Page 15 - Banking Finance June 2024

ROUNDUP

10AC and apply for registration for AY USD 4.8 trillion, is preceded by the 2023- 24 were fixed at Rs. 18.23 lakh
2022-23 as an existing trust, institution United States, China and Japan while crore which were revised and the Re-
or fund, in Form 10A till June 30, 2024. currently standing neck and neck with vised Estimates (RE) were fixed at Rs.
Germany. 19.45 lakh crore. The provisional Direct
Goods exports raise 1% to Countries like France, Italy, Brazil, Tax collections (net of the refunds)

$34.99 billion in April Canada and the UK, which also feature have exceeded the BE by 7.40% and
in the list of the world's top 10 econo- RE by 0.67%," the statement said.
India's goods exports posted a marginal
mies, are below India in their respec- Income tax collections continued to be
1.08 per cent increase in April 2024 tive ranks. higher than corporate tax collections.
(year-on-year) to $34.99 billion, mark- Gross corporate tax collection (provi-
ing a tepid beginning to the new fiscal. "Narendra Modi is a master of exag- sional) in FY24 was Rs 11.32 lakh crore,
While items such as electronics, chemi- geration. He is turning an arithmetical a growth of 13.06 per cent over Rs 10
cals, pharmaceutical and petroleum inevitability into a guarantee. It is in- lakh crore collected in the preceding
posted significant growth, some others evitable that India will become the year, while the net corporate tax col-
like engineering goods, gems and third largest economy in the world (in lection stood at Rs 9.11 lakh crore, up
jewellery and leather declined, per terms of GDP)," Chidambaram told in 10.26 per cent from Rs 8.26 lakh crore
government data. an interview.
in the previous financial year.
Imports during the month registered a
higher growth of 10.27 per cent to Direct tax collections up
$54.09 billion, pushing the trade defi- 18% in FY24, top revised Stock exchange to admin-
cit to a five-month high of $19.1 billion, budget estimate ister research analysts:
according to quick estimates released SEBI
by the Commerce Department. Government's net direct tax collec-
tions, after adjusting for refunds, grew The Securities and Exchange Board of
17.7 per cent year-on-year to Rs 19.58 India (Sebi) will delegate administra-
India will be world's 3rd
lakh crore in financial year 2023-24, tive and supervisory responsibilities of
largest economy irrespective exceeding the revised estimate of Rs research analysts (RAs) and investment

of who's PM: Chidambaram 19.45 lakh crore by 0.67 per cent, as advisors (IAs) to a stock exchange along
per the provisional estimates released with many other non-core functions
Terming Prime Minister Narendra by the Ministry of Finance. like approval of advertisements and
Modi a "master of exaggeration" for scrutiny of applications.
"turning an arithmetic inevitability into Net direct tax collections had stood at
a guarantee", senior Congress leader Rs 16.64 lakh crore in the preceding Once the new norm kicks in, fresh ap-
P Chidambaram said that India will financial year 2022-23. Refunds stood plications for a research analyst will be
become the third largest economy in at Rs 3.79 lakh crore in FY24, an in- routed through the stock exchange,
the world no matter who becomes the crease of 22.74 per cent over the re- and enlistment with the exchange
PM. The former Union finance minis- funds of Rs 3.09 lakh crore issued in may be a prerequisite for obtaining
ter said India would achieve the feat FY23, the ministry said. Sebi registration.
given the size of its population, and At gross level, which is before adjust- Existing RAs will not be required to re-
there was "no magic" involved in it, ing for refunds, direct taxes collections register with the new administrative
but refrained from allotting a time for FY 2023-24 stood at Rs 23.37 lakh body, unlike when the transition for
frame within which the nation would crore, a growth of 18.48 per cent over investment advisors was done to the
progress to the coveted third place in the gross collection of Rs 19.72 lakh present BSE-owned administrative
the global ranking. crore in previous financial year. body.
According to the World Economy "The Budget Estimates (BE) for Direct Sebi at its March board meeting ap-
Rankings 2024, India, with a GDP of Tax revenue in the Union Budget for FY proved recognising a stock exchange as

14 | 2024 | JUNE | BANKING FINANCE