While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
'However, this time it looks like that is not working.'
The robust revenue collection reinforces hope of a good economic performance in the third quarter of financial year 2020-21 after the surprising pickup seen in Q2.
Business Standard tracks pollution levels, goods ferried by the Indian Railways and consumer visits to various categories of places, in addition to power generation and traffic numbers to understand the fast-changing situation on the ground.
While the declarations under the scheme have to be filed by December 31, 2020, the government had in October extended the deadline for making payment by three months till March 31, 2021, in view of the ongoing Covid-19 pandemic.
Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
'We have filed our draft red herring prospectus for a floating IPO for a net offer size of 86.6 million shares.'
'It is entering growth territory on a month-on-month basis.'
The government, under the Finance Act, 2020, had allowed tax exemption for SWFs and pension funds in the case of incomes from investment in 34 key infrastructure sectors, including hotels, cold chains, educational institutions, hospitals, and gas pipelines.
Thomas Isaac has been in and out of the national news in his role as Kerala's finance minister since 2018 for various path-breaking tax initiatives. But it is 2020 that he has become more prominent, principally in the GST council.
When the Centre tries to encroach upon the subjects that are under the prerogative of the state, or where the centre tries to evade from any responsibility guaranteed to a state through a constitutional provision/obligation, it poses a threat to federalism.
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
Exports to China saw sustained double-digit growth for the fourth straight month in August, led by eightfold rise in iron and steel shipments.
The project will be in three stages and sources indicate that the funding will be for the first stage of 107 kilometre from Sarai Kale Khan to SNB Urban Complex.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Revenue from freight operations also increased by 14 per cent to Rs 9,903 crore in September.
Any additions in demand made by a tax officer under the faceless assessment process for over Rs 5 lakh of income will undergo a rigorous review process before a final demand order is passed.
Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in BPCL is expected to be valued around Rs 6,117 crore.
The first consortium includes Afcons Infrastructure, IRCON International and JMC Projects, while the second group of companies include NCC, Tata Projects and J. Kumar Infra Projects.
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