 "What is Tax Collection?")
Tax Collection
What is Tax Collection?
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Latest Updates on Tax Collection
Tax contribution of petroleum sector set to drop rapidly in FY 2024-25
Collections from windfall tax collections had cooled before it was withdrawn on December 2
 "Tax contribution of petroleum sector set to drop rapidly in FY 2024-25")
Corporation tax paid by listed companies at 4-year low in Q2 FY25
Tax payment by listed companies was down 7 per cent year-on-year (Y-o-Y) in Q2FY25, their worst showing in the last four years and the first decline in corporate tax in seven quarters
 "Corporation tax paid by listed companies at 4-year low in Q2 FY25")
Make tax collection less intrusive: Prez Murmu tells IRS trainees
The President told the trainee officers that to fulfil their role as administrators, they need to develop systems and processes that are transparent and ensure accountability
 "Make tax collection less intrusive: Prez Murmu tells IRS trainees")
Net GST mopup rises 11% to Rs 1.63 trillion in Nov amid drop in refunds
Gross collection grows 8.5% to Rs 1.8 trillion
 "Net GST mopup rises 11% to Rs 1.63 trillion in Nov amid drop in refunds")
Govt must explore non-tax measures, not just spending cuts, to boost fiscal
With such fiscal pressures on the Centre's finances, it is necessary for the finance ministry to explore non-tax areas to raise revenue
 "Govt must explore non-tax measures, not just spending cuts, to boost fiscal")
Putting a leash: Govt likely to disband unit tracking pre-GST evasion
DGGI expects to complete investigation in all such cases by March
 "Putting a leash: Govt likely to disband unit tracking pre-GST evasion")
Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024
Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined
 "Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024")
Kudos to CBIC for dropping difficult CGST Rules, reducing compliance burden
When goods are exported without IGST payment under bond or letter of undertaking, the ITC of GST paid on related inputs and input services remains unutilised
 "Kudos to CBIC for dropping difficult CGST Rules, reducing compliance burden")
Record Rs 81,875 crore GST evasion detected in online gaming in FY24
In terms of sectors, online money gaming was followed by the BFSI sector, which saw Rs 18,961 crore evaded in 171 cases
 "Record Rs 81,875 crore GST evasion detected in online gaming in FY24")
E-governance journey in CBIC: Moving towards development outcomes
As the IT system became more scalable, it not only led to better compliance but also made CBIC future-ready and resilient
 "E-governance journey in CBIC: Moving towards development outcomes")
Excise duty collections from petroleum sector decline 4.8% in FY24
Overall tax contribution of the petroleum sector rose marginally to Rs 7.51 trillion
 "Excise duty collections from petroleum sector decline 4.8% in FY24")
Income Tax dept begins scrutiny in reassessment cases for AY-2018-19
The scrutiny might result in a raft of tax notices
 "Income Tax dept begins scrutiny in reassessment cases for AY-2018-19")
'Don't want to raise tariffs to high levels as industry becomes complacent'
Since indirect tax figures are not being released, we are treating GST data in the same manner, he says
 "'Don't want to raise tariffs to high levels as industry becomes complacent'")
Statsguru: Six charts explain govt's tax collections are beating estimates
The Budget on Tuesday is likely to increase the tax revenue projections by Rs 30,000-40,000 crore compared to the Interim Budget in February
 "Statsguru: Six charts explain govt's tax collections are beating estimates")
Outward remittances fell 16% in May due to increase in TCS: RBI bulletin
Remittances under the scheme stood at $2.42 billion in May 2024
 "Outward remittances fell 16% in May due to increase in TCS: RBI bulletin")
Advance tax collection surges 27.34% to Rs 1.48 trillion in June qtr so far
Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year
 "Advance tax collection surges 27.34% to Rs 1.48 trillion in June qtr so far")
I-T department set to complete 170,000 reassessments by next March
CBDT reopened total 600K cases between March 2021 and March 2024
 "I-T department set to complete 170,000 reassessments by next March")
Tax origin not suitable measure for budgetary devolution to states: Study
Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal
 "Tax origin not suitable measure for budgetary devolution to states: Study")
GST collection soars 10% to Rs 1.73 trn in May, FY25 mopup at Rs 3.83 trn
Trend indicates tax collection to remain above Rs 1.7 trillion during the fiscal year
 "GST collection soars 10% to Rs 1.73 trn in May, FY25 mopup at Rs 3.83 trn")
GST collection rises 10% to Rs 1.73 trn in May on higher revenues
"The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 trillion," the ministry said in a statement
 "GST collection rises 10% to Rs 1.73 trn in May on higher revenues")
