Prasanta Sahu

Southern Asia

Senior Assistant Editor and Journalist at Financial Express

Financial Express. Previously with WSJ, Dow Jones Newswire, Business Standard and The Press Trust of India. Tweets are personal.

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Articles

Advance taxes grow just 3.6% in Q1

1 week ago | financialexpress.com | Prasanta Sahu

The Centre’s advance direct tax collections for the first quarter of 2025-26 from companies, LLPs and individuals rose by a modest 3.6% on year compared with a robust 27% growth seen in the year-ago quarter, as personal income tax relief announced in the budget and high corporate tax refunds weighed in. Advance tax receipts stood at Rs 1,54,126 crore as of June 16 of FY26 compared with Rs 1,48,823 crore in the year-ago period.
States’ capital spending likely grew 21% in April

1 week ago | financialexpress.com | Prasanta Sahu

States’ capital expenditure likely rose 21% on-year in April compared with a decline of 14% in the year-ago month, despite a moderation in tax collections. A review of the finances of 17 states by FE showed that their capex in April 2025 rose to Rs 22,711 crore compared with Rs 18,716 crore in the year-ago month.
CAG to discuss remote auditing with state finance secretaries

1 week ago | financialexpress.com | Prasanta Sahu

The Comptroller and Auditor General of India (CAG) will convene a meeting of state finance secretaries in September, with focus on the adoption of remote auditing, timely submission of state accounts data, and issues related to central sector schemes, deputy CAG AM Bajaj said.
GST on sin goods, cars may go up

1 week ago | financialexpress.com | Prasanta Sahu

The proposed revision of the Goods and Services Tax (GST) slabs structure may not raise the weighted average levy, but is likely to keep the tax incidence on “demerit and luxury goods” at roughly the currently levels. While the compensation cess applied on these goods is likely to be dispensed with, effective FY27, other imposts like health or clean energy cess may be applied on them, sources said.
FM to review performance of PSBs on June 27

2 weeks ago | financialexpress.com | Prasanta Sahu

Finance minister Nirmala Sitharaman will likely review the performance of the public sector banks (PSBs) on June 27 in various parameters, including profitability, bad loans recovery, deposit mobilisation, digital payments, cyber security and implementation of government schemes, sources told FE.
Sitharaman to hold key meetings with I-T, GST, customs officers

2 weeks ago | financialexpress.com | Prasanta Sahu

Finance Minister Nirmala Sitharaman will meet senior officers from the income tax, goods and services tax (GST), and customs departments to assess their performance across areas, including taxpayer services, litigation management, refund processing, and trade facilitation, official sources said.
Govt considers options to keep Voda Idea afloat

2 weeks ago | financialexpress.com | Prasanta Sahu

After categorically ruling out any further debt-to-equity conversion of Vodafone Idea’s adjusted gross revenue (AGR) dues, the government is now exploring alternative options to support the financially strapped telecom operator if the need arises. The move is part of the government’s efforts to prevent the creation of a duopoly in the telecom sector. Communications minister, Jyotiraditya Scindia, has categorically said that there is no further scope for converting Vodafone Idea’s dues into equity.
Tougher borrowing norms for states to instil discipline

2 weeks ago | financialexpress.com | Prasanta Sahu

To check states’ fiscal indiscipline, the Centre has tightened borrowing norms for them mandating that their annual loan limits for FY26 will be reduced based on their liabilities. A state’s shortfall in contribution to guarantee redemption fund (GRF), unpaid electricity subsidy, and unspent amounts in central schemes lying with it will now be taken into account to determine its borrowing limit, sources said.
States seek higher share in tax kitty, citing population & GDP contribution

2 weeks ago | financialexpress.com | Prasanta Sahu

Most states have requested the 16th Finance Commission for an increase in their respective share in the tax devolution kitty, citing reasons ranging from poverty level and population count to contribution to the nation’s economic growth and prosperity. And, almost all of them were unanimous in one demand: their aggregate share in the Centre’s divisible tax pool should be increased from 41% to 50%.
Land, urban planning among key reforms required for capex loans

2 weeks ago | financialexpress.com | Prasanta Sahu

Digital public infrastructure for agriculture, efficiency in financial management, urban planning and land-related reforms are among the conditions for states to qualify for tied component of 50-year interest-free capex loans from the centre. A total of Rs 52,000 crore is earmarked for release to states if the conditions are met, while the overall size of the capex loan for 2025-26 is Rs 1.5 lakh crore.