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Direct tax collections communications network is being set manufacturing component of
jump 18.2% up for defence forces in lieu of airwaves the index touched 10.2% in
vacated for civilian use, from Rs. November, up from 2.47% in the
Net direct tax collections grew at
11,330 crore to Rs. 24,664 crore. previous month. This strong
a multi-year high of 18.2% in the
April to December period, Rajya Sabha passes performance was accompanied
according to official data released Bankruptcy Code Bill by a 13.5% jump in the
infrastructure and construction
on January 9, 2018. The The Rajya Sabha, on 2 January 2018,
sector, up from 5.21% in
provisional figures of direct tax passed the Insolvency and Bankruptcy
October.
collections up to December 2017 Code (Amendment) Bill, 2017,
show that net collections are at Rs. which bars unscrupulous persons Cabinet approves
6.56 lakh crore which is 18.2% from misusing the provisions of the closure of Tungabhadra
higher than the net collections for code. The Bill, which replaces an Steel Products
the corresponding period of last ordinance promulgated last The Cabinet, on 10 January 2018,
year. The net direct tax collections November, was cleared by the Lok approved the closure of
represent 67% of the total Budget Sabha last week. Tungabhadra Steel Products Ltd
Estimates of direct taxes for Government divests (TSPL). The decision also allowed
financial year 2017-18 (Rs. 9.8 2.52% of paid-up the name of the company to be
lakh crore). capital in NMDC struck off from the Registrar of
Net direct tax collections Companies after settling balance
Government, on 9 January 2018,
grew 12% in the same period of liabilities of TSPL. The Cabinet
successfully divested 2.52% of paid-
the previous financial year. Tax Committee on Economic Affairs
experts ascribe this quicker up capital in National Mineral had approved the closure of the
Development Corporation (NMDC)
increase in direct tax collections company in December 2015 after
for an amount of Rs. 1200 crore
to the government’s efforts to discharging all dues to
widen the tax net and increase approx. Originally, the disinvestment employees/workers and
in NMDC OFS was pegged at basic
compliance. creditors.
issue size of 1.5% of paid-up capital at
Telecom panel for SEBI tightens rating
floor price of Rs.153.50 per share. The
lifting spectrum cap issue got over-subscribed by three agency, MF norms
The Telecom Commission, on 9 times the base issue size. The Securities and Exchange
January 2018, favoured easing the Industrial output Board of India, on 28 December
cap on spectrum holding by expands 8.4% 2017, tightened the norms for
telcos, a move that would aid credit rating agencies (CRAs) and
Industrial output growth quickened in
mergers and acquisitions in the mutual funds (MFs) to reduce
November to a 25-month high of 8.4%
sector which is reeling under instances of conflict of interest. It
financial stress. Agreeing with bolstered by strong performances in also allowed complete integration
regulator TRAI’s recommenda- the manufacturing, construction, and of stock and commodity
tions, the Telecom Commission, consumer non-durables sectors, exchanges to enable both asset
which is the highest decision- official data showed on January 12, classes to be available for trading
making body in the Telecom 2018. Separately, Consumer Price on a single platform.
Ministry, approved raising the cap Index (CPI) data for December The SEBI board increased the
of overall spectrum that can be held showed retail inflation quickened to a net worth requirement for rating
by an operator in a circle to 35% 17-month high of 5.21%, spurred by agencies to Rs. 25 crore from the
from the current 25%. food and fuel price gains. current Rs. 5 crore. It also decided
The Telecom Commission also The acceleration in the Index of that the promoter entity would have
approved increase in budget for Industrial Production (IIP) growth was to maintain at least 25% stake in
‘Network for Spectrum’ project, significant, coming after October’s the rating agency for a period of
under which a dedicated 2.24% increase. Growth in the three years.

March 2018 Competition Wizard 71