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Author: Asian Lite Newsdesk
Tax collection has been subdued amid the pandemic and the net direct tax collections so far in the current financial year declined by 13 per cent to Rs 5.87 lakh crore, sources said.
During the corresponding period (April 1 – December 17) of last financial year, the net collections stood at Rs 6.80 lakh crore.
The decline in tax collection has been subdued amid the pandemic. Further, the extension of deadline for filing returns also impacted the collections.
The deadline for third installment of advance tax was December 15.
The corporate tax collection so far in FY21 stood at Rs 3.04 lakh crore. Personal income tax collections stand at Rs 2.70 lakh crore.
Further, collections from Delhi were down 22 per cent.
Collections from Mumbai and Chennai were down 8.4 per cent, and 22.4 per cent. However, collections from Bengaluru registered a growth of 4.2 per cent.
Although direct tax collection have declined, GST collection have been on the rise.
Gross GST revenue collection in November stood at nearly Rs 1.05 lakh crore, an official statement said on Tuesday.
The revenues for the month of November 2020 were 1.4 per cent higher than the GST revenues in the same month last year.
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Union Minister Hardeep Singh Puri said that strong economic fundamentals will lead India back to pre-Covid levels in January-March 2021.
According to Puri, considering the impact of the Covid-19 pandemic on livelihoods, the government has decided to open up the economy in a calibrated manner and as a result, India is now on the path to recovery.
The minister was speaking at a webinar on ‘Stimulating the Growth Trajectory of Indian Economy’ organised by the PHD Chamber of Commerce and Industry (PHDCCI).
Puri said improvement has been seen in economic and business indicators in the recent months such as IHS Markit manufacturing PMI and GST collections, among others.
Besides, he said challenges posed by the impact of Covid-19 also presents an opportunity.
Puri said that the pandemic has given an opportunity to make assessment of the vulnerable sectors of the economy and take steps for their rejuvenation.
In addition, he said the government is ready to work with the industry to fulfil the gaps in the manufacturing sector, whether it relates to physical gap or policy gap.
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As the Finance Ministry prepares for the upcoming Union Budget for the FY21-22, it has been speaking to several stakeholders; industry body FICCI has come up with a number of suggestions, including support for infrastructure projects and rationalisation of GST slabs.
The industry body has asked government to incentivise investments in infrastructure. A stimulus to investments in infrastructure can provide a major fillip to the growth engine, creation of jobs and spur in demand, it said.
“Erstwhile Section 10(23G) of the Income Tax Act exempted income by way of dividend, interest and long-term capital gains arising out of investments made in an enterprise engaged in the business of developing, maintaining and operating an infrastructure facility,” said a statement by FICCI.
A benefit similar to section 10(23G) of the Act to incentivise investments in infrastructure may be provided in the upcoming budget, it added.
It noted that measures to revive the growth cycle, creation of jobs are of paramount importance in the current scenario.
On rationalization of GST slabs, it said that currently there are seven rate slabs for goods and five rate slabs for services. In addition, compensation cess applies on select goods.
“Government should consider converging the existing band of GST rates to three in line with international standards. This will help resolve interpretation issues, reduce complexity and probability of disputes,” it said.
The FICCI has also recommended the government to abolish the anti-profiteering provision in the GST law.
“Given that the tenure of National Anti-Profiteering Authority was initially prescribed for a two-year period and with GST law largely been settled, it is recommended that the determination of prices should be left to the market forces and the provision of anti-profiteering in the GST law should be discontinued with prospective effect.”
The lack of guidelines on the subject is just adding to ambiguity in implementation of anti-profiteering provision by the industry, it added.
Urging the government to take growth-oriented measures, it said that the economy is recovering at a quick pace and this momentum needs to be sustained.
It noted that next year’s budget must prioritise growth-oriented measures and fiscal considerations should be secondary.
“The need for further fiscal stimulus remains. To buttress the demand conditions in the economy, government may consider the following suggestions,” it said and urged the government to come up with a scheme like MGNREGA for the urban poor, which may include sanitation work, plantation of trees, maintenance of public places, among others.
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The Madrid-based UN World Tourism Organization (UNWTO) reported that international tourist arrivals fell by 72 per cent during the first 10 months of 2020 due to the raging coronavirus pandemic.
In a statement on Thursday, the UNWTO said that travel restrictions, low consumer confidence and the global fight to contain the spread of the pandemic led to 2020 being the worst year on record for international travelling, reports Xinhua news agency.
The first 10 months saw global destinations receive 900 million fewer international tourists than in the same period in 2019.
This represents a loss of $935 billions for the sector, 10 times more than in the 2009 economic crisis.
UNWTO Secretary General Zurab Pololikashvili said that although the news of a vaccine has increased tourist confidence, there is still a long road to recovery.
“We must redouble our efforts to open borders safely while supporting tourism jobs and businesses,” Pololikashvili was quoted as saying in the report.
The UNWTO predicted that by the end of the year, world tourist numbers will have dropped to the levels of around 30 years ago, resulting in losses of around $1.1 trillion for the sector.
