While detailed discussions on the proposal have taken place, a formal decision is awaited, sources said.
Income tax officials have recently turned towards the government-owned airline Air India, to check in on its subsidiary AIESL (Air India Engineering Services). The airline, which has been delaying salary payments and even GST, however, said nothing was amiss. The TDS survey was done to ensure that it was depositing the taxes deducted at source.
Armed with data, tax authorities have cracked the whip on jewellers who made huge cash deposits post demonetisation in 2016 but could not explain how they generated so much money when they were showing low income in their tax returns.
Collectively others are over a quarter of non-oil imports. A bulk of these relate to chemicals, steel and machinery.
The Credit Guarantee Fund Trust for Micro and Small Enterprises, run by the government and financial institution Sidbi, has floated a consultation paper to banks, where it has estimated that it will get business of around Rs 4,000 crore during the first year.
The focus is to capture economic activity more accurately, particularly in the unorganised sector.
Sources said there have been suggestions to restrict toy imports, for which several steps such as a quality control order as well as stringent standards have been worked out. Similarly, there have been issues with white goods, especially TV sets, with several domestic players, too, relying on cheap imports from China and Southeast Asian countries.
The insolvency related concern in the real estate sector is seen to have been largely addressed through amendments to the law.
Brent prices crossed the $71-a-barrel mark early Wednesday morning after Iran launched a missile attack, but softened later in the day. Since last year, Brent prices have jumped nearly 15% and were trading around $68 a barrel. Over the past year, the increase in pump prices of diesel and petrol has been around 10%.
The idea is to improve upon the red flags, which have helped the government improve compliance, resulting in filing of the GSTR-3B forms rising over 12% to 81 lakh returns by the December 20 deadline.
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