Connect with us

Business

Parliamentary panel on finance for tax law simplification

Published

on

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.

Source


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

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

Published

on

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

Continue Reading

Brand Story

Zepto, 10-minute grocery delivery app, raises $100 million

Published

on

Only five months subsequent to dispatching, 10-minute basic food item conveyance application Zepto on Tuesday reported it has raised $100 million driven by Y Combinator, taking its valuation to $570 million.

Other than the raise money, Zepto has been developing staggeringly rapidly and is significantly increasing its client base consistently.

In the course of recent months, Zepto has extended past Mumbai by dispatching in Bengaluru, Delhi, Gurgaon, Chennai, Hyderabad, and Pune (Kolkata to follow), the organization said in an assertion.

“Financial backers are reliably deciding to back Zepto due to our top tier execution. This is giving us extraordinary energy – we’re developing at an amazing rate, clients are adoring the item experience, our center unit financial matters are solid, and we have one of the most outstanding startup groups in India today,” said Aadit Palicha, Co-Founder and CEO.

The Series C raising money round saw support from new and existing financial backers, including Glade Brook, Nexus, Breyer Capital, Lachy Groom, Global Founders Capital, Contrary Capital, and that’s just the beginning.

The round came 45 days later the organization reported its $60 million raise money in November.

Conveying food in a short time is a game-changing encounter for clients in the nation, and a few players are presently joining the race.

“We are eager to twofold down and lead this round in Zepto. They initially dispatched with an alternate model, quickly turned to speedy trade in August 2021, and are presently adding 100,000 new clients consistently, 60% of the ladies,” said Anu Hariharan from Y Combinator.

Continue Reading

Business

One stuck box of fertilizer shows the global supply chain crisis

Published

on

Somewhere in the world’s busiest port of Shanghai, a container of fertilizer sits among tens of thousands of boxes, waiting for a ride to the U.S. It’s been on the dock for months, trapped by typhoons and Covid outbreaks that have worsened major congestion in the global supply-chain network.

While the fertilizer has been stranded there since May, the port is just one stop on the long journey from central China to the U.S. Midwest. Delays have stretched a delivery that ordinarily would take weeks to more than half a year. And that time frame will keep expanding, as the goods have barely started the roughly 15,000 kilometer (9,300 mile) trek.

This is the tale of one humble shipment and its arduous journey across the world. While some of the barriers keeping it from its final destination may be specific to this particular case, the journey is emblematic of the inertia that has gripped global trade during the pandemic.

From the U.S. to Sudan to China, container boxes have been lying at ports, railyards and in warehouses as the pandemic rages on. In an industry with 25 million containers and some 6,000 ships hauling them, it’s easy to see disruptions as one big headache confined to the shipping world. But each container that’s delayed is economic activity that’s restrained, heaping costs one box at a time on consumers and making it more challenging to put corn on consumers’ tables or deliver presents for the holidays.

It’s also a lesson in the ripple effects across global supply chains, showing the limits of diversification as all networks are still closely connected with China.

“All roads lead back to China, and that has a major effect across the entire supply chain,” said Dawn Tiura, head of U.S.-based Sourcing Industry Group. “Congestion at one port or factory has far-reaching implications for neighboring facilities, which trickles out across the world.”

Continue Reading

Newsletters

Enter your email address to get latest updates

Advertisement

Trending

Copyright © 2018 - 2022 Delhi Wire.