-The Hindu While consumers will be glad to see their fuel bills slashed by the advent of a favourable rate structure under the GST, State governments will have to contend with an erosion in tax revenue. At the time of writing, petrol was retailing at Rs.82.48/litre in Mumbai, roughly 62% more than the Rs.50.8/litre Pakistanis shell out for a tank of gas. This is despite the fact that crude oil prices are...
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In 5 years, 46% hike in base: Tax net widens as individuals fuel the surge -Aanchal Magazine & Anil Sasi
-The Indian Express While the total taxpayer base grew at an average rate of about 7.9 per cent a year, individual taxpayers recorded an average annual growth rate of 8.2 per cent in these five years, inching up from 94 per cent in AY 2011-12 to 94.9 per cent in AY 2016-17, according to official data. New Delhi: Even as the country’s total taxpayer base increased to 6.41 crore in assessment year...
More »Taxmen begin raids on hoarders of cash as Centre, RBI pump in notes -Sidhartha
-The Times of India NEW DELHI: Tax authorities have conducted 30-35 raids in Karnataka and parts of Andhra Pradesh as part of a drive to smoke out cash hoarders, even as the government and RBI moved to pump in funds into some of the states facing a currency crunch. In Bihar, for instance, Rs 800-900 crore has been pumped in through the ATM network with initial assessments suggesting that the shortage may...
More »What demonetisation did to tax collections -Aarati Krishnan
-The Hindu It has sharply lifted tax buoyancy and ushered many new return filers into the income Tax net The argument about whether demonetisation was good or bad for the economy refuses to die down even a year after the event. Former RBI Governor Raghuram Rajan took potshots at it in a recent speech. While one can endlessly debate, with very little data, on whether the ban on high-value currency notes dealt a...
More »New metric for jobs growth to include informal economy -Prashant K Nanda
-Livemint.com The govt will count jobs created in establishments deploying less than 10 people, which essentially means that shops run by one owner and one employee too will be counted as employment generation New Delhi: Expanding the scope of job creation in the country, the National Democratic Alliance (NDA) government has now decided to start counting jobs created in the non-farm informal sector. The government has asked labour bureau under the Union labour...
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