Page 2 - Latest Updates on Tax Collection
Fix mismatches between Form 26AS and 16 before income tax filing
Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax collected at source (TCS)
 "Fix mismatches between Form 26AS and 16 before income tax filing")
Indirect tax collection for FY24 exceeds RE by significant margin: CBIC
The RE for central GST, including compensation cess, was Rs 9.57 trillion, while for excise duty it was Rs 3.08 trillion and customs Rs 2.19 trillion
 "Indirect tax collection for FY24 exceeds RE by significant margin: CBIC")
'Govt meets tax collection target of over Rs 34.37 trn for 2023-24'
The net direct tax collections (comprising corporate tax and personal income tax) reached over Rs 18.90 trillion as of March 17
 "'Govt meets tax collection target of over Rs 34.37 trn for 2023-24'")
Business Standard Manthan: Centre-state relations emerge as talking point
Ahluwalia suggested that a portion of central taxes be set aside for this transfer and the remaining be shared between the Centre and the states
 "Business Standard Manthan: Centre-state relations emerge as talking point")
Net direct tax collections rise 20% at Rs 18.9 trillion till March 17
At Rs 18.9 trillion, collection accounted for over 97 per cent of the revised estimates at Rs 19.45 trillion
 "Net direct tax collections rise 20% at Rs 18.9 trillion till March 17")
United Spirits gets Rs 4.47 cr tax demand from Maharashtra authorities
The state tax authority has demanded Rs 1.21 crore as MVAT, including a penalty of Rs 1 lakh, and Rs 3.26 crore as CST
 "United Spirits gets Rs 4.47 cr tax demand from Maharashtra authorities")
National pension system added 21.5% fewer corporate subscribers in 2023
Saw 158,212 new subscribers last year compared to 201,517 during 2022
 "National pension system added 21.5% fewer corporate subscribers in 2023")
TDS, explaining the rise and rise of a safe-bet tax collection method
The I-T department's cost of collection has been reduced as a share of the total direct taxes collected
 "TDS, explaining the rise and rise of a safe-bet tax collection method")
Decadal perspective: Tax base is becoming deeper, wider under Modi govt
Direct tax collections have more than trebled over the last decade
 "Decadal perspective: Tax base is becoming deeper, wider under Modi govt")
GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever
This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more
 "GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever")
Net direct tax collection grows 19% to Rs 14.70 trillion so far in FY24
The government has budgeted to collect Rs 18.23 trn from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 trn mopped up last fiscal
 "Net direct tax collection grows 19% to Rs 14.70 trillion so far in FY24")
Punjab's GST revenue rises 16.52% to Rs 15,524 crore in April-December
The minister said that the revenue from excise levy up to December in FY23 was Rs 6,050.7 crore, whereas for the current fiscal year, it rose to Rs 6,679.84 crore
 "Punjab's GST revenue rises 16.52% to Rs 15,524 crore in April-December")
Tax collection to grow 3 times to over Rs 19 trn in 10 years of Modi govt
Driven by the increasing income of individuals, net direct tax collections after adjusting for refunds increased from Rs 6.38 lakh crore in FY 2013-14 to Rs 16.61 lakh crore in FY 2022-23
 "Tax collection to grow 3 times to over Rs 19 trn in 10 years of Modi govt")
Govt to stick to Rs 34 trillion tax collection goal in revised estimate
For 2023-24 (April-March), the Union Budget had pegged total tax collections at Rs 33.61 trillion, up 10.1 per cent from Rs 30.54 lakh crore in the previous year
 "Govt to stick to Rs 34 trillion tax collection goal in revised estimate")
GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane
The 15 per cent Y-o-Y growth in November came despite weak external conditions
 "GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane")
New Zealand reverses ground-breaking smoking ban to fund tax cuts
The move has sparked outrage among public health officials and anti-tobacco groups, who are dismayed by the decision to abandon the ban to finance tax cuts
 "New Zealand reverses ground-breaking smoking ban to fund tax cuts")
LIVE: Rahul visits Congress war room to oversee preparations for Raj polls
Catch all the latest updates from across the globe here
 "LIVE: Rahul visits Congress war room to oversee preparations for Raj polls")
India's net direct tax collection rises 22% to over Rs 9.57 trillion
The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday
Higher 20% TCS on overseas remittances, foreign tour kicks in from Oct 1
Currently, LRS transfers up to Rs 7 lakh in a fiscal do not attract any TCS. The same provision will continue from October 1
 "Higher 20% TCS on overseas remittances, foreign tour kicks in from Oct 1")
India may not be planning tax changes for bond inclusion in global indices
India is not planning any changes to its tax regime to help Indian government bonds be included on other global indices, a government source said on Wednesday
