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Finance Manager Of India – New Delhi. Union Finance Minister Nirmala Sitharaman on Monday came under fire from tax boards for allegedly failing to respond to taxpayers’ complaints and instructing their officials to reserve Saturdays to hold meetings with them.
During a budget briefing program between finance ministry officials, industry and trade bodies in Bengaluru, Karnataka Bank CEO and CFO Muralidhar Krishna Rao raised a question seeking clarity on some provisions of the GST law and direct tax deductions. affecting the banking sector.
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Even before the officials could respond, Sitharaman intervened and brought out officials from the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
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“I am very interested to know if CBIC and CBDT are here. Are you all busy with your graders? The questions asked here are not the questions that I want the secretaries of the Ministry of Finance to sit here and explain. They are for the boards to be with your evaluators,” Sitharaman said.
“Now I would say to the CBDT and CBIC, please keep your Saturday free, deal with the assessees and give them all the clarifications required,” he added.
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Sitharaman instructed the councils to tell the tax subjects where the loopholes are and if a change in policy is required or if there is a request to change something in the finance bill, they can suggest to the revenue and finance secretaries.
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According to him, most of the questions asked during the interactive budget session were related to the two councils with which they had full powers. “It (the questions) just tells me, and I’m sorry to have to comment like this on the boards. You all sit in your office and don’t even have access to your evaluators. What’s going on, aren’t you? Don’t you expect the revenue secretary to talk to the assessors about things that you have all the power to sit down and explain? said Sitharaman. Demanding that the boards work better, Sitharaman reiterated that they should reserve their Saturdays for assessors.
“You should be here every Saturday. Keep yourself open by phone and email as well. Many of the questions here that Tarun Bajaj (revenue secretary) has tried to answer, I would like you (CBDT and CBIC) to answer the assessees personally,” the finance minister said. Finance Minister Nirmala Sitharaman is preparing to present the budget today. , New Delhi Image: Union Government of India.
India’s government has pledged to help get 4,000 MWh of battery storage projects in its national budget and said it will set up support mechanisms for pumped hydro.
Finance Minister Nirmala Sitharaman today presented the Union Budget 2023-2024 with seven top priorities including ‘Green Growth’ along with financial sector reforms and support, inclusive development and ‘increased investment in infrastructure and productive capacity’. .
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Through the Green Growth Priority Agenda, IR350 billion (US$4.28 billion) will be allocated to the Ministry of Petroleum and Natural Gas’ capital investment in energy transition and net zero agenda projects.
Sitharaman also reaffirmed India’s commitment to the National Green Hydrogen Mission, which follows a similar successful solar PV scheme. The hydrogen mission will see an investment of IR197 billion ($2.4 billion), with India aiming to produce 5 million tons of green hydrogen per year by 2030.
There will also be significant financial support for interstate transmission projects to transmit 13 GW of renewable energy from the northeastern Ladakh region and a so-called Green Credit program that will encourage “environmentally sustainable and responsible operations.”
“To steer the economy towards sustainable development, the 4,000 MWh Battery Energy Storage System (BESS) will be supported by the Sustainability Gap Funding (VGF),” Sitharaman said.
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The minister added that the government will also come up with a “detailed framework” for pumped hydro energy storage (PHES), a technology that is making a comeback in India.
For the second consecutive year, Minister Sitharaman directly addressed the role energy conservation will play in achieving India’s key energy policy goals in the national budget, which include achieving net zero by 2070, strengthening the grid and expanding rural electrification. .
Indian Energy Storage Alliance (IESA) CEO Debbie Prasad Dash hailed the VGF, which will “help advance battery projects in India”.
However, as regular readers of this site may have noticed, the IESA has made several proposals that the Treasury could adopt to help boost the stationary energy storage sector, as well as the green hydrogen and electric vehicle (EV) sectors.
