Page 30 - NIS-English 16-31 May 2022

Towards Duty
Towards
Duty
Path
Path
Years
Years
CORPORATE TAX: A REDUCED TAX BURDEN ON COMPANIES: SPECIAL FOCUS ON MSMES
Previously, domestic companies had to pay a 30% For the first time, any government has taken
corporate tax. In addition to this surcharge was such steps for the micro, small, and cottage
also levied. It has now been reduced to 22%. The industry sector, which employs more than
effective rate, plus surcharge and cess, is 25.17 11 crore people and contributes 29 percent
percent. Previously, India had the highest effective of India's GDP, and on whose path the dream
corporate tax rate in the world. of self-reliance is being realised. This sector,
FREEDOM FROM THE BURDEN OF UNNECESSARY LAWS: which was the most affected during the Corona
Unnecessary laws impose an unnecessary burden period, was redefined. Six provisions totaling
on both life and business competition. There were more than Rs 5 lakh crore were included in the
2,875 such laws or trade barriers identified. Of self-reliance India package. The Champions
these, 2007, has been repealed. Not only that but Portal was launched for the resolution of
the deadline for obtaining necessary approvals has MSMEs-related cases within 72 hours.
been reduced to a single-window clearance.
FACELESS ASSESSMENT, TAX REFORMS: ONE PRODUCT, ONE DISTRICT
Important steps have been taken in the direction of Districts known for a specific product have
tax reforms. A faceless assessment system was been identified through the One District, One
introduced to empower honest taxpayers. As a Product Scheme. All of the assistance required
result of this, personal tax collection has increased to promote their products is provided here. So
by 48 percent and corporate tax collection by 41 far, 106 products from 103 districts
percent in the financial year 2021-22. There has have been chosen. A list of
been an increase of 20% in the collection of indirect over 739 products from THE WORLD'S

taxes. Tax collection has been Rs 27.07 lakh crore 739 districts is to be FASTEST-GROWING
which is Rs 5 lakh crore more than the target. prepared. ECONOMY
Ease of Doing Business It is the result of the
government's vision
This index is issued by the World Bank. It takes into during the difficult times of
account several parameters of the economy to arrive the Corona epidemic, which
at the ease of doing business ranking. It guides the not only checked the GDP growth
investors in knowing the suitability of the market rate, which had plummeted to
through addressing questions such as how easy it is to minus 23.9 percent after the strict
start a business in any country or the obstacles in doing lockdown but also defied economic
business. experts from all over the world's fear
The government of recession in India. The GDP growth
142 131 130 100 77 77 aims to ensure 2021 was 5.4 percent, which was higher
rate in the October-December quarter of
India's place
in the top 50
63
countries on the
world. The government has released the
ease of doing than the rate in every other country in the
2014 2015 2016 2017 2018 2019 2020 business index. first advance estimate for 2022–2023,
which stands at 9.2 percent. By 2030,
THIRD MONTH IN A ROW, INDIA IS AT THE TOP OF India may surpass Japan to become
THE EMERGING MARKETS LIST Asia's second-largest economy.
India remains at the top of the emerging market league
table for the third consecutive month in January 2022,
owing to strong exports and manufacturing activity.
Despite the Omicron variant of the corona pandemic, India's
manufacturing and service activity sectors expanded in
January, and the growth of new jobs and production remained
strong, according to the Mint Emerging Market Tracker.

Started construction of Delhi-Mumbai, Amritsar-Kolkata,
Chennai-Bengaluru, Vizag-Chennai, and Bengaluru-Mumbai
economic corridors with the establishment of the National
Industrial Corridor Development and Implementation Trust
in 2017. Along with this, two defense corridors have also
been approved for defense production in Uttar Pradesh and
Tamil Nadu.
28 New India Samachar May 16-31, 2022