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Parliament Budget Session LIVE Updates: Economic Survey 2023-24 will be tabled in Parliament today.

New Delhi:

The Economic Survey 2023-24 will be tabled by the Centre in both houses of Parliament today. The Economic Survey document, prepared by the Ministry of Finance, give insights into the state of the economy and various indicators of 2023-24.

The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm, followed by a press conference by Chief Economic Adviser Anantha Nageswaran.

Union Finance Minister Nirmala Sitharaman will present the Union Budget in the Parliament on Tuesday.

Here are the LIVE updates for this story:

Budget Session LIVE Updates:

PM Modi Speaks Ahead Of Budget Session

Here are the highlights of PM Modi’s address:

  • Today is the first Monday of Sawan. An important session is starting on this auspicious day. I extend my greetings to the countrymen on the first Monday of Sawan. 
  • The monsoon session of Parliament is starting today. Today the whole country is looking at it. 
  • It’s a matter of immense pride that after 60 years a party has come back to power for a third consecutive term.
  • We will present a strong budget tomorrow.
  • We are working to gradually realise the guarantees I have given.
  • Our Budget will set direction of our journey for next five years, will set strong foundation for ‘Viksit Bharat’.
  • Positive outlook, investment, performance define India, it is at peak of opportunities.
  • People have given verdict, will appeal to all political parties to fight together for country for next five years.
  • PMM Modi slams negative politics of some parties, says they used Parliament’s time to hide their failures

Prime Minister Narendra Modi arrives at the Parliament, ahead of the commencement of the Budget Session of Parliament today.

Congress MP Manish Tewari gives adjournment notice in Lok Sabha to discuss border situation with China

Congress MP Manish Tewari today gave an adjournment motion notice in the Lok Sabha demanding a discussion on the border situation and India’s trade deficit with China.

“I hereby give notice of my intention to ask for leave to move a motion for the adjournment of the business of the house for the purpose of discussing a definite matter of urgent importance. That this House do suspend Zero Hour and relevant rules relating to Question Hour and other businesses of the day to have a discussion on the border situation and the huge trade deficit with China,” Mr Tewari stated.

He further stated that, since 2019, there have been ongoing border clashes between India and China, with reports of Chinese troops blocking access to patrolling points in Eastern Ladakh.

Budget Session LIVE Updates:

On Union Finance Minister Nirmala Sitharaman to table the Economic Survey Report 2023-2024, Priyanka Chaturvedi says, “The Economic Survey is clear in front of the nation. The central government has failed to control issues of corruption, unemployment, inflation, etc… It has failed in supporting businesses and MSMEs and preventing banking frauds. The country has seen the X-ray of this economic survey earlier, which is why the people did not give the complete majority to the central government…”

Parliament Budget Session Updates:

On the Parliament Session, MoS Parliamentary Affairs, Arjun Ram Meghwal says “We had an all-party meeting yesterday in which all the issues of the Opposition were mentioned by them, we have noted down. Now in Lok Sabha, the day and time of discussion will be decided by the Speaker and in Rajya Sabha, the Chairman will decide. The government is ready for discussion. As Rajnath Singh said yesterday that it is everyone’s responsibility to run the House, it will be a good discussion…”

Parliament Budget Session LIVE Updates:

On Union Finance Minister Nirmala Sitharaman to table the Economic Survey Report 2023-2024, RSP MP NK Premachandran says, “…We expect some exemptions, especially in direct tax. The government is well served because RBI has already provided Rs 2.11 lakh crores as dividends. The government has never expected such an amount from the RBI. It is double the expectations of the government. Another favourable factor is regarding the direct tax collection… It is a favourable condition for the government because they have never expected such an amount from the RBI. So, it is the best opportunity to provide some exemptions and privileges to the middle-class section of society…”

Congress MP Manickam Tagore gives adjournment notice in Lok Sabha to discuss “paper leaks”

Congress MP Manickam Tagore on Monday gave an adjournment motion notice in Lok Sabha, demanding a discussion on the ongoing controversy over the alleged irregularities in the National Eligibility-cum-Entrance Test (NEET) and University Grants Commission-National Eligibility Test (UGC-NET) conducted by the National Testing Agency (NTA).

In his notice, Manickam Tagore urged the House to suspend all listed business of the day to discuss the “unprecedented cases of paper leaks in conduct of exams including NEET-UG and UGC NET and the failure of National Testing Agency (NTA).”

What Is Economic Survey

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. Read more
Economic Survey To Be Tabled In Parliament Today. What Is it
Finance Minister Nirmala Sitharaman to table Economic Survey in Parliament today

  • Union Finance Minister Nirmala Sitharaman will table the Economic Survey 2023-24 along with a statistical appendix in Parliament today, a day ahead of the Union Budget.
  • The Budget Session of Parliament will commence today and subject to the exigencies of government business, the session is likely to conclude on August 12.
  • Union Ministers Nirmala Sitharaman, Jayant Chaudhary, Pankaj Chaudhary, Kirtivardhan Singh and Sukanta Majumdar will present the document on the table in Lok Sabha today.
  • Union Minister Manohar Lal will move the motion for election to the Rajghat Samadhi Committee (RSC).





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]]> Finance Ministry notifies valuation methodology for calculating GST on online gaming, casino https://artifexnews.net/article67279864-ece/ Thu, 07 Sep 2023 05:14:35 +0000 https://artifexnews.net/article67279864-ece/ Read More “Finance Ministry notifies valuation methodology for calculating GST on online gaming, casino” »

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Image for representation purpose only.
| Photo Credit: Reuters

The government on September 6 notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax.

The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of online gaming and casinos as per the decision of the GST Council last month.

Also read: ‘Government intervention will give regulation of online gaming a lot more teeth’

EY Tax Partner Saurabh Agarwal said this shall effectively settle the ambiguity and uncertainty around this issue. “However, the aspect of whether mere deposit of money in a wallet qualifies as a supply is unclear, and may possibly be challenged by industry,” Mr. Agarwal added.

AMRG & Associates Senior Partner Rajat Mohan said under the valuation rules, the full tax rate would be applicable on the total amount paid to online gaming company/casinos, without any relief to the taxpayer in case of refund/return of money.

Notification clarified that winnings by any player would remain tax-neutral, as the entire tax is collected at first stage only.

“Until now, the government has not indicated any transitional provisions for the current cash buy-ins in the player pools. We can expect the government to clarify this position through a circular in the coming few months,” Mr. Mohan added.



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