BUDGET
Budget 2025: Insight 2.0 on cards to better analyse tax info from banks to flag evasion
The upgraded ‘Insight’, which is in the final stages of approval, will help I-T authorities, better analyse data received from banks, financial institutions and GST filings among sources others to identify discrepancies
BUSINESS
GST authorities search PB Fintech’s Gurgaon office over evasion allegations
PB Fintech, owns and operates Policybazaar, which offers an array of insurance products and advisory services.
BUSINESS
Net direct tax collection up over 15.9% at Rs 16.89 lakh crore
While the non-corporate tax witnessed 21.5 percent growth in advance tax, corporate tax grew by only 8 percent till January 12.
BUDGET
Budget 2025: Finance Bill likely to upgrade income tax application with AI for efficient audits, flagging of frauds and enhanced capacity
ITBA is the core platform used by income tax officers for audits, investigations, penalties, appeals and compliance management, and its enhanced version will also mean real-time tracking of returns, refunds and assessments for taxpayers.
BUSINESS
Odisha, Madhya Pradesh, Karnataka lead tourism investments in FY25; Arunachal, Punjab, Jharkhand lag
A total of Rs 3,295.76 crore has been disbursed to states for tourism projects under the capex loan to states scheme in 2024-25.
BUDGET
Budget 2025: Finance Bill likely to further strengthen GST to tackle fake invoicing
The Finance Bill is likely to introduce amendments to the GST Act to further strengthen mechanisms to curb fake invoicing. Sources said the act will be amended to include the Invoice Management System, introduced in November 2024 to curb fake invoicing, giving it a legal basis.
BUSINESS
Union Budget 2025: Time ripe for a tax cut for India’s salaried class
A more pronounced slowdown in urban consumption and high food inflation have solidified calls for lowering the burden on India’s salaried class, which could in turn spur demand and boost overall economic activity.
BUSINESS
Budget 2025: Govt likely to ease conditions on capex loans to states to meet Rs 1.5 lakh cr target in FY25
There is no proposal to cut the state loan for capex or reduce the amount budgeted in the revised estimates exercise in Union Budget 2025-26.
BUSINESS
IIFCL targets Rs 1 lakh crore infra financing disbursement over next 3 years
In the current fiscal, IIFCL plans to raise over Rs 8,000 crore in the current quarter through a mix of blended finance and ECBs
BUSINESS
Steel ministry proposes merger of NMDC and KIOCL to FinMin: Govt source
While NMDC Limited, a Navratna CPSE, is India's largest iron ore producer. In the financial year 2023-24, NMDC achieved a turnover of Rs 21,294 crore.
BUSINESS
FinMin nudging banks to fund large infrastructure projects: DFS Secretary
M Nagaraju pointed out that infrastructure projects are typically viable if there is no fraud, funds are not diverted, and there are no timelines
BUSINESS
From licence-permit raj to globalisation: Economists reflect on Manmohan Singh’s transformational legacy
Singh’s tenure as Finance Minister in 1991 is particularly noted for bold economic reforms during a period of acute financial crisis.
BUSINESS
Budget 2025 may propose simplified tax regime for foreign semiconductor firms to boost manufacturing in India
The presumptive taxation scheme allows foreign entities to calculate their income as a percentage of their turnover, bypassing the need for detailed accounting
BUSINESS
India’s economy poised for 6.5% growth in FY25: Finmin
October-March growth is likely to be better than in H1, the Finance Ministry said in its Monthly Economic Review for November 2024, while adding that food price pressures are likely to decline gradually, supported by an optimistic farm sector outlook
BUSINESS
How did India's top economic policymakers steer the economy through 2024?
Sanjay Malhotra was appointed as the 26th Governor of the RBI on December 11, after serving as Revenue Secretary from December 2022 to 2024.
BUDGET
Ahead of Union Budget, PM Modi discusses ways to enhance employment among youth with economists
The economists shared insights on the challenges of youth unemployment and the need for policies to align education and training programs with the evolving job market.
BUSINESS
Revamped Income Tax Act likely to take over a year to get implemented
Sources tell Moneycontrol that the implementation of the proposed IT Act will take over a year. The proposed overhaul envisages an extensive review of the current Act, which spans 23 chapters. A review committee, comprising 23 sub-committees and working groups, is scrutinising each chapter to identify areas for improvement.
BUSINESS
GST 2024: Record revenues & rate resets take centrestage
Measures such as e-invoicing for businesses and streamlined filing processes have contributed to better tax administration.
BUSINESS
Council likely to approve rules for functioning of GST appellate tribunals
The tribunal will feature a Principal Bench located in Delhi and 31 State Benches across the country.
BUSINESS
MC Exclusive I Council agenda: Risky businesses may find it tougher to get GST registration
GST Council is likely to discuss risk-based registration categories to differentiate businesses based on their risk profile, tied to their input tax credit claims and compliance history
BUSINESS
GST relief on life, health insurance to cause Rs 2,600 crore revenue loss annually
The GST Council, in its upcoming meeting on December 21, will likely discuss the GoM report on insurance relief and give six months extension to GoM on Cess. However, the GoM report on real estate will not be discussed.
BUSINESS
Relief to Infosys on GST demand likely to take longer amid law panel mulling over options
The Infosys resolution is not on the GST Council’s agenda. However, important clarification for GST on food delivery apps and increase in rate on sale of old cars and EVs will be discussed during the meeting on December 21, according to sources.
BUSINESS
Net direct tax collection up over 16.45% at Rs 15.82 lakh crore
While the non-corporate tax witnessed 35 percent growth in advance tax, corporate tax grew by only 16.71 percent till December 17.
BUSINESS
CBIC's second drive against fake input tax credit unearths Rs 26,543-cr GST evasion: Sources
The findings of the second drive will likely be presented to the GST Council, which is expected to deliberate on measures to firm up GST compliance
