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World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCXI tells Blinken - China, US ought to be partners, not rivalsST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
COVID Effect - Devolution of taxes - States get Rs 51K Crore less so far

By TIOL News Servic

NEW DELHI, OCT 30, 2020: THE Government of India has received Rs. 5,65,417 crore (25.18% of  corresponding BE 2020-21 of Total Receipts) upto September, 2020 comprising Rs 4,58,508 crore Tax Revenue (Net to Centre), Rs. 92,274 crore of Non-Tax Revenue and Rs. 14,635 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans (Rs. 8,854 crore) and Disinvestment proceeds (Rs. 5,781 crore).

Rs 2,59,941 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs. 51,277 crore lower than the previous year.

Total Expenditure incurred by Government of India is Rs. 14,79,410 crore (48.63% of corresponding BE 2020-21), out of which Rs. 13,13,574 crore is on Revenue Account and Rs.165,836 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs. 3,05,652 crore is on account of Interest Payments and Rs. 1,56,210 crore is on account of Major Subsidies.


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