“A coordinated approach to easing and lifting travel restrictions is essential, provided it is safe to do so,” said Pololikashvili, while explaining the importance of having clear and consistent rules across countries.
The UN agency expected that tourism will start to recover in the second half of 2021, but it could take between two to four years for the numbers to return to the level of 2019.
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India and UAE have not realised the full potential in many areas of bilateral relations, New Delhi’s top diplomat told Emirates News Agency, adding that newly emerging domains during and after COVID-19 will open up fresh opportunities for both countries.
Dr. S. Jaishankar, External Affairs Minister of India, also said that Abraham Accords will help grow the UAE’s position as a logistics hub for the rest of Asian economies, benefiting India as well.
In an exclusive interview with WAM on Thursday evening in Abu Dhabi, he expressed confidence that the new US administration under president-elect Joe Biden will continue the existing excellent ties with India because of structural linkages between the two countries and personal rapport between leaders.
“There are a lot of areas, which have not realised the full potential,” Jaishankar said about the UAE-India relations.
“As you get to know each other better and work more together, the potential keeps growing,” he added citing an example of energy sector. “Ten or 15 years ago, we would have said, ‘You are the supplier, and we are the purchaser.’ Today, we have reimagined that energy relationship in a very different, more collaborative way.”
During his visit to the UAE, Jaishankar had met with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and H.H. Sheikh Abdullah bin Zayed Al Nahyan, the UAE Minister of Foreign Affairs and International Cooperation.
New domains during and after COVID:
Talking about new opportunities for collaboration with the UAE during and after COVID-19, the Indian official said, “I think there are many new domains such as digital [technology, economy] and health security.”
He added, “We know that the world will be more digital now. We have also woken up to the possibility that health issue can be like a cyclone a natural disaster with real massive implications.”
In the past, national and global security was associated with threats of violence or attacks from terrorist organisations, but today, along with food security and financial security, health security is going to be a new domain, the foreign minister pointed out.
“However, there is also a realisation that you cannot have security for some [leaving others behind]. Maybe in economics and food you can get away with it – somebody can go hungry, but you are okay. But if I have coronavirus, you are not going to be okay. So today, nobody is okay until everybody is okay, which means we have to rethink how health security is going to work,” he said.
Health security cooperation:
A country like the UAE with its imagination, networking and digital strengths has a big role to play in health security, Jaishankar, who was appointed as India’s Minister of External Affairs in 2019, affirmed. “I am particularly impressed by the UAE and others in the region because they have taken such good care of people – their own people and expatriates.”
As the UAE is home to the largest Indian expatriate population in the world, Jaishankar official thanked the government for “looking after” his compatriots. “I came to the Gulf primarily to express to their leadership, especially that of the UAE, a very profound gratitude for the manner in which they have looked after the Indian community during the period.
Abraham Accords and new opportunities:
The Abraham Accords between Israel, the UAE and Bahrain will impact the entire world, not the region only, the top diplomat said, adding that it will bring new economic combinations and create new logistical opportunities for the countries in the region and beyond.
“At the same time, we have always been very supportive of the Palestinian cause. It is only those who have relations with Israel are in a position to go and tell them what we think that something you need to do. I think it will change many things,” he said while explaining how India and UAE’s relations with Israel will help the Palestinian cause.
“India is committed to a two-state solution. We do believe that there should be direct negotiations between Israel and Palestine.”
New US Administration, India and Middle East:
Asked about his expectations about the approach of the new US administration under Joe Biden towards India and the Middle East, he said, “In international relations and diplomacy, you can have a fair sense of the direction of policies, but I will be a little cautious in predictions, especially when it comes to the Middle East, because many things have changed in the last few years.”
He continued, “What I can say with regards to India, we have very strong confidence that the direction of Indo-US relations, which have gone steadily upwards in the last 20 years, to continue to do so.
“So, when president-elect Biden assumes office, I see no reason why this trajectory should not continue the same way. It is continuing the same way because I think it has become bigger than personalities. There are structural linkages between India and the US.”
Security interests, defense, economics, strong technology bonding, people-to-people connections and education are also a “major bridge” between India and the US, he explained.
“I think these have created that upward trajectory and they will continue supporting it. I’m very confident about it,” he added.
Jaishankar is confident that the positive approach of Joe Biden towards India will be a continuation of his predecessors.
“They are all people we know. President-elect had visited India when he was Vice President in the Obama administration. We also know him and his senatorial incarnation. He was very, very supportive to us for the India-US nuclear deal,” he said.
“Prospective Secretary of State Antony Blinken again is a very good friend of mine and was my counterpart when I was Foreign Secretary. So, we know each other very, very well and worked very closely.”
Similarly, Jaishankar knows the incoming national security adviser also.
“I think these are known figures. You have a good sense of their thinking. I know how they feel about India and the relationship,” he said. “I feel we should really in fact look forward to working with them to take this to a higher plane.”
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Even though India’s economic recovery accelerated in Q2FY21 from the lows of the pandemic-induced lockdown, the country for the very first time since Independence entered into a technical recession.
