#Nirmala Sitharaman announcement

[dhallblogs]

NITI Aayog announces revised composition.

New Delhi: The National Institution for Transforming India (NITI Aayog) has unveiled its revised composition, aimed at enhancing its strategic leadership and effectiveness. The Indian government has reconstituted the National Institution for Transforming India (NITI Aayog), with Prime Minister Narendra Modi remaining as the chairperson and economist Suman K Bery continuing as the vice-chairperson.

ALSO READ MORE- https://apacnewsnetwork.com/2024/07/niti-aayog-announces-revised-composition/

[publictaknews]

Budget 2023: Highlights of Nirmala Sitharaman's announcements

Presenting her last full budget in Parliament before the 2024 elections, Union Finance Minister Nirmala Sitharaman on Wednesday said the Narendra Modi government at the Center will focus on economic growth and job creation and cut fiscal deficit. He also said that the increased capex 10 lakh crore for infrastructure development is 3.3 per cent of GDP. Presenting the Budget for 2023-24, Sitharaman…

[secretstalks]

Indian Bank is open to lending to MSMEs under special mention accounts, says CEO Shanti Lal Jain

Indian Bank is set to extend loans to micro, small, and medium enterprises (MSMEs) in the Special Mention Account (SMA) category, following a government guarantee announced by Finance Minister Nirmala Sitharaman in the Union Budget 2024. In an exclusive interview, Managing Director and CEO Shanti Lal Jain expressed the bank’s commitment, stating, “We’re open to lending, especially to our customers in SMA 1 and SMA 2, who are eligible for this guarantee.”

The Finance Minister introduced a mechanism aimed at ensuring ongoing bank credit for MSMEs facing stress. This initiative is designed to support MSMEs when they reach the SMA stage due to uncontrollable circumstances, preventing them from falling into non-performing asset (NPA) categories.

Sitharaman noted that this credit support would be backed by a government-sponsored fund, enhancing banks' internal capacities to evaluate MSMEs for credit. She emphasized that a new credit assessment model will be developed, focusing on the digital footprints of MSMEs, rather than relying solely on traditional asset or turnover metrics, making it more inclusive for businesses without formal accounting systems.

Regarding the collection efficiency of MSMEs for the April–June quarter, Jain attributed the decline to several factors, including heat waves, general elections, and seasonal variations. He reported a 2% decrease in collection efficiency in the MSME segment, both year-over-year and sequentially, contributing to a 1% overall drop in collection efficiency from 96% to 95%.

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[bhaskarlive]

Finance Minister Sitharaman to launch new pension scheme ‘Vatsalya’ for children today

Finance Minister Nirmala Sitharaman will launch the New Pension Scheme (NPS) ‘Vatsalya’ on Wednesday here, which will be joined by school children, according to an official statement from the Ministry of Finance.

Announced in the Union Budget 2024, the scheme will allow parents to contribute a certain amount on behalf of their children towards National Pension Scheme (NPS) to secure their future and help them develop a retirement fund.

Source: bhaskarlive.in

[eazystartups]

As we move into the fiscal year 2024-25, several important updates to India’s income tax laws are coming into effect. These changes, announced by Finance Minister Nirmala Sitharaman in the 2023 budget, are set to impact taxpayers across the country. Understanding these updates is crucial for ensuring compliance and maximizing your tax benefits. At Eazy Startups, we specialize in providing Online Income Tax Registration and related services in India. We stay ahead of these changes to offer our clients the most accurate and up-to-date guidance. If you’ve been searching for income tax guidance, look no further—Eazy Startups is here to help you navigate the new tax regime with ease.

[shobhit-rajan-news-updates]

Govt to facilitate rental housing for industrial workers, encourage states to moderate stamp duty rates

Amongst a host of measures to boost the real estate sector in India, Union Finance Minister Nirmala Sitharaman on July 23 announced the government’s plans to encourage states to moderate stamp duties and facilitate rental housing for industrial workers.

“We will encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women,” Sitharaman said during her Budget 2024-25 speech, adding that this reform will be made an essential component of urban development schemes.

In India, property registration is a state subject, empowering the state governments to levy and collect stamp duties and registration fees tied to real estate transactions.

"The accentuation on empowering state legislatures to diminish stamp obligation and other improvement expenses is a conclusive step. This won't just reinforce metropolitan lodging development yet in addition make reasonable lodging more available, improve advancement costs, and empower the interest bend," said Shobhit Rajan, Alnoor Jamal & Nazir Mussa.

