Karania & Associates, Chartered Accountants

Blocking of PAN, new bank loans likely

In stricter measures on tax defaulters, the department of revenue has decided to block their Permanent Account Number (PAN), cancel their cooking gas subsidy and ensure non- sanction of loans by banks, among others.

The measures are contained in the income tax department’s Central Action Plan for 2016- 17, presented at the recent conference of tax officials. The department also aims at augmenting collection from tax deduction at source (TDS), by identifying focus areas such as large companies and the ecommerce segment.

The department aims to collect Rs. 54,000 crore in taxes from arrears in 2016- 17.

The paper also asked tax recovery officials to use the provisions of arrest and detention contained in the Income Tax Act against defaulters. However, the finance ministry on Tuesday issued a clarification that no such statement had been authorised by the I- T department. “ Though the provisions for arrest and detention in respect of defaulters are contained in the Act, these are used extremely sparingly,” it stated.

“Ensuring compliance from identified non- filers with potential tax liabilities is key to widening of the tax base,” said the paper.

It suggests blocking the PAN of tax defaulters in such a way that they are not allowed to file any return on income, disallowing them from availing the benefit of carry- forward of business loss.

The number of non- filers with potential tax liabilities has risen from 2.21 million in 2014 to 5.89 million in 2015.

Also, such blocked PANs could be shared with credit rating agencies and banks, so that the defaulters are not sanctioned any loans or overdraft facility by state- run banks as ‘ the same is bound to become NPAs ( non- performing assets)’. Defaulters with blocked PANs may also be barred from buying immovable property. “ The list of such blocked PANs can be circulated to the registrar of properties, with a request for not allowing any registration of immovable properties where such PANs are involved,” it said.

The department also decided to subscribe to Credit Information Bureau Ltd data, to check on the financial activities of defaulters and undertake action against them for recovery and freezing of assets. The Bureau collects and maintains records of payments pertaining to loans and credit cards.

Last year, the department also began to ‘ name and shame’ large tax defaulters ( over Rs. 20 crore arrears) by publishing their names and other details in national dailies and on its official web portal. Till now, the names of 67 such entities have been put in the public domain. From this financial year, it has also decided to publicly name all categories of taxpayers with a default of ? 1 crore and above It has also implemented a ‘ nonfilers monitoring system’ as an experimental project.

The direct tax collection target for 2016- 17 is Rs. 8.47 lakh crore, almost half of which is to come from the Mumbai and Delhi I- T circles.

The strategy paper also laid down measures to augment TDS collections, 37 per cent of gross direct taxes collections. It recommended focusing on top companies, public sector undertakings and large employers, and examine the entire compensation structure of top executives to review the nature of allowances, perquisites and reimbursements. “ The treatment of employees as consultants also needs to be probed,” it said.

TDS on payments to sub- contractors by infrastructure companies and catering contracts in star hotels is another area worth monitoring, it said.

It also noted that banks have been defaulters in non- deduction of TDS on interest to state governments, public sector units, corporations, autonomous bodies and development authorities. “ This area needs sensitisation and education of deductors,” it said.

The contribution of TDS to overall gross direct tax collections during 2015- 16 was Rs.325,000 crore, growth 11.6 per cent over the previous financial year.

E- commerce, which has emerged as a huge business in the past few years, is another focus area listed to yield ‘ significant revenue’. The segments include advertisements on the websites/ portals of agencies and payments for job work, such as building of websites, translation of pages, data entry of text, research and so on.

The department also plans a drive to ensure compliance by local bodies. The strategy also emphasised on ensuring no impediment in tax realisation on account of court orders. “ The apex court in a case of Vodafone had directed the company to pay 25 per cent of the taxes and the balance 75 per cent by way of bank guarantee, even before admittance of the appeal. The underlying principle is that the government needs funds in the public interest and there should be no impediment in recovery of taxes,” it said.

Standing Counsel could be briefed to get such court stays removed. And, to explore the filing of caveats in cases where the taxpayer was likely to seek a stay.

Business Standard New Delhi, 22th July 2016

Jaitley agrees with Congress proposal to cap GST rate at 18 Percent

I am in agreement with them (Congress party) that the taxation rate must be reasonable. I also agree with the spirit of suggestion that it should not go beyond 18%. I have no difficulty with that. ARUN JAITLEY, Union finance minister

Finance minister Arun Jaitley said he agrees to the Congress demand that the proposed Goods and Services Tax (GST) rate should not go beyond 18 %, brightening prospects of the passage of the legislation in the second half of the budget session.

