Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
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Parliament proceedings -- Banks wrote off ₹1.15 lakh cr. in nine months of FY21: Anurag Thakur
-The Hindu “As per RBI data, scheduled commercial banks (SCBs) have written off loans of ₹2,36,265 crore, ₹2,34,170 crore and ₹1,15,038 crore during FY2018-19, FY2019-20 and the first three-quarters of FY2020-21 respectively,” the Minister said. Banks have written off bad loans to the tune of ₹1.15 lakh crore in the first three-quarters of the current fiscal, the Lok Sabha was informed on March 8. As per RBI guidelines and policy approved by bank...
More »Petrol, diesel price hike: RBI governor calls for reduced indirect taxes on fuel -Anulekha Ray
-Livemint.com * Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel * On 20 February, petrol price was hiked by record 39 paise per litre and diesel by 37 paise a litre Reserve Bank of India governor Shaktikanta Das called for reduced indirect taxes on petrol and diesel to contain the fuel prices at a reasonable level. Petrol and diesel prices in...
More »NK Singh, chairman of the 15th Finance Commission, interviewed by Zia Haq (Hindustan Times)
-Hindustan Times The chairman of the 15th Finance Commission, NK Singh, spoke to Zia Haq about the final report of the Commission for 2021-26 which has now been made public. Edited excerpts. The Constitution, through Article 280 to 281, provides for finance commissions every five years as a mechanism for sharing of taxes and revenues vertically between the Centre and states; and horizontally among all states, based on levels of development, demographic...
More »How Could the New Farm Laws Bring Agricultural Income Under the Tax Net? -Jaimal Shergill
-TheWire.in Farmers may have to pay 18% GST on the income earned through corporate farming, which the new laws are expected to promote. Like a retro Bollywood movie with multiple double acts and plot twists, the controversy surrounding the three farm laws is not just limited to the specific legislations per se, but there is more to it, much more sinister. When the Income Tax Act, 1995 (ITA) and Central Goods and...
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