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Tax exemptions and incentives for the corporate sector continue despite reduction in corporate tax rates

Quite often it is argued by mainstream economists that a sizeable chunk of the Union Budget every year is wasted because the Government spends that on food and fertiliser subsidies. The burgeoning size of these two subsidies relative to the entire budget as well as the gross domestic product (GDP) is often used to build the argument that economic as well as environmental sustainability of the country is at stake...

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Bharat Bandh on Feb 26: Commercial markets to remain shut tomorrow -Poulomi Ghosh

-Hindustan Times As a transporter body has supported the strike on the issue of fuel price hike, E-way bill rules, 40 lakh trucks will remain off the road on Friday. Traders' body The Confederation of All India Traders have called for a Bharat Bandh on Friday protesting against the rising fuel prices, Goods and Services Tax, E-Bill etc. All India Transporters Welfare Association (AITWA) has extended support to the call for Bharat...

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How Could the New Farm Laws Bring Agricultural Income Under the Tax Net? -Jaimal Shergill

-TheWire.in Farmers may have to pay 18% GST on the income earned through corporate farming, which the new laws are expected to promote. Like a retro Bollywood movie with multiple double acts and plot twists, the controversy surrounding the three farm laws is not just limited to the specific legislations per se, but there is more to it, much more sinister. When the Income Tax Act, 1995 (ITA) and Central Goods and...

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Fixing software bugs in India’s economy -Arvind Subramanian and Josh Felman

-Livemint.com * Beyond the Budget, the key to reviving growth lies in improving economic stewardship. Here’s how * In the upcoming Union Budget, measures must be urgently taken in order to address the protracted and worsening Twin Balance Sheet problem, including revitalizing the IBC. NEW DELHI: The upcoming Union Budget is a critical one, for it offers an opportunity to reset the economy so that it can boom again in the coming years....

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Government ropes in I-T department to crack down on GST fraud -Vikas Dhoot

-The Hindu Data being pooled to track evasion, says Finance Secretary. Tightening the noose around fraudsters rigging the Goods and Services Tax (GST) regime, the government has roped in the Income tax department to tap illicit incomes as part of a crackdown against 7,000 fraud companies, identified using data analytics tools, Finance Secretary Ajay Bhushan Pandey told The Hindu. Any income traceable to the use of fake bills and other GST frauds shall...

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