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Reuters  Mumbai  January 24, 2020   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. The government was targeting direct tax collections of  ₹ 13.5-lakh crore ($189 billion) for the year ending March 31 — a 17 per cent 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 per cent growth for this fiscal year — the slowest in 11 years. The Tax Department had managed to collect only  ₹ 7.3-lakh crore as of January 23, more than 5.5 per cent 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 g...

Published on  January 24, 2020 India cannot achieve its aspirational goal of becoming a $5-trillion economy by 2024-25 unless it sustains a growth rate of about 9 per cent per annum, according to C Rangarajan, former Governor of the Reserve Bank of India. In his keynote address at BusinessLine’s Budget Count Down event, Rangarajan said: “$5 trillion is a good aspirational goal. But please understand that a $5-trillion economy in a matter of 5 to 6 years cannot be achieved unless the economy grows in a sustained way between 8 and 9 per cent. “It has to be closer to 9 per cent because today the Indian economy is $2.7 trillion. So, $5 trillion means almost doubling the size of the economy. And that is possible only if the economy grows at 9 per cent per annum in a sustained way for 5 to 6 years.” The event was presented by Shriram Transport Finance Company Ltd and powered by LIC Mutual Fund. HDFC Bank Spectrum was the associate sponsor. NSE was the venue partner; New...

Reuters January 24, 2020  Mumbai: India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, over half a dozen 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 targetting direct tax collection of Rs 13.5 lakh crore for the year ending March 31 - a 17 per cent increase over the prior fiscal year. However, 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 per cent growth for this fiscal year - the slowest in 11 years. The tax department had managed to collect only Rs 7.3 lakh crore as of January 23, more than 5.5 per cent 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, of...