Net Direct Tax

 

News: India’s net direct tax collections have risen 17.6% in 2022-23. 

 

About the News:

• India’s direct tax collection increased to touch ₹16.61 lakh crore which is even exceeding the Revised Estimates target for the year by 0.7%.

• Corporate tax collections in the gross direct tax were ₹10.04 lakh crore.

• A contribution of  ₹9.61 lakh crore was made by taxpayers as personal income tax and Securities Transaction Tax (STT).

• Thus, the share of personal income tax and STT  is 48.9% in 2022-23 compared to around 47.4% in 2021-22.

• The corporate tax accounted for just 51.1% in the year gone by as opposed to 52.6% in 2021-22.

• The growth in corporate tax collections was also lower than revenues collected from personal income taxpayers, combined with STT inflows. 

• The gross corporate tax kitty had risen 16.9% in the year, while personal income tax and STT yielded growth of 24.2%.

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PM SVANidhi

• The PM SVANidhi is a micro-credit scheme, launched in 2020.

• It aims to provide handholding support to street vendors to tide over the pandemic-induced economic stress.

• It facilitates collateral-free loans of ₹10,000, with subsequent loans of ₹20,000 and ₹50,000 with 7% interest subsidy.

• Recently ministry of Housing and urban affairs released data which said

  • A total of 42.7 lakh loans amounting to ₹5,152.37 crore have been disbursed to street vendors under scheme.

  •  3.98 lakh or 9.3% of loans were distributed to hawkers from the minority communities.

  • Further,  there was a decline in the share of loans to street vendors of minority communities with 10.23% in 2020-21, 9.25% in 2021-22 and an all-time low of 7.76% in 2022-23. However, minorities constitute around 20% of the total population of the country, and their representation amongst street vendors is reported to be manifold owing to myriad socio-economic reasons.

  • Albeit the minorities constitute around 20% of the total population of the country, their representation amongst street vendors is reported to be manifold owing to myriad socio-economic reasons.

  • State-wise disbursal of loans:

    • Uttar Pradesh disbursing the maximum number of loans at 11,22,397.

    • Sikkim gave out one loan.

 

COPE India Exercise

 

News: The Air Forces of India and the U.S. are set to conduct the Cope India exercise from April 10 to 21 

 

About the Exercise:

• The exercise will take place at the Kalaikunda airbase in West Bengal.

• Japan will be an observer.

• The Indian Air Force (IAF) will use its frontline fighters SU-30MKI, Rafale and the indigenous Light Combat Aircraft along with force multipliers.

• The U.S. Air Force is expected to bring in F-15 fighter jets.

• The Japanese Air Self-Defence Force (JASDF) participated in Cope India as an observer for the first time in December 2018 based on the Agreement of Defence Ministerial Meeting on August 20, 2018.

• The U.S. proposed a trilateral air exercise between the three countries and so Japan was included as an observer with the intention to elevate it to a trilateral level in phases.

 

 

 

 

 

 

 

Manufacturing PMI 

 

​News: PMI reading rose to 56.4, from 55.3 in Feb.

 

About the News:

• Index was released by S&P Global India.

• As per the Index, New orders and output rose to a three-month high in March even as input cost inflation for manufacturing firms slipped to the second-lowest mark in two-and-a-half years.

• The PMI increases to 56.4, from 55.3 in February, signalling the strongest improvement in operating conditions in 2023 so far. 

• The PMI average for the January-March period was 55.7, lower than 56.3 in the previous quarter. New export orders grew at a faster pace in March than the previous month, but remained “slight and historically subdued,” S&P Global noted, based on its survey.

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