Tax Revenue

Experts feel that the government is likely to miss the target of Rs 11.1 trillion capital expenditure in the current financial year

The Bihar government is contemplating taking over the land worth about Rs 7,960 crore, belonging to the erstwhile estate of Bettiah Raj, one of the largest zamindaris of the state, a large part which was encroached upon, an official said. The move is being made to ensure 'effective protection and management' of the nearly 15,358 acres of land, mostly in Bihar's East and West Champaran districts and in Uttar Pradesh, the senior official said. The estate is currently managed by the Court of Wards, Board of Revenue of the Bihar government. According to data compiled by the Board of Revenue till December 13 last year, which is in the possession of the PTI, of the total land belonging to Bettiah Estate in West Champaran district, 6,505 acres (around 66 per cent) have been encroached upon. On the other hand, 3,219 acres or around 60 per cent of such land in East Champaran, have been encroached upon. Chairman-cum-Member of the Board of Revenue, K K Pathak, in an October order pertaining

Devolution of central taxes among states has remained a contentious issue over cess

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

"This force should also be responsible for budgetary reforms of the state government," said Kailash Sharma, senior vice-president of ARTIA

Ahluwalia suggested that a portion of central taxes be set aside for this transfer and the remaining be shared between the Centre and the states

The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. "The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in

The government has pegged non-tax revenue collection estimates from the communications sector at about Rs 1.20 lakh crore for 2024-25 and expects to exceed the budget estimates for the current fiscal. As per the interim budget document, the government has revised the revenue estimate from other communication services' for the current fiscal to Rs 93,541.01 crore from the earlier projection of Rs 89,469.17 crore mentioned in the previous budget. The revenue collections for 2024-25 are seen at Rs 1,20,267.31 crore. Finance Minister Nirmala Sitharaman presented the interim Budget on Thursday. The full Budget will be presented by the new government after the Lok Sabha elections. The actual revenue receipts of the government in 2022-23 were Rs 64,835.17 crore. The non-tax revenue receipts from the other communication services mainly relate to licence fees from telecom operators and receipts on account of spectrum usage charges. The Department of Telecom collects recurring licence fees

Nirmala Sitharaman's recent statement that the February 1 Budget would just be a vote on account could mean that she will uphold the convention surrounding an interim Budget

Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs

Together, the state's composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23

The Centre on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November. "The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement. This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

Upward trend mainly due to spike in corporation tax mop-up

Govt data on direct taxes points to ways of expanding the tax net

Earnings up 21.8% Y-o-Y; top line a worry

Collects Rs 600 cr as TDS from online gaming firms, Rs 105 cr from crypto assets

Interim Budget projections for 2024-25 should conform to standard practices of transparency, pragmatism and caution

Govt must generate more tax revenue

The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. In one case, an individual had used money owed to the government to buy a Maserati and a Bentley, and roughly 100 high-income individuals attempted to get favourable tax treatment through Puerto Rico without meeting certain tax requirements. Many of those cases are expected to face criminal investigation. It just shows you how much money is out there in delinquent taxes, and there are so many more cases for us to tackle," said new IRS Commissioner Daniel Werfel, just four months into the job. There's just a significant opportunity there. The agency did not provide figures for how those high-dollar tax collections compared with previous years. Werf

Co-living operator Setll has clocked over two-fold jump in its revenue last fiscal to nearly Rs 17 crore and plans to expand its capacity by 2.5 times to 5,000 beds by March next year. The company, which focuses on providing quality rental accommodations to working professionals, currently has around 2,000 beds at 40 centres across Bengaluru, Gurugram and Hyderabad. It is now looking to enter the Noida, Pune and Chennai markets, Settl said in a statement on Monday. The Bengaluru-based startup charges between Rs 12,000 and Rs 18,000 per bed. "We are currently present in three cities dominated by IT firms. We are now actively looking at entering Noida, Pune and Chennai where a lot of professionals are working in IT and other sectors. We anticipate strong demand for quality co-living centre in these cities," Settl co-founder Abhishek Tripathi said. The company is in an advanced stage of discussion with a few property owners in three cities where it has a presence as well as three new