Page 8 - Latest Updates on Tax Collection
Covid-19 impact: TDS revenue collection in first 10 days of May down 22%
The fall over the previous year indicates large layoffs, salary cuts, stagnant rental activity due to nationwide lockdown
 "Covid-19 impact: TDS revenue collection in first 10 days of May down 22%")
Treat coronavirus-related tax concerns as exceptional, says OECD
The work scenario has changed across the world due to Covid with most employees working from homes while others may have got stuck in foreign countries because of the lockdown
 "Treat coronavirus-related tax concerns as exceptional, says OECD")
Taxmen threaten to stall work in protest if working conditions don't change
Corporation and income tax collection for the current year is likely to fall for the first time in at least two decades
 "Taxmen threaten to stall work in protest if working conditions don't change")
Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT
Income tax collection target for next fiscal is pegged at Rs 6.38 trillion and corporate tax collection at Rs 6.81 trillion
 "Confident of meeting Rs 11.7-trn direct tax collection target in FY20: CBDT")
Budget 2020: States' share in central tax pool seen at 50-year low
The states' revenue from the central tax pool was up 25.8 per cent YoY in FY19, while it was down 0.4 per cent YoY in FY18
 "Budget 2020: States' share in central tax pool seen at 50-year low")
Budget consistent with fiscal strategy; aimed at boosting demand
The fiscal multiplied impact of higher government consumption spending is coupled with signal to household sector to spend more
 "Budget consistent with fiscal strategy; aimed at boosting demand")
IGST on ocean freight is not permissible under law: Gujarat High Court
Ocean freight is the cost incurred through an agreement between two foreign parties to bring goods to India via ocean.
 "IGST on ocean freight is not permissible under law: Gujarat High Court")
Budget 2020: All eyes on tax receipts as mop-up dips by Rs 1.91 trillion
The numbers become all the more important because actual tax collections fell short by Rs 1.91 trn compared to what was projected in 2018-19.
 "Budget 2020: All eyes on tax receipts as mop-up dips by Rs 1.91 trillion")
India may miss tax collection target for 2019-20 by nearly Rs 2.5 trn: Garg
The government had budgeted gross tax revenues of Rs 24.59 trillion
 "India may miss tax collection target for 2019-20 by nearly Rs 2.5 trn: Garg")
Centre & states face off on cess
The Council decided to restrict ITC for unmatched invoices, improve tax collection, get more persons to file returns and rationalise some rates
Fiscal deficit for April-November likely stood at 107% of FY20 target
For the deficit to be 3.3 per cent of GDP, it assumes a nominal GDP growth of 12 per cent in FY20
 "Fiscal deficit for April-November likely stood at 107% of FY20 target")
Advance corporation tax mop-up drops over 5% in Dec quarter to Rs 73,000 cr
Net collection grows only 0.7% to Rs 6.75 trillion
 "Advance corporation tax mop-up drops over 5% in Dec quarter to Rs 73,000 cr")
Uddhav Thackeray's big test as Maharashtra CM: Finding money for farmers
The new government will have to factor in the economic slowdown and the dip in tax collection before committing the state's finances to various projects
 "Uddhav Thackeray's big test as Maharashtra CM: Finding money for farmers")
From today, private vehicles will have to pay toll on Rajasthan highways
As part of their statewide agitation, BJP protested the toll tax on private vehicles on state highways
 "From today, private vehicles will have to pay toll on Rajasthan highways")
Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20
Direct tax collection needs to grow by about 27% from here on to meet FY20 Budget target
 "Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20")
Finance Ministry revises down direct tax target for smaller cities
The new target is set according to the revenue potential of each region; the budgetary target of Rs 13.8 trillion has been kept unchanged
 "Finance Ministry revises down direct tax target for smaller cities")
World's tax collectors look to divide up US tech giants' billions
Companies including Google and Amazon have been changing their tax structures to declare more profits
 "World's tax collectors look to divide up US tech giants' billions")
Goyal tells tax officers to not be overzealous, asks industry to be ethical
Piyush Goyal was earlier this week given the additional charge of the Finance Ministry
 "Goyal tells tax officers to not be overzealous, asks industry to be ethical")
Staring at revenue shortfall, I-T dept sends tax notices to mutual funds
Move comes after CBDT raised concerns over direct tax collection growth and directed I-T department to adopt measures to shore up revenue
 "Staring at revenue shortfall, I-T dept sends tax notices to mutual funds")
Net direct tax collection grows 15.7% to Rs 4.89 trillion, says CBDT
As per the latest data, the number of taxpayers getting refunds is up by 62% from 12.2 million refunds in the corresponding period of the last fiscal
 "Net direct tax collection grows 15.7% to Rs 4.89 trillion, says CBDT")
