Tax proposals to yield additional 30K cr in FY20 Revenue Secretary

first_imgNew Delhi: The government will rake in an additional Rs 30,000 crore in revenue from higher tax imposed on super-rich and higher duties on petrol and diesel in current fiscal year, Revenue Secretary Ajay Bhushan Pandey said. He said the exchequer will mobilise the additional resources by way of increase in duty and cess on petrol and diesel, and increased customs duty on gold and precious metals, besides higher surcharge on super-rich. However, there will be some revenue loss on account of the increase in ambit of concessional corporate tax rate of 25 per cent to companies having a turnover of Rs 400 crore as against Rs 250 crore earlier. Also Read – Maruti cuts production for 8th straight month in SepThe annual gain from increase in Special Additional Excise duty and road cess on petrol and diesel is Rs 30,000 crore. However, for the remaining nine months of the current fiscal, the government is expecting a revenue gain of Rs 22,000 crore. The surcharge on super rich is expected to fetch an additional Rs 12,000-13,000 crore. Finance Minister Nirmala Sitharaman in 2019-20 Budget, tabled in Parliament, proposed to increase surcharge from 15 per cent to 25 per cent on taxable income between Rs 2-5 crore and from 15 per cent to 37 per cent for income above Rs 5 crore. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsThe exchequer is likely to forego a revenue of Rs 4,000 crore on account of the proposal to increase the ambit of lower corporate tax rate to cover 99.3 per cent of Indian companies. The government is estimated to get an additional Rs 3,000-4,000 crore from the hike in customs duty on gold and precious metals to 12.5 per cent from 10 per cent. However, this gain will be offset by lowering of customs duty on various other goods. On net basis, Pandey said, the tax proposals in the Budget will yield the government an additional Rs 30,000 crore during the current fiscal.last_img read more

Association of Colleges and Universities of Canada changes name logo

The Association of Colleges and Universities of Canada (AUCC) has undergone a name change.Starting Wednesday, it will be known as Universities Canada/Universités Canada.Under the AUCC banner, adopted in 1965, the organization brought universities together, facilitating a cohesive voice and a forum for collective action. The shift to Universities Canada/Universités Canada highlights the association’s focused role in supporting universities’ significant contribution to Canada.“The evolution from the Association of Universities and Colleges of Canada to Universities Canada/Universités Canada marks a significant new era for our organization,” says Paul Davidson, president of Universities Canada/Universités Canada. “Our new identity truly reflects the innovative, focused and dynamic nature of our organization, our work and our people. We are articulating more clearly who we are and what we stand for.”Universities Canada/Universités Canada (formerly AUCC) is the voice of Canada’s universities at home and abroad, representing the interests of 97 Canadian public and private not-for-profit universities and university degree-level colleges.The new identity features an iconic diamond image that symbolizes convergence and destination-a town square, a traffic intersection, a university quad. Turning it on end creates added dynamism, highlighting the need to continually advance in order to serve the needs of higher education, research and innovation.The diamond expands outward from a common centre to symbolize growth, evolution, steadily increasing reach and inclusiveness. It illustrates that Canada’s universities are shaping responses to a perpetually changing world. read more