Page 2 - Revenue Department

Customs 2.0 in offing, to provide fully automated stakeholder service: Govt

Revenue Secretary Sanjay Malhotra on Saturday said the customs department is developing a fully automated trade interface system, Customs 2.0, which would also help in improving its score in the World Bank's ranking. Speaking on the International Customs Day 2024 celebrations, organised by the Central Board of Indirect Taxes and Customs (CBIC), Malhotra said technology is going to be the main driver in improving customs processes. The World Bank's Logistics Performance Index 2023, which was released in April last year, had ranked Customs processes at 47th spot, down from 40th position in 2018. "India is on course to become the third largest economy surpassing GDP of USD 5 trillion. Yet we are ranked 47th out of 139 countries in the World Bank report'. There is a huge scope for improvement for us not only in terms of score but also in terms of ranking, Malhotra said. He said the systems division in Customs is preparing for a Customs 2.0 to ensure that all processes in customs and wi

Bihar withholds salaries of mineral dev officers over unmet revenue target

The Bihar government has withheld salaries of several district mineral development officers who have allegedly failed to meet the target of revenue collections in their respective areas in the current financial year so far, officials said on Sunday. The Mines and Geology Department of the state government has sought explanations from such officers in Jehanabad, Gaya, Munger, Jamui and Aurangabad for "failing to meet the target of revenue collections till December 2023 in their respective districts", they said. The department has managed to achieve around 42 per cent of its revenue target of Rs 3,590.66 crore for 2023-24 from the mining sector as it could collect just Rs 1,500 crore till December 2023, a senior official of the department said. "Yes, the department has withheld the salaries of several district mineral development officers who failed to meet the target of revenue collections in their respective areas till December end of the current financial year. "With the revenue .

HUL appoints former revenue secy Tarun Bajaj as independent director

Bajaj belongs to the Indian Administrative Service, 1988 batch, Haryana Cadre, and was the Revenue Secretary of the Government of India before superannuating in November 2022

Nine-year shift: Taxpayers' income distribution less tilted to super-rich

ITR filing surges 90% during AY13-14 and AY2021-22

Embassy REIT Q2 results: Revenue from operation up 4% to Rs 889 cr

Embassy Office Parks REIT on Thursday reported 4 per cent annual growth in revenue from operations at Rs 889 crore for the second quarter of this fiscal year and declared distribution of Rs 524 crore to unitholders. Revenue from operations stood at Rs 857.12 crore in the year-ago period, according to a regulatory filing. The board of Embassy Office Parks Management Services Pvt Ltd, Manager to Embassy REIT, declared distribution of Rs 524 crore or Rs 5.53 per unit for the second quarter (July-September) of this fiscal year. Aravind Maiya, Chief Executive Officer of Embassy REIT, said, the company reported a record quarter of leasing of 2 million square feet. "For the first half of FY2024, we have successfully leased 3.1 million square feet, and the outlook for the full year looks promising, bolstered by a record leasing pipeline of 2.5 million square feet," he said. Maiya said the company has revised leasing guidance of 6.5 million square feet this fiscal year from the earlier ...

Jaro Education expects over 70% growth in revenue to Rs 200 cr this fiscal

Edtech firm Jaro Education expects its revenue to grow over 70 per cent to Rs 200 crore this fiscal on increase in partnership with tier-1 institutions both in India and overseas and geographic expansion, a top official of the company said. Jaro Education CEO Ranjita Raman told PTI that online degrees have been given equivalence to a full-time degree under National Education Policy that creates a very large market for players like it to build business and grow 2-3 times year-on-year. "This is one great potential and keeping that in mind, we have looked at our expansion plan into tier-2 cities because that's the place where the major target audience lies. Our presence will definitely make it possible for us to get the best results out there," she said. Jaro Education's turnover was around Rs 115 crore in 2022-23. "We are a profitable company. We are focussing on EBITDA (indicator of operational profit) of Rs 54 crore and the top line, which is the turnover, we are expecting to be .

A new direction for direct taxes

The recent focus on direct taxes must be complemented with an analysis of what is causing the slowdown in their collections

Tax dept plans to reduce average time taken for issuing refunds to 10 days

Currently, refunds get disbursed in 16 days

Top headlines: Jio Financial shares to debut, big techs seek relaxation

Business Standard brings you the top headlines at this hour

GST Council was unanimous in its decision, says revenue secretary

The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp & other online gaming firms plunging in Wednesday trade

The rise of revenue department

The rollback in TCS rates for remittances reveals a pre-reform mindset of tax collectors

Centre's fiscal deficit at 11.8% of full year target, shows CGA data

The central government's fiscal deficit at the end of May stood at 11.8 per cent of the full-year budget estimates for 2023-24, according to official data. The fiscal deficit was 12.3 per cent of the 2022-23 BE in the same period of the last year. Fiscal deficit is the difference between total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government. In actual terms, the deficit was Rs 2,10,287 crore at end-May 2023, as per the data of the Controller General of Accounts (CGA). In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). The deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent. Unveiling the revenue-expenditure data of the Union government for the first two months of the 2023-24, CGA said the net tax revenue was Rs 2.78 lakh crore or 11.9 per cent of the

CAs, CSes concerned about new tweaks in anti-money laundering law

A major concern for the professionals is that if their clients are up to some mischief behind their backs, they would also be charged under the PMLA

India to press for automatic exchange of non-financial assets' info at G20

India is pressing for expanding the scope of common reporting standard (CRS) at the G20 to include non-financial assets, like real estate properties, under the automatic exchange of information (AEOI) among OECD countries, Revenue Secretary Sanjay Malhotra said on Thursday. Presently, the OECD's Automatic Exchange of Information (AEOI) framework provides for sharing of financial account details among signatory countries with an aim to check tax evasion. In August 2022, the OECD also approved the Crypto-Asset Reporting Framework (CARF) which provides for the reporting of tax information on transactions in crypto assets in a standardised manner, with a view to automatically exchanging such information. Addressing the meeting of the 'Asia Initiative of the Global Forum on Transparency and Exchange of Information for Tax Purposes', Malhotra said there is also a need to broaden the scope of AEOI so that the information could be used not only to check tax evasion, but also for other non-ta

Shopping mall operators' revenue may rise 7-9% this fiscal: Crisil report

Shopping mall operators are expected to earn 7-9 per cent higher revenue during this fiscal, driven by strong retail consumption and improved rentals in their properties, according to CRISIL. "Buoyant retail sales and improved rental yields are expected to lift the revenue of mall operators by 7-9 per cent this fiscal. That would be tantamount to around 125 per cent of pre-pandemic, or fiscal 2020, revenue," it said in a statement. The rating agency said that the growth in revenue will be on a high base of FY23. During the last fiscal, CRISIL noted that "return to social normalcy after mobility curbs were lifted led to substantial growth in footfalls and a robust 60 per cent rise in revenue to around 116 per cent of the pre-pandemic level". "Additionally, high occupancy levels, solid profitability backed by cost-optimisation measures and strong balance sheets will keep the credit risk profiles of mall operators healthy this fiscal," the agency said. CRISIL Ratings has analysed 28

Withdrawing new liquor policy set to hit Delhi revenues by 45% in FY23

State govt could still raise revenue surplus for the year after reverting to old way of conducting liquor trade

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

Greaves Cotton to acquire motion-control systems player Excel Controlinkage

Greaves Cotton to acquire motion-control systems player Excel Controlinkage

Digi tool automation can fuel $1.4 trn of revenue, profit $282 bn: Infosys

Digital tools automation, talent diversity, and improving skill-sets among employees can drive up to USD 1.4 trillion in revenue and USD 282 billion in profit for companies, according to a latest study by IT major Infosys. The study titled 'Future of Work 2023' underscores how modern workplaces will see more hybrid working and digital engagement, enabling firms to build more diverse and creative teams. The survey revealed that shifting to a flexible, diverse, and digital work model is correlated with 7.7 percentage points higher profit growth, and 6.7 percentage points higher revenue growth. "According to the report, up to USD 1.4 trillion in revenue and USD 282 billion in new profit could be generated through digital tools automation, diversifying talent pool, and improving skills development among employees," according to Infosys statement, outlining the findings of the report. Retention of employees is critical, the study said, adding that the companies that increased their staf

Give specifics of notices to exporters seeking GST relief, says SC

Apex court seeks details from revenue department as it reserves final order