-Livemint.com * The Centre has no money for a stimulus package. Only the states can find a way to get India out of the slowdown * States, taken collectively, are the only hope. Despite loan waivers, they are in a better position to boost public spending. But that would require coordinated work between the Centre?and the states NEW DELHI: On 1 February, finance minister Nirmala Sitharaman will present an important Union budget. The...
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India may miss tax collection target for 2019-20 by nearly Rs. 2.5 lakh cr: Garg
-PTI * Subhash Chandra Garg from the tax revenues perspective, 2019-20 is proving to be a dysfunctional year * Former finance secretary says corporate tax, excise duties and customs are likely to see negative growth in collections in 2019-20 NEW DELHI: The government's tax collection is likely to fall short of its estimate by Rs2.5 lakh crore or 1.2% of GDP in 2019-20, former finance secretary Subhash Chandra Garg said on Sunday while...
More »BJP accounted for 75% of total income national parties received through electoral bonds in 2018-19, Cong second -Fazil Khan
-News18.com Electoral bonds were first notified in January 2018 by the then finance minister Arun Jaitley and its first tranche had gone for sale in March the same year. New Delhi: Of the six national parties that submitted details of their Income Tax Returns (ITR), three — Bharatiya Janata Party (BJP), Congress, and All India Trinamool Congress (AITC) — have declared income/donations worth Rs 1,931 crore through electoral bonds during financial year...
More »Universal basic income can boost consumption instead of I-T cut: Arvind Subramanian -Gireesh Chandra Prasad
-Livemint.com * 'If you want to boost consumption, it has to be a direct benefits transfer or a universal basic income, not a personal Income Tax cut,' the former CEA said in New Delhi * Subramanian said that India has infused quite a bit of capital into stressed state-run banks and any further capital infusion should be linked to reforms New Delhi: A universal basic income, rather than a cut in the tax...
More »Can a cut in tax rates pull the economy out of the woods?
-The Indian Express A cut in Income Tax will naturally mean a loss of revenue for the government, which will impact the fiscal deficit. The quantum of the revenue loss will depend on how deep the tax cut is. Finance Minister Nirmala Sitharaman has said that the government is considering cutting tax rates to revive growth. “Tax rate cut is one among the many things we are thinking to boost growth,” Sitharaman...
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