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What is Tax Collection?
Tax revenue is the result of the application of a tax rate to a tax base. Total tax revenue as a percentage of GDP indicates the share of the country's output collected by the government through taxes. Tax revenue can be regarded as one measure of the degree to which the government controls the economy's resources.
Latest Updates on Tax Collection
Collections from windfall tax collections had cooled before it was withdrawn on December 2
Tax payment by listed companies was down 7 per cent year-on-year (Y-o-Y) in Q2FY25, their worst showing in the last four years and the first decline in corporate tax in seven quarters
The President told the trainee officers that to fulfil their role as administrators, they need to develop systems and processes that are transparent and ensure accountability
Gross collection grows 8.5% to Rs 1.8 trillion
With such fiscal pressures on the Centre's finances, it is necessary for the finance ministry to explore non-tax areas to raise revenue
DGGI expects to complete investigation in all such cases by March
Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined
When goods are exported without IGST payment under bond or letter of undertaking, the ITC of GST paid on related inputs and input services remains unutilised
In terms of sectors, online money gaming was followed by the BFSI sector, which saw Rs 18,961 crore evaded in 171 cases
As the IT system became more scalable, it not only led to better compliance but also made CBIC future-ready and resilient
Overall tax contribution of the petroleum sector rose marginally to Rs 7.51 trillion
The scrutiny might result in a raft of tax notices
Since indirect tax figures are not being released, we are treating GST data in the same manner, he says
The Budget on Tuesday is likely to increase the tax revenue projections by Rs 30,000-40,000 crore compared to the Interim Budget in February
Remittances under the scheme stood at $2.42 billion in May 2024
Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year
CBDT reopened total 600K cases between March 2021 and March 2024
Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal
Trend indicates tax collection to remain above Rs 1.7 trillion during the fiscal year
"The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 trillion," the ministry said in a statement