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Collections from windfall tax collections had cooled before it was withdrawn on December 2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

President Droupadi Murmu on Monday said efforts should be made to make tax collection less intrusive and underlined the need for greater use of technology in the process. Addressing trainee officers of the Indian Revenue Service (Customs and Indirect Taxes), who called on her at the Rashtrapati Bhavan here, the President said the responsibility of bringing new ideas and solutions in the field of tax administration lies with the young officers. Taxation is not only a means of increasing the country's revenue but is also important for social, economic and political development. The tax paid by the citizens of the country is used for the development of the country and its people, Murmu said. She told the trainee officers that if they do their work with dedication and devotion, then they will be able to make a great contribution to the development of the country, according to a statement issued by the Rashtrapati Bhavan. "In this new and dynamic era, efforts should be made to make less

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 country's gross GST collections rose to Rs 1.73 lakh crore in May, growing 10 per cent year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. GST collections had touched a record high of Rs 2.10 lakh crore last month. "The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh crore," the ministry said in a statement. The 10 per cent year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent). After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. The gross GST collections in FY25 till May 2024 stood at Rs 3.83 lakh crore, which is a 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in import