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.
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
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).
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.
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.
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
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.
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.
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
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.
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.
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.
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
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.
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
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
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
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.
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
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
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
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
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.
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.
