Central Government
Challenges persist as govt tries hard to bridge India's trade deficit
Simply put, trade deficit is a situation in which the value of goods a country imports is greater than the value of goods it exports -- excluding software, remittances and others. "Exports are slowing down while imports are increasing. This has led to widening trade deficit. The trade deficit was $190 billion last year and around $125 billion for the period from April-August 2022," Madan Sabnavis, Chief Economist, Bank of Baroda, told IANS. According to the Ministry of Commerce and Industry, India's merchandise imports were $61.68 billion and exports were $33 billion in August 2022, leaving a deficit of $28.68 billion.
Govt launches design-linked incentive scheme, extends telecom PLI by 1 year
Applications are invited from June 21 for design-led manufacturing incentive of more than Rs 4,000 crore. The DoT also announced an additional incentive rate of 1 per cent over and above the existing rates. "The existing PLI beneficiaries will be given an option to choose financial year 2021-22 or financial year 2022-23 as the first year of incentive," the Department said in an statement.
184.58 lakh metric tonnes wheat, 810.05 LMT paddy procured: Govt
The wheat procurement under the central pool is progressing in Rabi Marketing Season 2022-23 in the states of Punjab, Haryana, Rajasthan, Uttar Pradesh and Bihar. The wheat procured till Sunday benefited about 17.50 lakh farmers with minimum support price (MSP) value of Rs 37,192.07 crore, data from the Ministry of Consumer Affairs, Food and Public Distribution showed.
Centre relaxes wheat ban order, allows earlier registered consignments with Customs
It has now decided that wherever wheat consignments have been handed over to Customs for examination and have been registered into their systems on or prior to May 13, such consignments would be allowed to be exported. The government also allowed a wheat shipment headed for Egypt, which was already under loading at the Kandla port.
Centre asks states, UTs and FCI to continue wheat procurement
The government's decision comes in the wake of requests by state governments/UTs to continue the procurement process. The extended period is expected to benefit farmers.
Centre bans wheat export
Earlier, the Centre had said it was happy that the farmers were getting good returns for their produce as India had exported almost 11 lakh metric tonnes (LMT) of wheat till April. The government also claimed that it was committed to provide food security to its own population, its neighbours and also some vulnerable countries and hence brought in the amendment in relevant sections of the Export Policy.
Cabinet approves Rs 60,939 cr subsidy for phosphatic, potassic fertilisers
Briefing the media, Information and Broadcasting Minister Anurag Thakur said that the subsidy approved by Cabinet for the NBS Kharif-2022 (from April 1 to September 30) will be Rs 60,939.23 crore, including support for indigenous fertiliser (SSP) through freight subsidy and additional support for indigenous manufacturing and imports of DAP.
Net direct tax collection reaches highest-ever figure in FY 22
The net direct tax collection has increased by 49.02 per cent during financial year 2021-22, while it has registered a growth of 34.16 per cent in FY 2021-22 over the collections of 2019-20 when the net collection was Rs 10,50,680.56 crore, and a growth of 23.90 per cent over 2018-19 when the net collection was Rs 11,37,718.48 crore, J.B. Mohapatra said.
Action against hoarders of edible oils, oilseeds to keep tab on price rise
Prices of cooking oil are on an upwards swing globally due to the Ukraine-Russia war. "The domestic prices of edible oils have been following the international suit and the prices have increased considerably over the past one month which may be attributed to the current geopolitical condition," officials said. Inspections have revealed very large hoardings of soybean and mustard seeds in Dewas, Shajapur and Guna districts of Madhya Pradesh.
New Income Tax rules will come into effect from 1 April 2022: Here're details
The new provisions related to Income Tax (IT) in the Union Budget 2022 will be in effect from the new financial year 2022-23 which begins on 1st April. These include several changes in the IT rules vis-à-vis crypto assets, EPF interests, tax relief for cooperatives and startups as well as for COVID19 treatment which will be effective from Friday. Here are the key changes in the Income Tax effective from the FY 2022-23.
Advertisement