Category: Student’s Corner

Swelling exchequer Direct tax collection up 14% The jump in tax collection indicates that the government strategy of covering more in the tax net is proving to be successful. The government is flesh with funds now. The tax revenue is on a steady rise. The provisional figures of Direct Tax collections up to December, 2018 show that gross collections are at Rs 8.74 trillion which is 14.1% higher thanthe gross collections for the corresponding period of last year. Refunds amounting to Rs 1.30 trillion have been issued during April, 2018 to December, 2018, which is 17% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 13.6% to Rs 7.43 trillion during April - December, 2018. The net Direct Ta...

Jackpot to the government Wealth in oil exploration Government has taken steps for the development of a gas-based economy in the country, which include a plan for expansion in natural gas supply with the help of additional domestic gas production. The government expects an estimated revenue of Rs 45,000 crore under Discovered Small Field Bid Round-II from 25 Contract Areas; and Rs 9000 crore under Discovered Small Field Bid Round-I from 30 Contract Areas. The gross estimated revenue is based on estimates of oil and gas hydrocarbon in place reserves, assumption in terms of hydrocarbon recovery factor, hydrocarbon sale price, etc, from 25 Contract Areas considering project life of 15 years. However, actual revenue realization from these fields may vary based on actual award o...

Trade Bloc WTO regime and India's stand-off with certain issues Though the world has become a free-trade zone with the smooth flow of goods, services and intellectual properties without barrier, there are more than enough issues between trading partners or members of other regional trade bodies. In fact, when disputes are common, most Of the time it is perceived that the WTO regime applies a clutch on developing economies, especially in the case Of TRIP, writes Aishwarya Sudheer, a student of final year B. Corn. The US came out with objections against India 18 months after India signing the WTO agreement. That time, it alleged that India had no patent protection for pharmaceutical and agricultural chemical products in India. India has been a mender of the World Trade Organisa...