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Chief among these was the suggestion that tax credits could be used to encourage investment in energy storage. This does not appear to have been confirmed in the budget announced today, but does provide duty exemption for goods used to make lithium-ion batteries, which IESA chief executive Debbie Prasad Dash said would “continue to grow the sector and the Production Linked Incentive (PLI) Schemes”.
Publisher Solar Media will host the 1st Asia Energy Conservation Summit on July 11-12, 2023 in Singapore. The event will help bring clarity to this nascent but rapidly growing market by bringing together a community of trusted independent generators, policy makers, banks, foundations, participants and technology providers. Visit the website for more information.
Fiscal Policy, Government Financing, Government Policy, Green Growth, Green Hydrogen, India, Union Budget of India, Manufacturing, National Budget, Net Zero, Manufacturing Incentives, Rural Electrification, Storage Summit, Sustainable Development Goals, Transmission
Government-backed energy conservation announcements continue to roll out of Queensland as the Australian state prepares to launch its Neighborhood Battery program.
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Singapore has surpassed its 2025 energy storage target with the official opening of Southeast Asia’s largest BESS.
The Green Deal industrial plan was welcomed by the European Energy Conservation Association, although references to energy conservation included in the leaked draft seen by the industry group were absent from the final release.
Australia and New York are two very different countries, but both are likely to soon see their first government-backed tenders to compete for grid-scale energy storage. FINANCE is defined as the provision of money when it is required. It can be defined as the art and science of money management. Finance Public Finance Private Finance
2 Definition Financial management is the managerial activity related to the planning and control of a company’s financial resources. Financial management is concerned with the acquisition, financing and management of assets with a specific objective in mind (J.C.Vanhorne)
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Investment Analysis Sources and Uses of Funds Working Capital Management Financial Decision Making Wealth Maximization Financial Management Capital Structure Decision Making Optimal Use of Resources Dividend Policy Risk and Return Analysis Areas of Financial Management
Investment Decision (Capital Budgeting) What long-term investments or projects should the business undertake? Financing decision (capital structure) Where to raise funds? Should we use debt or equity? What should the proportions be? Liquidity Decision How do we manage the company’s day-to-day finances? Managing cash inflows and outflows Decision on dividends
Assessment of financial requirement Creation of capital structure Selection of financing source Selection of investment model.
The short-term and long-term financial requirements of his business. The amount needed for the purchase of fixed assets, as well as the funds needed for working capital. Important capital structure. Determining the debt equity ratio
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The choice of investment model is related to the use of funds. Decisions must be made about which assets to buy. The funds will be spent first on fixed assets and then on working capital. Choice of funding source. Various sources from which finance can be raised include: equity capital, debt, financial institution, commercial banks, public deposits, etc.
Assess different cash needs at different times and then agree on cash-related arrangements. Money may be required to buy raw materials, make payments to creditors, cover daily expenses. Implementation of financial control. return on investment, budget control, ratio analysis, price rate analysis, cost control, ratio analysis, etc. Proper use of surpluses. judicious use of surpluses is essential for expansion and diversification plans Protection of Shareholder interests.
CAPEX Manager Board of Directors MD/Chairman Treasurer Controller Cash Manager Financial Plan. Credit Manager Mgr FOREX Pension Fund Manager Mgr Tax Manager Corp. A/C Mgr Cost A/C Mgr Fin. A/C Mgr
Post-liberalisation – complex and demanding Key challenges: Financial Structure FOREX Management Treasury Operations Investor Communications Management Control and Investment Planning
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13 Role in development…… Amendments to the Industrial Development Act (Regulation). Repeal the MRTP Act and replace it with competition legislation. Passage of the FEMA Liberalization Act. Capital Matters (Control) Act – SEBI Act IRDA Act which capital market centralize money market, very clear and complex.
14 The evolving role of…. Globalization, Rupee convertibility, FII, Indian foreign investment etc. Market determined interest rate, emergence of innovative financial instruments Mutual fund, credit evaluation and other financial services Complex credit risk management Access to the euro
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