Skip to main content

Modi to review GST, black money policy

By

In a meeting on the coming Tuesday, Prime Minister Narendra Modi will review the revenue department´s efforts to crack down on circulation of undisclosed money in the  economy.
This is in the wake of the tepid response to the Pradhan Mantri Garib Kalyan Yojana.The income declaration scheme, launched after currency demonetisation, elicited disclosures worth only Rs 4,600 crore.
In the meeting, the PM will also review the department´s preparedness on the nationwide goods and services tax (GST), scheduled for launch on July 1
Revenue secretary Hasmukh Adhia will giveapresentation on the department´s performance over the past year and the plan for the current financial year (which began on  April 1). Also present would be the heads of the Central Board of Direct Taxes and Central Board of Excise and Customs —Sushil Chandra and Vanaja Sarna, respectively.
“The PM will go through our future strategy and give inputs,” said a senior official.
The government aims to stay with the July 1 implementation date for GST, despite businesses wanting this deferred till September 1. The revenue department will  highlight the outreach efforts to spread awareness.
It is to organise awareness camps in towns withapopulation of 100,000 and more; it has also asked states to conduct training for their legislators.
Telangana and Bihar have passed the State GST Bills in their legislatures; Rajasthan is scheduled soon.
By midMay, 14 states should have enacted this, and all by May 31.
Adhia might also highlight the progress on restructuring of the Central Board of Excise and Customs toaCentral Board of Indirect Taxes and Customs.
On direct taxes, the department would stress the growth in collection for 201617, when advance tax and selfassessment tax grew at the highest rate in five years.
Advance tax grew by 15 per cent in 201617 versus 7.5 per cent earlier.
Self assessment tax grew 24 per cent, from five per cent the previous year. Income tax returns grew 21.7 per cent and gross collection by 16 per cent, again the highest  in five years.
FLY AFFORDABLE Prime Minister Narendra Modi atarally in Shimla on Thursday.
Under the government´s ambitious regional air connectivity scheme UDAN, Modi flagged off the flight from Shimla to Delhi carrying 12 passengers.
UDAN, which seeks to make flying affordable by connecting unserved and underserved airports, provides for viability gap funding which would be shared by the Centre and  the state concerned.
The Business Standard New Delhi, 28th April 2017

Comments

Post a Comment

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

By
  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...
Post a Comment
Read more

External spillovers likely to hit India's financial system: RBI report

By
  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...
Post a Comment
Read more

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

By
  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...
Post a Comment
Read more