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Official Account of the Ministry of Finance, Government of India.
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Apr 23 6 tweets 3 min read
Union Finance Minister Smt. @nsitharaman interacted via VC with several distinguished US universities to explore the opportunity of setting up foreign universities/institutions in @GIFTCity_ IFSC, which was an announcement made in Union Budget 2022. (1/6) Recognising the inherent potential of the IFSC, the Budget announcement paved the way for allowing world-class foreign universities to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics in @GIFTCity_ IFSC. (2/6)
Apr 22 4 tweets 3 min read
Union Finance Minister Smt. @nsitharaman attended earlier today the Development Committee Meeting of the World Bank in Washington D.C. (1/4) Finance Minister Smt. @nsitharaman stated that India’s economic growth in the current year is estimated to be 8.9 per cent, highest among all large economies and reflects India’s #resilience and #strong #recovery. (2/4)
Apr 22 6 tweets 6 min read
Union Finance Minister Smt. @nsitharaman and @WorldBank Group President Mr. @DavidMalpassWBG met at Washington D.C., today. (1/6) The two discussed India’s continued #recovery from #COVID19, impact of Russia-Ukraine conflict, Single Borrower Limit & exploring the possibility of Guarantees from other G-7 nations, India’s #G20Presidency and @WorldBank leadership in India. (2/6)
Apr 22 4 tweets 5 min read
Union Finance Minister Smt. @nsitharaman met Mr @MiebachMichael , CEO @Mastercard , in Washington D.C., today. (1/4) Mr @MiebachMichael informed Smt. @nsitharaman that @Mastercard has set up huge #DataCentres in India and is focusing on training and digitisation of small businesses. (2/4)
Apr 21 6 tweets 3 min read
Union Finance Minister Smt. @nsitharaman attended the FATF Ministerial Meeting in Washington DC today conducted along-side the 2022 Spring Meetings of the IMF-WB to endorse @FATFNews strategic priorities for the years 2022-24. (1/6) The Strategic Priorities for FATF for 2022-24 are:

✅ Strengthen the FATF Global Network
✅ FATF systems of Mutual Evaluations
✅ Enhance International Beneficial Ownership Transparency
✅ Increase Capabilities to more effectively recover Criminal assets

(2/6) (cont…/-)
Apr 21 5 tweets 3 min read
Union Finance Minister Smt. @nsitharaman attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF, in Washington D.C., today. (1/5) In the backdrop of the emerging challenges, Finance Minister Smt. @nsitharaman conveyed that the global economy may witness some growth deceleration. (2/5)
Apr 19 7 tweets 5 min read
Union Finance Minister Smt. @nsitharaman and MD IMF Ms @KGeorgieva met during the Spring Meetings of IMF-WB, today, in Washington D.C. (1/7) ImageImageImageImage MD IMF Ms @KGeorgieva congratulated India on its successful #VaccinationProgramme to control the spread of #COVID19. She also appreciated India for extending #COVID19 relief support to other vulnerable countries. (2/7)
Mar 31 5 tweets 2 min read
☑️ Close monitoring of receipts from taxes & duties to the Union Government in FY 2021-22 has enabled @FinMinIndia to release two additional instalments of Central Taxes (Rs 95,082 Cr.) over and above the regular 14 instalments devolved to States during a financial year. (1/5) Image ☑️ Further to this,  a net additional amount of Rs. 43,168 crore was also released towards settlement of dues of States’ Share in Central Taxes payable from 1996-97 to 2017-2018. (2/5)
Mar 30 8 tweets 5 min read
National Credit Guarantee Trustee Company Limited #NCGTC today extended the Emergency Credit Line Guarantee Scheme #ECLGS beyond March 2022, till March 2023

Read More ➡️…
(1/8) ImageImage ✅ Scope of #ECLGS enhanced & validity extended till 31.3.23
#ECLGS benefits expanded to Hospitality, Travel, Tourism & Civil Aviation sectors
✅ Rs 3.19 lakh cr. loans sanctioned under #ECLGS as on 25.03.22; about 95% of guarantees issued for loans sanctioned to #MSMEs (2/8)
Nov 30, 2021 6 tweets 3 min read
✅ India likely to have double digit growth in FY21-22