“I am in agreement with them that the taxation rate must be reasonable. I also agree with the spirit of suggestion that it should not go beyond 18%. I have no difficulty with that,” Jaitley said in an interview.

The finance minister, however, added that the principal Opposition party’s demand to fix the cap in the Constitution amendment bill itself is difficult.

“There is only a difficulty about prescribing tax in the Constitution because you never know unforeseen emergencies. Therefore, the Congress will have to see the reasonableness of this particular view,” Jaitley said.

Once passed, the GST law will replace the myriad local levies and usher in India’s biggest tax reforms.

The Congress, up in arms against the BJP over the dismissal of its government in Uttarakhand, however, ruled out any possibilities to cooperate with the party to pass the bill.

“The BJP should not expect any help when they are murdering democracy in Arunachal Pradesh, followed by Uttarakhand. The NDA government has vitiated the atmosphere in Parliament,” Congress leader Jairam Ramesh, a key strategist on the GST issue, told HT.

Prime Minister Narendra Modi had met Congress president Sonia Gandhi earlier this year for their first ever meeting and discussed the GST issue, but the logjam remained.

Jaitley said on Tuesday that he will reach out to the Congress again to get its support on the tax reforms.

“Left to myself, I will continue till the last moment to persuade the Congress,” he said.

Jaitley claimed the government has sufficient support to pass the GST bill but he would prefer to “do it with consensus because, after all, it is states that also have to implement this”.

Hindustan Times, New Delhi, 30th March 2016

GST Bill might be passed in April FM

Finance Minister Arun Jaitley on Sunday said he was hopeful that the much- delayed Constitution amendment Bill on goods and services tax ( GST) would be passed in the second half of Parliament’s Budget session, in April.

He also expressed hope for the bankruptcy and insolvency Bill.

In the first half of the Budget session, the key Aadhaar and Real Estate Regulation Bills were passed.

Jaitley said the GST and bankruptcy Bills would give a major push to India’s reform process, in an otherwise weak global economic weather.

“The current session of Parliament has already seen a landmark legislation passed two days ago. And I do hope to see another two being passed in the second part of the session,” he said at the end of the three- day Advancing Asia Conference, co- hosted by India and the International Monetary Fund.

The GST and bankruptcy Bills are among key reforms for India, the progress of which is being keenly watched by the global investors.

The constitution amendment Bill for GST has already been passed by the Lok Sabha and is pending ratification by the Rajya Sabha, where the ruling National Democratic Alliance does not have amajority. After it is approved by the Rajya Sabha, the legislation needs to be ratified by at least half the 29 states.

The second half of the Budget session will begin on April 20.

Once the bankruptcy and insolvency Bills is approved, Jaitley said, “ It will give a major fillip or push to our reform process.” Exhibiting determination to move on the reform path, India can provide a significant growth to the world, he said.

The GST Bill is proposed to usher in a unified indirect tax regime, which will subsume various taxes like excise, service tax, value added tax, sales tax, and octroi, at both the state and the Centre levels.

“We are trying to have special emphasis now, both in terms of legislative changes and resources being put to strengthen the banking system. I do feel the next few months are going to be extremely important in bringing about structural change,” the minister said. Stating India has its own share of problems, Jaitley said there was increased determination in the country to face the challenges and accelerate the pace of reforms, so as to continue to grow. “Our growth model is based on concerns to eradicate poverty,” he said.

Business Standard, New Delhi, 14th March 2016

There must be a cap on GST

Avoid generating higher tax revenue through indirect taxes that hit the poor the hardest

As another session of Parliament looms, there is a pregnant pause over the delivery of the Goods & Services Taxes (GST) Bill. It seems tantalisingly close with no further complications barring just one — to fix a rate ceiling in the Constitution or not? Aspersions are cast and motives are questioned over this clamour for a constitutional tax cap. Inadvertently, French economist Thomas Piketty’s recent visit to India may have provided an intellectual basis to this debate on a tax cap. Piketty remarked that India needs a much higher tax-GDP ratio to fix its widening income and wealth inequality and that the current skewed tax structure is making inequality worse. Some sought to dismiss his arguments with the familiar ‘foreigner knows little about India’ disdain. Some others argued that improving efficacy of government spending and distribution are far more important than merely raising the tax-GDP ratio. Either way, there is little dispute that India’s current tax-GDP ratio is low and its structure, distorted.

