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City second biggest contributor after Mumbai; brings in nearly half ‘Google Tax’

Economy > Government 01 April 2021 The government will auction Rs7,24,000 crore ($99 billion) of bonds in the six months to September, or about 60 per cent of the full-year target for fiscal 2021-22, economic affairs secretary Tarun Bajaj said. That compares with 60 per cent to 65 per cent of total bonds the government usually issues for the period. While the announcement of the fiscal first-half borrowing plan is largely in line with expectations, the bond market, which is facing near-record d...

Indirect tax mop-up exceeds Revised Estimate by 9% April 08, 2021 Govt hopeful of better days ahead; experts fear some bumps due to 2nd Covid wave The Centre’s indirect tax collection during fiscal year 2020-21 (FY21) has exceeded not just the Revised Estimate but also actual collection of fiscal year 2019-20 (FY 20). However, experts feel that growth in collection may slow down a bit during FY21 on account of local lockdowns and curfew imposed by many States. “March saw the highest indirec...

India well prepared to combat second wave of Covid-19: Finance ministry report Top Searches India well prepared to combat second wave of Covid-19: Finance ministry report PTI / Apr 5, 2021, 17:41 IST FacebookTwitterLinkedinEMail NEW DELHI: Having successfully managed the first wave of the coronavirus pandemic, India is well prepared to combat the scourge of the second wave, the finance ministrys monthly economic report said. The report further said high-frequency data indicates that India is ...

India well prepared to combat second wave of COVID-19: FinMin report SECTIONS Last Updated: Apr 05, 2021, 05:24 PM IST Share Synopsis "Instrumental in this resilient comeback will be a strong revival in investment growth supported by the AtmaNirbharBharat Mission and a massive boost to infrastructure and capital expenditure provided for in the Union Budget 2021-22," the report said. Agencies With the end of a challenging 2020-21, the crest of a brighter and self-reliant 2021-22 awaits India, th...

Maharashtra, which has the single largest share in national GDP with close to 16 per cent and the worst hit with the pandemic, has fallen into the worst debt trap with fiscal deficit hitting the highest since 2005-06 at 3.3 per cent, up over 175 per cent, according to a report. In line with higher-than-budgeted deficit ratios, the states debt-to-GSDP ratio has jumped to 20.2 per cent in 2020-21, up from 16 per cent in 2019-20, and the 2020-21 Budget Estimate of 16.2 per cent, India Ratings sa...

Bond branding × Inclusion of G-Secs in global bond indices is key to expanding the demand for Indian bonds That FTSE Russell is considering including Indian government securities in the FTSE Emerging Government Bond Index provides a silver-lining to an otherwise bleak government bond market. The market is nervous about the deluge of government paper expected over the next 12 months. While the decision to place India on the watchlist for inclusion in the bond index does not mean that there wil...

System has enabled honest assessees to pay taxes without any problem, says Tarun Bajaj, Secretary, Economic Affairs and Revenue The GST collection of ₹1-lakh crore plus for six successive months cannot be a coincidence, Tarun Bajaj, Secretary, Economic Affairs and Revenue, has said. In an interview to BusinessLine, Bajaj said simplification and better compliance have led to better collection. He also expressed hope that gross direct tax collection shortfall is likely to be just 3 per cent a...

Pandemic leads to Maharashtra plunging into debt trap; fiscal deficit highest since FY06: Report SECTIONS Last Updated: Apr 01, 2021, 06:34 PM IST Share Synopsis In line with higher-than-budgeted deficit ratios, the states debt-to-GSDP ratio has jumped to 20.2 per cent in 2020-21, up from 16 per cent in 2019-20, and the 2020-21 Budget Estimate of 16.2 per cent, India Ratings said in the report quoting revised budget estimates for FY21. Agencies The fiscal slippage originated entirely from the r...

The Ministry of Finance released Rs 45,000 crore as additional devolution to states in FY 2020-21.An official statement said that this is an increase of 8.2 per cent over Revised Estimate 2020-21. As per RE 2020-21, Rs 5,49,959 crore, being 41 ...