Kamalika Ghosh

Senior Correspondent

Moneycontrol

Budget 2021-22 should re-evaluate random allotment of cases under faceless tax assessment system: Experts

BUSINESS

Budget 2021-22 should re-evaluate random allotment of cases under faceless tax assessment system: Experts

Delays in assessments have been pointed out by various sectors, especially from the precious metal sector where a specified process is followed for assessment of dore, because of random allotment of assessment cases, say experts.

Overall shortfall in GST collection Rs 1.44 lakh crore for Centre this fiscal: SBI report

ECONOMY

Overall shortfall in GST collection Rs 1.44 lakh crore for Centre this fiscal: SBI report

On January 7, the central government projected the country's economy to contract by 7.7 percent in the current fiscal year 2020-21, as per the first advance estimates of gross domestic product released by the National Statistical Office

Atmanirbhar Bharat Schemes: Status check on some so far

ECONOMY

Atmanirbhar Bharat Schemes: Status check on some so far

The Rs 45,000 crore PCGS was announced as part of the Atmanirbhar Bharat Abhiyan package and was aimed at providing liquidity support to weaker NBFCs, housing finance companies (HFCs) and microfinance institutions (MFIs).

Better tax collections may not be enough to improve government's overall revenue position

BUSINESS

Better tax collections may not be enough to improve government's overall revenue position

The gross tax revenue estimated in Budget 2020-21 stood at Rs 24.23 lakh crore, of which corporation tax was estimated to be Rs 6.81 lakh crore, income tax Rs 6.38 lakh crore, and GST Rs 6.90 lakh crore, among others.

Delay in land clearances, lack of skilled labour may push back PLI scheme deadline for mobile manufacturing

BUSINESS

Delay in land clearances, lack of skilled labour may push back PLI scheme deadline for mobile manufacturing

The Union Cabinet approved the PLI scheme for 10 more sectors on November 11. These are pharmaceuticals, automobiles and auto components, telecom and networking products, advanced chemistry cell batteries, textile, food products, solar modules, white goods, and specialty steel.

FY21 GDP: India Ratings expects economic contraction to narrow to 7.8% from 11.8% forecast earlier

ECONOMY

FY21 GDP: India Ratings expects economic contraction to narrow to 7.8% from 11.8% forecast earlier

Although the headwinds emanating from challenges related to Covid-19 are unlikely to go away till mass vaccination becomes a reality, perhaps the economic agents and economic activities not only have learnt to live with it but are also adjusting swiftly to the post-Covid-19 world, Ind-Ra said in a statement

Exclusive| Government mulls new national policy to bring down logistics cost by 5%

BUSINESS

Exclusive| Government mulls new national policy to bring down logistics cost by 5%

The government is also working on a National Logistics Efficiency and Advancement Predictability and Safety Act and this law tends to define various participants of the logistics space and create a light regulatory ecosystem.

India would be an engine of global growth, help revive global economy significantly: FM Nirmala Sitharaman

BUSINESS

India would be an engine of global growth, help revive global economy significantly: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said investment in health is going to be critical, not just to keep lives safer, but also to make health and health-related expenditures more predictable.

Government apprised of rising oil prices but excise duty cut financially imprudent now

ECONOMY

Government apprised of rising oil prices but excise duty cut financially imprudent now

After letting oil prices go unchanged for 59 days, oil marketing companies hiked petrol and diesel prices by over Rs 2 and by nearly Rs 3.50 respectively since November 19

Macro Minutes podcast | How trade finance fared during the COVID-19 pandemic

BUSINESS

Macro Minutes podcast | How trade finance fared during the COVID-19 pandemic

Kamalika Ghosh talks to Founder and CEO, PrimaDollar Tim Nicolle to find out about trade finance and how it fared during the COVID-19.

Exclusive | October-December quarter advance corporate tax collections 49% higher year-on-year

ECONOMY

Exclusive | October-December quarter advance corporate tax collections 49% higher year-on-year

The government had reduced the corporate tax rate for existing and newly incorporated companies to 25 percent and 15 percent, respectively, last year, after the September 15 deadline for advance tax payment was over.

Bengaluru only city to register growth of 6.6% in total direct tax collected, initial projections show

BUSINESS

Bengaluru only city to register growth of 6.6% in total direct tax collected, initial projections show

The Centre's total net direct tax collection, which includes advance tax, dropped 17.6 percent in FY21 as direct tax collected up to December 15 stood at Rs 4.95 lakh crore as against Rs 6.01 lakh crore for the same period a year ago.

