Corporation Tax

Fiscal expert and former director at the NIPFP Govinda Rao attributes higher revenue forgone for individuals to the concessions available under the old tax regime

Festival month saw 12% dip in direct tax revenue to Rs 88,293 cr

After surcharges and cesses, this tax comes to 17.01 per cent against 29.12 per cent if the companies don't opt for this tax

Exceeds estimates by 0.7% to hit Rs 19.58 trn

Growth in both corporation tax and personal income tax was more than the asking rate under RE

Currently, the tax collection stands at 58.15% of the total Budget Estimates for FY24

Excise duty mop-up falls 15%

The FY24 Budget has projected a corporation tax mop-up of Rs 9.23 trillion, up 10.5 per cent from Rs 8.35 trillion in 2022-23 (Revised Estimates)

Presently, no TDS is required on interest payable in the case of listed dematerialised securities

The budget pegs tax revenue at Rs 33.6 trillion, which is higher by 10.4 per cent over Rs 30.4 trillion projected in revised estimates for the current financial year (FY23)

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Experts caution that fiscal support alone may create artificial demand and jack up prices

British Prime Minister Liz Truss has abandoned a planned cut to corporation tax, scrapping a key part of an economic plan that sparked weeks of market and political turmoil. Truss said at a hastily arranged news conference Friday that she was acting to reassure the markets of our fiscal discipline. Truss also fired Kwasi Kwarteng as Treasury chief on Friday, replacing him with former Cabinet minister Jeremy Hunt. Truss is trying to restore order after three weeks of turmoil sparked by the government's tax-cutting mini budget. The Sept 23 statement sent the pound plunging to record lows against the dollar and led the Bank of England to step in to prevent a wider economic crisis. Truss vowed to press on with other aspects of her economic plan, saying I want to deliver a low tax, high wage, high growth economy. Truss, a free-market libertarian, came to power last month pledging to cut taxes to spur growth. But her ability to deliver on that commitment is now in doubt.

The UK government on Friday scrapped a corporate tax hike and lifted a cap on bankers' bonuses in a contentious bid to boost the faltering economy. Treasury chief Kwasi Kwarteng made the announcement at Parliament as he presented a mini-budget to lawmakers. The U.K. government is expected to publish an emergency budget statement Friday outlining how it plans to slash taxes, tame soaring inflation and boost economic growth as a recession looms on the horizon. Treasury chief Kwasi Kwarteng's mini-budget, to be presented to lawmakers, is expected to scrap a planned increase in corporation tax. Prime Minister Liz Truss, who became the U.K.'s leader less than three weeks ago, has repeatedly stressed that her Conservative government's core mission is lowering taxes to drive economic growth. She declared this week that she is ready to make unpopular decisions such as boosting bankers' bonuses to attract jobs and investment. The Institute for Fiscal Studies predicts that even though Frida

Net direct tax collections (net of refunds) for the current financial year have grown at 23 per cent to over Rs 7 trillion between April 1 and September 17

While the new corporation tax regime has drawn a good response, the personal income tax regime seems to have attracted only a lukewarm response

Tax dept attributed the robust growth to simplified tax regime, low rates and no exemptions

Minimum global corporate tax rate solves many problems

Agreement paves way for levies on multinationals in countries where they operate, instead of just where they are headquartered.

There are two ways: deliver a rapidly growing economic pie or re-assess tax policy - reform of GST, closing corporate tax loopholes, suggests T N Ninan