Business news – Page 41

Iob: IOB pact with Tamil Nadu rural livelihood mission to provide financial support to SHGs

22Jun

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Iob: IOB pact with Tamil Nadu rural livelihood mission to provide financial support to SHGs

CHENNAI: Indian Overseas Bank (IOB) has signed a memorandum of understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM) to provide financial support to the self-help groups (SHGs). The MoU was signed on Tuesday.A statement here on Thursday said, the target for IOB under SHG National Rural Livelihood Mission (NRLM) for the current fiscal (FY 2023-24) is Rs 1,875 crore set by Tamil Nadu Corporation for Development of Women to increase disbursal under Deendayal Antyodaya Yojana-National Rural Livelihoods Mission, thus effectively doubling the impact of financial assistance.Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with the bank. This strategic collaboration aims to streamline access to financial resources for SHGs, enabling the...

Centre mulls tweaks in NPS to offer assured base pensions to govt employees

21Jun

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Centre mulls tweaks in NPS to offer assured base pensions to govt employees

NEW DELHI: The Centre is planning to make changes in the current National Pension Scheme which will enable central government employees to get a minimum pension of 40-45% of their last drawn salary. The Modi government is likely to alter the current market-linked New Pension Scheme (NPS) to assuage some holdout states which have switched to the old pension scheme, two government officials told Reuters.The government had set up a committee in April to review the pension system.The Modi government is revisiting the scheme, introduced in 2004, after several Congress-ruled states reintroduced the old pension scheme, fiscally straining system of fully funding a guaranteed pension.The current National Pension Scheme requires employees to contribute 10% of their basic salary and the government 1...

Target-based incentives to attract 18% GST

20Jun

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Target-based incentives to attract 18% GST

MUMBAI: The Maharashtra bench of the GST-Appellate Authority for Advance Rulings (AAAR) has held that the incentive earned by the reseller, from a US entity, is not in the nature of a ‘trade discount’. In other words, the reseller will have to bear a goods and services tax (GST) of 18% on such an incentive, which was based on attaining quarterly targets on eligible Intel products.The US entity was selling goods through its distributors. The appellant — MEK Peripherals, a private company — purchased goods from these distributors for onward sale to retailers. It submitted to the AAAR that there is no bar under GST laws or under common law that the trade discount should flow from the immediate vendor only, as it can also flow directly from the original manufacturer (US entity).The AAAR bench...

Gross: Net direct tax collection rises 11% to about Rs 3.80 lakh crore so far this fiscal: Finance ministry

18Jun

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Gross: Net direct tax collection rises 11% to about Rs 3.80 lakh crore so far this fiscal: Finance ministry

NEW DELHI: The figures of direct tax collections for financial year 2023-24 as on June 17 show that net collections are at Rs 3,79,760 crore, compared to Rs 3,41,568 crore in the corresponding period of the preceding FY, representing an increase of 11.18%.As per a statement released by the finance ministry on Sunday, net direct tax collection of Rs 3,79,760 crore (as on June 17) include Corporation Tax (CIT) at Rs 1,56,949 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2,22,196 crore (net of refund).The gross collection of direct taxes (before adjusting for refunds) for FY 2023-24 stands at Rs 4,19,338 crore as compared to Rs 3,71,982 crore in the corresponding period of the preceding financial year, registering a growth of 12.73% over...