Exclusive: FY21 direct tax collection drops 17.6% year-on-year till Dec 15, initial projections show

BUSINESS

Exclusive: FY21 direct tax collection drops 17.6% year-on-year till Dec 15, initial projections show

According to the initial projections, corporate tax collected till December 15 stood at Rs 2.26 lakh crore and personal income tax stood at Rs 2.57 lakh crore

Samsung LED unit in Uttar Pradesh is another step towards Make in India push: officials

BUSINESS

Samsung LED unit in Uttar Pradesh is another step towards Make in India push: officials

The Yogi Adityanath-led Uttar Pradesh government is also in talks with other companies that are looking to move out of China to set up shop in the state.

Industrial output grows 3.6% in October, indicating strong recovery

ECONOMY

Industrial output grows 3.6% in October, indicating strong recovery

The October IIP jumped significantly, rising 3.6% YoY against 0.2 percent September

Exclusive | Tax shortfall in 2020-21 likely to be around Rs 2.5-3 lakh crore: Sources

ECONOMY

Exclusive | Tax shortfall in 2020-21 likely to be around Rs 2.5-3 lakh crore: Sources

Finance Minister Nirmala Sitharaman, in her Union Budget 2020-21 had projected gross tax collections at Rs 24.23 lakh crore. For 2019-20, the revised estimate for gross tax receipts was Rs 21.63 lakh crore, short of that year’s budget estimates by Rs 2.98 lakh crore

Exclusive | Centre’s Vivad se Vishwas, Sabka Vishwas schemes garner Rs 1.11 lakh crore so far: Sources

ECONOMY

Exclusive | Centre’s Vivad se Vishwas, Sabka Vishwas schemes garner Rs 1.11 lakh crore so far: Sources

Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, is expected to realise Rs 39,500 crore. The amnesty window closed on January 15

Interview | Exports may drop almost 12% this year: FIEO President Sharad Saraf

BUSINESS

Interview | Exports may drop almost 12% this year: FIEO President Sharad Saraf

India-US trade would certainly improve because President Trump was more protectionist while Biden is not. So it will definitely come to our advantage. Our trade will improve clearly under the Biden dispensation, FIEO President Sharad Saraf said.

As economy picks up pace, GST collection, FDI trends show signs of revival

BUSINESS

As economy picks up pace, GST collection, FDI trends show signs of revival

Total FDI inflows into India in second quarter of financial year 2020-21 have been $ 28,102 million. Of this, FDI equity inflows were $23,441 million

Q2 GDP data: Government spending, private consumption see a decline

BUSINESS

Q2 GDP data: Government spending, private consumption see a decline

Government Final Consumption Expenditure fell to 10.9 percent in the July-September quarter from 13 percent a year-ago, while Private Final Consumption Expenditure fell to 54.2 percent from 56.5 percent a year ago

Q2 GDP data: Manufacturing enters positive zone, construction continues to see contraction

BUSINESS

Q2 GDP data: Manufacturing enters positive zone, construction continues to see contraction

Manufacturing saw a growth of 0.6 percent in July-September of 2020-21, against a contraction of 0.6 percent in the same period a year ago, while construction saw a contraction of 8.6 percent, against a growth of 2.6 percent in the same period a year ago

India GDP: After nearly 24% contraction in Q1, all eyes on Q2 data due on November 27

ECONOMY

India GDP: After nearly 24% contraction in Q1, all eyes on Q2 data due on November 27

A number of high-frequency indicators have shown gradual signs of pick up, pointing towards overall economic recovery in the country. In fact, by September, indicators like vehicle sales, real estate, manufacturing PMI, and railway freight earnings, had outstripped September 2019

COVID-19 vaccination plan: From identifying at-risk population and essential workers by states to ramping up capacity

ECONOMY

COVID-19 vaccination plan: From identifying at-risk population and essential workers by states to ramping up capacity

The distribution strategy for a potential COVID-19 vaccine is being chalked out by the Centre in coordination with the states. The task of vaccinating the country's 1-billion-plus population presents many challenges and involves a formidable exercise in logistics.

India seeks compensation for lost market as end of Brexit transition period approaches

ECONOMY

India seeks compensation for lost market as end of Brexit transition period approaches

A number of countries expressed their concerns about the uncertainty over an EU-UK trade deal at the recent market access committee meeting at the WTO. The Brexit transition deadline is December 31.

Sections