The Evening Wrap: New tax regime to benefit middle class, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on February 11 said the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the Central Board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5%; ₹6-9 lakh at 10%, ₹9-12 lakh at 15%, ₹12-15 lakh at 20% and income of ₹15 lakh and above will be taxed at 30%. However, no tax would be levied on annual income of up to ₹7 lakh. Answering a question on the Adani Group crisis, the Minister said, “Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized of the matter and they are on their toes as always, not just now.” On regulating crypto assets, she said India is in discussion with G20 nations for designing a common framework. Lithium reserve found in J&K’s Reasi is of best quality: Official The country’s first lithium reserve, found in Jammu and Kashmir on February 9 is of the best quality, a senior government official said, as upbeat villagers expressed hope the discovery will bring them a bright future. The 5.9-million ton reserve of lithium, a crucial mineral for the manufacturing of electric vehicles and solar panels, had been discovered in Reasi district by the Geological Survey of India. “Lithium falls in the critical resource category which was not earlier available in India and we were dependent for its 100% import. The G3 (advanced) study of the GSI shows the presence of best quality lithium in abundant quantity in the foothills of Mata Vaishno Devi shrine at Salal village (Reasi),” J-K Mining Amit Secretary Sharma told PTI. He said against the normal grade of 220 parts per million (PPM), the lithium found in J&K is of 500 ppm-plus grading, and with a stockpile of 5.9 million tons, India will surpass China in its availability. “India joined a select group of countries at the global level after this finding and it will fulfil the vision of Prime Minister Narendra Modi’s ‘Aatmanirbhar Bharat’ (self-reliant India),” he said. Asked about the possible timeline for its extraction to start, he said every project takes its own time. Net Direct Tax kitty grows by 18.4% so far this year India’s Gross Direct Tax collections had risen 24.1% to touch ₹15.67 lakh crore by Friday, with personal Income Tax collections rising 29.6%, much faster than corporate income tax inflows which are up 19.3% so far this year. Net of refunds, total tax collections are ₹12.98 lakh crore, 18.4% higher than a year ago and constitute 91.4% of the Budget targets for 2022-23 and 78.65% of the revised estimates. By January 10, Net Direct Tax collections stood at ₹12.31 lakh crore, reflecting a 19.55% growth so the latest cumulative receipts numbers indicate a marginal slowdown in Direct Tax inflows over the past month. “The provisional figures of Direct Tax collections up to February 10, 2023 continue to register steady growth,” the Finance Ministry said in a statement. Refunds amounting to ₹2.69 lakh crore have been issued between April last year and February 10 this year, which are 61.6% over the refunds issued during the same period in the preceding year. “After adjustment of refunds, the net growth in Corporate Income Tax collections is 15.84% and that in Personal Income Tax collections is 21.93%,” the ministry said. If the Securities Transaction Tax (STT) receipts are clubbed with Personal Income Tax revenues, the growth rate is slightly lower at 21.23%. Tripura polls | PM Modi addresses election rallies in Tripura’s Dhalai and Gomati districts Prime Minister Narendra Modi said he would personally oversee the implementation of the BJP’s ‘Sankalp Patra’ (manifesto) released for the Tripura Assembly polls. Addressing two election rallies, he repeatedly appealed to people to refrain from voting for the Left-Congress alliance and retain the “double engine” government in the State for the “continuation of peace, development and welfare measures”. Modi addressed the first of his four scheduled district-wise ‘Vijay Sankalp’ rallies at Ambassa in Dhalai district, 87 km east of Agartala, and the second at Udaipur in Gomati district. He will visit Tripura again on February 13. The Assembly polls are due on February 16. He lashed out at the CPI-M and the Congress highlighting their alleged misrule, corrupt practices, oppressive anti-poor and anti-tribal attitude, terror tactics and divisive policies in the past. “People got rid of unbearable sufferings in all spheres of life and business by installing the ‘double engine’ government in the 2018 Assembly polls,” he said. “These parties have now joined hands for the lust of power and bring back the dark chapter,” he added. In his appeal for votes, he made it clear that the BJP “counted every single vote” and people should “set up their minds to vote only for the lotus [the BJP’s] symbol”. Unlike Union Home Minister Amit Shah, the Prime Minister did not mention the TIPRA (Tipraha Indigenous Peoples Regional Alliance) in both his speeches, but said “a few small parties were also trying to split votes”. Pakistan government approves new tax on electricity to meet IMF conditions Pakistan is moving swiftly to pacify the IMF with the approval of a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the conditions of the global lender, according to a statement. The IMF delegation held 10-day marathon talks with Pakistan officials to release the next tranche of $1.1 billion out of an already agreed loan but left on Thursday for Washington