 | Government's revenue collection in April to November saw indirect tax-mop up growing at an impressive 26.2% while that of direct tax came in at 15.12%. | Total direct and indirect tax collections at the end of November stood at Rs 9.64 lakh crore, 59% of the Rs 16.26 lakh crore target for 2016-17. The government is eyeing 12.64% growth in direct tax at Rs 8.47 lakh crore for the current fiscal and 10.8% in indirect tax at Rs 7.79 lakh crore. Direct tax mop-up touched Rs 4.12 lakh crore and indirect tax revenue stood at Rs 5.52 lakh crore during April-November, led by robust collections in personal income tax and excise duty, respectively. | Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mobilisation from excise, service tax and Customs duty. The gross collection of corporate income tax (CIT) grew at 11.22% while under personal income tax (PIT), it was 22.41% over the corresponding period last fiscal. After adjusting for refunds, however, the net growth in CIT collections is 8.75% while under PIT, it is 23.89%. | Refunds amounting to over Rs 1.05 lakh crore have been issued during April-November 2016, up 17.35% from a year ago. Excise duty collections clocked a growth of 43.5% in April-November at Rs 2.43 lakh crore while service tax recorded an increase of 25.7% at Rs 1.60 lakh crore. Customs mop-up during the 8-month period was at Rs 1.48 lakh crore, registering a growth of 5.6%. |
Cyclones explained: How are they named, what constitutes them and how do they differ from typhoons and hurricanes. How are cyclones named? Tropical cyclones passing over the northern part of the Indian Ocean are named by eight countries in the region, namely India, Pakistan, Bangladesh, Sri Lanka, Maldives, Myanmar, Oman and Thailand. The process only began in 2004, fours years after World Meteorological Organization agreed in principle to allow them to name cyclones originating in the Bay of Bengal and Arabian Sea. The alphabet system is used to designate the name of a cyclone, which means the name of the year’s first cyclone begins with A. Previously, till 1979, cyclones were only given female names. Male names were only introduced in the same year. World Meteorological Organization (WMO) maintains the database of cyclone/hurricane/typhoon names. There are six lists of names used in rotation and they are recycled every six years. The names are picked from this pre-designated l...
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