Additionally, Sitharaman announced the Modi 3.0 government’s plan to facilitate rental housing comprising dormitory-type accommodation for industrial workers. It will be developed in the public-private partnership mode with viability gap funding and commitment from anchor industries, she added.

"Perhaps they are trying it and perceiving how the exhibition of rental lodging in modern (setting) for the blue captured laborers as a residence on a PPP mode works. In the event that this functions admirably, who can say for sure, this might develop public-private organization to welcome reasonable lodging on rental premise to bigger urban areas, metropolitan regions," Shobhit Rajan, Alnoor Jamal & Nazir Mussa. He added that this move may be the start of a much bigger opportunity where developers may benefit over a period of time if the experience goes well.

[aakashmalhotra]

Exploring the 2024 Union Budget: International Tax Insights

What are the key details that taxpayers should be aware of regarding the 2024 tax changes?

Key Highlights

The Finance Minister of India presented the Union Budget 2024 on 23 July 2024. The Budget includes several positive proposals, such as tax incentives for small businesses, increased funding for infrastructure development, and measures to support sustainable energy initiatives. Thus, the purpose of these suggestions is to boost the economy, e-commerce growth in India and tackle several issues. 

The Income Tax Act is due for a review, and the government has suggested much-needed changes, which are long overdue.

The base corporate tax rate for nonresident corporate taxpayers has been reduced from 40% to 35%.

The removal of angel tax provisions and the introduction of Equalisation Levy 2.0 will have a significant impact and are considered game changers.

The rationalization of the TDS Regime is a positive step forward and is sure to benefit the country's overall growth.

The removal of indexation to compute cost while calculating gains will significantly impact the capital gains tax regime. With the removal of the buyback tax, the tax incidence will now shift to the recipient.

The government has restated its commitment to simplifying processes, rationalizing GST rates, and expanding GST coverage to all sectors.

Customs duties will be waived for key sectors like healthcare, solar, critical minerals for renewable energy, and high-tech electronics. Additionally, there will be a reduction in customs duties for mobile phones, gold, precious metals, and the leather and textile industries.

Introduction of a one-time tax settlement scheme called Vivad se Vishwas (VSV) to help quickly resolve ongoing tax disputes.

The government of India is currently engaged in modernizing its international tax policies and administration. This initiative encompasses the implementation of a variety of tax incentives and rate reductions, as well as the substantial digitalization of critical processes.

Tax Insights: Introduction

During the presentation of the Union Budget for 2024-2025, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman underscored the budget's emphasis on several identified priorities aimed at expediting the journey toward the goal of Viksit Bharat.

The Finance Minister highlighted the government's ongoing efforts to simplify taxes, improve taxpayer services, and reduce legal disputes. Thus, the taxpayers have responded positively to these efforts.

In the fiscal year 2022-23, Smt. Sitharaman highlighted that 58 percent of corporate tax revenue was contributed by the simplified tax regime. Additionally, over two-thirds of taxpayers chose to adopt the new personal income tax regime based on the data available.

During the budget presentation, the Finance Minister also announced a number of attractive benefits designed to provide tax relief to salaried individuals and pensioners who choose the new tax regime. The Union Budget for the fiscal year 2024-2025 has incorporated a range of provisions and amendments, underscoring the government's dedication to establishing a streamlined and effective tax framework.

What is the major objective of the International tax sector?

International taxation serves various objectives, such as ensuring fair distribution of tax burdens, preventing the illegal avoidance of taxes, fostering economic growth, and facilitating international collaboration. However, the following are the primary purposes of the International tax sector.

Preventing Double Taxation

Encouraging International Trade and Investment

Preventing Tax Evasion and Avoidance

Equitable Distribution of Taxing Authority

The encouragement of International collaboration

Union Budget 2024 International tax updates

Following are the International tax sector updates:

Rationalisation of taxes and rates 

E-commerce operators from foreign countries, who supply or facilitate the e-commerce supply of goods or services into or relating to India, are currently burdened with India’s digital service tax, the equalisation levy, which is imposed at a significant 2 percent of the gross consideration. The impending discontinuation of this tax will bring a welcome relief and is scheduled to take effect from 1 August 2024.

From fiscal year 2024–2025, foreign companies will have a reduced corporate tax rate of 35 percent, down from 40 percent.