without signing a staff-level agreement. Finance Minister Ishaq Dar, who had led the Pakistan side in talks, told the media on Friday that prior actions were needed as the two sides would resume the talks in virtual mode from Monday. Hours later, the Minister chaired the meeting of the Economic Coordination Committee of the cabinet which approved the imposition of a special financing surcharge of Rs. 3.39 per unit in average power tariff in addition to quarterly tariff adjustments of up to Rs. 3.21 per unit for one year and recovery of pending fuel cost adjustments of up to Rs 4 per unit for about three months. The ECC also approved the discontinuation of power tariff subsidies to zero-rated industries as well as the Kissan package with effect from March 1 to fulfil other prior action conditions by the IMF. The meeting approved an overarching Revised Circular Debt (power sector debt) Reduction Plan worth Rs 952 billion for the current fiscal year that would also involve an additional budget subsidy of about Rs 335 billion to meet another condition, the Ministry of Finance said in a statement on Saturday. While approving these measures that would further burden the masses with costly electricity and other household items, the ECC approved a technical supplementary grant of Rs 450 million in favour of the Ministry of Defence, showing that the country would continue to spend on defence even when the economy was in dire straits. Among other measures, the country also agreed to raise 1% the General Sales Tax (GST) rate, in just four months, from the current 17%. In Brief: A wily Ravichandran Ashwin blew away a panic-stricken Australia with a fifer as India dismantled visitors’ second innings in a single session to win the opening Test by a comprehensive innings and 132 run-margin. After taking a massive 223-run first innings lead, India decimated Australia for just 91 in 32.3 overs with the Test match finishing inside three days at VCA stadium in Jamtha. After Axar Patel’s career-best 84 and Mohammed Shami’s entertaining 37 took India to a commanding first innings total of 400, Ashwin (5/37) literally mauled the Australians with the new ball, taking his 31st five-wicket haul in Test cricket. Evening Wrap will return tomorrow. [logo] The Evening Wrap 11 FEBRUARY 2023 [The Hindu logo] Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. [[Arrow]Open in browser]( [[Mail icon]More newsletters]( New tax regime to benefit middle class; leave more money in their hands: FM Sitharaman [Finance Minister Nirmala Sitharaman on February 11 said the new tax regime will benefit the middle class]( as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the Central Board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments. [Finance Minister Nirmala Sitharaman with other officials of the Ministry and RBI Governor Shaktikanta Das during a press conference after the 600th meeting of the Central Board of RBI.] Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5%; ₹6-9 lakh at 10%, ₹9-12 lakh at 15%, ₹12-15 lakh at 20% and income of ₹15 lakh and above will be taxed at 30%. However, no tax would be levied on annual income of up to ₹7 lakh. Answering a question on the Adani Group crisis, the Minister said, “Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized of the matter and they are on their toes as always, not just now.” On regulating crypto assets, she said India is in discussion with G20 nations for designing a common framework. Lithium reserve found in J&K’s Reasi is of best quality: Official [The country’s first lithium reserve, found in Jammu and Kashmir on February 9 is of the best quality, a senior government official said]( as upbeat villagers expressed hope the discovery will bring them a bright future. The 5.9-million ton reserve of lithium, a crucial mineral for the manufacturing of electric vehicles and solar panels, had been discovered in Reasi district by the Geological Survey of India. “Lithium falls in the critical resource category which was not earlier available in India and we were dependent for its 100% import. The G3 (advanced) study of the GSI shows the presence of best quality lithium in abundant quantity in the foothills of Mata Vaishno Devi shrine at Salal village (Reasi),” J-K Mining Amit Secretary Sharma told PTI. He said against the normal grade of 220 parts per million (PPM), the lithium found in J&K is of 500 ppm-plus grading, and with a stockpile of 5.9 million tons, India will surpass China in its availability. “India joined a select group of countries at the global level after this finding and it will fulfil the vision of Prime Minister Narendra Modi’s ‘Aatmanirbhar Bharat’ (self-reliant India),” he said. Asked about the possible timeline for its extraction to start, he said every project takes its own time. Net Direct Tax kitty grows by 18.4% so far this year [India’s Gross Direct Tax collections had risen 24.1% to touch ₹15.67 lakh crore by Friday]( with personal Income Tax collections rising 29.6%, much faster than corporate income tax inflows which are up 19.3% so far this year. Net of refunds, total tax collections are ₹12.98 lakh crore, 18.4% higher than a year ago and constitute 91.4% of the Budget targets for 2022-23 and 78.65% of the revised estimates. By January 10, Net Direct Tax collections stood at ₹12.31 lakh crore, reflecting a 19.55% growth so the latest cumulative receipts numbers indicate a marginal slowdown in