-PTI Finance Minister Arun Jaitley, during a debate on demonetisation in the Upper House on November 17, 2016, had termed the loan issue of Vijay Mallya a "terrible legacy" that the NDA government had inherited from the previous UPA regime. The finance ministry has told the Central Information Commission (CIC) that it does not have information about the loans given to industrialist Vijay Mallya, prompting the transparency panel to remark that the...
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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 »From plate to plough: The MSP smokescreen -Ashok Gulati & Ranjana Roy
-The Indian Express Government’s claim that it has given support prices that are 50 per cent over input costs to farmers is a sleight of hand. Tall talk could increase farmer resentment The finance minister (FM) has made a smart move by announcing in the Union budget speech that the government has already fulfilled its election promise of giving minimum support prices (MSPs) of at least 50 per cent higher than their...
More »Making health insurance work -K Srinath Reddy
-The Hindu The National Health Protection Scheme is disconnected from primary care. It also needs to be scaled up It is unusual for a health programme to become the most prominent feature of a Union Budget. The previous government missed the bus when it failed to implement the recommendations of the High-Level Expert Group on Universal Health Coverage (2011). Yet, those recommendations resonate in the Budget of 2018, with commitment to universal...
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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