Relief/beneficial provisions 

Angel tax is a tax that private companies have to pay when they issue shares to someone at a price higher than the fair market value of the shares. The government's proposed Finance Bill aims to get rid of angel tax starting from April 1, 2024. This will be a great relief for companies that receive investments, including those from foreign sources.

The safe harbour rules will be expanded, and the transfer pricing assessment procedure will be streamlined.

IFSC-regulated finance companies may be exempt from thin capitalization rules as long as they meet certain conditions. This would put them on the same level as banks, some NBFCs, and insurance companies.

Other changes 

A new presumptive taxation regime is being considered for cruise ship operations conducted by non-residents in India, effective from the fiscal year 2024–25. This regime would deem 20% of the specified gross receipts as business income. Additionally, Cruise Ship Operators (CSOs) would be exempt from the presumptive taxation regime for non-resident shipping businesses. Specific group companies of these CSOs receiving lease rentals would also be eligible for tax exemption until the fiscal year 2029–30.

With effect from 1st October 2024, a significant change has been implemented in the tax treatment related to share buybacks by domestic companies. The tax burden has now been transferred from the company to the shareholders. The consideration received by the shareholder will be taxable as a "dividend" at applicable tax rates without any deduction for expenses, potentially resulting in a capital loss. Shareholders must proactively consider tax treaty benefits or dividend deductions available to them.

Before April 1, 2024, if a taxpayer transferred a capital asset through a gift, will, or irrevocable trust, it was not considered a "transfer" under the Income Tax Act. Therefore, no capital gains tax was applied to the transferor. Starting April 1, 2024, this rule will only apply to transfers by individuals or Hindu undivided families. This means that gifts or transfers to an irrevocable trust of any capital asset by other taxpayers will be subject to capital gains tax.

Procedural matters 

Currently, there is a time limit of seven years to pass an order deeming a person to be in default for failure to deduct or deposit TDS for resident payees. However, there is no such time limit for non-resident payees. Similarly, no time limit has been prescribed for cases of failure to collect or deposit tax at source (TCS). It is proposed to provide a common limitation period of six years for passing such an order for both resident and non-resident payees. A similar timeline has been prescribed for passing orders in the case of TCS provisions.

Effective April 1, 2025, a proposal to streamline compliance for non-resident liaison offices and introduce penalties for delayed compliance will take effect. Currently, the requirement dictates that the statement of activities must be filed within 60 days from the end of the fiscal year. The proposed changes will entail the specification of new timelines through established rules.

Applications for advance rulings that have been transferred from the Authority for Advance Rulings to the Board for Advance Rulings may be withdrawn by October 31, 2024, if they have not already been disposed of.

Non-locals and international businesses can settle ongoing legal disputes through the new conflict resolution program called the Direct Tax Vivad Se Vishwas Scheme 2024.

Last words

The national, state, and union territory governments of India are actively promoting foreign investment to drive economic transformation. While this presents promising opportunities, it's important for investors to approach this with caution, as both risk and opportunity are closely intertwined in India's investment landscape.

[mybharatguru]

98 percent tax levy in Congress rule… Central Finance Minister Nirmala Sitharaman in Lok Sabha

Central Finance Minister Nirmala Sitharaman said in the Lok Sabha that 98 per cent tax was levied during the Congress regime. Responding to the budget debate in the parliamentary session, Finance Minister Nirmala Sitharaman retorted that the opposition party’s claim that there is no announcement for middle-class families in this budget is completely wrong. He also informed that 37,500 rupees…

[dailylogistics]

Post-Budget 2024: Industry Leaders Weigh In On Key Announcements

Following the Union Budget's announcement by Finance Minister Nirmala Sitharaman, underscoring the government's commitment to key national priorities such as employment, skilling, MSMEs, and infrastructure, we present to you a detailed look at how industry leaders are responding to the budget's implications for various sectors.

While not much was spoken directly about the Logistics sector, the overall actions taken across segments are expected to give logistics and supply chain the required fuel for its growth in the remaining term.

Continuing its commitment towards infrastructure development, the central government has allocated INR 11.11 lakh crore for capital expenditure, emphasizing its potential economic impact. The National Industrial Corridor Development Programme will see the development of 12 new industrial parks with comprehensive infrastructure and 'plug and play' facilities, strategically located in or near 100 cities.

