Kerala Finance Minister K Sankaranarayanan has spared the common man of any new taxes but announced development measures to the tune of Rs 453.21 crore to be met through enhanced revenue collection and prudent fiscal management.
The inquiry into Devas Multimedia's deal with Antrix, the commercial wing of Indian Space Research Organisation (ISRO), has found that when the Indian arm of the company was founded in 2004, it had just two shareholders and a paid-up capital of Rs 100,000.
It would be ludicrous to expect Modi, Erdogan or Biden to pay to keep blue ticks on their respective official accounts. It would be equally ludicrous to expect the Delhi Metro or the Income Tax Department to pay, points out Devangshu Datta.
Elections may be a few months away, but the government may get into election mode much earlier than that, predicts A K Bhattacharya.
Accordingly, the Central Board of Direct Taxes has asked its officials in the field to check every deduction claimed by banks against each claim. The CBDT action has been prompted by a recent assessment of banks carried out by the Comptroller and Auditor General.
State-owned fuel retailers IOC, BPCL and HPCL are likely to lose Rs 65,000 crore on selling diesel, domestic LPG and kerosene below cost during the current fiscal, Oil Minister Murli Deora said on Wednesday.
Full service carrier Vistara will continue to expand and expects to have a total of 70 planes by mid-2024, its chief Vinod Kannan said on Tuesday. The airline, a joint venture between Tata Sons and Singapore Airlines, reported an operating profit for the first time since inception in the three months ended December 2022. By the middle of next year, Kannan said it will have a total of 70 aircraft, including 7 Boeing 787s.
City's alleged breaches stretch from the 2009-10 season to the 2017-18 campaign, the league said on Monday.
GoAir hopes to fly 15 million passengers by 2016-17, serve 30 destinations, up from 21 now, and will largely remain a domestic airline.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
The report suggests that one of the major impacts of COVID-19 on the media and entertainment industry is the instability caused and the downfall in the advertising revenues across all media segments
Union finance secretary T V Somanathan recently said the Centre had saved Rs 10,000 crore in FY22 on interest payments after adopting new accounting mechanisms for central government agencies and centrally sponsored schemes (CSS) for state governments. Speaking at an event, Somanathan said due to these, there was an unspent balance of Rs 1.2 trillion with state agencies from CSS as on March 31, 2022. This means this amount will be reduced from the Centre's borrowing for now and it can be considered a short-term saving for the exchequer.
Sikka said second quarter will be better than the April-June period
The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
A series of strikes at the country's largest carmaker Maruti Suzuki India's Manesar plant since June this year has resulted in excise revenue losses to the tune of nearly Rs 350 crore (Rs 3.50 billion) for the government, while the company has already suffered a hit of up to Rs 1,540 crore (Rs 15.40 billion).
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
Upstream oil firms bear one-third of the revenue that retailers lose on selling diesel, domestic LPG and Kerosene at government-controlled rates.
State-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum are likely to lose Rs 45,478 crore (Rs 454.78 billion) this fiscal on selling fuel below cost, Petroleum Minister Murli Deora said.
Flagging higher fuel prices in many opposition-ruled states, Prime Minister Narendra Modi on Wednesday called it "injustice" to people living there and urged the governments there to reduce VAT in "national interest" to benefit the common man. Modi raised the issue of many states not adhering to the Centre's call for reducing the Value Added Tax (VAT) on petrol and diesel after his government slashed excise duties on them in November last, and asked them to work in the spirit of cooperative federalism in this time of global crisis. Higher prices in some states were also harmful for neighbouring states, he added.
Taxmen are opposing proposals to cut personal income and corporate tax and scrap taxes on various transactions.
Though Indians were no strangers to scams, spectrum loss was beyond their wildest imagination.
