Page 3 - Latest Updates on Tax Collection
Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept
The tax collection includes corporate tax of 4.16 trillion rupees and personal income tax of 4.47 trillion rupees, said the statement from Ministry of Finance
 "Net direct tax collection rises 23.5% to Rs 8.65 trn in April-Sept")
GST collection grows 11% YoY to around Rs 1.6 trillion in August: Govt
The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent
 "GST collection grows 11% YoY to around Rs 1.6 trillion in August: Govt")
Direct tax collections rise 16% to Rs 6.53 trillion till Aug 10: I-T dept
The collection is 32.03 per cent of the total budget estimates of direct taxes for current fiscal 2023-24
 "Direct tax collections rise 16% to Rs 6.53 trillion till Aug 10: I-T dept")
States surge ahead
While the Centre's tax revenue growth has decelerated, the states have put up a better performance
 "States surge ahead")
GST Council to clarify on TCS liability of e-commerce suppliers on ONDC
ONDC or Open Network for Digital Commerce is a new initiative of the department for promotion of industry and internal trade (DPIIT)
 "GST Council to clarify on TCS liability of e-commerce suppliers on ONDC")
Onus on taxpayers to make correct declaration about LRS remittances
TCS on LRS will also apply to remote education and medical consultancy
 "Onus on taxpayers to make correct declaration about LRS remittances")
GST collections rise by 12% to over Rs 1.61 trn in June: Finance Ministry
The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017
 "GST collections rise by 12% to over Rs 1.61 trn in June: Finance Ministry")
Tax hike on international transactions to come into effect from Oct 1
No change in rate of TCS for all purposes under LRS and for overseas travel tour packages, regardless of mode of payment, for amounts up to Rs 7 lakh per individual per annum
 "Tax hike on international transactions to come into effect from Oct 1")
India's economic activity is humming along even with still-high rates
The needle on a dial measuring the so-called Animal Spirits stayed at six for a second month even as some indicators such as exports and tax collections showed signs of weakness
 "India's economic activity is humming along even with still-high rates")
Expedia to stop 'pay now' option for foreign bookings on TAAP India site
The online travel booking company said that it will do so 'given the complexity of complying to the changes' to the TCS rules which will come into effect on July 1
 "Expedia to stop 'pay now' option for foreign bookings on TAAP India site")
Medical assistance may be exempted from new tax collection at source rates
An additional expenses on education might also be kept out from new rule; a detailed clarification expected to be issued this month
 "Medical assistance may be exempted from new tax collection at source rates")
Govt's 20% TCS policy unfair on domestic operators: Travel agents
Overseas travel firms have been granted exemption of up to Rs 7 lakh before TCS kicks in; no such benefit for domestic ones
 "Govt's 20% TCS policy unfair on domestic operators: Travel agents")
Delhi to be leading state for tax admin through AI intervention: Gahlot
Delhi FM said collection of GST and VAT in the city was more than Rs 34,000 cr in 2022-23, and claimed Delhi will be a leading state for tax administration through the intervention of AI
 "Delhi to be leading state for tax admin through AI intervention: Gahlot")
Tax collection in India one of highest, reduce direct tax to 25%: Bhalla
While India is not the richest country in the world, the tax collection is one of the highest and the income tax rate should be reduced from around 40 per cent at present, economist Surjit Bhalla said
 "Tax collection in India one of highest, reduce direct tax to 25%: Bhalla")
TCS on foreign trips will not hit demand, but compliance a concern: Firms
"The government should now offer the relief to tour packages as well, irrespective of the mode of payment," said Mohit Kabra, chief financial officer of MakeMyTrip
Maintain proper documents proving source of funds remitted abroad
Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity
 "Maintain proper documents proving source of funds remitted abroad")
CBDT asks Mumbai, West Bengal to step up efforts to raise revenue
The net tax growth rate in some of these regions was below expectations, said two people privy to the development
 "CBDT asks Mumbai, West Bengal to step up efforts to raise revenue")
Government to fall short on tax collection target of Rs 30.43 trn in FY23
The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore
 "Government to fall short on tax collection target of Rs 30.43 trn in FY23")
Bankers see rise in LRS remittances before new TCS rate kicks in
The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year
 "Bankers see rise in LRS remittances before new TCS rate kicks in")
Direct tax: Budget gives a blueprint for sustained high-growth trajectory
Presently, no TDS is required on interest payable in the case of listed dematerialised securities
 "Direct tax: Budget gives a blueprint for sustained high-growth trajectory")