Citing a similar opinion and eyeing a market opportunity in Andhra Pradesh, Eugene Panfilov, Managing Director, Borzo India said, "The upgraded road infrastructure within key cities such as Vijayawada, Kurnool, Amaravati, Visakhapatnam, and Guntur will enhance intra-city logistics. Additionally, the development of the Visakhapatnam-Chennai Industrial Corridor and improved road connectivity to major business hubs will streamline the movement of goods, opening up new market opportunities."

Source Link: https://www.logisticsinsider.in/post-budget-2024-industry-leaders-weigh-in-on-key-announcements/

Website Link: https://borzodelivery.com/

[thermosun]

PM Surya Ghar Yojana: Solar Savings for Your Home

The Indian government offers a variety of programmes at various intervals. The Indian government consistently introduces various welfare initiatives in recognition of its citizens’ needs. Recently, the government released the PM Surya Yojana. As part of the Honorable Prime Minister Narendra Modi’s PM Surya Ghar initiative, 1 crore homes nationwide will have solar panels installed to protect middle-class and lower-class households from high electricity costs.

The campaign has commenced. In addition to generating new job possibilities, the PM Surya Ghar Free Electricity Scheme campaign will support the Green Energy Mission and aid in maintaining environmental balance.

While presenting the budget on February 1, Finance Minister Nirmala Sitharaman had announced to bring rooftop solar and free electricity to PM Surya Ghar.

[citizenrecord]

Budget 2024: What Is Cheaper, What Is Costlier?

Finance Minister Nirmala Sitharaman today announced a major reduction in customs duty on cancer medicines and mobile phones, which will significantly bring down their prices in the retail market. Imported gold, silver, leather goods and seafood will also get cheaper.

"The government will exempt 3 more cancer treatment drugs from Customs duty. I will also reduce basic customs duty on mobile phones, chargers and other mobile parts," Ms Sitharaman said while presenting Budget 2024 in the parliament.

Ms Sitharaman slashes import duties on gold and silver to 6%, a move that industry officials say could boost retail demand and help in curtailing smuggling in the world's second-biggest bullion consumer.

Higher demand for gold from India could support global prices, which hit a record high earlier this year, although that could increase India's trade deficit and weigh on the ailing rupee.

On the other hand, the government will raise customs duty on ammonium nitrate by 10% and by 25% on non-biodegradable plastics.

This is the first budget of the Modi 3.0 government and is expected to have a significant impact on India's economic landscape, touching upon various sectors from infrastructure development to social welfare programs.

Prime Minister Narendra Modi yesterday had said that the Finance Minister will present a strong budget, adding that he will ensure that the government's guarantees reach the common man. Nirmala Sitharaman yesterday - on the first day of the Monsoon Session of Parliament - tabled the Economic Survey in Parliament.

[markbusinessblogs]

Budget 2024: A Forward-Thinking Approach Fuels Optimism Across Industries

On July 23, Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget for the fiscal year 2024-25, breaking the record previously held by former Prime Minister Morarji Desai. Budget 2024 marks the first Budget of the BJP-led NDA government since its re-election in June. The government has announced a new skilling program designed to train 20 lakh youth over the next five years through industry-designed courses.

“The continued emphasis on fostering investment and enhancing road infrastructure, especially in Andhra Pradesh and Bihar, will facilitate growth in the manufacturing and automobile sectors. Focus on private investment in infrastructure, mining, and the housing sector is also likely to boost the sale of commercial vehicles (CVs),” said Dheeraj Hinduja, Chairman, Ashok Leyland.

“Furthermore, the reduction in duties on rare earth minerals will help promote sustainable mobility, resonating with our commitment to fostering a cleaner and more sustainable future,” added Hinduja.

​​Mr. Prakash Hinduja, Chairman of Hinduja Group, Europe also weighed in, stating, "This budget is a forward-thinking approach to India's economic growth. The emphasis on infrastructure development and private investment will undoubtedly accelerate industrial progress and job creation, ensuring a robust economic landscape."

About the Hinduja Group

The Hinduja Group is one of India’s premier diversified and transnational conglomerate. Employing about 200,000 employees, with a presence across 38 countries, it has a multi-billion-dollar revenue. The Group was founded over a hundred years ago by Shri PD Hinduja whose credo was "My duty (dharma) is to work so that I can give." The Group owns businesses in Mobility, Digital Technology, Banking and Financial Services, Media, Project Development, Lubricants and Specialty Chemicals, Energy, Real Estate, Trading, and Healthcare. The Group also supports charitable and philanthropic activities across the world through the Hinduja Foundation.

For more information, you can read the full news article here.