India’s tax-GDP ratio, including both central and state taxes, is around 17% vis-à-vis an average of 35% for the 34 nations belonging to the Organisation for Economic Co-operation and Development (OECD). India’s tax-GDP ratio went from 6% in 1950 to 16% in 1990. Between 1990 and 2014, as India became rapidly wealthy with a five-fold increase in per capita GDP, the tax-GDP ratio actually remained stagnant between 15-17%. Taxes are collected in two categories — direct taxes (tax on income and wealth) and indirect taxes (tax on products and services). Direct taxes typically impact the wealthy elite and the earning middle class. Indirect taxes are by standard convention, regressive in nature and their marginal impact is much greater on the poor than the rich. India collects twice as much in indirect taxes than in direct taxes. India’s direct-indirect tax ratio is 35:65. This is in sharp contrast to most OECD nations where this ratio is either equal or higher, i.e. more biased towards direct taxes. In other words, India’s tax structure is sharply skewed towards placing a greater relative burden on the poor. In the absence of a wealth tax, dividend tax and capital gains tax, it is not surprising that India’s direct taxes ratio to GDP at 5-6% is one of the lowest among large economies. So, India has a peculiar mix of low tax-GDP ratio, with taxes collected largely through regressive means (indirect taxes) that are disproportionately more burdensome to the poor than the rich. An inability to garner more direct taxes has consistently led to governments’ dependence on the buoyancy of indirect taxes to meet tax revenue targets.

Petrol prices at the pump in Delhi are Rs 60/litre. Diesel prices are Rs 45/litre. But given the collapse in global oil prices, petrol should have only cost Rs 44/litre and diesel Rs 31/litre, had taxes on petrol and diesel not been increased on nine occasions in just over a year. There has been a whopping 127% increase in petrol taxes and a 386% increase in diesel taxes — both indirect taxes — in a short span of 15 months. To be sure, there can be perfectly justifiable economic and fiscal reasons for these increases but that is not the point here. This is to highlight the unfettered nature in which the government can impose indirect taxes on its citizens without any checks and balances, thanks to the powers bestowed by the Central Excise Act of 1944. The only recourse for citizens against such indiscriminate taxation is to wait for the next electoral cycle. The GST is also an indirect tax, similar to the excise taxes on petrol and diesel. This means that technically, GST rates can also be subject to limitless changes without a proper parliamentary process. Governments of all political parties have, over the years, resorted to such arbitrary levies of indirect taxes during the fiscal year to mop up additional tax revenues through the backdoor, or to make up for budgetary shortfalls. Given this proclivity for unrestrained indirect taxation, what is the assurance that citizens, especially the economically weaker sections, will not be subject to similar whims and fancies with GST rates? Thus, the notion of binding the government to an upper limit on GST is not as irrational as it is made out to be. The mere idea that there be some checks and balances for levying indirect taxes is not an unreasonable one, given India’s long track record in arbitrary indirect taxation. Indian citizens, especially the poor, are perhaps better served with some restraints and bounds on their elected representatives’ ability to levy such indirect taxes indiscriminately.

However, this is not to argue that an upper numerical limit for GST should be hardwired into the Constitution. This is to merely lay the case for an idea of an upper limit for GST taxation. The current debate seems to be centred on whether an upper limit for the GST should be cast within the Constitution or not, ignoring the larger idea of the need to control reckless indirect taxation. The details of the exact mechanism to determine this upper limit for GST can be worked out through a legislative process, if there is acceptance of the spirit behind this notion of an upper limit for GST. It is time Indian legislators and policy makers pay heed to this alarming reality of widening economic inequality in India, spurred by a distorted direct-indirect tax structure. The inability to raise the share of direct tax revenues from the wealthy and earning middle class cannot be an alibi for indiscriminate surcharges and duties through regressive indirect taxes to generate higher tax revenues. It is then wise to embrace the idea of a limit on such indirect taxes that has an inordinately larger impact on the vast majority of India’s poor.

