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Saturday, March 28, 2020

Aanchal Magazine


Anatomy of a lockdown: Supply chains disrupted, automakers shut production, jobs at risk
Wed, Mar 25, 2020

No recent official data estimates the country’s unorganised workers, which were according to the last NSSO Employment and Unemployment Survey, 2011-12 were estimated to be 82.7 per cent or 39.14 crore of the total 47.41 crore estimated employed persons.

Govt hikes excise duty on petrol and diesel by Rs 3 per litre
Sat, Mar 14, 2020

A government notification said that the special excise duty on petrol was hiked by Rs 2 per litre to Rs 10 per litre and to Rs 4 per litre for diesel. Road cess on both petrol and diesel has also been increased by Re 1 per litre to Rs 10 per litre, the notification added.

States get nod to borrow more for FY20, but must amend FRBM law
Sat, Mar 14, 2020

The directive was issued by the Finance Ministry over two weeks ago, after which some of the states took the call to amend their respective FRBM laws, a Finance Ministry official said.

EPFO cuts interest rate to 8.5%: How will you be impacted?
Fri, Mar 06, 2020

There are over 6 crore active subscribers of EPFO. This is the lowest interest on provident fund in seven years.

Third quarter GDP growth slows down to 4.7 per cent
Sat, Feb 29, 2020

The slowdown in GDP growth in the third quarter was marked by tepid growth in manufacturing, electricity and construction, coupled with a contraction in investment and weak exports, the data showed.

Red flags by data panel chief Pronab Sen: ‘Mistrust, attacks may contaminate economic data for next 10 years’
Thu, Feb 13, 2020

The survey system is already in “deep trouble” and given the increasing instances of such attacks, conducting household surveys with the Census as the frame would be “very tough” going ahead, said Pronab Sen.

‘Aim has been to give as much stimulus as possible without compromising sustainability’: TV Somanathan
Mon, Feb 10, 2020

In an interview to The Indian Express, Somanathan — who earlier served in the Prime Minister’s Office for over two years and then was posted as Principal Secretary with the Tamil Nadu government — said the government didn’t want to do anything “imprudent”.

Step to moving forward must be to acknowledge Kashmiri Pandit suffering
Mon, Feb 10, 2020

With heightened polarisation, it’s easy to cite Kashmiri Pandits, either to evoke hatred or to paint them with one brush of Hindutva. But, what have they done in these 30 years? Have they picked up guns? Have they incited violence?

Air India divestment: ‘Reasonable level of protection’ for staff
Tue, Feb 04, 2020

In an interview with The Indian Express, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said “there has to be a balance” on protection for employees.

Behind new Income Tax regime: 92% used exemption under Rs 2 lakh
Mon, Feb 03, 2020

New Income Tax slabs: In absolute terms, out of 5.78 crore tax filers, about 5.3 crore (91.7 per cent) claimed deductions of less than Rs 2 lakh, including those under section 80C, Section 80D, section 80CCD(1B) (additional deduction of NPS), deduction for housing loan interest and standard deduction in 2018-19.

Ajay Bhushan Pandey: ‘Progressive, graded income tax system considered to be one of the best practices’
Mon, Feb 03, 2020

Pandey said a progressive and graded income-tax system is internationally considered to be one of the best practices, and differs from the indirect tax system, where the aim is to lower the number of tax slabs to reduce complexities.

Budget 2020: Fraudulently availing GST input credit void of invoice non-bailable, cognizable offence
Sun, Feb 02, 2020

At present, Section 132 of the CGST Act treats supply of goods and services without issuance of any invoice, issuance of any invoice or bill without supply of goods or services, collection of tax but non-payment to government as non-bailable and cognizable offences.

Budget 2020: In line with scheme for indirect taxes, window for direct tax dispute resolution
Sun, Feb 02, 2020

Under the scheme, Sitharaman said any taxpayer currently in dispute with the government over the pending dues will be allowed to pay just the principal amount.

High-salaried to be hit: Employer’s annual share to PF, NPS over Rs 7.5 lakh will be taxed
Sun, Feb 02, 2020

The Union Budget for 2020-21 has proposed a combined cap of Rs 7.5 lakh for the employer’s contribution to these three categories of payouts, with the amount over and above this to be taxed in the hands of the employees.

Govt invokes clause in FRBM Act to raise fiscal deficit target to 3.8% from 3.3%
Sun, Feb 02, 2020

For the next year, the government is relying heavily on non tax revenue – for example, target for disinvestment receipts is up more than three times at record Rs 2.1 lakh crore in 2020-21 – to bridge the revenue gap.

Budget 2020: Govt maintains protectionist stance; hikes import duties on over 100 categories of products
Sun, Feb 02, 2020

It has also decided to amend customs rules to allow safeguards to limit quantities of imported products that it feels will “threaten” the domestic industry.

Slowdown cyclical, key to revival of growth is higher spending: Economic Survey
Sat, Feb 01, 2020

Ahead of Budget today, Subramanian recommends rationalisation of subsidies to create fiscal headroom

GDP growth for FY19 revised down to 6.1% from 6.8%
Sat, Feb 01, 2020

The growth rate for 2017-18 was also revised down to 7 per cent from 7.2 per cent earlier, the data released by National Statistical Office (NSO) showed.

Jeffrey Sachs: ‘Weak private investment … as there is lack of clarity about long-term direction’
Fri, Jan 31, 2020

He said India needs a clear narrative on where it’s going, what it’s going to look like in 10 years, what the growth sectors are, and what is the government’s priority.

Pronab Sen: ‘Corporate tax cut was a bad idea … personal I-T cuts will send us further into trouble’
Thu, Jan 30, 2020

Sen said the deficit’s understatement by at least 2 percentage points has resulted in the central government’s debt being passed on to balance sheets of state governments and the PSUs among others.