Page 15 - Banking Finance August 2022

ROUNDUP

The nine-week virtual programme will "Demand for services improved… sup- "During 'Mann ki Baat' in August 2020,
involve fireside chats between Google porting a robust economic expansion Prime Minister had given a clarion call
leaders and collaborators from across for the sector over the first quarter of on 'Rebranding the Indian Toy Story'
the startup ecosystem. fiscal year 2022/23 and setting the and emphasised on the availability of
scene for another substantial upturn in
Topics covered will include fintech, lan- right kind of toys for children, using
output next month," said Pollyanna De
guage, social media and networking, toys as a learning resource, designing
Lima, economics associate director at
job search, and business-to-business of toys based on Indian value system,
S&P Global Market Intelligence.
and business-to-consumer e-com- Indian history, and culture to
merce. strengthen domestic designing and
No filling of annual returns position India as a global manufactur-
An effective product strategy, product
user value, designing apps for the next for small businesses for ing hub for toys," said Anil Agrawal,
billion users in markets like India, and additional secretary, DPIIT.
FY22
user acquisition are just a few of the
He said the industry has benefited from
In a relief to businesses, the govern-
other topics covered in the a number of interventions by the gov-
ment has exempted small taxpayers
curriculum's instructional modules.
(with turnover up to 2 crore) from fil- ernment and results show the success
"Aimed at early stage founders with a of the 'Make in India' programme. The
ing annual returns for 2021-22, allow-
minimum viable product, the Directorate General of Foreign Trade,
ing a claim of refund on inputs used in
programme provides the flexibility of a for instance, mandated sample testing
the generation of electricity and ex-
virtual curriculum and allows attend- of each consignment and said there
tending the deadline to raise tax no-
ees to pick and choose the modules
tice to taxpayers till September 2023. will be no permission for sale unless the
they'd like to tune in for," a blogpost quality testing is successful.
The amendment also allows for en-
by Google said.
abling automatic revocation of goods
and services tax (GST) registrations CBDT aims to add 12%
Services sector grows fast- cancelled once the return filing is
more tax return filers this
est in 11 years: Survey regularised.
fiscal
India's dominant services industry ex- The Centre also amended the formula
The Union government is looking to
panded at the fastest pace in over 11 for a refund of the inverted duty struc-
widen the tax base by targeting addi-
years in June amid strong demand but ture to give the benefit of input tax
tion of 12% more new return filers this
stubborn inflation remains a concern paid on services, a move which will help
in improving the current cash flow is- fiscal against 8% in FY22, an official
as prices charged rose at the sharpest
sues for those products. document showed.
rate in almost five years, a private sur-
vey showed on July 5. As a relief measure for the Covid-hit pe- According to the Central Action Plan
riod, the Centre has excluded the period (CAP) for FY23 circulated internally by
The S&P Global India Services Purchas-
from March 1, 2020, to February 28, the Central Board of Direct Taxes
ing Managers' Index (INPMIS=ECI) rose
2022, from the computation of the pe- (CBDT), the department also plans to
to 59.2 in June from 58.9 in May, its
riod of limitation for claiming refunds. expedite disposal of high-value income
highest since April 2011 and above the
50-mark separating growth from con- tax appeals under the faceless mecha-
traction. A Reuters poll had predicted Toy exports surge 61% in 3 nism.
a dip to 58.7. years, imports drop by 70% The CBDT has asked field officers to use
A sharp upturn in demand, increased The country's toy sector has benefited data mining, data analytics, inputs from
sales and favourable economic condi- from the government's 'Make in India' market associations and trade bodies
tions kept the new orders sub-index initiative. Toy imports are down by to identify non-filers, and directed its
above the break-even mark for an 11th 70% and exports are up 61% over the directorate of systems to provide data
month and drove it to its highest read- last three years, showed data from the on non-filers and those who have
ing since February, 2011. government. stopped filing by 30 September.

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