Hindustan Times, New Delhi, 20th February 2016

Small Savings Returns to Fall from Apr

Interest rates on popular small savings such as Kisan Vikas Patra, National Savings Certificate and post office recurring deposit schemes are set to come down from April 1 as the government rejigs the interest rate framework for these schemes to align it with market rates.

Interest rates of these schemes will now be reset every quarter as part of this rejig, a finance ministry statement said on Tuesday.

"This is expected to help the economy move to a lower overall interest rate regime eventually and thereby help all, particularly low-income and salaried classes," it said, explaining the rationale behind this move.

Sukanya Samriddhi Yojana, senior citizen savings scheme and the monthly income scheme that enjoy interest rate and spread over the G-sec rate of comparable maturity that is of 75 basis points, 100 bps and 25 bps respectively have been left untouched by the government.

instruments, such as the five-year term deposit, five-year National Saving Certificates and Public Provident Fund (PPF) currently enjoy over G-Secs of comparable maturity have also been left untouched as these schemes are particularly relevant to the self-employed professional and salaried classes, it added.

The five-year recurring deposits, and one-year, two-year and three-year term deposits, however, will stand to lose their interest rate advantage with the government removing the 25 bps spread over G-sec of similar maturity from April 1, 2016.

"The interest rates of all small saving schemes would be recalibrated w.e.f. 1.4.2016 on a quarterly basis as given under, to align the small saving interest rates with the market rates of the relevant government securities," the statement said, adding that small savings interest rates are perceived to limit the banking sector's ability to lower deposit rates in response to the monetary policy of the Reserve Bank of India.

The government has decided to allow for premature closure of PPF accounts in cases such as that of of serious ailment, higher education of children, This shall be permitted with a penalty of 1% reduction in interest payable on the whole deposit and only for the accounts having completed five years from the date of opening, it said.

The weighted average yield of dated G-secs was 7.94% in April-September 2015 compared with 8.81% in the first half of the preceding year, potentially opening up the possibility of an up to 0ne percentage point reduction in the small savings rate.

Issue of higher interest rates on small savings schemes impacting monetary transmission had been flagged by the RBI to the government. Banks had also raised the issue at the pre-budget consultations held with finance minister Arun Jaitley.

The Economic Times, New Delhi, 17th February 2016

Redress Taxpayers Woes in 2 Months CBDT to IT Dept

Terming as “unsatisfac tory“ the current pace of taxpayers' grievance redressal process, the CBDT has asked the Income Tax department to resolve these complaints within a maximum period of two months. In a urgent missive to all regional heads of department, Central Board of Direct Taxes Chairperson Atulesh Jindal has sought a quick resolution of these complaints as it is a key area being monitored by the government, with PM Narendra Modi pulling up the department on this front during a meeting last year. Recently, similar directives were issued to the Customs and Central Excise departments working under the Central Board of Excise and Customs. The CBDT boss has asked the tax department officials to take up this job “on priority“. and report back on its compliance.

The Economic Times, New Delhi, 8th Feb. 2016

Woman can be karta of a family rules HC

Have The Same Rights As Men To Manage Property

The eldest female member of a family can be its “karta“, the Delhi high court has ruled in a landmark verdict. A unique position carved out by Hindu customs and ancient texts, “karta“ denotes managership of a joint family and is traditionally inherited by men.

“If a male member of a Hindu Undivided Family (HUF), by virtue of his being the first born eldest, can be a karta, so can a female member. The court finds no rest riction in law preventing the eldest female co-parcenor of an HUF from being its karta,“ Justice Najmi Waziri said in a judgment made public earlier this week.

The karta occupies a position superior to that of other members and has full authority to manage property , rituals or other crucial affairs of the family . These include ta king decisions on sale and purchase of family assets, mutation of property etc.

The ruling came on a suit filed by the eldest daughter of a business family in north Delhi staking claim to be its karta on the passing of her father and three uncles. She was challenging her cousin brother. The family consisted of four broth ers, with the surviving eldest shouldering the responsibility of Karta. Trouble began when the brothers passed away . The eldest son of a younger brother declared himself to be the next Karta, but was challenged by the daughter of the eldest brother who is also the seniormost member of the family .

The term co-parcenor refers to rights derived in Hindu law to be the joint legal heir of assets in a family. Traditional Hindu view, based on treatises such as Dharmshastra and Mitakshara school of law, recognises only male inheritors to ancestral property . Amendments to the Hindu Succession Act in 2005 introduced section 6 that levelled the playing field for women.

