India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
For those who think India's democracy is just fine and there has been no change in the last few years, perhaps it would be instructive to see what has happened on a few issues, observes Aakar Patel.
Data released earlier by CAG shows capital expenditure by the Centre had contracted 9.2 per cent in Q2
An analysis of the frequency of various watchwords in the finance minister's Budget speech shows that he was perhaps trying to hold on to his ideas without treading on anybody else's toes, says A K Bhattacharya.
India's cash-rich promoters are not the same as the wealthiest. For example, Mukesh Ambani is the richest Indian based on his stake in Reliance Industries, followed by Premji, the Adani family of the Adani group, and Radhakishan Damani of Avenue Supermarts.
Although collection of education Cess is to literate Indians, the practice of levying a particular percentage of Cess for a particular category of education, leaves the public with a serious doubt
Reserves provide a cushion against shocks.
"Under different scenarios, we see the impact of higher crude prices ranging from $25 billion to a maximum of $50 billion on the oil import bill. The increase in the oil import bill will also affect the current account deficit," economic affairs secretary S C Garg said in a conference on Friday.
Subramanian was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics and Senior Fellow at the Centre for Global Development in the US before joining the ministry.
India must break out of this strategic triangulation between China and Pakistan. We need to settle our issues with one of the two, notes Shekhar Gupta.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
At a time when buyers are complaining about developers not sticking to delivery schedules and delays stretching for three-four years, these technologies have come as a boon.
Gujarat and Jharkhand are most favourably placed in terms of smaller share of public sector employees and lower liability on pension, wages and salaries.
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
The report found that only 20 per cent of companies supported programmes that aimed to change the behaviour of individuals despite its critical role in eliminating open defecation.
However, flow of funds, would naturally rest on economic growth, reports Ajai Shukla.
He will be remembered not only as a writer but as one of the great chroniclers and interrogators of the history of our times, says Ambassador M K Bhadrakumar.
Credibility of fiscal promises is a virtue that no finance minister can afford to lose.
A summary of sports events and sports persons, who made news on Wednesday
General Bajwa gets inputs from his senior officers, but he has the final word, notes Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
He maintained it is not 'hope' but the 'fact' of a stable government provided by UPA and the numerous measures taken in the last 18 months that have provided stability and strength to the Indian economy.
It would increase economic growth for years to come.
Prabhu proposed an unprecedented 50% hike in investment.
Economists have cautioned that any deferment of the government's fiscal goals would prove counter-productive and raise the interest payment burden.
As the United States and China joust for supremacy, India might remain on the sidelines with its limited resources.
India needs to create buffers for future economic downturns.
Total number of tax disputes in SC cross 10,000
Tamil Nadu now has India's lowest fertility rate - lower than Australia, Finland and Belgium - second best infant mortality and maternal mortality rate; records among the lowest crime rates against women and children; and has more factories and provides more industrial employment than any other Indian state.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
Data shows that the PM's overseas travel bill reduced from Rs 140.14 crore to Rs 87.16 crore in the second year; data for third year is not available yet.
Diesel prices for the Railways have come down from Rs 60.08 a litre in June to Rs 50.51 a litre now.
The government on Friday lowered its economic growth forecast.
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The rupee and equity turmoil seem over, with interest shifting to key personnel changes and 2014 polls.
Banks to be permitted to raise long-term funds for lending to infrastructure sector with minimum regulatory pre-emption such as CRR, SLR and Priority Sector Lending.
It suggested reforms in the real estate sector.
It is a slight improvement over last year.
The United States, which spends billions monitoring adversaries like Al Qaeda, North Korea and Iran, pays an equal amount of attention on ally Pakistan and has ramped up surveillance of its nuclear arms, according to a report.
Over 900 listed firms yet to comply with new Sebi requirement due in less than 90 days
Ujjwala Yojana was launched on May 1, 2016 at Ballia district in Uttar Pradesh and has so far covered 47.3 million consumers in 715 districts
The Covid pandemic has left a question mark on how the central government manages its staff.
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