The Manmohan Singh government's rush to pass the Food Security Bill reflects extreme paucity of logic and action, says Neeta Kolhatkar
The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
The companies' underrecoveries stood at a whopping Rs 1,39,869 crore last financial year. Of that, Rs 62,837 crore was accounted for by diesel alone.
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
Haryana's Additional Advocate General Jagbir Singh Malik said the State will be filing a Special Leave Petition (SLP) against the order before the Supreme Court. The interim order has come as a relief for companies in the state which feel that the Haryana State Employment of Local Candidates Act, 2020 would have a bearing on their future business operations and investment.
The government on Wednesday said it will borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal to meet resources to perk up the economy hit by the coronavirus pandemic. According to the Budget 2021-22, the government's gross borrowing was estimated at Rs 12.05 lakh crore in the financial year beginning April 1. "In the Budget, we had announced that there would be a gross borrowing of Rs 12.05 lakh crore and net borrowing of Rs 9.37 lakh crore. "In the first half of 2021-22, we would be borrowing Rs 7.24 lakh crore, which is 60.06 per cent of the gross issuances," economic affairs secretary Tarun Bajaj said. He said the government would issue 2-year, 5-year, 10-year, 14-year, 30-year, and 40-year securities.
Goods and Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017, in line with the trend in economic recovery, the finance ministry said on Wednesday. "The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is Rs 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and Cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods)," the ministry said in a statement. CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax).
India is now much ahead of other large railway networks in the world in terms of electrification -- with the US at just 1 per cent, China at 72 per cent and Europe at 60 per cent.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
The Union government's fiscal deficit works out to be Rs 5.47 lakh crore or 36.3 per cent of the budget estimates at the end of October 2021 on the back of improvement in revenue collection, according to the data released by the Controller General of Accounts (CGA) on Tuesday. The deficit figures in the current fiscal appear better than the previous financial year when the gap between expenditure and revenue had soared to 119.7 per cent of the last year's Budget Estimates (BE) mainly on account of a jump in expenditure to deal with the COVID-19 pandemic. In absolute terms, the fiscal deficit was Rs 5,47,026 crore at the end of October, the CGA said.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
Shanghai's benchmark share index plunged below 4,000 points for the first time since April
The Uttar Pradesh Population Policy 2021-2030, unveiled on the occasion of World Population Day, also aims at bringing down the gross fertility rate among women to 2.1 by 2026 and to 1.9 by 2030.
A round-up of Saturday's action in the Premier League.
India's Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Bullish over robust fundamentals and improving macroeconomic conditions, industry leader Deepak Parekh on Saturday said India currently has "exceptionally good conditions" in place to aspire for 10 per cent economic growth but much needs to be done to achieve that target.
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Without naming India, S&P said it expects that in regions where inflation already exceeds targets, or which are vulnerable to capital flight, central banks will be forced to raise interest rates.
The farmers' agitation against new agri laws will lead to economic loss of over Rs 70,000 crore in the December quarter owing to supply chain disruptions, particularly in Punjab, Haryana and border areas of Delhi, the PHD Chamber of Commerce and Industry said on Thursday. The chamber's president Sanjay Aggarwal said "the 36 days farm agitation so far will have more than Rs 70,000 crore economic loss in the Q3 FY 2020-21 due to...disruption in supply chains and day-to-day economic activities particularly in the progressive states of Punjab and Haryana and border areas of national capital Delhi."
Companies in the micro, small and medium enterprises (MSME) sector may legally challenge the Haryana government's new law which mandates 75 per cent reservation of jobs in the private sector for locals. "We had earlier gone to the high court against this law, but the court said that it would hear the matter after the law was notified," said Manoj Tyagi, general secretary, IMT Industrial Association. Industries and associations feel that the law will not benefit the state and will hit MSMEs that are just coming out of the crippling effects of the lockdowns owing to the Covid-19 pandemic.
]If Andhra Pradesh's middle class is denied salaries and pensions or, if these are delayed, it will rise against Jagan Mohan Reddy with the same fervour with which it voted him in.
Finance Act, 2019 has made it mandatory for certain categories of taxpayers to file their ITR, even though their income may be below the taxable threshold. read on to find the details.
A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement. It can be noted that after the 7.3 per cent contraction in 2020-21, there were expectations of a higher growth number in 2021-22.
'Why was Top Gun: Maverick made? 'And the only reason I can think of is that the new film was made to emphasise and re-establish Tom Cruise's superstar status,' notes Aseem Chhabra who watched the Top Gun sequel at its premiere in Cannes.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 115,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the finance ministry said in a statement.
They were participating in a debate on the bill for giving effect to various compliance relief measures for taxpayers, including extending time limits for filing returns, in the wake of the coronavirus crisis and tax benefits for donations to PM CARES Fund.
A sharp sell-off in the Indian equities markets after a spike in crude oil prices should not be surprising. Historically there is a negative correlation between stock valuations in India and the price of Brent crude oil, which is the benchmark for the Indian crude oil basket. Between 2011 and 2014, crude oil traded above $100 a barrel for an extended period, the Sensex-trailing price/earnings (P/E) was 18X, on average, during the period, nearly 22 per cent lower than the current index P/E of 23X.
Just a few weeks ago, Communications Minister Ashwini Vaishnaw did some tough talking with the senior managers of Bharat Sanchar Nigam Ltd, the ailing state-owned telecom service provider. The message was clear: They had to perform, quit by taking the voluntary retirement package or be compulsorily retired from service. The terse message from an otherwise polite and soft-spoken minister came just days after he announced a second and bigger package of Rs 1.64 trillion as part of a four-year turnaround plan for BSNL.
Aseem Chhabra presents his list of 10 international films that mattered to him, stories that he connected with and characters that gave him a better understanding of the human condition.
Chief Economic Adviser (CEA) K V Subramanian on Tuesday exuded confidence that India would achieve double-digit growth in the current financial year on the back of policy initiatives and continuing reforms. He also said the country is well poised to meet the fiscal deficit target of 6.8 per cent of GDP. "At this stage, I can say confidently that we should be able to achieve that fiscal deficit number. "Any shortfalls that might happen on the disinvestment side will also be accompanied by positive surprises that have happened on tax revenue," he told reporters.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
Acquisitions may have played a role in much of the increase.
Naidu said have shown no remorse and have instead justified their actions.
"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.
Gaurav Gogoi, T N Prathapan, Dean Kuriakose, Manicka Tagore, Rajmohan Unnithan, Benny Behanan and Gurjeet Singh Aujla are the seven who have been suspended.
State-owned Bharat Sanchar Nigam Ltd (BSNL) said on Tuesday that as many as 78,569 employees have opted for VRS, and added that it expects to save Rs 1,300 crore in wage bills this fiscal after the scheme becomes effective in January.
There are two ways: Deliver a rapidly growing economic pie or reform GST and close corporate tax loopholes, suggests T N Ninan.
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