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Revenue Secretary AB Pandey said that the government will get a fair estimate of corporate tax deduction after advance tax instalment which is due on Dec. 15.
The Revenue Secretary has said that the government has made more refund on both indirect and direct taxes this year. Total refunds stood at Rs 2.2 lakh crore till November, he said.
Bulk of those returns were for income tax, where refunds till November stood at Rs 1.57 lakh crore compared with 1.84 lakh crore for the full fiscal 2018-19.
For integrated GST, the government has refund Rs 38,988 crore till November compared with Rs 56,057 crore for the full last year. Similarly, input tax credit refunds stood at Rs 33,395 crore till November, compared with Rs 36,513 crore last year.
The Revenue Secretary Ajay Bhushan Prasad Pandey is now addressing the media.
Subramanian said that 66 percent of the budgeted capital expenditure has already been undertaken. He added that select CPSEs have undertaken capex of Rs 98,000 crore till Nov. 19.
Subramanian said that foreign investors have reposed their faith in the Indian economy as FDI inflows have hit a record $35 billion in the first half of 2019-20.
Cabinet Approves Pact Between India And Japan In Steel Sector
India’s cabinet had on Dec. 11 approved a second amendment to the Insolvency and Bankrupcy Code — one of India’s largest reforms over the last few years which has been key in cleaning up the nation’s bad loan.
The amendment seeks to streamline the corporate insolvency resolution process and protect a successful resolution applicant from criminal proceedings against offences committed by previous managements or promoters of a corporate debtor.
Uddhav Thackeray Writes To Nirmala Sitharaman Seeking Rs 15,558 Crore In Tax Dues
On Wednesday, India approved changes to the partial credit guarantee scheme introduced in Budget 2019-20 to allow state-run banks to buy lower-rated assets from non-bank lenders.
Public sector banks will now be allowed to buy ‘BBB+’ rated assets of non-banking financial companies against the earlier rule that only ‘AA’ rated assets will get the benefit of the partial credit guarantee being offered by the government.
According to data released on Thursday, India's industrial output contracted for the second straight month, led by weakness across segments as the economy is yet to show signs of picking up.
At the same time, India’s retail inflation surged to the highest in over three years in November, led by a steep rise in prices of vegetables, such as onions, and pulses.
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