Sufficient food grain buffer stock and optimism for a healthy kharif harvest are likely to alleviate price pressures, a recent report by finance ministry said.
Furthermore, during the past 5 months (April-August) of the current financial year 2024-25, the transaction volume has reached to 8,659 crore, it added.
The new rules aim to further promote ease of investment, the ministry said.
The CAG also asked the ministry to verify from other sources, including third parties, their declared value of sales to check tax evasion.
This will facilitate the global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives, enabling them to reach new markets and grow their presence worldwide, said a Finance Ministry statement.
The filing of forms GSTR-3B and GSTR-1/IFF by companies using electronic verification code, instead of the digital signature certificate has already been enabled for the period from April 27 to August 31. This has been further extended to October 31.
The Monthly Economic Review for July, released by the Department of Economic Affairs (DEA), noted that the robust recovery in tax collections cushions the fiscal towards meeting the budgeted support to the economy.
The company is targeting assets abroad of more state-run companies in a bid to recover dues from the government.
The shift of DPE to the Finance Ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs).
The ministry also pointed out that India and Switzerland are signatories to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC) and both countries have also signed the Multilateral Competent Authority Agreement (MCAA), and in view of the existing legal arrangement there doesn't seem to be a significant possibility of the increase of deposits in the Swiss banks.
