Corporate tax collections levied on profits of firms contracted 18% in 2020-21 to a 5-year low. There has been a sharp fall in firms filing tax returns for income ranges of above Rs 5 lakh.
Finance Minister Nirmala Sitharaman insists Modi govt is not going back on its responsibility towards the states, will discuss compensation issue in GST council.
In April and May, the central govt transferred cash based on tax collection estimates. But with actual collections falling well short, the amount will soon dip.
Expenditure Secretary T.V. Somanathan said the Centre's conditions to increase the borrowing limit for states are long-pending reforms aimed at ensuring debt sustainability.
A slowdown in economic activity is likely to further hit collections. Modi govt is banking on positive response to dispute resolution scheme to meet targets.
Recommendations appear in Niti Aayog’s Tax Policy Working Paper Series–II. It says there is a need to shift away from fear-based enforcement to trust-based governance.
In service with the British military since 2019, it is also known as the Martlet missile. Ukrainians have also deployed these missiles against Russian troops.
Education, reservations, govt jobs are meant to bring equality and dignity. That we are a long way from that is evident in the shoe thrown at the CJI and the suicide of Haryana IPS officer. The film Homebound has a lesson too.
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