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Finance Minister Nirmala Sitharaman speaks in Parliament | Photo: ANI

Fireworks in Lok Sabha as opposition & Modi govt lock horns on ‘black hole’ PM-CARES

The exchange came as Lok Sabha debated the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020, which was eventually passed Saturday.
A car production facility (representational image) | Photographer: Simon Dawson | Bloomberg

After Toyota’s tax crib, govt says GST is fair, auto makers must cut royalty to parent firms

In an interview to Bloomberg this week, a top official of Toyota’s local unit said taxes in India were too high, making car purchases expensive for buyers and impacting business.
Rupee (Representational image) | Dhiraj Singh | Bloomberg File photo

GST compensation cess less than one-fifth of total shortfall, Maharashtra among worst hit

Finance ministry says Maharashtra, Karnataka, UP, Gujarat, Tamil Nadu reported largest shortfall in GST collections. Three BJP-ruled states agreed to borrow to meet the shortfall.
Representational image of Union finance ministry | ANI

Worst over for Indian economy, country to see V-shaped recovery, says finance ministry

The monthly outlook report for August says the uncertainty on account of the pandemic still persists and only a vaccine will restart discretionary spending.
Representational Image | Pixabay

Ministries, public sector banks to stop physical printing of calendars & diaries

The decision has been taken given as using technological innovations for planning, scheduling & forecasting is known to be economical, efficient and effective, an official memo said.
Representational image of Union finance ministry | ANI

There will be repercussions, won’t borrow to pay GST compensation, Modi govt tells states

Modi govt says revenues are under strain and expenditure is increasing due to the pandemic and needs of national security to counter states' demand that it should borrow.
Yes Bank

With 25 crore covered, KYC data of nearly a fifth of India’s population is digital

The process, which started in early 2017, took nearly 2 years to reach the 10-crore mark. But this more than doubled over the last 17 months to touch 25 crore now.
Representational image of Union finance ministry | ANI

‘Non-intrusive way’ to catch tax evaders — ministry on move to scan school fee, other payments

I-T dept will analyse expenditure patterns through collected data to look for evasion. But honest taxpayers won’t be impacted, stresses the government.
File image of a GST Council meeting chaired by Finance Minister Nirmala Sitharaman

GST collections drop to Rs 87,422 crore in July from Rs 90,917 crore in June

Finance ministry said that in June, a large number of people paid taxes pertaining to February, March & April on account of the relief provided due to Covid-19.
Gold bangles | Representational image | pikist.com

Govt plans amnesty scheme for illegal gold holdings to curb tax evasion and cut imports

Finance ministry plans to ask people with unaccounted holdings of gold to declare it to tax authorities and pay levies and penalty.

On Camera

With no family members around the Uttar Pradesh police cremates the body | Photo: Manisha Mondal | ThePrint

With midnight cremation, UP Police has silenced Hathras gangrape victim all over again

While the Hathras gangrape and murder is not an isolated incident, the responses of the Yogi Adityanath-led government and UP Police to it speak of the resentment against calls for social justice.
The Reserve Bank of India (RBI) logo is displayed inside the central bank building in Mumbai

India’s current account surplus rises to $19.8 billion in June quarter

The current account surplus stood at $0.6 billion in the March quarter while there was a current account deficit of $15 billion in the year-ago period.

Defence

The Brahmos supersonic cruise missile was test fired in Balasore on 30 September

India successfully test fires BrahMos supersonic cruise missile

The test-firing of the missile, which has a range of around 400 km, was carried out by the DRDO off the coast of Balasore in Odisha.
Narendra Modi and Amit Shah | File photo: T. Narayan | Bloomberg

Partners dispensable in Modi-Shah construct if they do not bring additional votes

In the Modi-Shah construct, if partners do not bring additional votes, they are dispensable. However old or loyal, either they become supplicants, or die.