Page 14 - Banking Finance February 2023

ROUNDUP

NPS death claims NPS Trust may use Net direct taxes meet 87% A national-level cooperative organic
the VCIP process while processing e- society, a cooperative seed society and
of FY23 target by Jan 10
NPS death claims. a cooperative export society will be
The Centre's direct tax collections, net registered under the Multi-State Coop-
Meanwhile, earlier this month, PFRDA
of refunds, reached 86.7 percent of the erative Societies (MSCS) Act, 2002.
had notified, "in line with the techno-
2022-23 budget target by January 10,
logical advancements and for ensuring According to sources, the National
the finance ministry said on January
seamless exit claim processing, it has Cooperative Organic Society, to be
11.
been decided to allow the intermedi- based in Anand, Gujarat, will be set up
aries to use VCIP as an added due dili- Between April 1, 2022 and January 10, with an authorised share capital of Rs
gence mechanism for verification of 2023, the government's gross direct 500 crore. It will have an initial paid-
the nominee/claimant/legal heir while tax collections stood at Rs 14.71 lakh up share capital of Rs 100 crore,
processing the withdrawal claims in crore, the ministry said in a statement. sources said.
case of death of NPS subscribers." Net of refunds, which amounts to Rs
2.4 lakh crore, the number is Rs 12.31 At Rs. 14.71 lakh crore,
lakh crore, 19.6 percent higher from
PhonePe raises $350 mil- gross direct tax mop up
the corresponding period of the finan-
lion, now bigger than cial year 2021-22. rises 24.5% so far this fis-
Swiggy, PayTm The Centre had estimated it would cal
Payments and financial services uni- collect Rs 14.2 lakh crore as direct India's gross direct tax collections rose
corn PhonePe has raised $350 million taxes in 2022-23-Rs 7.2 lakh crore in
24.58% to Rs. 14.71 lakh crore till Janu-
in funding from General Atlantic - a corporate tax and Rs 7 lakh crore in ary 10 this fiscal, buoyed by an upsurge
leading global growth equity firm - at personal income tax. in personal income tax mop up, govern-
a pre-money valuation of $12 billion,
"After adjustment of refunds, the net ment data showed. After adjusting
making the Walmart-owned start-up
growth in CIT (corporate income tax) refunds, net direct tax collections
the most-valued financial technology
collections is 18.33 percent and that in stood at Rs. 12.31 lakh crore, a jump
(fintech) player in India.
PIT (personal income tax) collections is of 19.55% over the corresponding pe-
The investment is the first tranche of 21.64 percent," the finance ministry riod of last fiscal.
the company's latest fundraise that said. The government has reached 86.68%
could see marquee global and Indian of its FY23 budget estimates for direct
investors put in up to $1 billion in the National Cooperative Soci- taxes, pegged at Rs. 14.20 lakh crore.
fintech firm.
ety to have Rs. 500-cr Economists expect overall tax collec-
With this funding round, the home-grown tions to exceed the budgeted estimate
share capital
digital payments start-up has more than and provide cushion against additional
National Dairy Development Board
doubled its valuation - from $5.5 billion spending.
(NDDB), Amul and NAFED will be
in 2020. With a $12-billion valuation, it
among the five promoters of the newly
has joined the decacorn club. Centre to set up 3 new co-
announced national-level cooperative
PhonePe has managed to raise late-
society for organic food products, op societies
stage funding amid a funding winter.
which will focus on enhancing farmers'
The Centre decided to establish three
General Atlantic will be infusing sub- income by improving production, cer-
new national level multi-state coopera-
stantial capital, along with Walmart tification and marketing system.
tive societies to promote organic prod-
and other new investors, to a final
The Cabinet Committee on Economic ucts, seeds and exports. The national-
raise of $1 billion, informed sources.
Affairs (CCEA) approved a proposal to level cooperative organic society, coop-
The latest fundraise follows the establish three new national-level erative seed society and cooperative
company's recently announced change multi-state cooperative societies to export society will be registered under
of domicile to India and full separation promote organic products, seeds and the Multi-State Cooperative Societies
from Flipkart. exports. (MSCS) Act, 2002.
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