Direct Tax inflows over the past month. “The provisional figures of Direct Tax collections up to February 10, 2023 continue to register steady growth,” the Finance Ministry said in a statement. Refunds amounting to ₹2.69 lakh crore have been issued between April last year and February 10 this year, which are 61.6% over the refunds issued during the same period in the preceding year. “After adjustment of refunds, the net growth in Corporate Income Tax collections is 15.84% and that in Personal Income Tax collections is 21.93%,” the ministry said. If the Securities Transaction Tax (STT) receipts are clubbed with Personal Income Tax revenues, the growth rate is slightly lower at 21.23%. Tripura polls | PM Modi addresses election rallies in Tripura’s Dhalai and Gomati districts [Prime Minister Narendra Modi said he would personally oversee the implementation of the BJP’s ‘Sankalp Patra’ (manifesto) released for the Tripura Assembly polls](. Addressing two election rallies, he repeatedly appealed to people to refrain from voting for the Left-Congress alliance and retain the “double engine” government in the State for the “continuation of peace, development and welfare measures”. Modi addressed the first of his four scheduled district-wise ‘Vijay Sankalp’ rallies at Ambassa in Dhalai district, 87 km east of Agartala, and the second at Udaipur in Gomati district. He will visit Tripura again on February 13. The Assembly polls are due on February 16. He lashed out at the CPI-M and the Congress highlighting their alleged misrule, corrupt practices, oppressive anti-poor and anti-tribal attitude, terror tactics and divisive policies in the past. “People got rid of unbearable sufferings in all spheres of life and business by installing the ‘double engine’ government in the 2018 Assembly polls,” he said. “These parties have now joined hands for the lust of power and bring back the dark chapter,” he added. In his appeal for votes, he made it clear that the BJP “counted every single vote” and people should “set up their minds to vote only for the lotus [the BJP’s] symbol”. Unlike Union Home Minister Amit Shah, the Prime Minister did not mention the TIPRA (Tipraha Indigenous Peoples Regional Alliance) in both his speeches, but said “a few small parties were also trying to split votes”. Pakistan government approves new tax on electricity to meet IMF conditions [Pakistan is moving swiftly to pacify the IMF with the approval of a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue]( to meet the conditions of the global lender, according to a statement. The IMF delegation held 10-day marathon talks with Pakistan officials to release the next tranche of $1.1 billion out of an already agreed loan but left on Thursday for Washington without signing a staff-level agreement. Finance Minister Ishaq Dar, who had led the Pakistan side in talks, told the media on Friday that prior actions were needed as the two sides would resume the talks in virtual mode from Monday. Hours later, the Minister chaired the meeting of the Economic Coordination Committee of the cabinet which approved the imposition of a special financing surcharge of Rs. 3.39 per unit in average power tariff in addition to quarterly tariff adjustments of up to Rs. 3.21 per unit for one year and recovery of pending fuel cost adjustments of up to Rs 4 per unit for about three months. The ECC also approved the discontinuation of power tariff subsidies to zero-rated industries as well as the Kissan package with effect from March 1 to fulfil other prior action conditions by the IMF. The meeting approved an overarching Revised Circular Debt (power sector debt) Reduction Plan worth Rs 952 billion for the current fiscal year that would also involve an additional budget subsidy of about Rs 335 billion to meet another condition, the Ministry of Finance said in a statement on Saturday. While approving these measures that would further burden the masses with costly electricity and other household items, the ECC approved a technical supplementary grant of Rs 450 million in favour of the Ministry of Defence, showing that the country would continue to spend on defence even when the economy was in dire straits. Among other measures, the country also agreed to raise 1% the General Sales Tax (GST) rate, in just four months, from the current 17%. In Brief: A wily Ravichandran Ashwin blew away a panic-stricken Australia with a fifer as [India dismantled visitors’ second innings in a single session to win the opening Test by a comprehensive innings and 132 run-margin](. After taking a massive 223-run first innings lead, India decimated Australia for just 91 in 32.3 overs with the Test match finishing inside three days at VCA stadium in Jamtha. After Axar Patel’s career-best 84 and Mohammed Shami’s entertaining 37 took India to a commanding first innings total of 400, Ashwin (5/37) literally mauled the Australians with the new ball, taking his 31st five-wicket haul in Test cricket. Evening Wrap will return tomorrow. First Day First Show Stay up-to-date on all things cinema with the "First Day First Show" cinema & entertainment newsletter. Every week, we bring you movie reviews, news from regional cinema, Bollywood, Hollywood, and beyond, as well as updates from the streaming platforms. Whether you're a cinephile or just looking for your next great binge-watch, we've got you covered. 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