'It may be prudent not to plunge into a new online tax appeals system in one go, which could only create more disputes and increase the embarrassingly high tax arrears of the government,' warns A K Bhattacharya.
The expansion was the first by Sarma since he assumed chief ministership of the state about 13 months ago.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
Gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year that started on April 1, the tax department said on Sunday. The gross collection of taxes on corporate earnings rose 16.74 per cent during April 1 to October 8, while personal income tax collection jumped 32.30 per cent, the tax department said in a statement. Direct tax collection came at Rs 8.98 lakh crore between April 1 to October 8, 2022, 23.8 per cent higher than the gross collection in the corresponding period a year ago.
Andhra train mishap: Railways, govt agencies blame each other
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
After lagging behind other segments in the automotive (auto) space over the past few years, two-wheelers are expected to reverse their volume underperformance. After witnessing a 36.3 per cent volume decline over the 2018-19 (FY19) through 2021-22 (FY22) periods, the sector staged a recovery in 2022-23 (FY23), with volumes rising 17 per cent. While volumes are still a quarter lower than the FY19 peak of 21 million units, a double-digit growth trajectory is expected to prolong.
Success in Karnataka's assembly polls will hinge on two factors: Drop a large number of incumbent MLAs and project Modi and not the state leaders, least of all Bommai.
Officials have admitted that the problem of frothing will continue until sewage treatment plants in Delhi are upgraded to meet the new standards.
Gandhi dismissed as an "eyewash" the probe into what she called as Ayodhya land 'scam' in areas around the proposed Ram temple while Mayawati demanded that the state government cancel the land deals if the allegations in a media report on the issue are true.
The idea is to get the budget passed by Parliament along with Appropriations Bill and the Finance Bill by the end of March as this would ensure implementation of the Budget proposals from April 1.
An announcement has barred the entry of journalists in the finance ministry.
The order says that Wankhede belongs to Mahar caste, which is a Scheduled Caste (SC).
If life has become a little less taxing, thank the reform measures initiated by Finance Minister Jaswant Singh in tax administration.
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