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Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
Public Debt: Centre raises more funds in Q1

By TIOL News Service

NEW DELHI, OCT 01, 2022: DURING Q1 of FY23, the Central Government raised an amount through dated securities worth Rs 3,90,000 crore as against Rs 3,18,493 crore in Q1 of FY22, while repayments were at Rs 1,34,989.71 crore. The weighted average yield of primary issuances hardened to 6.95 per cent in Q1 FY23 from 6.66 per cent in Q4 of FY22. The weighted average maturity of new issuances of dated securities  was lower at 15.69 years in Q1 of FY23 as compared to 17.56 years in Q4 of FY22. During April- June 2022, the Central Government did not raise any amount through the Cash Management Bills. The Reserve Bank did not conduct Open Market operations for government securities during the quarter. The net daily average liquidity absorption by RBI under Liquidity Adjustment Facility (LAF) including Marginal Standing Facility and Special Liquidity Facility was at Rs 4,52,405.87 crore during the quarter.

Total gross liabilities (including liabilities under the 'Public Account') of the Government, as per provisional data, increased to Rs 1,45,72,956 crore at end-June 2022 from Rs 1,39,58,774 crore at  end- March 2022. This represented a quarter-on-quarter increase of 4.40 per cent in Q1 FY23. Public debt accounted for 88.3 per cent of total gross liabilities at end-June 2022 up from 88.1 per cent at end- March 2022. Nearly 28.9 per cent of the outstanding dated securities had a residual maturity    of less than 5 years.

The yields on Government securities hardened in the secondary market due to increase in supply of G-secs during the first quarter of FY23. However, the yields were supported by decision of MPC to hike the policy repo rate by 40 bps, i.e., from 4.00% to 4.40% on 4th May, 2022 largely with an intention to contain inflation during the Q1 FY23.

In secondary market, trading activities were concentrated in 7-10 year maturity bucket during the quarter mainly because of more trading observed in 10 year benchmark security. Private Sector Banks emerged as dominant trading segment in secondary market during the quarter. On a net basis, foreign banks and primary dealers were net sellers while public sector banks, co-operative banks, FIs, insurance companies, mutual funds, private sector banks and 'Others' were net buyers in the secondary market. The ownership pattern of Central Government securities indicates that share of commercial banks stood at 38.04 per cent at end-June 2022 as against 37.75 per cent at end-March 2022.


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