-The Times of India NEW DELHI: The Supreme Court took serious note of alleged illegal operations of multi-national accounting firms (MAFs) in India in collaboration with Indian charted accountancy firms (ICAFs) and asked the Centre on Friday to examine steps to rein them in. "The Union of India may constitute a three-member committee of experts to look into the question whether, and to what extent, the statutory framework to enforce the letter...
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To Bt or not to Bt: 60 lakh cotton farmers or a handful of vested interests? -Ram Kaundinya
-The Indian Express The government should not succumb to pressures for removal of trait fee on a technology that has made India the world’s No. 1 cotton producer. During the last cotton season, there were reports of the pink bollworm (PBW) not being effectively controlled, especially in some 700 villages of Maharashtra where the infestation of this insect pest was stated to be high. However, at a review meeting conducted by the...
More »'Formalising' the Economy: What's in It for Workers? -Karuna Dietrich Wielenga and Shashank Kela
-TheWire.in The Modi government’s attempts to reshape the economy lie entirely in the financial realm; they come on the back of concerted efforts to strip workers of legal protection in not just the informal sector, but also the formal. The Narendra Modi government has made two major interventions in the economic sphere, demonetisation and the Goods and Services Tax (GST), with the ostensible aim of expanding the formal sector at the expense...
More »Size of tax rebates is large as compared to spending by agricultural & rural development ministries
Believe it or not, the total revenue foregone in 2017-18 on account of special tax rates, exemptions, deductions, rebates, deferrals and credits -- broadly termed as 'tax expenditures' (an indirect subsidy) – that was given to corporate taxpayers has been more than 50 percent of the expenditure incurred by the Ministry of Agriculture & Farmers Welfare (MoAFW) and the Ministry of Rural Development (MoRD) altogether in that year. In other...
More »Richest companies have the lowest tax liability -Tina Edwin
-The Hindu Business Line They milk tax breaks in ways that smaller firms can’t, paying only 23.9% tax on average New Delhi: India’s most profitable companies paid 23.9 per cent tax on an average on their profits for financial year 2016-17, about 10.7 percentage points lower than the statutory rate of 34.6 per cent, helped by a wide range of concessions and incentives, the latest Budget documents show. These companies, 335 in all,...
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