Union Ministry of Finance Current Affairs - 2020

Rs 6,195.08 crore released to 14 States as Post Devolution Revenue Deficit Grant in July 2020

The Department of Expenditure (under Union Finance Ministry) has released a notice on 8th July 2020 as per which Rs 6,195.08 crore has been released to 14 states in the country. The amount released is as per the recommendation of the 15th Finance Commission. Under the Post-Devolution Revenue Deficit grant for Financial Year 2020-21, this Read More…

Pending Income Tax Refunds of Rs 62,361 crore paid to a total of 20,44,597 Taxpayers from 8th April to 30th June

Not only to health and freedom of movement, but the COVID-19 pandemic has also made a much larger financial impact on the economy for individuals and business entities (including MSMEs) across the world. Between 8th April to 30th June 2020 which had a total of 56 weekdays (Monday to Friday), the Income Tax Department of Read More…

Govt scraps import duty on open cell TV panel used to make TV sets

In a bid to boost domestic manufacturing, the Central government has removed 5% custom duty that was imposed on import of open cell TV panel. Open cell TV panel are used in manufacturing of television sets such as LED TVs. Key Highlights As per the notification issued by Union Ministry of Finance in this regard Read More…

Centre sets up Task Force for drawing up National Infrastructure Pipeline

Central government constituted a task force for drawing up a roadmap for ‘National Infrastructure Pipeline’ (NIP) of Rs.100 lakh crore from financial year 2019-20 to 2024-25. The Task Force is headed by Economic Affairs Secretary Atanu Chakraborty would cover greenfield and brownfield projects costing above `Rs.100 crore each. About Task Force Objective: To identify technically Read More…

India to conduct 1st National Time Release Study for faster movement of Cargo

Department of Revenue, under Union Ministry of Finance, is conducting India’s 1st National Time Release Study (TRS) for enabling faster movement of cargo across borders to benefit traders. TRS is an internationally recognized tool advocated by Brussels based World Customs Organization (WCO) to measure efficiency and effectiveness of international trade flows. National Time Release Study Read More…