Direct tax collection up 5 per cent till November: Sitharaman
Business | Dec 03, 2019, 07:19 AM ISTSitharaman clarified that the objective to reduce corporate tax is only to attract investment, stimulate growth and also to create job opportunities.
Sitharaman clarified that the objective to reduce corporate tax is only to attract investment, stimulate growth and also to create job opportunities.
"What is the problem in the country today? Poor demand. Supply is not the problem. But what did she do? She relaxes taxes for corporates. Corporates are flushed with supply. They will just use it," Swamy said.
"Every step being taken is in the interest of the country... looking at the economy with discerning view, you see that the growth may have come down, but its not a recession yet or it won't be recession ever," finance minister Nirmala Sitharaman said.
The government was making efforts to ensure more regulatory mechanism in the banking sector to benefit bank account-holders, she said in the context of the PMC Bank and IL&FS issues.
In a written reply, Sitharaman said India's economic growth decelerated but its economy is still the fastest growing among G-20 nations and that the goal of $5 trillion economy will be achieved by 2025.
Sitharaman asked NABARD chairman H S Bhanwala to visit Jammu & Kashmir and ensure that farmers there get fair value for premium crops such as apples, saffron, peaches and walnuts grown in the Valley and that the farm produce from the region reaches all parts of the country.
The event was attended by the officers passing out as the 69th batch of IRS (Customs and Central Excise), along with their family members. The proceedings began and a few children in the audience were heard crying, while some talked on, even as the parents tried hard to calm them
The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
The top court had granted bail to Chidambaram in the case lodged by the CBI saying he is neither a "flight risk" nor is there a possibility of "his abscondence from the trial".
The meeting is expected to review fund flow to stressed NBFC and MSME (micro, small and medium enterprises) sectors, sources said.
The bank was put under "directions" by the Reserve Bank of India (RBI) last month due to weak financial health, wherein the central bank has capped the deposit withdrawals at Rs 25,000.
7th Pay Commission: In great news, Cabinet on Wednesday approves 78 days of bonus for Indian Railways employees, under 7th Pay Commission recommendation, said Union Minister Prakash Javadekar on Wednesday. According to reports, Rs 2024 crore will be spent on this exercise and around 11 lakh employees will be benefited.
The Road Transport and Highways Minister also said a scrappage policy, which also includes two-wheelers, is in the works and will be launched soon.
She will address media on "Furthering Development -- 100 days of bold initiatives, decisive actions of the government".
Illustrating the impact of lower GDP growth, R. Nagraj, professor of economics at Indira Gandhi Institute of Development Research, said that given per capita monthly income of Rs 10,534 in 2018-19, annual GDP growth of 5% means that the per capita income will go up by Rs 526 in FY20.
Tax experts said that the clarification has watered down the expected benefits of the government announcement and can make return-filing very complicated. One of them said that the structure is very "ridiculously worked out" as it makes things very complex.
The rollback comes after Indian capital markets witnessed massive outflow of foreign funds in the month of July.
Justifying raising of tax incidence on the super-rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super-rich to pay extra tax.
Finance Minister Nirmala Sitharaman on Saturday said the non-banking finance company (NBFC) sector crisis has plateaued but not ended yet and her ministry will monitor the emerging situation with the RBI, a day after she announced a slew of measures to address the lending concerns of the NBFCs.
In a bid to lower domestic interest rates, Finance Minister Nirmala Sitharaman has proposed raising a part of the government's gross borrowings from abroad.
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