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.
SEBI probe concluded that purported loans and fund transfers were paid back in full and did not amount to deceptive market practices or unreported related party transactions.
India exited the Indo-Russian FGFA programme in 2018. But now it might procure at least 2 squadrons of Su-57 aircraft from Russia and evaluate Russian proposal to manufacture them in India.
Many really smart people now share the position that playing cricket with Pakistan is politically, strategically and morally wrong. It is just a poor appreciation of competitive sport.
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