-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...
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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 »Income tax department releases data on crorepati taxpayers -Nikhil Agarwal
-Livemint.com * India's super-rich club of those earning above Rs.500 crore has only 3 individuals * Over 1.7 lakh people had filed income tax returns with zero income in 2017-18 NEW DELHI: If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ?1 crore in the financial year 2017-18. The Central Board of Direct Taxes (CBDT) has now come out...
More »Explained: How the latest corporate tax rate cut impacts the economy -Udit Misra
-The Indian Express A cut in Personal Income tax or GST slabs would have spurred the economy more in the short term but the corporate tax cut is beneficial for the economy in the long term. Finance Minister Nirmala Sitharaman’s announcement to cut corporate tax rates on Friday morning was a welcome surprise for the Indian economy that has been struggling with growth deceleration. According to reports, the government has cut the...
More »A politically inconvenient data nugget -Puja Mehra
-The Hindu Data on demonetisation’s contribution to the deepening economic slowdown may have been suppressed Was a task force report that recommended a new law to replace the more than 50-year-old Income Tax Act, 1961 suppressed because it inadvertently provided factual evidence for the debilitating impact of demonetisation on the formal corporate sector? On September 1-2, 2017, at the Rajaswa Gyan Sangam (an annual conference of senior tax administrators), Prime Minister Narendra Modi...
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