T.V.Somanathan News

24.07 / 02:59

markets UPS Target Gap Food Equality Budget 2024: Strong revenue growth to help lower FY25 fiscal deficit to 4.9%

₹16.13 trillion, compared with ₹16.85 trillion in the interim budget, as the finance minister sought to send a strong signal to the market and rating agencies about the government’s commitment to fiscal prudence. The gap between receipts and spending will partly be financed by market borrowing of ₹11.63 trillion, compared with ₹11.75 trillion projected in the interim budget. In the financial year ended in March, the government had raised ₹11.75 trillion from the market.

06.03 / 15:39

COST UPS Platform Enterprise Netflix Traffic Indian telecom firms too want fair share of revenues from internet companies

NEW DELHI : Indian telecom companies are lobbying the government to get large internet and streaming platforms to pay up for using their infrastructure, taking cues from international markets where such arrangements are beginning to take shape. A leading telecom industry body has written to the finance ministry claiming that the government was forgoing about ₹800 crore in potential annual revenue from licence fees and other levies from telcos if such an arrangement was in place. “All we’re saying is that please recognize that this payment has to be made, that the government recognizes that this requirement is there, and make both parties sit at the table and negotiate with each other," said S.P.

24.08 / 17:39

UPS FIVE track country India on track to become third largest economy: Finance secy

New Delhi: India, which is registering fastest economic growth among top five global economies, is on track to become the third largest economy, finance secretary T.V. Somanathan said on Thursday. India is currently the fifth largest economy behind the US, China, Japan and Germany.

18.08 / 18:17

Provident Target HSBC performer country ‘Open to using trade policy to curb prices’

NEW DELHI : The government has taken several steps to tame inflation, including supply-side measures such as releasing substantial cereal stocks from reserves, proactive import-export management of pulses to ensure supplies and restriction of exports of rice and sugar, finance secretary T.V. Somanathan said. The government is open to using trade policy measures, as and when required, to curb inflationary pressures further, Somanathan said.

08.02 / 14:21

BLOCK CEO Platform Racing India: Will crypto volumes ‘drop off the cliff’ after the 1% TDS proposal

India Finance Secretary T.V. Somanathan had told media outlets last week that crypto taxation is kept next to winnings from horse races, or bets and other speculative transactions with the proposed 30% transaction tax. Alongside that, the 1% TDS announced with a threshold had got the industry worried.

02.02 / 20:51

Digital Currency regulation Bitcoin Bitcoin, Ether and NFTs will 'never become legal tender' in India, says Finance Secretary

T.V. Somanathan, the finance secretary for the Indian government, is reportedly pushing back against the narrative that cryptocurrencies will be widely accepted in the country — by dismissing the possibility of using them as legal tender.

02.02 / 16:51

cryptocurrency cryptos crypto tax cryptocurrency tax NOT India says crypto not illegal as it’s taxed just like horse racing bets

“They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T. V. Somanathan said in an interview to Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions.” After years of dilly-dallying on how to treat cryptocurrencies, the government’s budget Tuesday proposed taxing income from the transfer of virtual assets at 30 per cent — effectively removing any uncertainty about the legal status of such transactions.

02.02 / 14:23

cryptocurrency regulation Tax India Still Debates Crypto Regulation - Finance Secretary

Crypto regulation in India is still an ongoing debate, the country’s Finance Secretary T. V. Somanathan stressed, noting that, for now, cryptoassets are not illegal and are treated as gambling.

02.02 / 11:55

cryptocurrency Digital Racing Budget 2022 Crypto To Be Taxed Like Gambling Win, Says Finance Secretary

"They are in a grey area. Its not illegal to buy and sell crypto," Finance Secretary TV Somanathan said.

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