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.
For an industry globally classified as hazardous, protections such as health insurance and a provident fund for workers are necessities. In Sivakasi, they remain elusive.
The industry forecasts exports are set to grow 16% in 2025-26, boosted by surplus domestic production and a drive to push into 26 underserved global markets with strong potential.
Taylor ‘Fema’ Hiester, commander of USAF F-16 Viper Demo Team, hit out at air show organisers for continuing with the show after Wing Commander Namansh Syal lost his life in the incident.
It is a brilliant, reasonably priced, and mostly homemade aircraft with a stellar safety record; only two crashes in 24 years since its first flight. But its crash is a moment of introspection.
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