Page 5 - Latest Updates on Tax Collection
Rs 94,800-cr gains from windfall tax an overestimation: Govt sources
At July 1 rates, revenue gains would be less than Rs 48,000 crore if impact on corporation tax is taken into account
 "Rs 94,800-cr gains from windfall tax an overestimation: Govt sources")
Revenue dept working on a mechanism to plug capital gains tax leakage
In past few years, cases of capital gains tax evasion through stock market transactions have been probed
 "Revenue dept working on a mechanism to plug capital gains tax leakage")
Tax changes to offset duty cut on fuel; boost tax mop-up: Report
Changes in import duty and a windfall tax on fuel exports will not only offset duty cuts on fuels but will also increase overall tax collection over budget target to Rs 20.70 trillion, a report said
 "Tax changes to offset duty cut on fuel; boost tax mop-up: Report")
It's prudent to file nil ITR even if your income is below Rs 2.5 lakh
Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa
 "It's prudent to file nil ITR even if your income is below Rs 2.5 lakh")
UP govt eyes increase in tax collection to Rs 1.5 trn during FY23
The Uttar Pradesh government is expected to raise the revenue collection target from Rs 98,107 crore to Rs 1.50 lakh crore for the financial year 2022-23, reflecting an increase of about Rs 57,000 cr
 "UP govt eyes increase in tax collection to Rs 1.5 trn during FY23")
GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax 'new normal'
As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore
 "GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax 'new normal'")
FY23 tax collection likely to be better than budget estimate: Revenue Secy
The country's tax collections soared to a record high of Rs 27.07 lakh crore last year, compared to budget estimate of Rs 22.17 lakh crore.
 "FY23 tax collection likely to be better than budget estimate: Revenue Secy")
CBIC cautions against coercive tax collection during searches
The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment
Looking back at GST implementation: What the future holds?
The system is stabilising and efforts for simplification and strict compliance are seen in collections.
 "Looking back at GST implementation: What the future holds?")
GST, VAT to contribute over 62% to total receipts of Delhi govt in FY23
The GST and the VAT will be the biggest contributors to the Delhi government's tax revenue which is estimated at Rs 47,700 crore for 2022-23
 "GST, VAT to contribute over 62% to total receipts of Delhi govt in FY23")
Direct tax collection soars 48% in FY22, advance tax payment up 41%
Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares
 "Direct tax collection soars 48% in FY22, advance tax payment up 41%")
Industry has a role to play in reducing tax disputes, says FinMin
Two prominent policymakers - finance secretary TV Somanathan and revenue secretary Tarun Bajaj - said on Monday that the larger industry had a big role to play in reducing tax disputes
Odisha records robust growth rate of 47% in state GST collection
The successful auction of iron ore mines last year by the state government contributed significantly in increasing the tax revenue this year
 "Odisha records robust growth rate of 47% in state GST collection")
Modi govt is proud of high tax collection, doesn't see people's pain: Rahul
Congress leader Rahul Gandhi on Monday alleged the Narendra Modi government sees high tax collection as its big achievement but does not see the pain of the people who are troubled by the tax burden.
 "Modi govt is proud of high tax collection, doesn't see people's pain: Rahul")
Eco Survey: Formalisation of economy increased corporate tax collection
The corporate income tax registered a growth of 90.4 per cent over April-November 2020 and 22.5 per cent over April-November 2019
Budget 2022: Key sectoral expectations from Indirect Tax perspective
Expectations continue to circle economic recovery, ease of compliance and kick-start investment cycle to transit domestic economy into a higher growth orbit while remaining inclusive and sustainable
 "Budget 2022: Key sectoral expectations from Indirect Tax perspective")
Advance tax collection rises 54% to Rs 4.6 trn in FY22 so far: FinMin
Direct tax collections for 2021-22, as on Dec 16, show that net collections are at Rs 9.45 trn compared to Rs 5.88 trn over the year-ago period
 "Advance tax collection rises 54% to Rs 4.6 trn in FY22 so far: FinMin")
Govt makes largest-ever payment for slashing oil bond dues
Total interest outgo to top Rs 1.6 trn, against bonds of Rs 1.44 trn since FY10
 "Govt makes largest-ever payment for slashing oil bond dues")
Fiscal deficit likely to stay at budget estimate of 6.8% of GDP in 2021-22
Tax revenues may not narrow deficit; food, fertiliser subsidies to overshoot BE
 "Fiscal deficit likely to stay at budget estimate of 6.8% of GDP in 2021-22")
Govt may consider higher GST, fewer rates to simplify structure: Report
The two lowest rates could be raised by a percentage point each to 6% and 13%, reports Bloomberg.
 "Govt may consider higher GST, fewer rates to simplify structure: Report")