✅ India’s policy focused on both Supply & demand to ensure inflation under control. In contrast, post GFC, runaway inflation manifested because of the policy focused only on demand (1/6) ✅ Global inflation stems similarly from exclusive focus on demand in contrast to India, where the focus has been on both demand and supply (2/6)
Sep 16, 2021 12 tweets 4 min read
Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by NARCL for acquiring stressed loan assets was approved by Cabinet yesterday.
The following FAQs explain various aspects regarding the same.
Read more➡️… What is National Asset Reconstruction Company Limited (NARCL)? Who has set it up?👇
Sep 10, 2021 13 tweets 7 min read
Last week India unveiled the #AccountAggregator network, a financial data-sharing system. Account Aggregator empowers the individual with control over their personal financial data, which otherwise remains in silos.
Read more➡️… पिछले सप्ताह, भारत ने वित्तीय डेटा-साझा प्रणाली - अकाउंट एग्रीगेटर (एए) नेटवर्क का अनावरण किया।अकाउंट एग्रीगेटर व्यक्ति को अपने व्यक्तिगत वित्तीय डेटा पर नियंत्रण के साथ सशक्त बनाता है, जो डेटा सामान्यतया अलग-थलग और आसान पहुँच से बाहर रहते हैं।
Jun 30, 2021 5 tweets 2 min read
✅On the eve of completion of #4yearsofGST , CBIC to honour the tax payers contributing to the GST success story
✅CBIC to issue certificates of appreciation to honour contributions of tax payers

(1/5) ✅Government reaffirms its commitment to continuous improvement in taxpayer services
Jun 30, 2021 8 tweets 4 min read
Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. #4yearsofGST
(1/8) Common-use items such as hair oil, toothpaste, and soap have seen their tax rates come down from 29.3% in the pre-GST era to just 18% under GST. #4yearsofGST
Jun 30, 2021 4 tweets 3 min read
In light of COVID-19, taxpayers were given certain compliance-related relaxations to ease their burden. Relief was provided by way of payment deferrals, reduced interest rate, and waiver of late fee/capping of late fee to Rs 500 in certain cases. #4yearsofGST
(1/4) The following exemptions/reduction in GST/ IGST on import of COVID-19 relief goods have been granted on the recommendations of the GST Council. #4yearsofGST
Jun 29, 2021 9 tweets 6 min read
Finance minister Smt. @nsitharaman yesterday announced slew of measures to help sectors hit by 2nd wave of pandemic.

Rs 6,28,993 crore package to support Indian economy

See below set of tweets for more details 👇

#IndiaFightsCorona #Unite2FightCorona
(1/9) ✅ Rs 1.1 lakh crore loan guarantee scheme for COVID affected sectors
✅Additional Rs 1.5 lakh crore for Emergency Credit Line Guarantee Scheme
✅Credit Guarantee Scheme to facilitate loans to 25 lakh persons through Micro Finance Institutions (MFIs)

Nov 27, 2020 7 tweets 3 min read
Q2 GDP at –7.5% buttresses recovery as captured by several high frequency indicators. Economic impact is primarily due to #COVID19, good news is falling daily cases are due to lower transmission & not due to lower testing. To sustain economic recovery, caution must continue.(1/7) ➡️High PMI Indices for Manufacturing and Services with manufacturing PMI at a decadal high
➡️Broad based recovery is underway
Nov 27, 2020 4 tweets 2 min read
Finance Minister Smt. @nsitharaman held a meeting through VC with Secretaries, and CMDs of 10 CPSEs of @MinOfPower, @MinOfMines, @DepttOfAtomicEnergy to review the capital expenditure in this financial year. (1/4)
Read more ➡️… The combined CAPEX target for FY 2020-21 for these 10 CPSEs is Rs. 61483 crore. (2/4)
Nov 3, 2020 5 tweets 2 min read
There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs). (1/5)
Please read more for the factual position in this context ➡️…

@nsitharamanoffc @Anurag_Office @PIB_India @DFS_India ➡️Basic Savings Bank Deposit (BSBD) accounts including Jan Dhan accounts - No service charge is applicable on the 60.04 crore BSBD accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI. (2/5)
Nov 2, 2020 4 tweets 1 min read
Ministry of Finance, under its, “Special Window to States for meeting the GST Compensation Cess shortfall,” will be releasing an amount of ₹6000 cr as second tranche to 16 States and 3 Union Territories today. (1/4)
Read more ➡️…

@nsitharamanoffc This amount was raised at a weighted average yield of 4.42%. This amount will be passed on to the States/UTs at the same interest rate, which is lower than the cost of borrowings for the States and UTs, thus benefitting them. (2/4)
Aug 24, 2020 5 tweets 1 min read
Now, Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax. (1/5) Once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28% rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28% slab, about 200 items have been shifted to lower slabs. (2/5)