Connect with us

Business

Defence budget increased to over Rs 3 lakh crore in 2019-20

Agencies

Published

🕒

on

IST

New Delhi: Direct tax collections have moved up from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore while the tax base swelled from 3.79 crore to 6.85 crore, Finance Minister Piyush Goyal said on Friday.

Presenting the interim Budget for 2019-20 in the Lok Sabha, Finance Minister Goyal said that nearly 99.54 per cent returns have been accepted without any scrutiny.

“The simplification of the direct tax system will benefit taxpayers. Direct taxes have been reduced. The tax interface made simpler and faceless to make life easier, resulting in an increase in tax collections and return filings,” said Goyal.

 

“Within almost two years, almost all assessment and verification of IT returns will be done electronically by an anonymized tax system without any intervention by tax officials,” said the Finance Minister.

“The Goods and Services Tax (GST) is the undoubtedly the biggest taxation reform implemented since Independence. Through tax consolidation, India became one common market. Inter-state movements became faster through e-way bills, improving the ease of doing business.”

Finance Minister Goyal said that GST collections in January 2019 have crossed Rs one lakh crore. Businesses with less than Rs 5 crore annual turnovers comprising over 90 per cent of GST payers, will be allowed to return quarterly returns.

Goyal said the GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers. Most items of daily use for poor and middle class are now in the zero to five per cent tax bracket. A Group of Ministers is examining how prospective house buyers can benefit under the GST.

“GST is the undoubtedly the biggest taxation reform implemented since Independence. Through tax consolidation, India became one common market; and inter-state movements became faster through e-way bills, improving,” he said.

KEY POINTS

* 14 per cent growth in state tax collections.
* GST collections in January 2019 has crossed Rs 1 lakh crore
* Businesses with less than Rs 5 crore annual turnover comprising over 90 pc of GST payers, will be allowed to return quarterly returns
* GST has been continuously reduced, resulting in relief of Rs 80,000 crore to consumers.
* Most items of daily use for the poor and middle class are now in the zero per cent to 5 per cent tax bracket.
* 99.54 per cent returns have been accepted without any scrutiny
* Direct tax collections from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore.
* Tax base up from 3.79 crore to 6.85 crore


Advertisement
Loading...
Comments

Business

RBI asks banks to grout ATMs to wall, floor for security by September-end

Press Trust of India

Published

on

Mumbai: The Reserve Bank asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines.

In 2016, the RBI had st up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit.

Based on the recommendations of the panel, the central bank has now issued instructions aimed at mitigating risks in ATM operations and enhancing security.

 

As part of the security measures, all “ATMs shall be operated for cash replenishment only with digital One Time Combination (OTC) locks”.

Also, “All ATMs shall be grouted to a structure (wall, pillar, floor, etc.) by September 30, 2019, except for ATMs installed in highly secured premises such as airports, etc. which have adequate CCTV coverage and are guarded by state/central security personnel”.

Further, banks may also consider rolling out a comprehensive e-surveillance mechanism at the ATMs to ensure timely alerts and quick response, it said.

The new measures to be adopted by banks are in addition to the existing instructions, practices and guidance issued by the RBI and law enforcement agencies.

The RBI also warned the banks that non-adherence of timelines or non-observance of the instructions would attract regulatory action including levy of penalty.

Continue Reading

Business

SBI refuses to disclose communication from RBI, govt on electoral bonds

Agencies

Published

on

New Delhi: The State Bank of India has refused to disclose any communication it received from the government or the Reserve Bank of India on electoral bonds, terming it “personal information” and held in “fiduciary capacity”.

Responding to an RTI filed by Pune-based activist Vihar Durve who had demanded copies of all letters, correspondence, directions, notifications or e-mails received from the RBI or any government department between 2017 and 2019, the SBI said it cannot be provided by it.

The bank cited two exemption clauses under the RTI Act to deny information — Section 8(1)(e) which pertains to information held in fiduciary capacity and Section 8(1)(J) which pertains to personal information of a person which has no link to any public activity.

 

“Information sought by the applicant cannot be disclosed as it is in fiduciary capacity, disclosure of which is exempted under Section 8(1)(e) and 8(1)(j) of the RTI Act, 2005,” the Central Public Information Officer of the bank said in his reply.

The bank also refused to give any details of action taken by it on such communications from the RBI and the government.

The electoral bonds, for giving donations to political parties, are being sold through SBI only. The sale opens in SBI branches when the Finance Ministry issues a notification of their sale for a given period.

The scheme of electoral bonds notified by the Centre in 2018 has been challenged in the Supreme Court.

Only the political parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last general election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the bonds.

The bonds may be purchased by a person who is a citizen of India “or incorporated or established in India,” the government had said in a statement last year.

The bonds remain valid for 15 days and can be encashed by an eligible political party only through an account with the authorised bank within that period only.

A voluntary group working in the field of electoral reforms, Association for Democratic Reforms (ADR), has demanded a stay on the sale while the CPI(M) has challenged it before the Supreme Court in separate petitions.

ADR recently filed an application in the Supreme Court seeking a stay on the Electoral Bond Scheme, 2018 which was notified by the Centre in January last year.

Continue Reading

Business

Walmart’s Flipkart, Indian startup GOQii settle dispute over sharp discounting

Agencies

Published

on

New Delhi: Walmart unit Flipkart has settled a legal dispute with an Indian startup that alleged it suffered losses because its products were sharply discounted on the global retailer’s website.

GOQii, a seller of smartwatch-type health devices, sued Flipkart last month in a Mumbai court, alleging its devices were discounted by around 70 per cent to the retail price, much more than the two sides had agreed. The court had, as an interim measure, ordered device sales to be halted on Flipkart.

In a joint statement , the companies said the dispute had been resolved and GOQii health devices would again be available on Flipkart. They didn’t say how the settlement was reached.

 

Vishal Gondal, CEO of GOQii, told Reuters the company would withdraw the case against Flipkart. The e-commerce retailer’s “team worked on a resolution benefitting the brand and the customers”, Gondal said in the statement.

The legal spat was seen as a test case of the giant retailer’s operating strategy in the country.

Small traders and a right-wing group close to Prime Minister Narendra Modi’s ruling party have raised concerns about large e-commerce companies, saying they burn billions of dollars deeply discounting some products to lure customers onto their sites, in the expectation that they will also buy other goods.

GOQii said it signed an agreement last year with a Flipkart unit to sell two of its devices at a price not below 1,999 rupees (USD 28.63) and 1,499 rupees. It later found the devices were being sold for 999 rupees and 699 rupees, calling it “unauthorized” discounting.

In response, Flipkart said it reserved “the right to institute actions for defamation, both civil and criminal”, arguing it wasn’t responsible for any discounts which are determined by third-party firms which sell via its website.

The two companies struck a friendlier tone in their joint-statement on Friday as they brought the legal battle to an end.

“We have ensured constant engagement with GOQii to resolve any differences,” Flipkart said in the statement.

With a 19 per cent market share, GOQii was the second-biggest player in India’s so-called wearables market last year, data from industry tracker IDC showed. The market is dominated by China’s Xiaomi, with Samsung a small player.

Continue Reading
Advertisement

Latest News

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 1,010,630 other subscribers

Archives

June 2019
M T W T F S S
« May    
 12
3456789
10111213141516
17181920212223
24252627282930
Advertisement