing Aadi Mahotsav organized by Tribal Co-operative Marketing Federation of India (TRIFED) where  ODOP and GI x TRIFED product launch was held.  It is crucial in realizing the vision of Atmanirbhar Bharat and a collaboration with TRIFED will further add value to the initiatives being taken by ODOP show more

The Executive Body of National Financial Reporting Authority (NFRA) held interaction with members fr...om Life Insurance Industry to discuss the proposed changes that Ind AS 117 seeks to bring to accounting for insurance contracts. IndAS 117 is based on high quality global standard IFRS 17, Insurance Contracts issued by the International Accounting Standard Board of IFRS Foundation. IFRS 17 which was originally issued in May 2017 has become globally effective from 1 January 2023. It is expected to help investors and others better understand insurers’ risk exposure, profitability and financial position show more

The Circular lays down that all exports and imports under the arrangement may be denominated and inv...oiced in Rupee (INR) and the settlement of trade transactions under the arrangement shall take place in INR. RBI has put in place the arrangement to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR. The framework put in place by RBI is applicable for any partner country seeking to undertake trade with India in INR in terms of RBI’s Circular dated 11.07.2022 show more

Ministries have been asked to refund performance security/ bid security and liquidated damages forfe...ited/ deducted during the COVID-19 pandemic. The order has been issued as a follow-up to the “Vivad se Vishwas-I” scheme announced in the Budget Speech 2023-24 by the Union Finance Minister.  It includes benefits like 95% of the performance security forfeited shall be refunded along with  95% of the Bid security (Earnest Money Deposit), if any, forfeited from MSME firms in tenders opened between 19.02.2020 and 31.03.2022 shall also be refunded. Further  95% of the Liquidated Damages (LD) deducted from such firms shall also be refunded show more

  In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), a...nd in supersession of the Notification No. 05/2023-Customs(N.T.), dated 19th January, 2023 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 specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 3rd February, 2023, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods   show more

The Finance Minister proposes to reduce the number of Basic Custom Duty (BCD) rates on goods, other ...than textiles and agriculture. This has necessitated minor changes in the basic custom duties, cesses and surcharges on some items including IT & Electronics, Electricals, Metals, Chemicals and Petrochemicals, Marine Goods, Lab Grown Diamonds, Cigarettes etc. It further proposed to amend sections 132,138,37,39,44 and 52 of CGST Act,2017 show more