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Russia going for tax levy on cryptocurrencyGoyal meets French counterpart; reviews bilateral trade tiesOusted Bangladeshi PM Sheikh Hasina condemns detention of Hindu spiritual leader in Bangladesh; demands Yunus-led Govt to direct immediate releaseDomestic, imported steel to get NOC only after BIS certificationIn first ever law across world, Australia announces blanket ban on social media for children below 16 years; platforms to face fines of upto AUD 50 Million for failure to enforce lawGovt gives filip to startups engaged in cybersecurityK-4 - India tests nuclear-capable ballistic missile launched from INS Arighat nuclear-powered submarineNeVA 2.0 - All States/UTs to have paperless, digital legislative environmentTN heavy rains - Deep depression to make landfall between Karaikal and MahabalipuramCus - As is settled law, NIDB data alone is insufficient for reassessment without corroborative evidence; re-assessment must be based on tangible, corroborative evidence, ensuring fairness and transparency in Customs valuation: HCHemant Soren sworn in as Jharkhand CM for 4th timeCentre launches E-Daakhil across all states and UTsGST - s.107 - Pre-deposit can be made through Electronic Credit Ledger - Word used in s.49(4) is 'may' and not 'shall': HCIndia climbs up 11 slots in Network Readiness Index 2024GST - APL-01 provides for the mechanism to pay pre-deposit by utilizing Electronic Credit Ledger as well: HCPAN 2.0: A Digital Leap in Taxpayer ServicesGST - Notf . 2/2017-CT(R) - Adjudicating authority has taken a myopic view by holding that since the goods were purchased by utilising the funds of KIIFB, the same cannot be treated as a grant for the purposes of notification: HCRetail price of Tur and Urad declines in last 3 months: GovtST - SVLDRS, 2019 - Merely because a higher figure is mentioned in the application by way of abundant caution, Petitioner cannot be deprived of the benefit of the Scheme more so when the object is to reduce litigation: HCIndia, France can expand food processing for world's food security: GoyalCus - Smuggling of gold - COFEPOSA - Fact that the Sponsoring Authority can move for cancellation of bail cannot be a ground to quash the order of preventive detention: HCED officer attacked during raid in Bijwasan, DelhiCus - Petitioner is not required to pay SWS calculated on customs duty, exempted under scrip held by it: HCSaudi Arabia launches first phase of Metro in RiyadhAmerica's New 'Power Couple': How long this heady bromance last?GSTR-3B due date extended for Manipur + Adjudicating authorities notified for DGGI cases + Transfer of capital assets from NLCIL to NIRL allowed'Preferential Rate of Duty' under Trade AgreementCyber criminals keep Mumbai woman under ‘digital arrest’ for a month; swindles Rs 3.8 CrI-T - Electrical fittings forms part of plant & machinery and assessee is eligible for depreciation and additional depreciation on such parts of plant & machinery: HCED books IFS officer & family members in money-laundering caseI-T- Entry indicating date of service is not primary evidence & could not be relied upon to deny petitioner's rectification application on grounds of being time-bar; Department failed to substantiate valid service of order: HC4 workers burnt to death at Noida factory; Owner bookedI-T- Additions u/s 68 are sustainable where assessee successfully explains nature & source of alleged monies & files sufficient evidence to prove identity & creditworthiness of cash creditors & genuineness of transaction: ITAT
 
Govt receives close to 6 lakh crore - 22% of BE upto June-end

By TIOL News Service

NEW DELHI, JULY 31, 2023: THE Government of India has received Rs 5,99,291 crore (22.1% of corresponding BE 2023-24 of Total Receipts) upto June 2023 comprising Rs 4,33,620 crore Tax Revenue (Net to Centre), Rs 1,54,968 crore of Non-Tax Revenue and Rs 10,703 crore of Non-Debt Capital Receipts. Non-Debt Capital Receipts consists of Recovery of Loans Rs 6,468 crore and Miscellaneous Capital Receipts of Rs 4,235 crore. Rs 2,36,560 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs 93,785 crore higher than the previous year.

Total Expenditure incurred by Government of India is Rs 10,50,661 crore (23.3% of corresponding BE 23-24), out of which Rs 7,72,181 crore is on Revenue Account and Rs 2,78,480 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs 2,43,705 crore is on account of Interest Payments and Rs 87,035 crore is on account of Major Subsidies.


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