In the first eight months of the current fiscal year, New Delhi’s net tax intake didn’t even hit the halfway mark of what it expects to collect by March 31.
Report by Delhi-based think tank Esya Centre says in next 5 years, govt could lose additional Rs 17,700 cr in tax revenue. It stresses on urgent need to revise VDA tax policy.
Income tax is such a steady and reliable revenue stream, and an increasingly vital one, that the government simply cannot afford to do anything that would curtail it.
Budget deficit target is doable, increased capex is a positive & it takes a realistic, if political, view of disinvestment. But protectionism, rising debts, slashed subsidies are problems.
Changes to corporation tax rates by Modi govt were to be revenue-neutral. But are they really? If not, finance minister should take a good look at which tax exemptions to target.
Govt debt is nearing 90% of GDP while its share of economic pie hasn’t grown in past 10 years, so big outlays for programmes in Budget will only mean something else has to be cut.
Finance ministry is yet to finalise modalities to seek approval in Parliament for the sale, which leaves little time for the process to be completed this year.
Tax revenues declined 22 per cent from the year-ago period to Rs 4.58 lakh crore and were at 28 per cent of the full year target of Rs 16.36 lakh crore in the April-September period.
Govt will raise an extra Rs 1.1 trillion via sales of three- and five-year bonds. The announcement comes just a week after RBI managed to damp tension with bond traders.
In the bizarre Viral Spiral that is North India’s “gareeb ki pehchan” reels, enjoying coffee, dreaming of studying in Germany, and owning an iPhone 13 are all markers of poverty.
At a discussion on civil-military relations, ex-Navy chief Arun Prakash & Lt Gen (Retd) DS Hooda flag structural gaps in defence planning, procurement & coordination.
An oil shock, monsoon fears, rampant unemployment, and the seeming inevitability of inflation are common to both eras. Indira Gandhi’s self-destructive responses are instructive today.
COMMENTS