-Scroll.in The finance ministry has directed the CBDT chairperson to seek an explanation from these officers for writing such ‘ill-conceived views’ in public. The Centre on Sunday rejected a proposal made by officials of the Indian Revenue Service suggesting the government should increase taxes to cushion the economic fallout of the coronavirus pandemic. The Centre called it “an act of indiscipline”, NDTV reported. In a 44-page report titled FORCE, or Fiscal Options and...
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Tax dept. asks officers working from home to chase large taxpayers for dues
-PTI/ The Hindu “While the ITBA platform is not available to the officers for discharging statutory functions, it is still possible to follow up the pending collection matters by contacting large taxpayers telephonically/electronically,” IT Commissioner said. A three-month extension in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. Rakesh Gupta, Commissioner...
More »Slowdown: Direct Tax Collections now a crawl, shrink Govt's space to cut GST -Aanchal Magazine
-The Indian Express Net Direct Tax Collections during April 1-September 15 grew just 5% to Rs 4.4 lakh crore — against year’s target 17.3%. This below-than-expected growth in Direct Tax Collections will muddy the government’s fiscal math The impact of a slowing economy is showing up in government revenues with net Direct Tax Collections in the first five-and-a-half months of 2019-20 making up just a third of the full-year target. Net direct...
More »Explaining the Rise in Revenue Deficit Between Modi Govt's Interim and Full Budgets -Aneesha Chitgupi
-TheWire.in While the revenue deficit is estimated to increase in the Union Budget in comparison to the interim one, the fiscal deficit shows a decline thanks to the increase in capital receipts especially through disinvestment. A comparison between the Interim Budget (IB) presented on February 1, 2019, and the full Union Budget (FB) presented before parliament on July for the current fiscal year (2019-20) throws up some intriguing questions. While most commentators have...
More »A hand-to-mouth Budget -Puja Mehra
-The Hindu It is inescapable from the arithmetic that revenue expenditures and tax revenues are in need of serious corrections Finance Minister Nirmala Sitharaman began a new practice in the Union Budget, presented on July 5, when she relegated the numbers, or the budgeting, to the fine print, in a break with tradition; they are usually presented as a part of the speech on the floor of the House in Parliament. What are...
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