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Thursday, August 13, 2020

Aanchal Magazine


To reward honest taxpayers, PM Modi plans new, ‘transparent’ scheme
Wed, Aug 12, 2020

The invitation for the launch of the new scheme was shared by P C Mody, Chairman, Central Board of Direct Taxes (CBDT), on Tuesday with senior tax officers, sources told The Indian Express.

Breaking down GST: slabs, payments, dispute
Thu, Aug 13, 2020

GST Slabs 2020: The Centre and the states are in a tussle over delayed compensation payments under GST. What led to this, how much is due, and what is being done about it?

Auto to aviation, employee costs take the biggest hit
Fri, Aug 07, 2020

InterGlobe Aviation, the parent company of IndiGo, reduced its employee costs by 14.8% during the quarter, compared with the same period last year, while net revenues from operations fell 92% year-on-year during the quarter.

After Beirut, alert out for ammonium nitrate, TN stockpile on radar
Fri, Aug 07, 2020

740 tonnes stored in Chennai since ’15, Customs says disposal being worked out

July harder than June, migrants out of work hit economic wall at home
Tue, Aug 04, 2020

A key bellwether of activity in the manufacturing sector slipped in July after two months of steady growth reflecting the adverse impact of localised lockdowns by states to fight the surging Covid curve.

Over 80% rise in heat wave days in 2019, Rajasthan worst-hit
Tue, Aug 04, 2020

The data shows that acute respiratory infection led to 3,740 deaths in 2018 -- the highest in six years (according to these provisional estimates). The highest number of deaths due to acute respiratory infection were reported in West Bengal (732), followed by Uttar Pradesh (699), Andhra Pradesh (587), Delhi (492).

GST compensation: Some state FMs object to market borrowing proposal, suggest steps to shore up revenue
Sat, Aug 01, 2020

Punjab Finance Minister Manpreet Singh Badal in a letter to Union Finance Minister Nirmala Sitharaman Friday stated that Centre had provided “innumerable assurances” in the run-up to GST for “assured and unhindered compensation”.

Pushback from states likely on AG view on market borrowings
Fri, Jul 31, 2020

A legal opinion on the issue offered by the Attorney General of India, specifically on bridging the revenue shortfall by directing states to borrow, is learnt to have put the ball squarely in the Centre’s court.

GST proceeds: what’s due to states, and what Centre proposes
Thu, Jul 30, 2020

While the Centre on Monday released Rs 13,806 crore to the states for March 2020, wrapping up the full payout for FY20 at Rs 1.65 lakh crore, compensation payments for this financial year since April remain pending.

Explained: How the new public procurement restrictions target China
Sun, Jul 26, 2020

The government has been taking a series of measures in recent months to restrict the inflow of Chinese investments and products into the country.

Govt tightens bidding regulations for border countries (read China)
Fri, Jul 24, 2020

India shares its border with China, Nepal, Bhutan, Pakistan, Bangladesh and Myanmar. As per official data, out of these, the government has extended lines of credit to Bangladesh, Nepal, Myanmar, exempting them from the new order.

Explained: How lower mop-up has translated into delayed GST compensation
Thu, Jul 23, 2020

Lower GST revenues have translated into delayed and pending compensation payments to states, an issue which will be central to the discussions of the GST Council meeting slated to be held later this month.

Explained: What is new in the Income Tax Form 26AS?
Thu, Jul 23, 2020

Income Tax New Form 26AS: It will increase the information flow to the authorities, especially the details of all high-value transactions

CBDT chief on faceless assessment: Will help remove discretion of tax officers
Mon, Aug 10, 2020

About 300 cases have required review in the tax demand, Mody said, adding that the process will happen without the taxpayer required to go to tax offices.

PMO continues meetings with FinMin: E-comm policy, status of economic package on the agenda
Fri, Jul 17, 2020

Prime Minister Narendra Modi is learnt to have met Finance Minister Nirmala Sitharaman on Thursday, the second meeting this week, to take stock of the economy.

EPFO Board members raise red flags over lack of info on investment returns, files lost in December fire
Thu, Jul 16, 2020

Some of the members have sought details about the expenditure under the PM Garib Kalyan Yojana and whether the expenses have been reimbursed by the government to the EPFO.

PMO meets NITI, FinMin officials; Centre assessing ways to boost non-tax revenues
Wed, Jul 15, 2020

In the backdrop of the steep economic contraction expected in the April-June quarter, the government is trying to assess its revenue position, how it can be augmented and what more will be required to support economic activity in these uncertain times, sources familiar with the matter said.

As Gehlot fights crisis, I-T and ED raid premises of his close associates
Tue, Jul 14, 2020

In Mumbai, the tax department searched nine offices of two firms — Mayank Sharma Enterprises and Om Kothari Group, sources in the I-T department said.

Electricity to jobs: Uptick in economy but that’s flattening
Sun, Jul 12, 2020

That the “unlocking” has been patchy is reinforced by Google footfall data showing that while public mobility has improved in recent weeks across India, states that have higher infection rates are seeing curtailed public movement and economic activity.

I-T dept withdraws July 1 Covid-19 support letter asking staff to seek info from ‘US govt agencies’
Sun, Jul 12, 2020

The withdrawal of the letter came after the factual inconsistencies of referring to “the US government agencies” instead of Indian agencies were noticed, an official said.

Under GST regime: Listed cos generate 35.29% of total revenue, PSUs 9.12%
Fri, Jul 10, 2020

Public sector undertakings (PSUs), with only 0.02 per cent share in the taxpayer base, accounted for 9.12 per cent of the total GST revenue, it showed.

States demand Vice-Chairman post in GST Council, won’t budge on compensation
Fri, Jul 03, 2020

States are guaranteed compensation for any revenue shortfall from the base year of 2015-16 at an annualised growth rate of 14 per cent.

Finance Secretary: ‘Collection is down due to levies lower than revenue neutral rates, wrong to infer revenue has declined due to GST’
Thu, Jul 02, 2020

Ajay Bhushan Pandey, who holds charge as Revenue Secretary, said rate rationalisation, correction of inverted duty structure have been discussed in the GST Council and the decisions about these will be taken in the next 8-9 months.

Explained: Why the government is likely to spend much less this fiscal
Mon, Jun 29, 2020

The expenditure rationalisation is being done presumably to allow enough headroom to dovetail the stimulus package announced last month, especially as revenues are expected to be sharply lower than estimates this year.

Now, Indian exporters complain shipments stuck at China ports
Sat, Jun 27, 2020

In a recent note to the Ministry of Commerce and Industry, the Federation of Indian Export Organisations (FIEO) has said that Hong Kong and Chinese Customs were holding back export consignments from India over the last few days.