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News in Numbers: Income tax searches unearth Rs71,941 crore in undisclosed income

LiveMint logoLiveMint 24-07-2017 howindialives.com

7.95 million

What is it? The number of applicants to register under the goods and services tax (GST) as of mid-Friday.

Why is it important? The number of registered taxpayers under GST is now 50,000 short of the 8 million tax base of value added tax (VAT), excise duty and service tax. With registration open until tomorrow, the tax base under GST is expected to exceed the previous regime. Meanwhile, the government has extended last date for small businesses (with revenue of Rs75 lakh) to register under the composition scheme where traders will pay lower tax rates.

Tell me more: Widening of tax base will help the government collect more taxes, and could lead to reduction in tax rates. India’s tax revenue to gross domestic product (GDP) is 17%, as compared to 25.4% in the US.

Rs9,509 crore

What is it? The unspent funds with Health Societies in 27 states (compared to Rs7,375 crore in 2011-12) under the National Rural Health Mission, according to a report filed by the Comptroller and Auditor General (CAG) on Friday.

Why is it important? The amount increased in six states, while Rs36.31 crore has been diverted to other schemes. The CAG observed the shortfall in availability in physical infrastructure such as primary health centres to be 24-38% in 28 states, instances of non-availability of essential drugs in 24 states, and medicines issued to patients without prescribed quality checks in 14 states. The average shortage of five types of specialists (general surgeon/physician, obstetrician/gynaecologist, paediatrician and anaesthetist) ranged around 77-87% in select community healthcare centres in 27 states.

Tell me more: About 13,000 facilities did not report data on Health Management Information System, a web-based interface, in 2015-16 due to which the overall position on health indicators has not been ascertainable.

Rs71,941 crore

What is it? The total amount of undisclosed income detected by way of searches, seizures and surveys by the Income Tax department between 1 April 2014 and 28 February 2017, as per information submitted by the government to the Supreme Court.

Why is it important? This is after the government’s effort to curb black money generation. Among the steps taken by the government to flush out black money, it recently cancelled the registration of 100,000 firms, while it is probing 37,000 shell companies for funnelling black money and of another 300,000 firms for suspicious transactions.

Tell me more: Until a couple of months after the demonetisation move, another attempt against those hoarding money illegally, the total undisclosed amount admitted was over Rs5,400 crore, while the total quantity of gold seized was over 300 kg.

Rs1.5 lakh

What is it? The amount payable to members of central bank’s Monetary Policy Committee (MPC) for each meeting.

Why is it important? Apart from paying a sitting fee to MPC members, the central bank also codified conduct involving conflict of interest, confidentiality and silent period. For example, members are required to maintain a seven-day silent period before and after the meeting. This will generate greater confidence in MPC’s decision-making.

Tell me more: MPC’s mandate is to guide monetary policy to achieve a targeted inflation rate of 4% through adjustments in lending rates and provisioning norms by the central bank.

31

What is it? The number of people arrested by the Rajasthan police for stealing crude oil from India’s biggest onshore oilfield owned by Cairn India.

Why is it important? The crime went undetected for six years, and 50 million litres of crude oil worth $ 7.75 million was stolen. Drivers and contractors working in the oilfield were part of the network that stole crude oil.

Tell me more: Trucks carrying water—a byproduct of oil exploration—out of the oilfield were carrying crude oil, and was sold to two factories nearby with storage capacity. These factories then sold to clients across India.

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