ECONOMY

How growth in indirect taxes outpaced increase in direct taxes

January 24, 2017 | Keshav Sunkara

Economists say that governments must strive to collect more revenue from direct taxes and comparatively lesser from the regressive indirect taxes if they want to reduce inequality.

But a close look at data since 2009-10 indicates that India has moved in the opposite direction.

Can the humble Aadhaar Pay slay digital wallets?

January 24, 2017 | Aman Malik

More than two months after it demonetised Rs 500 and Rs 1,000 notes, the government is now reportedly pushing to make Aadhaar-enabled payments the norm across the country. 

Supreme Court rejects petition to postpone budget

January 23, 2017 | Reuters

India's Supreme Court on Monday rejected a petition to delay the annual federal budget, which Finance Minister Arun Jaitley is scheduled to deliver on Feb. 1, dismissing concerns about potential giveaways ahead of critical state polls.

Little room for budget giveaways as note ban clouds revenue outlook

January 23, 2017 | Reuters

Prime Minister Narendra Modi's decision late last year to scrap high-value bank notes has put his finance minister in a bind ahead of the annual budget next month.

Supreme Court to hear petition seeking to defer budget

January 20, 2017 | Reuters

The Supreme Court said on Friday it would hear a plea at the start of next week that seeks to postpone the government's annual budget, due to be delivered on Feb. 1, until after five forthcoming state elections are held.

What all you can declare under the government’s black money amnesty scheme

January 19, 2017 | Aman Malik

The income tax department on Wednesday came out with a clarification on the Pradhan Mantri Garib Kalyan Yojana (PMGKY), which allows people with unaccounted wealth to come clean and declare their untaxed assets.

Demonetisation: Why you may soon have to answer the taxman

January 19, 2017 | Aman Malik

Did you deposit Rs 10 lakh or more in old currency after 8 November last year in one or more bank accounts? If you did, be prepared to answer the taxman.

Demonetisation: RBI injects Rs 9.2 trillion of new notes

January 18, 2017 | Reuters

The Reserve Bank of India has injected 9.2 trillion rupees ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary panel member quoted central bank governor Urjit Patel as saying on Wednesday.

China eases foreign investment rules in banking, other sectors

January 17, 2017 | Reuters

China's cabinet issued measures on Tuesday to further open the world's second-largest economy to foreign investment, including easing limits on investment in banks and other financial institutions.

GST rollout now likely from July, says finance minister Jaitley

January 16, 2017 | Reuters

India's new nationwide sales tax is now expected to be rolled out from July after Finance Minister Arun Jaitley on Monday managed to break a three-month long deadlock on who would administer the tax.

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