Budget 2018-19

  Includes credit guarantee schemes, steps to revive tourism, strengthen health infra Union Finance Minister Nirmala Sitharaman on Monday announced the much-awaited fiscal package to revive the economy ravaged by the second pandemic wave, keeping the fiscal outgo limited for the current year. The Rs 6.28-trillion package included a new credit guarantee scheme for health, tourism and micro borrowers, besides expanding the Emergency Credit Line Guarantee Scheme (ECLGS) by half to Rs 4.5 trillion and extending the  Aatmanirbhar Bharat Rozgar Yojana . “Measures announced by the FM will enhance public health facilities, especially in under-served areas, boost private investment in medical infrastructure and augment critical human resources. Special focus is on strengthening healthcare facilities for our children,” Prime Minister  Narendra Modi  tweeted. The new announcements include extending credit guarantees of Rs 2.6 trillion and schemes worth Rs 2.4 trillion, spread o...

  Asserts that the move to ask companies above a threshold to pay one per cent of GST liability in cash targets fake invoicing The Finance ministry today defended the recent move of asking companies above a threshold to pay at least one per cent tax liability through cash under the goods and services tax system, on the grounds that it will impact only risky or fly-by-night operators. Earlier a section of traders cried foul over the new rule, sayin it would apply to just 40,000-45,000 taxpayers, representing 0.37 per cent of the total GST base. Last week, the Central Board of Indirect Taxes and Customs (CBIC) had inserted a rule under the Central  GST Ac t that businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least one per cent of their GST liability in cash. The rule will become effective on January 1. Reacting to the rule, trader body CAIT wrote to finance minister  Nirmala Sitharaman  to defer its implementation. Finance ministry ...