NEW DELHI: The government is estimated to have witnessed a shortfall of Rs 50,000 crore in direct tax collection target of Rs 12 lakh crore for 2018-19, a senior financeNSE -0.87 % ministry official said Tuesday.
The government is planning a major overhaul of the definition of state-run companies where an entity will continue to qualify as public sector enterprise (PSE) even if the government holding falls below 51 per cent.
A government source said the Centre has met the fiscal deficit target of 3.4 per cent of the gross domestic product (GDP) in FY19.
Ministry of Commerce & Textile (MOC&T) has all set to amend the Imports and Exports (Control) Act, 1950 (XXXIX of 1950), while extending the date of printing labels on imported items in Urdu and English till June 30, 2019.
The move by the government to bring warehouses under the Goods and Services Tax (GST) net is likely to have a major impact on players in the organised sector who take warehouses on rent as part of their collateral management business.
INDIA’S MSME sector has the potential to create up to 1 crore new jobs in the next 4-5 years by focusing on developing the enterprises in certain segments through partial substitution of imports, a report has said.