New Delhi [India], September 23,2021: India has attracted a total Foreign Direct Investment (FDI) inflow of USD 27.37 billion during the first four months of the current financial year (FY) 2021-22 which is 62 per cent higher as compared to the corresponding period of FY 2020-21 (USD 16.92 billion), Ministry of Commerce and Industry said on Friday.
According to the ministry, FDI equity inflow grew by 112 per cent in the first four months of FY 2021-22 (USD 20.42 billion) compared to the year-ago period (USD 9.61 billion).
‘Automobile Industry’ has emerged as the top sector during the first four months of FY 2021-22 with a 23 per cent share of the total FDI Equity inflow followed by computer software and hardware (18 per cent) and services sector (10 per cent) respectively.
Under the sector ‘Automobile Industry’, the majority of FDI Equity inflow (87 per cent) was reported in the state of Karnataka during the first four months of the current FY 2021-22.
Karnataka is the top recipient state during the FY 2021-22 (up to July 2021) with a 45 per cent share of the total FDI equity inflows followed by Maharashtra (23 per cent) and Delhi (12 per cent).
The ministry said easures taken by the Central Government concerning FDI policy reforms, investment facilitation and ease of doing business have resulted in increased FDI inflows into the country.
New Delhi , July 12,2021: Despite the worse condition due to COVID-19 which impacted economic growth, the net direct tax collection has doubled to over Rs 2.49 lakh crore so far this fiscal, mainly driven by personal income tax and advance tax mop up, Income Tax department sources told ANI.
The net direct tax collections between April 1 and July 3 stood at Rs 2.49 lakh crore, compared to Rs 1.29 lakh crore over the corresponding period of the preceding year, representing an increase of 91 per cent over the collections of the preceding year. Net Direct Tax collections for the financial year (FY) 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy.
The gross collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs 2.86 lakh crore compared to Rs 1.94 lakh crore in the corresponding period of the preceding year. This includes Corporation Income Tax (CIT), Personal Income Tax (PIT), Security Transaction Tax (STT) and advanced tax. This amount is expected to increase as further information is received from banks.
Commenting on the direct tax collection trends Income Tax department sources said collection figures are encouraging and the department is cautiously optimistic to achieve the Budget target set by Union Finance Minister Nirmala Sitharaman. He added that transparent and fair taxation system gives us the confidence, apart from revival of the economic activity, despite the difficult times, that we will be able to achieve the current target. The target for current fiscal has been set at Rs 11.08 lakh crore.
Commenting on the direct tax collection, Neeru Ahuja, Partner, Deloitte India said, “These are clearly positive outcomes of an economy getting back on track. Business optimism and the many compliance tracking initiatives taken by the tax authorities.”
Earlier Central Board of Direct Taxes (CBDT) in a statement said Income Tax department has issued refunds of over Rs 37,050 crore to more than 17.92 lakh taxpayers between April 1, 2021 to July 5, 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 cases and corporate tax refunds of Rs 26,642 crore have been issued in 1,03,088 cases.
Nov 11,2020:The Union Cabinet has approved a production linked incentive (PLI) scheme for 10 key sectors for enhancing India’s manufacturing capabilities and exports.
These sectors include Telecom and Networking Products, Pharmaceutical and Drug, Automobile and Auto components, Textile products and Food products. Briefing reporters after the cabinet meeting today, Information and Broadcasting Minister Prakash Javadekar said the scheme will make Indian manufacturers globally competitive, attract investment and enhance exports. He said, this will also increase production, export and employment opportunities in the country.
Industry body FICCI has said that the announcement of PLI scheme for ten sectors by the Government today is a major boost for the manufacturing sector. FICCI President Dr Sangita Reddy said, the sectors covered under the PLI scheme are strategic and technology intensive and are also important from the perspective of employment generation in the country. She said, Indian economy offers a huge opportunity for these sectors not just from the domestic market perspective but also to make India an export hub for these products.
Argentina and the IMF announced Saturday that they have agreed to start talks aimed at reaching a new financing agreement for the heavily indebted South American nation.
The announcement in statements by both parties came after a meeting between IMF Managing Director Kristalina Georgieva and Argentine Economy Minister Martin Guzman on the sidelines of a G-20 meeting in Riyadh.
The meeting came days after IMF experts concluded that Argentina’s debt is unsustainable.
Argentine President Alberto Fernandez hopes to renegotiate $195 billion of its $311 billion foreign debt, including a deeply unpopular $57 billion IMF bailout loan in 2018.
Fernandez, who took office in December, has refused the final $13 billion disbursement of the loan, leaving Argentina’s exposure at $44 billion.
“Minister Guzman and I had a very fruitful exchange of views on the country’s challenges, and the path forward to ensure a more sustainable and inclusive growth for Argentina,” Georgieva said in a statement.
“I commended the efforts thus far, under the leadership of … Fernandez, to put in place a set of policies to stabilize the economy and to reduce poverty.”
Georgieva said she discussed with Guzman plans “to secure a sustainable and orderly resolution” to his country’s debt situation, and welcomed Argentina’s commitment “to deepen our engagement including through an Article IV Consultation and steps toward a Fund-supported program in the future.
“The modalities of these next steps will continue to be discussed,” Georgieva said.
Argentina’s economy ministry issued a similar statement on engaging in talks with the global financing institution.
Argentina’s economy shrank by 2.1 percent in 2019, the state statistics institute said Friday. The country has been in recession since mid-2018 as poverty and unemployment rise, with inflation surpassing 50 percent over the last year.
Argentina’s ability to service its debt deteriorated markedly compared to the IMF’s last analysis in July 2019, the fund said earlier, when the amount owed was manageable.
Since then the peso had depreciated by over 40 percent, international reserves declined by about $20 billion, and real GDP contracted more than previously projected.
Argentina is battling to avoid another situation like 2001 when it defaulted on $100 billion, becoming a market pariah.
The country currently owes $311 billion — more than 90 percent of its GDP.
MUMBAI:Jan25,2020: India’s corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.
Prime Minister Narendra Modi’s government was targeting direct tax collection of 13.5 trillion rupees ($189 billion) for the year ending March 31 – a 17% increase over the prior fiscal year.
But a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5% growth for this fiscal year – the slowest in 11 years.
The tax department had managed to collect only 7.3 trillion rupees as of Jan. 23, more than 5.5% below the amount collected by the same point last year, said a senior tax official.
After collecting taxes from companies in advance for the first three quarters, officials typically garner about 30-35% of annual direct taxes in the final three months, data from the past three years shows.
But eight senior tax officials interviewed by Reuters said despite their best efforts, direct tax collections this financial year were likely to fall below the 11.5 trillion collected in 2018-19.