The National Statistical Office (NSO) data on Friday showed that the Q2FY21 GDP on a year-on-year basis contracted by (-) 7.5 per cent from (-) 23.9 per cent in the preceding quarter.
Though not comparable, the GDP had grown by 4.4 per cent in the corresponding quarter of FY2019-20.
In financial parlance, an economy is said to have entered a technical recession after it consistently remains in the negative output territory for two subsequent quarters.
This trend underscores the reduction in purchasing power along with lower tax collection for the government, likely defaults on debt and falling Capex spends.
According to the NSO, the GDP at ‘Constant (2011-12) Prices’ in Q2FY21 is estimated at Rs 33.14 lakh crore as against Rs 35.84 lakh crore in Q2FY20, showing a contraction of 7.5 per cent as compared to 4.4 per cent growth in Q2FY21.
“Quarterly ‘GVA at Basic Prices at Constant (2011-12) Prices’ for Q2 of 2020-21 is estimated at Rs 30.49 lakh crore, as against Rs 32.78 lakh crore in Q2 of 2019-20, showing a contraction of 7 per cent,” the NSO said in the estimates of Q2FY21 GDP.
“With a view to contain the spread of the Covid-19 pandemic, restrictions were imposed on the economic activities not deemed essential during Q1. Though the restrictions have been gradually lifted, there has been an impact on the economic activities,” it added.
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Igor Stimac, head coach of the Indian men’s football team, has paid a rich tribute to Diego Maradona, saying the Argentine was the “king of football”.
Maradona, who enthralled fans across the world with his skills, passed away on Wednesday after suffering a cardiac arrest at his home in the Tigre district on the northern outskirts of Buenos Aires.
“Diego Maradona – the “King of Football”, the legend. How can someone describe him with one word or just an adjective? After representing my country for so many years and playing for so many clubs over the course of my career, I am still in awe of this maestro,” Stimac was quoted as saying by the-aiff.com.
Stimac played against Maradona on two occasions. Before the FIFA World Cup in 1994, when Argentina played an international friendly against Croatia, Stimac had a chance to play against the legendary footballer.
“His balance and acceleration were things that every defender was scared of. You could barely knock him down while he was running with the ball. His no-look passes were intimidating. We played a friendly match played in Zagreb, Croatia before they would travel to the USA to participate in the 1994 FIFA World Cup. Very often, he was dropping deep to receive the ball, and his long deliveries to (Gabriel) Batistuta and (Caludio) Caniggia were absolutely perfect,” said the former Croatia defender.
“He was everywhere on the pitch. Sometimes, he was running past the defender through the right-flank. Next, he was seen playing a quick one-two with the forwards to work an attacking move. It was a menacing task to contain with the deadly attackers, obviously led by none but Diego and as a central defender, it was a real test for me. Thankfully, we came out with a stalemate in front of 38,000-strong Croat supporters at the Maksimir Stadium that night. But, Diego’s performance was very, very special that night and we were really fortunate to have shared the pitch with him,” he added.
Before that, in the 1992-93 La Liga season, both had faced each other when Maradona represented Sevilla, while Stimac was donning the Cadiz CF shirt.
“During 1992-93 La Liga campaign, I had another opportunity to play against him when he was with Sevilla. He was the biggest star among the stars including Davor Suker, my then national teammate, Diego Simeone, and their FIFA World Cup-winning coach Carlos Bilardo,” said Stimac.
Maradona led Argentina to victory at the 1986 FIFA World Cup and was particularly well-known for the two goals he scored against England in the quarter-final clash. One was later voted “Goal of the Century”, while the other is generally referred to as the “Hand of God”, a reference to the fact that the goal should have been disallowed for handball.
“El Diego had a heart of pure gold. He didn’t think twice before expressing himself. He never thought about how people would judge him. He lived on his own terms, left on his terms, rendering us shell-shocked. You will be missed, Diego,” Stimac said.
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Players of both Australia and India cricket teams on Friday paid tribute to Australia’s indigenous people by taking part in a ‘barefoot circle’ ceremony before the start of the first ODI at the Sydney Cricket Ground (SCG).
“Players from both teams paid tribute to Australia’s indigenous people in a Barefoot Circle ceremony before the start of play,” ICC tweeted along with the pictures of the ceremony.
While many teams across the globe have taken a knee before games in their fight against racism, the Australian cricket team will participate in barefoot circle ceremonies before all international matches this summer.
“The barefoot circle is a cricket centric way for players and teams to take a moment prior to matches to acknowledge the traditional owners of the land, connect to each other as opponents and pay respect to the country,” Cricket Australia says.
“This is done barefoot as a way to connect to country, but also a moment to reflect that we are all common ground, we are all human beings and we need to stand strong with each other, for each other,” it adds.
This series is the first time India are competing for points in the ICC Cricket World Cup Super League, which will determine qualification for the 2023 World Cup.
Ten points are awarded for a win and Australia already has 20 points from their 2-1 series win over England.
Friday’s match is taking place on the anniversary of the death of former Australia cricketer Phillip Hughes. Hughes was fatally struck by a bouncer during the Sheffield Shield at the same ground six years ago.
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