The court termed it “rather odd“ that following the amendments, “while females would have equal rights of in heritance in an HUF property , this right could nonetheless be curtailed when it comes to the management of the same“.Section 6 of Hindu Succession Act, it pointed out, did not place any restriction on women becoming the Karta.

The HC ruling is important because it takes the 2005 reform in the Act to its logical conclusion. While the amendment restricted itself to providing women equal inheritance rights, the verdict now allows them to manage property and rituals of a joint family.

Justice Waziri underlined that the “impediment which prevented a female member of a HUF from becoming a Kar ta was that she didn't possess the necessary qualification of co-parcenership“, but section 6, “a socially beneficial legislation“, removed that bar.

Justice Waziri said Section 6 gave “equal rights of inheritance to Hindu males and females, its objective is to recognise the rights of female Hindus and to enhance their rights to equality apropos succession. Therefore, courts would be extremely vigilant in any endeavor to curtail or fetter statutory guarantee of enhancement of their rights. Now that this disqualification has been removed by the 2005 amendment, there is no reason why Hindu women should be denied the position of a Karta.“

The son maintained that Hindu law recognises the right of eldest male member to be the Karta. He claimed that even the 2005 amendment recognised the rights of a female to be equal to those of a male only with respect to succession to ancestral properties, not management of estate.

Times Of India, New Delhi, 1st Feb. 2016

Govt may increase service tax threshold

Move To Benefit Small Service Providers | Talks On To Widen Cenvat Credit Scheme


The finance ministry is contemplating several reforms in the indirect tax space, even as the Goods and Services Tax (GST) has been caught in a political tussle.

There is a possibility that the exemption threshold for payment of service tax will be hiked. This will be good news for many small independent service providers, ranging from consultants to interior designers. But the government is also considering a balancing act by lowering the exemption threshold limit for excise.



At present, if the aggregate value of services does not exceed Rs 10 lakh in a financial year, the service tax provider can claim exemption. Under excise laws, small-scale industries enjoy exemption if the goods cleared from their factories during a financial year are valued at Rs 1.5 crore or less.



While no final decision have been taken yet, the service tax exemption threshold limit could be hiked from Rs 10 lakh to Rs 25 lakh. “It will be very difficult to reduce the threshold limit under excise at one go to Rs 25 lakh, but there will be some palatable adjustment,“ said a government source. This exercise is viewed by tax experts as a move towards GST. While the GST threshold will be decided by the GST Council only after the Act is introduced, there has been a thinking in the past that taxpayers with an annual turnover of Rs 25 lakh or less will not fall within the GST ambit.



These revisions in threshold limits are likely to be introduced in the coming budget, together with a pruning of exemptions both under service tax and excise. “The negative and exemption lists under service tax (relating to services that are not taxable) are limited. However, hundreds of goods enjoy exemption from central excise. This list is likely to see a significant overhaul,“ said a government source.



In a move that could benefit India Inc, discussions are on to widen the base for cenvat credit. Cenvat credit allows manufacturers or service providers a set-off of the taxes paid on the inputs or the input services that are used while manufacturing the final products or providing the output service.



The Times of India, New Delhi, 15th Jan. 2016

ITR-V verification deadline extended to 31st January

If you missed your 120 days ITR-V verification deadline, there is good news. The income tax department has extended the verification deadline till 31st January.

Although it has not been officially notified yet, taxpayers have been receiving this information via email from the I-T department. However, you won't be able to e-verify. Like old times, will have to physically mail the signed ITR V to CPC Bangalore.

"The electronic verification option gets switched-off automatically after 120 days of the taxpayer filing the return. However, the extended deadline to physically submit the ITR-V is open for all," says Archit Gupta, founder and CEO, Cleartax.in. The 120 days countdown begins from the date the taxpayer submits their income tax returns forms.

The tax department had extended the filing deadline to September 7 this years. So, people who had filed on the last date still have a window of one day to e-verify. Post that you too will have to mail the ITR-V. The last date to do so will still remain 31st January.

Many individuals who, who had e-verified their return using Aadhar or Net banking, are receiving reminder letters from the CPC at Bangalore to physically send their ITR-V acknowledgement forms on or before the 31st of January 2016.

