Companies Indian Subcontinent Industries Jobs Market

Drop of direct tax by 31% and indirect tax by 11 % alarms worst fiscal deficit in cards

According to data provided by Minister of State for Finance Anurag Thakur in Lok Sabha :
 
The net direct tax collection in April-August period of the current fiscal was 31.1 per cent lower on year-on-year (YoY) basis at over Rs 1.92 lakh crore
During the same period of the last financial year, 2018-19, the net direct tax collection stood at over Rs 2.79 lakh crore.
 
On the other hand, the net indirect tax collection during the period under review fell 11.23 per cent to Rs 3.42 lakh crore, from nearly Rs 3.86 lakh crore in April-August FY20.
 
“The average gross GST collection in the FY 2020-21 has shown declining trend as compared to the previous financial year.
 
This may be attributed to the Covid-induced lockdown and relief measures extended to the taxpayers by the government by way of waiving the interest, late fee and extending the return filing dates,” Thakur said in his written reply to a question in Lok Sabha.
 
He further stated that concerted efforts have been made by the government to improve tax compliance.
 
System based analytical tools and system generated red flag reports are being shared with central as well as state tax authorities to take action against tax evaders, the Minister added.
 
Replying to a separate question, The total capital expenditure during the current financial year 2020-2021 is Rs 1,11,849 crore as on July 31, 2020, he said.
 
He also listed out few expenditure items related to fighting COVID-19 pandemic, including Rs 8,575.17 crore under ‘India COVID-19 Emergency Response and Health System Preparedness package’ to provide support to all states and UT governments for COVID-19 management, National Centre of Disease Control(NCDC), among others, by Ministry of Health & Family Welfare.
 
The expenditure also included Rs 20.81 crore by Ministry of Ayurveda, Yoga and Naturopathy Unani, Siddha and Homoeopathy (AYUSH), Rs 102.88 crore by Ministry of Home Affairs and Rs 19.34 crore by Ministry of Civil Aviation.
 
Thakur further said Rs 2,454.56 crore was spent on procurement of masks and PPE Kits for healthcare workers and other frontline workers by Ministry of Health & Family Welfare; Rs 1.35 crore by Ministry of Ayurveda, Yoga and Naturopathy Unani, Siddha and Homoeopathy (AYUSH) and Rs 58.05 crore by Ministry of Home Affairs.
 
“Apart from the specific expenditure items, two packages, one amounting to Rs 1.70 lakh crore under Pradhan Mantri Garib Kalyan Yojana and AtmaNirbhar Programme, being a special economic and comprehensive package amounting to Rs 20 lakh crore have been announced to fight COVID-19,” Thakur added.
Splco Reporter
Special Correspondent Group of right thinking writers who eulogise self expression in quest of truth in news making jointly contribute under the platform of splco.me a novel social media channel.
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments