Indirect Tax Collection

Direct tax collections jump 24% to Rs 8.13 trn in April-Aug: Govt

Net direct tax collections, after adjusting for refunds, was Rs 6.93 trillion during the period, about 22.5 per cent higher than last year

'Don't want to raise tariffs to high levels as industry becomes complacent'

Since indirect tax figures are not being released, we are treating GST data in the same manner, he says

Union Budget 2024-25: Lightening the indirect burden on taxpayers

The Budget has taken up several welcome measures for their benefit and overall trade facilitation

The seven-year itch: Scratching beneath the surface of GST numbers

Every facet from the simplification of compliances and improvements in logistics to robust revenue collections have all been examined at length

Senior tax officers can issue directions for early GST recovery: CBIC

The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order. Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act within three months from the date of service of such order, the tax officer can initiate recovery proceedings only after the expiry of this period. However, in exceptional cases where it is necessary in the interest of revenue, the proper officer, after recording the reasons in writing, may ask a taxable person to pay the amount within a period shorter than three months. The Central Board of Indirect Taxes and Customs (CBIC) said it has been brought to its notice that some of the field formations are initiating recovery before the specified period of three months from the date of service of the order, even in the cases where the taxable person has not been specifically required by the proper ...

Indian markets' high valuation a sign of optimism: Sebi chairperson

Says rising tax collection, profit growth expectations show country's 'momentum and velocity'

Business Standard Manthan: Centre-state relations emerge as talking point

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

GST mop-up grows 12.5% to over Rs 1.68 trillion in February: FinMin

The average monthly gross collection for the current fiscal stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in the last fiscal

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

Govt to stick to Rs 34 trillion tax collection goal in revised estimate

The government is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday. "So far, direct tax collection is up by about 20 per cent and indirect tax is higher by 5 per cent. We have data till the eight months of the fiscal and usually the collections are better in the first half. So, at the moment, we will stick to the Budget numbers in our Revised Estimates (RE)," an official said. For 2023-24 (April-March), the Union Budget had pegged total tax collections at Rs 33.61 lakh crore, up 10.1 per cent from Rs 30.54 lakh crore in the previous year. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, Customs, excise). The revised estimates for current fiscal's revenue numbers would be presented as part of the vote on account or ..

India's net direct tax collection rises 22% to over Rs 9.57 trillion

The net direct tax collection increased by 21.82 per cent to over Rs 9.57 lakh crore till October 9, helped by good inflow from corporates and individuals, the Finance Ministry said on Tuesday

CBIC redefining NAC role to make Customs assessment more efficient: Johri

The Central Board of Indirect Taxes and Customs (CBIC) is redefining the role of National Assessment Centres (NACs) to make faceless assessment in Customs more efficient, its chief Vivek Johri said on Friday. The CBIC in September last year launched the risk-based faceless assessment system in phases for clearance of imported consignments. For this, 11 Customs Commissionerates were partially re-organised commodity wise as NACs, with pan-India jurisdiction. Addressing the CII National Conference on Trade Facilitation, Johri said there are gaps in Customs faceless assessment and the department is looking at them. "We are on the drawing board to redefine the role of NACs to rationalise the whole process and make it more efficient," he said. The CBIC has already reduced the number of NACs from 11 to 8 to promote specialisation and make them strong. "We are trying to reactivate them and make them strong, and ensure that there is least divergence of practice in assessment which continue

Centre to come up with pre-filled GST return forms by year-end: Report

The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices

RBI permits Karnataka Bank to collect direct, indirect taxes for CBDT, CBIC

The Reserve Bank of India has authorised private sector lender Karnataka Bank to collect direct and indirect taxes on behalf of CBDT and CBIC. This has been done on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance, Karnataka Bank said in a regulatory filing on Tuesday. Bank customers are already enjoying seamless online payments for custom duty by selecting Karnataka Bank in the Indian Customs Electronic Gateway 'ICEGATE' portal of CBIC, it added. The (ICEGA TE) portal of the Central Board for Indirect Taxes and Customs (CBIC) provides e-filing services to the trade, cargo carriers and other trading partners electronically, the statement said.

Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

Aug tax collections decline 7.7%; personal income tax mop-up drops 37%

Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year

Advance tax mop-up grew 17% between Apr and Sep to Rs 2.95 trillion

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

Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt

The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.

Indirect tax mop-up may fall short of target: Revenue secretary Tarun Bajaj

Revenue secretary attributes it to cuts in excise and Customs duties