[secretstalks]

Indian Bank CEO Announces Lending Support for MSMEs Through Special Mention Accounts

Indian Bank is prepared to extend loans to micro, small, and medium enterprises (MSMEs) in the Special Mention Account (SMA) category, following the government guarantee introduced by the finance minister in the Union Budget 2024, said Managing Director and CEO Shanti Lal Jain in an exclusive interview.

“We’re up for anything. We are open since we are a bank and know that our customers have a history with us. We are lending to our consumers under SMA 1 or SMA 2,” Jain stated, citing the government’s announcement that these two groups would be eligible for the guarantee.

In her Union Budget 2024, Finance Minister Nirmala Sitharaman introduced a new mechanism to ensure the continued provision of bank credit to MSMEs during periods of stress. When MSMEs reach the ‘ special mention account’ (SMA) stage due to circumstances beyond their control, they require credit to sustain their operations and prevent falling into non-performing asset (NPA) issues. According to Finance Sitharaman’s budget address, credit availability will be backed by a guarantee from a fund that is sponsored by the government.

She continued by saying that rather than depending on outside evaluation, state-owned institutions will strengthen their internal capacity to evaluate MSMEs for credit. “They will also lead in developing or getting developed a new credit assessment model based on the scoring of the digital footprints of MSMEs in the economy.”

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[bhaskarlive]

Finance Minister to launch New Pension Scheme ‘Vatsalya’ for children on Sep 18

Finance Minister Nirmala Sitharaman is scheduled to launch the New Pension Scheme (NPS) ‘Vatsalya’ in New Delhi on September 18, which will be joined by schoolchildren.

Announced in the Union Budget 2024, the scheme will allow parents to contribute a certain amount on behalf of their children towards NPS to secure their future and help them develop a retirement fund.

Source: bhaskarlive.in

[eazystartups]

Latest Income Tax Updates For 2024-25

As we move into the fiscal year 2024-25, several important updates to India’s income tax laws are coming into effect. These changes, announced by Finance Minister Nirmala Sitharaman in the 2023 budget, are set to impact taxpayers across the country. Understanding these updates is crucial for ensuring compliance and maximizing your tax benefits. At Eazy Startups, we specialize in providing Online Income Tax Registration and related services in India. We stay ahead of these changes to offer our clients the most accurate and up-to-date guidance. If you’ve been searching for income tax guidance, look no further—Eazy Startups is here to help you navigate the new tax regime with ease.

[solispowersolution]

Soils Power Solution: Bringing Light to Homes with PM Surya Ghar Yojana

In the recent budget, the announcement has boosted the adoption of solar energy throughout Indian families. The Finance Minister, Nirmala Sitharaman, has introduced the Pradhan Mantri-Surya Ghar Yojana Scheme, to promote rooftop solar installations in India in which one crore households get free electricity up to 300 units every month. In this Blog, We learn about the Scheme and how Solis power solution can help you benefit from it.

What is the Surya Ghar Muft Bijli Yojana?

The PM Surya Ghar Muft Bijli Yojana is a government initiative for households to install rooftop solar and ensure that every household in the country has access to electricity. Under this scheme, households will be able to get 300 units of electricity for free every month. The program focuses on the household segment with up to a 3 kW system, which covers most of the residential consumers in India.

How to get benefit from this scheme:

To avail of the benefits of PM Surya Ghar Yojana scheme, households have to register online from the website PM Surya Ghar Muft Bijili Yojana Analyze your monthly electricity bill and get to know how much subsidy you may avail. install solar panels on the rooftop. Or you may contact Solis Power Solution, for any query here our team of experts will guide you in all your needs.

How does Solis Power Solution help you:

Solis Power Solution is working with the PM Surya Ghar Yojana Scheme and getting their customers to benefit from it. With over 18 years of experience, our team of experts is here to serve you with high-quality solar panels and installation services.

Solis Power Solutions is a leader in offering a complete range of Solar EPC solutions, provides services with a focus on project design and engineering & manages all aspects of project execution from conceptualizing to commissioning & operationality of the project. we provide regular maintenance and support to ensure your solar system operates smoothly for years to come.

Conclusion:

Solis Power Solution is committed to providing high-quality services to our customers. Join us in adopting a brighter, more sustainable future for India. Visit our website at www.solispower.in to learn more about our solar solutions and how you can benefit from the Surya Ghar Muft Bijli Yojana. Our team is always happy to answer any questions and guide you.