Page 14 - Banking Finance April 2025
P. 14

ROUNDUP

         Flexible options may be provided, al-  earlier, what used to happen was that  Government Asks Corpo-
         lowing contributors to choose returns  there were essentially manual regis-
         based on interest or on both interest  ters that we were keeping," he said.  rates to Set Up PM Intern-
         and principal. The elderly population in  The process of digitising those registers  ship Scheme Cells
         India is projected to more than double
                                            started somewhere in 2010/2011. But  The Central Government has called on
         to 34.7 crore by 2050. According to
                                            it  was  partly  manual  and  partly  the corporate sector to establish dedi-
         UNFPA, 40% of the elderly fall into the
                                            digitised. And at that point in time, PAN  cated in-house cells to implement and
         poorest wealth bracket, with one in                                   support the Prime Minister's Internship
                                            were not the identifiers. "When we
         five lacking personal income.                                         Scheme (PMIS). Speaking at the first
                                            talk about mid90s or even early 2000s,
                                            PANs were not being quoted," he said.  PMIS Mela organized by the Confed-
         67% of direct tax arrears                                             eration  of  Indian  Industry  (CII)  in
         'difficult of collect': House Personal Income Tax Col-                Kolkata, Deepti Gaur Mukerjee, Secre-
                                                                               tary, Ministry  of  Corporate  Affairs,
         panel                              lections Surge to 3.5% of          urged companies to form PMIS teams
         More than 2/3rd or around Rs. 29 lakh  GDP in FY24                    that  can  independently  drive  the
         crore of total direct tax arrears are                                 scheme, manage minor implementa-
                                            India's personal income tax (PIT) col-
         difficult to collect, the Department  lections reached 3.5% of GDP in FY24,  tion issues, and seek guidance from top
         related  Standing  Committee on  Fi-                                  management.
                                            up from 2.1% in FY15, reflecting a 140
         nance has  noted  in  its  report  pre-
                                            basis point increase, the Finance Min-  Mukerjee  stressed  the  need  for  a
         sented in Parliament. In this backdrop,
                                            istry informed the Lok Sabha. PIT in-  nimble and agile approach in manag-
         the Committee recommended writing  cludes taxes paid by individuals, Hindu  ing operational challenges. She high-
         off demands/ imposing moratoriums.  Undivided Families, firms, and non-cor-  lighted  that  such  in-house  centres
         The report highlighted total arrears of  porate entities. The ministry now re-  would streamline decision-making and
         direct taxes as on February 14 at over  fers to PIT as 'non-corporate tax'. Col-  contribute to effective skilling initia-
         Rs. 43 lakh crore, out of which around  lections rose from Rs. 2.66 lakh crore  tives under PMIS.
         Rs.  29  lakh  crore  have  been   in FY15 to over Rs. 10.4 lakh crore in
         categorised as 'demand difficult to col-  FY24-a 293% increase.       Maha Kumbh and Capex
         lect'. In his submission before the Com-  Minister of State for Finance Pankaj to  Boost  Q4  GDP,  Says
         mittee, the Chairman of CBDT (Central
                                            Chaudhary attributed the rise to eco-
         Board of Direct Taxes) said huge arrear  nomic growth, broader taxpayer base,  Chief Economic Adviser
         demand "is a cause of concern for us".  and improved compliance. He added  India's economy is poised for a boost in
         "Partly, this is a legacy issue. These  that revenue gains from policy changes  the March quarter due to increased pub-
         arrears pertain to mid 90s because  cannot be measured in isolation.  lic capital expenditure, rising non-oil ex-
                                                                               ports, and a surge in private consump-
                                                                               tion linked to the Maha Kumbh pilgrim-
           GSI  Uncovers  Natural  Hydrogen  Reserves  in                      age, according to Chief Economic Adviser
           Andaman Islands                                                     V. Anantha Nageswaran. To meet the
                                                                               6.5% full-year GDP growth target, the
           The Geological Survey of India (GSI) has made a landmark discovery of natu-
           ral hydrogen reserves in the Andaman and Nicobar Islands, marking the first  economy must expand by 7.6% in Q4.
           such find in the country. GSI Director General Asit Saha announced the dis-  Nageswaran cited the travel of 50-60
           covery in South Andaman district, where natural hydrogen was identified in  crore people to Prayagraj as a significant
                                                                               driver of consumption.
           serpentinized pillow basalt rock formations.
                                                                               Uttar  Pradesh  Chief  Minister  Yogi
           This breakthrough could significantly bolster India's renewable energy tran-
                                                                               Adityanath projected over Rs. 3 lakh
           sition and aid in achieving net-zero climate goals. The GSI has partnered
                                                                               crore in economic impact from the Maha
           with IIT (ISM) Dhanbad for further exploration and analysis. GSI officials
                                                                               Kumbh. The CEA also urged private sec-
           emphasized that the find may support a sustainable, low-carbon economy  tor investment, citing strong urban de-
           and contribute to clean energy solutions for industrial applications.
                                                                               mand and rising outbound FDI.
            BANKING FINANCE |                                                                APRIL | 2025 | 13
   9   10   11   12   13   14   15   16   17   18   19