Page 6 - Latest Updates on Tax Collection
Tax collections to foreign trade, economic recovery maintains momentum
Employment conditions and consumer sentiments have also improved dramatically, suggests CMIE data
 "Tax collections to foreign trade, economic recovery maintains momentum")
GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels
The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery
 "GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels")
Central Board of Direct Taxes sweetens Air India privatisation offer
The Central Board of Direct Taxes (CBDT) has exempted the airliner from deducting tax collected at source (TCS)
 "Central Board of Direct Taxes sweetens Air India privatisation offer")
Tax mop-up doubles in the first quarter but transfers to states shrink
Devolution accounts for just 22% of gross tax revenue in the first quarter
 "Tax mop-up doubles in the first quarter but transfers to states shrink")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery
Revenues for July 2021 are 33 per cent higher than GST collected in the same month last year.
 "July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery")
Govt's excise collections on petrol, diesel jump 88% to Rs 3.35 trn
To a separate question, the Minister of State for Finance Pankaj Chaudhary said excise collections in April-June this year totalled Rs 1.01 trillion.
Top Headlines: Advance tax collection up 146%; Nadella is Microsoft chair
Business Standard brings to you the top headlines on Thursday
Structural weakness
India needs to overhaul the tax system
 "Structural weakness")
Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19
The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1 trillion estimated in the Budget
 "Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19")
A near-empty CBDT tackles arbitration cases, domestic tax issues
Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names in February, exposing administrative gaps
 "A near-empty CBDT tackles arbitration cases, domestic tax issues")
Google tax collection nearly doubles in FY21; Bengaluru tops the list
India's information technology hub Bengaluru accounted for half of the overall equalisation levy mop up at Rs 1,020 crore
 "Google tax collection nearly doubles in FY21; Bengaluru tops the list")
Central govt's indirect tax collection up 12% in FY21, GST number falls
Customs duty collections stood at Rs 1.32 trillion during FY'21, representing around 21 per cent growth.
 "Central govt's indirect tax collection up 12% in FY21, GST number falls")
Bengaluru lone bright spot in direct tax mop-up with 7.3% growth
Hyderabad reported a 4 per cent decline with a collection of Rs 55,000 crore in FY21 against Rs 57,000 crore a year earlier.
 "Bengaluru lone bright spot in direct tax mop-up with 7.3% growth")
Fresh risk to economy
Govt should avoid the mistakes of 2020
 "Fresh risk to economy")
Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection
People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB)
 "Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection")
IMF revises India growth forecast, sees GDP shrinking at sharper 8% in FY21
Expects economy to grow 11.5% next year, which could slightly correct govt's fiscal mathematics
 "IMF revises India growth forecast, sees GDP shrinking at sharper 8% in FY21")
Barking up the wrong tree?
Instead of pursuing Vivad Se Vishwas, greater focus on collecting tax dues without dispute may yield better results
 "Barking up the wrong tree?")
Fall in direct tax mop-up slows in November on better economic movements
Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions
 "Fall in direct tax mop-up slows in November on better economic movements")
No escape from extra borrowing
Despite growth likely in the second half of the year, revenue gap will be large leading to higher borrowing and expenditure management
 "No escape from extra borrowing")
