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Finance Bill to be passed before March 31: Jaitley

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New Delhi, March 7: Finance Minister Arun Jaitley on Tuesday said that the Finance Bill 2017 will be passed by Parliament before March 31 so that ministries could avail funds from April 1. 

“This would help the ministries to remain in stage of readiness as funds would be available with effect from April 1,” he said.

He also inaugurated the Financial Advisers’ Meeting at Delhi today and released Revised General Financial Rules (GFR)-2017.

A Finance bill is a secret bill which is introduced in the Lok Sabha immediately after the Presentation of the Union Budget. The bill gives effect to the financial proposals of the Government of India for the following financial year.

Once passed by Parliament and assent is given by President, it enables the government to enact many proposals including excise, customs and service tax related proposals.

“Earlier the Finance Bill used to be passed in May or June, creating challenges for businesses to make changes in between the year. Now, if the Bill is passed in March, then like income tax, even indirect tax changes could be effective from very first month of the financial year. This could be seen as a step towards ease of doing business,” tax expert Pritam Mahure told IANS.

Jaitley also released the revised General Financial Rules (GFR) 2017 and also applauded the efforts that went into bringing it out within a short span of time.

In his speech at the conference, Finance Secretary Ashok Lavasa said that the Revised GFR -2017 aims to provide a framework within which an organisation manages its business in a financially prudent manner without compromising its flexibility to deal with varied situations.

“The new GFR 2017 will enable an improved, efficient and effective framework of fiscal management while providing the necessary flexibility to facilitate timely delivery of services,” he said.

The GFRs are rules and orders dealing with matters involving public finances. General Financial Rules were issued for the first time in 1947 bringing together in one place all existing orders and instructions pertaining to financial matters. These have subsequently been modified and issued as GFRs 1963 and GFRs 2005.

Reforms in the government budgeting like removal of distinction in non-plan and plan expenditure, merger of Railway Budget with General Budget, focusing on outcomes through an improved Outcome Budget document, all needed to be reflected in the GFRs.

“Increased focus on Public Finance Management System (PFMS), reliance on the Direct Benefit Transfer (DBT) Scheme to ensure efficient delivery of entitlements, introduction of new e-sites like Central Public Procurement portal, Government e-Marketing (GeM) portal, Non-Tax Revenue portal have necessitated revision of the existing GFRs to keep them in tune with the changing business environment,” said the Finance Ministry in a statement.

“The objective was to make the GFRs facilitate efficiency while following principles of accountability and procedures of financial discipline and administrative due diligence. New rules on non-tax revenues, user charges, e-receipts portal have been added in addition to the manner in which autonomous bodies are run,” it said.

The conference also deliberated upon the various challenges and opportunities before financial advisors and their key role in the implementation of the schemes of the government and providing innovative solutions in the changed environment in public financial management.

Conference of Financial Advisors is a forum through which Finance Secretary and Secretary, Expenditure hold detailed deliberations with all the financial advisors posted in various ministries and departments.

Wefornews Bureau

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TCS first Indian company to achieve $100 billion m-cap

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tcs

Mumbai, April 2: IT bellwether Tata Consultancy Services (TCS) on Monday emerged as the first Indian listed company to cross the $100-billion mark in terms of market capitalisation (m-cap).

Around 11 a.m., the m-cap of the company stood at Rs 675,934.95 crore or $101.60 billion on the BSE.

Shares of the company rose over four per cent to a new high of Rs 3,557 per share.

On Friday, the IT major’s shares rose over seven per cent to Rs 3,419.80 per share, taking its m-cap to over Rs 6.50 lakh crore or around $98 billion — close to the $100 billion mark.

The company’s shares had surged a day after its quarterly results announcement, which reported a net profit for Q4 at Rs 6,925 crore — up 4.6 per cent — from Rs 6,622 crore in the same period in 2017 and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

It also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.

IANS

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Key Indian equity indices open on flat note

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Mumbai, April 23: Key Indian equity indices opened on a flat note on Monday.

Around 9.16 a.m., the wider Nifty50 of the National Stock Exchange (NSE) inched up by 14.55 points or 0.14 per cent to trade at 10,578.60 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,493.69 points, traded at 34,425.68 points — up 10.10 points or 0.03 per cent from its previous session’s close.

The Sensex has so far touched a high of 34,500.55 points and a low of 34,396.03 points during the intra-day trade.

The BSE market breadth was bullish with 432 advances and 322 declines.

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Centre congratulates Bengal for becoming revenue surplus

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Secretary, Revenue, Dr. Hasmukh Adhia
Hasmukh Adhia, Finance Seceretary.File Photo

Kolkata, April 22 (IANS) The Central government has congratulated the West Bengal government as the state has become revenue surplus in March, officials said.

In a recent communication to state Chief Secretary Malay De, Union Finance Secretary Hasmukh Adhia said: “As far as West Bengal is concerned, the revenue gap has come down from 33.4 per cent in August to (-) 3 per cent in March. The revenue shortfall in West Bengal has been coming down steadily but there seems to have been a spike of a major gain in March where suddenly your revenue deficit has now become revenue surplus.”

“I would like to congratulate West Bengal for such a performance. We do hope that the trend will continue in future months also,” he wrote.

Adhia also mentioned the performance of Goods and Services Tax (GST) collection is improving with some ups and downs.

IANS

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