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Income Tax Returns have seen a upward surge in tax compliance aftermath of demonetisation and GST introduction. However according to a report, around 8.80 million taxpayers turned out to be ‘stop filers’ i.e. those who did not file tax returns in a given year despite doing so in the financial year 2016-17, the year when ..
The World Bank has projected India’s growth rate at 7.3% for 2019 and 7.5% for 2020. The bank also noted that Indian economy has recovered from the effects of demonetisation and the Goods and Services Tax (GST). The World Bank in its twice-a-year South Asia Economic Focus report in Washington stated that growth is expected ..
Moody’s Investors Service has recently estimated India’s GDP growth forecast for year 2018 & 2019. In it, it has kept the GDP growth forecast for India in the calendar year 2018 unchanged at 7.6 % and for 2019 at 7.5 %, amid signs of economic recovery from the negative impact of demonetisation and disruption caused ..
India’s economic growth is slated to fall significantly in the second half of the current fiscal due to cash crunch spread by demonetisation. The consumer goods section has also seen significant drop in sales to the tune of 20 percent. The government had scrapped the high-value currency notes of Rs. 500 and Rs. 1000 in ..
India has become the first country in the world to subsidise the use of digital cash after the government announced measures like discounts on online payments for insurance policies, rail tickets and highway toll charges and waiver for service tax on online transactions below Rs 2,000. In countries like US, Sweden and Singapore, the inducement ..
In a major move to deal with extra liquidity created in the system due to the demonetisation drive, the Central government as per the directions of the Reserve Bank of India raised the ceiling on Market Stabilization Scheme from Rs. 30,000 Crores to Rs. 6 Lakh Crores. The Banks saw a huge surge in deposits ..
The Union Cabinet has approved a proposal to levy close to 60% deduction on unaccounted deposits in banks above a threshold by amending the Income Tax (I-T) Act. The move was taken amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts post demonetisation, which the government doubts to be the laundered black ..
United Opposition consisting of major political parties like Congress, Trinamool Congress, and the BSP have given a call for nationwide Bharat Bandh to escalate their protest over the demonetisation drive of the union government. They said they will observe November 28 as ‘Aakrosh Divas’. The opposition parties have been disrupting the proceedings in both Houses ..