Page 14 - Banking Finance April 2025

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.
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