Referring to a report by the Comptroller and Auditor General (CAG), which pegged India’s fiscal deficit for 2017-18 at 5.85% against the government’s reported figure of 3.46%, Pronab Sen said, “3.4-3.5% fiscal deficit figure is fiction. Till the time we have the real deficit number, we can’t talk of the slippage. I think it is 4.2-4.4%.”
CXOs, directors or employees directly responsible for making such claims can also be penalised.
The Central Board of Direct Taxes has also notified a fine of Rs 5,000 per day for businesses with a turnover of over Rs 50 crore if they fail to offer digital means of payments.
A panel of officials looking at the option of small hikes in lower rates or moving up items in tranches.
The govt is considering giving more money to people via schemes such as PM-KISAN, boosting infra spend.
The panel suggested two slabs of 10% and 20%. Alternatively, some goods could be moved from the 18% slab back to 28%, the panel said in a presentation to Bihar deputy CM Sushil Modi in Bengaluru on Monday. The GST Council had, at its recent meeting, asked Modi to look into revenue augmentation measures.
Commerce & Revenue depts are in discussions on the matter and will take a final call closer to the budget, which is likely to be presented on Feb 1.
Moody’s said weak household consumption would curb growth, broadly weighing on credit quality.
The states remain divided on the issue of raising rates or carrying out a big revamp at this juncture.
Pricewaterhouse Coopers senior executive Colm Kelly said the corporate tax sends a strong signal and the earlier rate cut improved one key factor that investors take into account before making investments. The government now needs to put in place a better dispute resolution mechanism to provide certainty to investors.
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