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Parliamentary panel on finance for tax law simplification



A parliamentary panel wants the government to finalise the long-pending Direct Tax Code “at the earliest” to simplify and rationalise tax laws further.

The Parliamentary Standing Committee on Finance in its preliminary report on unaccounted money said that in order to widen the tax base and increase actual tax revenue, “the long-delayed Direct Tax Code should be finalized at the earliest and re-introduced in Parliament with a view to simplifying and rationalising the direct tax laws in the country,” it said in the report.

Direct taxes are those which an individual directly pays to the government. It includes items such as income tax, corporate tax and capital gains tax.

The DTC was supposed to replace the Income Tax Act of 1961 and codify the income tax and other direct taxes while the Goods and Services Tax replaced the myriad indirect taxes.

According to officials, the proposed DTC is expected to give major relief to the Indian middle class and make income tax progressive by providing more relief in the 5% and 20% tax slabs.

The Direct Taxes Code (DTC) Bill was introduced to Parliament for the first time in August 2010 when the UPA was in power. But with the dissolution of the 15th Lok Sabha, the money bill lapsed.

The panel emphasised the importance of reintroducing the DTC bill and said tax reforms and further relief to the taxpayers would help in curbing the black money stashed in India and abroad.

During the discussions on the issue of “status of unaccounted income/ wealth both inside and outside the country,” revenue secretary Ajay Bhushan Pandey strongly defended the government’s decision to demonetize old Rs 1000 and Rs 500 bank notes and maintained that it led to better tax compliance.

Pandey told the panel headed by Congress’ Veerappa Moily that “the effect of demonetisation has to be seen in terms of the number of tax payers who have come into our system, the number of returns filed, number of new persons filing the returns and the growth of tax.”

He further added, “If you see the tax buoyancy which is kind of a comparison with the GDP growth in nominal terms and then with respect to that how much is our tax collection, then we can definitely see that the ratio here is the growth of 14%, 18% and 20%. All these point that demonetisation has helped in controlling the black money in our country.”

He also reiterated that the anti-graft measures of the Centre during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have resulted in hitherto undisclosed income of about Rs 1,30,000 crore coming into the tax net.


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Breaking News: Silicon Valley Bank’s Collapse Sends Shockwaves Through Financial World – Is India’s Banking System Next to Crumble?



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Are Indian Banks Ready to Face the Heat of Rising Interest Rates?

As Silicon Valley Bank (SVB) faces the heat of collapsing amidst rising domestic interest rates, Indian banks are left wondering if they are next in line. With the Indian economy still recovering from the COVID-19 pandemic, the prospect of rising interest rates could lead to a devastating blow to the country’s banking sector. Will Indian banks be able to weather the storm or will they collapse like SVB?

Indian banks have already faced a tumultuous few years with multiple frauds and defaults taking place, leaving many questioning their resilience. With the Reserve Bank of India (RBI) indicating that it may hike interest rates in the near future, the pressure on Indian banks is set to increase. The question remains – are Indian banks prepared to face the heat of rising interest rates or will they buckle under the pressure? Only time will tell.

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Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G



Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year



Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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