The report of the Standing Committee on Finance, tabled in Parliament, said the revenue department seems to be "caught up in the vicious cycle to tax arrears", as about ₹18.68 lakh crore in direct tax and ₹2.95 lakh crore in indirect tax arrears are outstanding.
In a written reply to a question in the Rajya Sabha, highways minister Nitin Gadkari said funds required by NHAI for debt servicing in 2022-23, 2023-24 and 2024-25 will be ₹31,282 crore, ₹31,909 crore and ₹30,552 crore.
The Reserve Bank of India will likely ensure sufficient liquidity in the market, which will support the capex plans of companies, says Barclays Bank India managing director & head of investment banking Pramod Kumar.
After withdrawing the personal data protection bill, the government is hopeful of getting a new legislation passed by the Budget session of Parliament, Union minister Ashwini Vaishnaw said on Wednesday.
Finance minister Nirmala Sitharaman Tuesday told the Rajya Sabha that despite the recent increase in prices, the government and RBI are trying to ensure that inflation is controlled below 6%, and underlined that India’s macroeconomic fundamentals are strong. “The Indian economy, compared to the situation in many of our peer groups and developed economies, is much better. Nobody is in denial about the price rise."
The government on Tuesday evening cut the windfall tax on diesel and ATF in line with softening international petroleum product prices but raised the duty on domestically produced crude oil. While the tax on export of diesel was cut to Rs 5 per litre from Rs 11, that on jet fuel (ATF) was scrapped, an official notification showed.India has increased tax on locally produced crude oil and cut export taxes on jet fuel and diesel, according to a government notification on Tuesday.
Finance minister Nirmala Sitharaman on Tuesday said there is no GST on chequebooks for bank customers, as she tried to clear "misinformation" over issues related to the imposition of the levy on various products and services.