Top Headlines: Tax collections at Rs 13 trn; PSBs stare at Rs 13k crore-hit

In FY22, direct tax collections broke all records, touching Rs 13,81 trillion. Future Retail and Future Enterprises defaulted on loan repayments worth Rs 8,157.97 crore. More in our top headlines:

In FY22, direct tax collections broke all records, touching Rs 13,81 trillion. Future Retail and Future Enterprises defaulted on loan repayments worth Rs 8,157.97 crore. More on these in our top headlines:

Net direct tax collection rises 50% to record Rs 13.81 trillion in FY22

Direct taxes, comprising income tax and corporation tax, have broken all records and touched Rs 13.81 trillion in FY22. Collection jumped more than 49 per cent over that of the previous fiscal year, mainly due to a low base effect. In FY21, net collection stood at Rs 9.23 trillion. Read more
 

Future Retail, Future Enterprises default on Rs 8,158-cr loan repayments

Two leading companies of the Kishore Biyani-led Future Group -- Future Retail and Future Enterprises -- on Friday collectively defaulted on loan repayments worth Rs 8,157.97 crore. The due date for payment of Rs 2,835.65 crore by Future Enterprises Ltd (FEL) and Rs 5,322.32 crore by Future Retail Ltd (FRL) was March 31, 2022. Read more
 

Fair valuation of recap bond: PSBs stare at Rs 13,000 crore-hit

Public sector banks (PSBs) that received capital through recapitalisation (recap) bonds may have to take a hit of around Rs 13,000 crore following the Reserve Bank of India’s (RBI’s) directive to recognise these bonds at market value, according to ICRA. Read more
 

Only 80.6% spent till February, govt likely to miss capex target

Despite the government prioritising capital expenditure (capex)-led economic recovery, the Centre is likely to have missed the capex target for the fiscal year that ended on March 31, with only 80.6 per cent of the Rs 6-trillion allocation spent by February, Controller General of Accounts data showed. Read more
 

Testing times for PLI schemes: Covid-related delays put firms in pressure

This year, a bevy of companies that qualified under the production linked incentive (PLI) scheme failed to achieve their investment or production value targets or both. This failure in their very first year of the programme is something the government might not have anticipated. Read more