-The Times of India A study commissioned by the government last year on quantifying black money generated in the country has estimated that the illicit wealth is likely to exceed 10% of GDP or anywhere above Rs 10 lakh crore, given the size of the economy. The 1,000-page report was submitted to the finance ministry by the National Institute of Public Finance and Policy (NIPFP) in the last week of December. The...
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West Bengal sees turnaround in revenue collection
-The Times of India The West Bengal government has managed a turnaround in revenue collection, thanks to innovative use of technology and the impending need to raise resources and repair the state's tattered finances. Data shows tax receipts during the first quarter of 2012-13 have risen 35%. In 2010-11, before the Trinamool Congress-led government came to power, tax collection by the Left Front government stood at Rs 21,000 crore, while in 2012-13...
More »Are you paying to keep oil firms profitable?-Anupama Airy
Amid protests over India's steepest-ever petrol price hike last week, many are now beginning to ask the question: Is the government milking the common man to keep its oil companies profitable? Consider these: Each time, you fill your car with a litre of petrol in Delhi, the Centre gets richer by Rs. 14.78 and state government earns another Rs. 12.20. In 2010-11 ( the latest figures available), the Centre and state governments...
More »Land row stalls IIM construction-Santosh K Kiro
Nagri (Ranchi), April 25: A piece of land is valued either Rs 1.55 lakh or Rs 340.5 crore. Take your pick. If you recover from this shock, you can proceed to figure out who should get in part or full 227.71 acres at Nagri, 15km from Ranchi. Construction of IIM-Ranchi and National University for Study and Research in Law (NUSRL) campuses has halted after villagers refused to budge from the acres,...
More »Pranab banks on indirect tax hike-Ashok Dasgupta
Token relief to individual taxpayers will cost the exchequer Rs. 4,500 crore In a “pragmatic and domestic growth-oriented” budgetary exercise aimed at shoring up investor confidence and investment, Union Finance Minister Pranab Mukherjee on Friday sought to tap indirect taxes, especially service tax, to rake in an additional Rs. 45,940 crore into his kitty. Presenting the budget for 2012-13 in Parliament, Mr. Mukherjee provided a token relief to individual taxpayers that will cost...
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