Following the pandemic, the income of the bottom 50 per cent of the population is estimated at 13 percent of national income and 3 percent of total wealth Apoorva Mahendru, Kanishk Gomes, Mayurakshi Dutta, Noopur, Pravas Ranjan Mishra Oxfam International's annual inequality report makes for stark reading. The India supplement, part of the main report, states that the top 1 percent of Indians own nearly 40.6 percent of the total wealth in...
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Corporate tax assessment: CAG spots major errors in over 350 cases
-The Hindu Business Line Suggests CBDT to create a foolproof IT system, internal control mechanism The Comptroller and Auditor General of India (CAG) has pointed out significant errors in the assessment of over 350 cases related to corporate tax. It also advised the Central Board of Direct Taxes (CBDT) to put in place a foolproof IT system and internal control mechanism to avoid such recurrences. In a report tabled in Parliament, the apex...
More »Farming became costlier between crop years 2012-13 and 2018-19, shows the latest available NSO data
One is almost certain to hear this from an economist that if something is available at free of cost or at a subsidised rate thanks to government intervention, then people tend to overuse or overconsume such goods/ commodities. So, the best solution is to create a market for such 'almost freely available' or 'highly subsidised' goods or commodities. Once people start paying to use or consume such goods/ commodities, they...
More »Tax Exemptions and incentives for the corporate sector continue despite reduction in corporate tax rates
Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...
More »A Death Warrant Against Farmers -Bhabani Shankar Nayak
-TheCitizen.in 90% rise in Indian billionaires’ wealth There has been a 90% rise in Indian billionaires’ wealth over past decade. It is not accidental. The BJP led government reduced corporate income tax from 30 to 22 percent starting from the financial year 2019/20. New corporates established in India after October 2019 will only pay 15 percent. It has also provided many other opportunities, incentives and foregoing exemptions to corporations. Meanwhile the Union government...
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