Minister of State for Finance, Anurag Singh Thakur today assured the Lok Sabha that the Government is committed towards its fight against black money, including black money stashed abroad and has taken various actions in this regard. In a written reply to a question posed by Prathap Simha and Adhikari Deepak, the Minister also said that periodic review of the Government’s machinery to make it more effective in fight against black money is an on-going process. Appropriate actions against evasion of taxes and black money under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.
Mr Thakur also informed the house that, the Income Tax Department has taken continuous and concerted actions under the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 since this Act came into force from 1st July, 2015. As a result, as on 31.12.2019, notices have been issued in 422 cases under this Act, involving undisclosed foreign assets and income of over 12,600 crore rupees. The Minister said, on account of deposits made in unreported foreign bank accounts in HSBC cases, so far, the undisclosed income of more than 8460 crore rupees have been brought to tax and penalty of more than 1290 crore rupees levied.
Minister of State for Finance, Anurag Singh Thakur also informed the Lok Sabha today that the country’s economy is not in recession.
In a written reply to a question posed by Kaushalendra Kumar and Vinayak Raut during the question hour, the Minister also said that, as per the National Statistical Office (NSO), GDP growth on average was 7.5 percent in 2014-19, which is the highest amongst G-20 countries.
Mr Thakur also said that, as per the IMF estimates, India continues to be among the fastest-growing economies in the world and its GDP is estimated to grow at 5.8 percent in 2020-21 and is further projected to surpass China with a growth rate of 6.5 percent in 2021-22.
The MoS further stated that, the growth in Index of Industrial Production (IIP) has improved as it registered a positive growth of 1.8 per cent in November 2019 as compared to a contraction of 4.0 per cent in October 2019 and 4.3 per cent in September 2019. Contraction in September 2019 was the lowest point in last six years. The Minister said, trends for coal, real-estate, power, mining, automobiles, steel sectors of Indian economy are given in Table 1 & 2 below, which do not indicate recession.