Also Read - Cabinet approves Terms of Reference for the Sixteenth Finance Commission

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission. The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, upon the acceptance by the government, would cover the period of five (5) years commencing April 1, 2026. Article 280(1) of the Constitutions lays down that the modalities for setting up of a Fin...

Also Read - Finance Act, 2023 – Assented by President

Finance Act, 2023 received the assent of the President on the 31st March, 2023.  Finance Bill, 2023 receives President's assent on Mar 31, 2023 and now its Finance Act, 2023. The Finance Act, 2023 has been enacted vide Gazette Notification dated today, March-31-2023. After obtaining the assent of the President of India, the Finance Bill, 2023 has been enacted as Finance Act, 2023.

Also Read - FinMin asks banks to explore fintech partnership, co-lending opportunities

The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business.   In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending.   The ministry also urged the heads of the public sector lenders to strengthen IT security systems and cybersecurity to check fraud. &...

Also Read - ED attaches assets worth Rs 2.14 Cr of entry operators in PMLA Case

The Enforcement Directorate (ED) on Thursday said it has provisionally attached various immovable and movable properties worth Rs 2.14 crore of entry operators working for Shakti Bhog Foods Limited and their Chartered Accountants, in connection with a money laundering case pertaining to the bank loan fraud of Rs 3,269.42 crore.   A senior ED official said that properties belonging to Devkinandan Garg, Ashok Kumar Goel, Mahesh Kumar, Devender Kumar and other entry operators a...

Also Read - GST Council's Recommendation Not Binding On Union, States - Supreme Court

In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value.   The Supreme Court said that Parliament and state legislatures possess simultaneous power to legislate on GST and the recommendations of the council are the product of a collaborative dialogue involving the Union and states.   It said that the GST Council...

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