Page 4 - Latest Updates on Tax Collection
I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official
The Budget was an effort in moving to a new tax regime which is simple and more open
 "I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official")
Budget 2023: 20% TCS may take sheen off investments in foreign stocks
The money can be adjusted later, but the blocking of 20 per cent capital till tax filing is likely to dissuade direct investment in foreign equities
 "Budget 2023: 20% TCS may take sheen off investments in foreign stocks")
Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22
However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19
 "Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22")
CBIC asks taxmen to recover lower dues from firms under insolvency
Issues a separate circular on limitation period of show-cause notices
 "CBIC asks taxmen to recover lower dues from firms under insolvency")
Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal
The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23
CBDT to hold high-level meeting to review revenue collection of FY23
Move seen as part of department's revenue maximisation exercise
 "CBDT to hold high-level meeting to review revenue collection of FY23")
Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion
Net direct tax collection has grown 19% to over Rs 11.35 trillion
 "Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion")
CBDT seeks detailed report on the top 15 taxpayers in each region
Directive issued for maximising revenue collection and monitoring advance tax mop up
Over 60% of returns filed for amount less than Rs 5 lakh, shows data
Higher tax exemption slabs may exclude significant numbers from existing pool
 "Over 60% of returns filed for amount less than Rs 5 lakh, shows data")
Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy
India's tax collection will exceed the budget estimate by nearly Rs 4 trillion in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up, Revenue Secretary Tarun Bajaj said
 "Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy")
RBI report flags large-scale variation in property tax collection in states
It may look surprising but it is a fact that the property tax revenue of the municipal bodies in Delhi is much more than that of bigger states including Uttar Pradesh, Madhya Pradesh, Rajasthan
 "RBI report flags large-scale variation in property tax collection in states")
Better tax collection to help meet FY23 fiscal target of 6.4%: Report
The report also noted that it was expecting the government to undershoot the fiscal deficit target when the budget was presented at 6%
 "Better tax collection to help meet FY23 fiscal target of 6.4%: Report")
Fiscal correction: Focus should be on reducing the fiscal deficit
The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year
 "Fiscal correction: Focus should be on reducing the fiscal deficit")
Govt likely to surpass FY23 tax collection goal by over $24 billion
India's union budget, due to be presented in February, will outline the federal spending plan for the coming fiscal year
 "Govt likely to surpass FY23 tax collection goal by over $24 billion")
GST's secret sauce: Tax collections continue to surge but for how long?
The 31 per cent rise in GST collections has been significantly fuelled by imports
 "GST's secret sauce: Tax collections continue to surge but for how long?")
Aug tax collections decline 7.7%; personal income tax mop-up drops 37%
Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year
 "Aug tax collections decline 7.7%; personal income tax mop-up drops 37%")
Finance ministry confident of keeping FY23 fiscal deficit in check
Robust tax mop-up, savings through SNA dashboard bode well for balance sheet, say officials
 "Finance ministry confident of keeping FY23 fiscal deficit in check")
Centre upbeat on Rs 1.5-trillion GST revenue every month from October
GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion
 "Centre upbeat on Rs 1.5-trillion GST revenue every month from October")
Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt
The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.
Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn
Money will help carry out their capital expenditure and welfare spending plans
 "Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn")
