Page 16 - Banking Finance August 2024

ROUNDUP

Foreign investment in In- Tax) at Rs 2,81,013 crore, the Central Cabinet clears scheme for
Board of Direct Taxes (CBDT) said in a
dian RE up 20% statement. forensic infra with outlay
Institutional investment in Indian real of Rs. 2,200 crore
Refunds amounting to Rs 53,322 crore
estate (RE) rose 20% annually to $2.52 have also been issued in the FY 2024- In a bid to have more scientific investi-
billion in the April-June quarter on 25 till June 17, 34 per cent higher than gations across the country to achieve
higher inflow in warehousing and resi- refunds issued during the same period better conviction rates in criminal
dential projects, according to Colliers
in the preceding year. cases, the Union Cabinet approved the
India. Real estate consultant Colliers National Forensic Infrastructure En-
India released the data, stating that For April-June 17, gross collection of hancement Scheme (NFIES).
the institutional investments in real direct taxes (before adjusting for re-
estate stood at $2,528 million in the funds) stood at Rs 5.16 lakh crore com- The scheme, with a financial outlay of Rs
April-June quarter this year, up 20% pared to Rs 4.23 lakh crore in the cor- 2,254.43 crore during the period from
responding period of the preceding fi- 2024-25 to 202829, aims to establish
from $2,106 million in the year-ago
period. nancial year, showing a growth of campuses of National Forensic Sciences
22.19 per cent. University (NFSU) across the country
As per the data, investments in office
apart from setting up more central fo-
assets declined 83% to $329 million Fitch ups FY25 GDP rensic science laboratories enhancing
from $1,900 million. However, the in- existing infrastructure of NFSU, Delhi.
flow of funds in residential rose to $543 growth forecast to 7.2%
million from $72 million. Institutional Following in the footsteps of the (RBI, The development assumes significance
investments in industrial and ware- Fitch Ratings has hiked India's GDP in the wake of the new criminal laws
housing projects jumped sharply to estimate for the fiscal 2024-25 to 7.2 coming into effect from July 1.
$1,533 million during April-June 2024 per cent from 7 per cent projected According to the MHA, with the enact-
from $134 million a year ago. earlier. ment of the new criminal laws which
With 81% share, foreign investors, pre- The RBI had hiked its GDP estimate to mandates forensic investigation for
dominantly from the US and UAE, drove 7.2 per cent for the year 2024-25 in offences involving punishment of seven
real estate investments during the April- the latest monetary policy review ear- years or more, a significant increase in
June period of this calendar year. lier this month. the workload of forensic science labo-
ratories is expected. Further, there is
"We expect the Indian economy to a significant shortage of trained foren-
Direct tax mop-up rises expand by a strong 7.2 per cent in sic manpower in the Forensic Science
21% to Rs. 4.62 lakh crore FY24/25 (an upward revision of 0.2 per- Laboratories (FSL) in the country.
centage point from the March GEO).
Net direct tax collection grew 21 per The cabinet decision came on a proposal
Investment will continue to rise but
cent to over Rs 4.62 lakh crore so far more slowly than in recent quarters, from MHA. Financial outlay of the cen-
this fiscal, on higher advance tax pay- while consumer spending will recover tral sector scheme will be provisioned
ment by corporates. with elevated consumer confidence," by the MHA from its own budget.
The first instalment of advance tax, Fitch said in a report. Purchasing man-
which was due on June 15, showed agers' survey data point to continued Vivad se Vishwas: Taxpay-
collection rose 27.34 per cent to Rs growth at the start of the current fi- ers can opt from Dec 31
1.48 lakh crore. This includes Corpora- nancial year, it said.
tion Income Tax (CIT) at Rs 1.14 lakh "In the final quarter of the financial The 'Vivad se Vishwas' scheme an-
crore and Personal Income Tax (PIT) at year ended March 2024 (FY23-24), real nounced in the Budget for settlement
of pending direct tax appeals will be
Rs 34,470 crore. GDP increased by 7.8percentyear-on- launched this year and its notification
The net direct tax collection of Rs year.thiswas higher than we had ex- apart from relevant FAQs would be is-
4,62,664 crore (as of June 17, 2024) pected in March, although slower than sued soon, CBDT chairman Ravi
includes CIT at Rs 1,80,949 crore and previous quarter soft he financial Agrawal said.
PIT (including Securities Transaction year," Fitch said.

BANKING FINANCE | AUGUST | 2024 | 15