Anuradha Shukla

Income-tax dept to act against 15.2 million non-filers. CBDT orders outreach from April 15. Focus on bank transactions, penalties for defaulters with high cash deposits.

India imposed a 20% export duty on white rice in September 2022 and subsequently on parboiled rice in August 2023 to control rising domestic prices. There is no ban currently on basmati rice exports but a minimum export price of Rs 1,200/ million tonnes (mt) was prescribed, which was later reduced to Rs 950/ MT.

CBDT mandated SROs to report high-value transactions by June 30. 6,000 entities failed to comply, lacking data. Form 61A enforcement in progress for Income Tax Act adherence.

Centre's priority: digitize land records by 2026 with ₹1,035 crore, part of key land reforms in 100-day agenda. Aims to streamline land acquisition, reduce disputes, and expedite infrastructure projects.

Businesses challenge GST notices in high courts over deadline extensions, with legal experts monitoring for legitimacy of demand orders and force majeure interpretation. Over 800 taxpayers involved in nationwide petitions.

The government's efforts to eliminate fake beneficiaries from various schemes resulted in saving approximately ₹3.35 lakh crore between FY18 and FY24. The Department of Expenditure identified and canceled millions of fake ration cards, beneficiaries of the LPG subsidy scheme, names under the MGNREGS, and beneficiaries under the PM Kisan scheme. These savings, which amounted to ₹30,000 crore in FY24 alone, are expected to be even higher when considering the last decade. The government is working with state governments to use technology to further reduce leakages.

The Appointment committee of Cabinet has approved the appointed Sanjaya Kumar Mishra, former Chief Justice, Jharkhand High Court as President GST Appellate Tribunal (GSTAT) for 4 years.

India's Central Public Sector Enterprises (CPSEs) continued to bolster economic activity, exceeding the mandated procurement from Micro, Small, and Medium Enterprises (MSMEs) by 36.34% in the Financial Year 2024, surpassing the required 25%. In total, 54 CPSEs and five government departmental entities, including the Railways Board and the National Highways Authority of India, procured goods through Government e-marketplace (GeM), amounting to ₹2.62 lakh crore by March 31, 2024.

Central Bureau of Narcotics plans GIS survey to curb illegal opium trade. Farmers cultivate opium with other crops in Northeast, Rajasthan, Bihar. India is authorized for opium production and produces gum opium.

The government expects tax revenues to exceed budgeted growth in Q1 but will stick to interim budget revenue estimates, considering global headwinds. Gross revenue collections projected at ₹38.30 lakh crore for FY 2024-25, with factors like compliance, corporate earnings, elections, and enhanced focus on recovery contributing to growth.