Private wealth creators are solely responsible for India's banking stress; increasingly fleeing India with their wealth and bank loans, and those making huge profits are doing so by cutting jobs and wages

Based on cumulative inflows between April 2000 and September 2020, it is the 10th largest contributor with a 2 per cent share in total FDI flows

While government claims on tax compliance and GST collections paint a healthier picture of the economy, tax-to-GDP has fallen for two consecutive years and tax collections across the board in the first half of FY21 are nowhere close to FY20, indicating that trouble is far from over

Not only India's relief packages are grossly inadequate it is not even spending enough to revive demand in the crisis-hit economy; what is needed is clear: more fiscal spending, not \"keeping the power dry\" for future stimulus or unrealistic claim of a V-shaped recovery

Most governments across the world incentivise debts to drive business even when it leads to over-borrowing, economic instability, tax evasion and adversely impacts investment in public goods. In contrast, equity-driven business has none of these ill-effects, produces better economic outcomes too

Apart from rise in financial frauds in private companies in India, recent years have also witnessed a rise in the role of shell companies and tax havens in their operations, raising further concerns about illicit operations

Nirav Modi case: It has been agreed that a limited number of legal representatives will be present physically in court for the trial, while witnesses give their evidence via videolink

Modi was arrested on March 19, 2019, on an extradition warrant executed by Scotland Yard on charges brought by the Indian government

Shell companies are intrinsic to the global and Indian economy, but they require a high level of oversight to prevent them from becoming conduits for illicit financial flows

So far, their progress is mixed with individual countries taking more aggressive positions to bring a change to the impact of what would be known several years from now

Tax havens have powerful backers; they include big nations including the UK and the US, reputed international bankers, accountants, law firms and many others which makes it difficult to discipline them

The benchmark indices Sensex and Nifty crashed around one-third from their peaks in January this year, while the rupee hit Rs 75 a dollar, reflecting gloom and doom in the economy post the outbreak of coronavirus

Public debt accounted for 90.4 percent of total outstanding liabilities at the end of December 2019

Tax havens are increasingly being used for tax avoidance and other purposes; most of India's FDI inflows and outflows also are routed through them and should be a cause of concern

While some developed economies have adopted anti-tax avoidance GAAR and digital tax on sales of multinationals, India has been deferring operationalisation of GAAR since 2012 and is also handicapped by lack of adequate studies and data

GST was supposed to be a simple, self-regulating and non-intrusive tax compliance regime to replace a complicated and multiple indirect tax systems. What has been rolled out remains very much a work-in-progress after more than two-and-half years

Wide gaps in corporate and non-corporate direct tax collections are known for years and a huge number of tax evaders are routinely identified every year by the tax authorities but lack of effective follow-up action ensures that the status quo is maintained

A closer look at India's tax data reveals that the direct tax burden is much higher on relatively smaller taxpayers in both individual and corporate categories and that the larger taxpayers benefit more from tax incentives and deductions

Taxing agricultural income is a politically sensitive issue; successive governments have shown little interest in taking corrective measures even while official reports have repeatedly expressed serious concerns over non-agriculturists abusing the exemption

It has been more than 24 hours since Arun Jaitley presented his annual fiscal budget 2016 but the confusion over his controversial attempt at taxing returns from Employees Provident Fund has only intensified.