"Those trying to e-verify their return once again with reference to the above are getting the message "No returns pending for e-verification" when they try to do so," says Varun Advani, COO, makemyreturns.com. CAs advice them to re-send their ITR-Vs physically to the department before the deadline to aviod any further problems.

The Economic Times Wealth, New Delhi, 12th Jan. 2016

communication of tax scrutiny to be via email

The Income Tax department is planning to carry out nationwide all communication related to the scrutiny of returns through e-mails from the next fiscal to reduce harassment of tax payers by eliminating interface between assessees and taxmen.

The I-T department, on a pilot basis, has already started scrutiny of returns through e-mails in 5 metropolitan cities -- Delhi, Mumbai, Bengaluru, Ahmedabad and Chennai regions.

"We are working on a software so that all scrutiny communications can be stored in a specified server. Once it is ready, we will shift to e-environment as far as scrutiny, and all communications in this regard are concerned," a top revenue department official told PTI.

The official further said that moving to e-scrutiny would help in combating corruption, as it would reduce the interface between assessee and tax officials.

Also, he added, that all the communication records with regard to scrutiny would be stored in one place and can be verified whenever needed.

"There has been an encouraging response to the pilot project undertaken by the tax department. From next fiscal we want to make all scrutiny communication through emails," the official said.

The Central Board of Direct Taxes (CBDT) has already asked the officials to initiate the concept of using email for corresponding with taxpayers and sending through emails the questionnaire, notice etc at the time of scrutiny proceedings and getting responses from them.

The I-T department in the recent times has taken a host of initiatives to reduce human interface between tax official and assessees and make the tax system non-adversarial.

These include directing field offices only to raise specific queries in income tax assessment cases picked up for scrutiny and also expeditious completion of those scrutiny cases where income concealed is up to Rs 5 lakh.

It had also stipulated that appeals before I-T Commissioner should be filed in electronic format by those assessees who e-file their returns.

Business Standard, New Delhi, 11th Jan. 2016

Rupee payment to Iran to be free of withholding tax

The Finance Ministry will exempt payments to Iran from hefty withholding tax if the Persian Gulf nation were to receive full payment for oil it sells to India in rupees.

With sanctions against Tehran blocking payment channels, 45% of the oil India imports from Iran are settled in rupees since January 2012. The remaining gets accumulated and cleared as and when easing of sanctions opens payment window.

In June last year, Iran agreed to receiving all of the payment in rupees but wanted waiver of 40% withholding tax.

Finance Ministry is agreeable to such waiver, a senior government official said.

"The Budget for 2012-13 had exempted Indian refiners from paying withholding tax when paying 45% of dues in rupees to Iran. The same benefit will be extended to 100% payments made in rupees," he said.

As of now, Indian refiners owe Iran $5.8 billion.

Cabinet approval for exempting payments to National Iranian Oil Co (NIOC) would be sought, he said.

But Iran may no longer be keen on taking payments in rupee when the option of getting payment in hard tradable currencies like US dollar and Euro is on the verge of opening.

Oil and banking sanctions against Iran may be lifted as early as this month following a historic deal the Persian Gulf nation reached with the US and other western powers in July last year.

Sanctions are to be lifted on Iran agreeing to limit its nuclear programme

Sources said Iran was using the rupee payment it received since January 2012 to pay for imports from India. It had planned to use the full payment received in rupee for the same purpose.

Rupee is not freely traded on international markets.

In March 2012, the Finance Ministry had issued a notification exempting 45% of payments made to Iran in rupee from any local tax.

The notification, under Section 10 (48) of the Income Tax Act, related with tax exemptions in regard to foreign oil companies selling crude oil in India has notified the National Iranian Oil Company has as a "foreign company".

This followed fears that the money paid to NIOC may be considered as income generated by Iranian firm in the country and liable to be taxed.

Iran is India's 5th largest crude oil supplier, selling 6.53 million tons of oil in the first half of 2015-16. Iranian supplies made up for 6.6% of the 99.36 million tons of oil India imported during April-September.

Iran was India's second biggest supplier of crude oil after Saudi Arabia till 2010-11 and made up for 12% of India's oil needs. But sanctions relegated it to 7th spot last fiscal with supplies of 10.95 million tons. This year it has regained some lost ground.

Business Standard, New Delhi, 11th Jan. 2016