Capital Formation: March spending binge salvages states’ capex in FY21
Clearly, additional transfers from the Centre by way of Rs 45,000 crore as tax devolution in excess of the Revised Estimate from the divisible pool due to improved tax receipts in March, eased the stress on states’ finances
Govt needs to spend additional Rs 1 lakh crore to distribute free foodgrain under PMGKAY till Diwali
This apart, Monday’s announcement by the government to take over vaccine procurement responsibility from states and provide the prophylactics free of cost to those in the age group of 18-44 years will cost the exchequer an
Cut GST on Covid drugs and other items, retain rate for vaccines at 5%: GoM
The GOM, which had time till Tuesday to submit its report, gave it to the Council on Monday itself, a state government official said.
GST compensation: States set to drive a hard bargain
At least six states – West Bengal, Kerala, Chhattisgarh, Punjab, Tamil Nadu and Odisha – are seeking extension of the compensation period and the relevant cesses on various 'demerit' goods.
Tax devolution: Centre sticks to Budget estimate in May despite revenue shortfall
Going by the previous year’s trend, the Centre may stick to BE for devolution in the initial months and do the adjustments towards the end of this fiscal, to factor in a shortfall in receipts.
States’ capex down annually despite March spike; tax transfers by Centre, GST aid help avoid a sharper fall
This amounted to bucking the trend of several immediate past years, when states had turned in a better show in fiscal consolidation and capital spending, maintaining a public capex ratio of 5:3.6:3.4 (states, CPSEs and Centre
Petroleum central public sector enterprises’ capex rises 25% in April
12 firms set spend target of Rs 1.05 lakh crore in 2021-22
Most of Centre’s flagship welfare schemes keep pace despite slowdown
Many of the schemes such as MGNREGA, Ujjwala, NSAP and PM Awas Yojana have seen a big jump in both physical and financial achievements in FY21 as additional succour was provided by the Centre to people affected by Covid-19 (s
Govt’s vaccine spend in April at Rs 4,400 cr
India (Centre and states) spend 1.26% of GDP (FY20BE) on health, way behind Brazil at 6.8%, Turkey 10.5% and Mexico 11.6%. States were estimated to spend about Rs 1.9 lakh crore in FY20BE while the Centre about Rs 77,000 cror
Strategic sale: Financial bids for Air India, BPCL likely to be delayed by 3 months to September
“The transaction advisers are in touch with bidders, who have sought extra time for putting in bids for AI. Covid has affected mobility of bidders' representatives…site inspection is not happening,” an official said, ad
Front-loading: Centre allows states to borrow 75% of their annual limit in April-December
The idea behind the move is to enable them to regain spending momentum.
New ‘liberal’ policy: States to spend a tidy sum for vaccination drive
India (the Centre and states) spend 1.26% of GDP (FY20BE) on health, way behind Brazil at 6.8%, Turkey 10.5% and Mexico 11.6%. States were estimated to spend spend about Rs 1.9 lakh crore in FY20BE while the Centre about Rs 7
LIC listing seen challenging in FY22 too
Private valuation firm RBSA Advisors recently estimated LIC’s worth to be between Rs 9.9-11.5 lakh crore.
Monsoon session: Govt to amend key PSB privatisation laws
As many as 14 private banks were nationalised in 1970 by the Indira Gandhi government, followed by another six banks in 1980.
Large CPSEs post record capex of 4.6 lakh crore in FY21
In FY21, state governments have developed cold feet in sustaining the capex tempo, but CPSEs, despite an erosion of their cash surplus and profits in a slowing economy, largely maintained the pace, thanks to constant prodding
Faceless tax assessment: 60% of allocated cases settled in a year, says CBDT’s Mody
Out of the total 4,12,046 cases assigned to National Faceless Assessment Centre (NFAC) after the faceless appeal scheme was launched in September 2020, notices were issued in 3,64,389 cases and final orders were issued in 14,
Vivad Se Vishwas: Govt nets Rs 54,000 crore, half of it from PSUs
The Centre’s tax resolution scheme ‘Vivad Se Vishwas’ has resolved nearly a third of all direct tax disputes and has netted Rs 54,005 crore in tax revenue, 51% of which are from the central PSUs, Central Board of Direct
Tough FY21: States to buck trend, report capex decline
Capital expenditure by state governments will likely shrink in FY21, bucking the trend of robust growth in fixed asset creation reported by most of them in recent years.
Both tax revenue and expenditure to surpass revised estimates in FY21: Tarun Bajaj
Asked whether there is any evidence of the sharp cut in corporate tax rate prompting companies to make new investments, the official said it was difficult to draw any conclusion as of now.
Sick CPSEs: Stamp duty waiver at SPV stage to fast-track closures
The move, initiated by the department of public enterprises, is to de-link the process of closure of a CPSE from disposal of its immovable assets to avoid any delay in closure of the loss-making entity.
2020-21: Net tax receipts seen up by Rs 1.2 lakh crore over revised estimate
Customs collections are seen on target. Since a lot of accounting flexibility is available for the Centre on the GST front due to the floating I-GST account, an estimate of Central GST mop-up at this stage is prone to correct
States yet to restore capex pace
Both tax revenue and capital spending down 15%
‘Software tax’: SC ruling to force tax dept to cough up a tidy sum
Foreign software suppliers will breathe a sigh of relief with the long uncertainty finally reaching a well-founded outcome in their favour,” said Ravi Mahajan, partner at Ernst & Young LLP.
Inflation targeting: Current target band should be extended for 5 more years, says Niti Aayog vice-chairman Rajiv Kumar
India’s economy regained quite a lot of lost steam in the December quarter, to register a flat growth of 0.4% after two consecutive quarters of deep contraction caused by the pandemic, according to official data.
Covid-19: Vaccine manufacturers to meet PM Modi today to seek ‘right price’
They would also urge the PM against any ceiling on the vaccine price for the private sector, according to a person privy to the matter. Currently, the government procures the vaccines — Covishield and Covaxin — at a fixed
Independent Directors: Three-fourths central public sector undertakings flout norm
The non-official independent directors are appointed on the Boards of CPSEs by the administrative ministries concerned.
Disinvestment: BPCL, Air India deals to conclude by July-August
Even though the department of investment and public asset management (Dipam) had set a target to complete the transactions by June-end, the government may have to give shortlisted bidders a little bit of extra time if needed
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Top News
- RBI proposes uniform regulatory framework for microfinance sector
- Sale of joint property at a loss: How to take maximum tax advantage
- Retail inflation hits 6-month high of 6.3 pc in May on costlier food, fuel; wholesale inflation at record 12.94 pc
- B2B marketplace Flipkart Wholesale sees 3x jump in e-commerce adoption among kiranas in H1 2021
- Adani Group shares tank on news of NSDL freezing FPI accounts; co says no freeze on accounts holding its stock
- Corona LIVE: Mumbai's Dharavi records zero Covid cases today
- Neither easy, nor friendly! Income Tax e-filing new portal continues to face glitches; some features yet not functional
- Sensex, Nifty end at record closing highs for 2nd straight session; Nifty to hit 16,000 soon
- Faster commute! Indian Railways completes Jalgaon-Bhadli third line speed trial up to 122 kmph; watch video
- Novavax: Large study finds COVID-19 shot about 90% effective
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