The subsidy will be credited to bank accounts of farmers against cane price dues and are compliant with WTO norms. This will benefit millions of farmers in Uttar Pradesh, Maharashtra and Karnataka.
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
The slowdown in sowing is mainly because of the delayed onset of the southwest monsoon and its slow progress in June.
However, the areas under paddy - the biggest cereal grown during the kharif season - continue to be less than last year, mainly due to delayed onset of rains and also on account of shift towards the more lucrative maize.
Recent data from market analytics firm Nielsen shows that the rural market in the country's 630,000-odd villages is pulling down the overall FMCG business.
Officials said good rain in August - though it might not improve acreages much for most crops except urad, moong, and paddy - would help in improving yields in the crops already planted.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
Low rain coupled with the fact that maize prices in the open market have surged from around Rs 15-16 a kg to almost Rs 25 this year have forced farmers to turn to this crop.
Till July 26, kharif crops have been sown in around 68.87 million hectares, which is 6.43 per cent lower than the area covered during the same period last year.
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
The high-level panel also asked the government to work towards re-orienting subsidies in a targeted manner from the crop sector to the non-crop sector and redesign the electronic National Agriculture Market.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
The groups, including those associated with the ruling Bharatiya Janata Party's parent organisation the Rashtriya Swayamsevak Sangh, have also threatened a big nationwide agitation if growth of illegal GM crops isn't checked.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
For insurance intermediaries like brokers, insurance repositories, third-party administrators, etc, 100 per cent FDI may be permitted.
The committee has been tasked to come up with policy measures to boost agriculture exports, raise growth in food processing, attract investments in modern market infrastructure, value chains and logistics.
Till June 30, the southwest monsoon was 33 per cent lower than normal, which is among the worst in the last five years, with 28 of the 36 meteorological divisions recording deficient rain.
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