Page 4 - Tax Collection

Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22

Corporate tax collections exceeded 3 per cent of the GDP after a gap of two years in 2021-22, reflecting overall improvement in profitability of India Inc propelled by increase in demand for goods and services. However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19. In actual terms, the net corporate tax collection in 2021-22 stood at Rs 7.12 lakh crore. The Gross Domestic Product (GDP) at current market price was Rs 236.64 lakh crore. The percentage of net corporate tax to GDP worked out to be 3.01 per cent. An analysis of five-year data of corporate tax collection as a percentage of GDP showed that the ratio was the highest in 2018-19. The net corporate tax collection stood at Rs 6.63 lakh crore or 3.51 per cent of GDP. The mop up and ratio slipped to 2.77 per cent of GDP in 2019-20 on account of reduction in corporate tax rate. In the biggest reduction in 28 years, the government cut corporate tax rates for new ...

CBIC asks taxmen to recover lower dues from firms under insolvency

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

Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal

The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion

Net direct tax collection has grown 19% to over Rs 11.35 trillion

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy

India's tax collection will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up, Revenue Secretary Tarun Bajaj said on Wednesday. In an interview to PTI, he said the growth in tax revenues will continue to be higher than the GDP growth, helped by formalisation of the economy and better compliance. For this financial year ending March 2023, the tax collection target set in the Union Budget is around Rs 27.50 lakh crore. Bajaj said the direct tax collection comprising personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal. Mop up from indirect taxes (customs, excise and GST) would be close to Rs 14 lakh crore. The total tax collection is expected to be about Rs 31.50 lakh crore in 2022-23, he said. The Budget had pegged direct and indirect tax mop up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, taking the total figure to Rs 27.50 lakh crore.

RBI report flags large-scale variation in property tax collection in states

It may look surprising but it is a fact that the property tax revenue of the municipal bodies in Delhi is much more than that of bigger states including Uttar Pradesh, Madhya Pradesh, Rajasthan

Better tax collection to help meet FY23 fiscal target of 6.4%: Report

The Centre is likely to meet the key fiscal targets led by the deficit getting contained at the budgeted target of 6.4 per cent in the current financial year, mainly due to better tax collection, according to a report. Bank of America Securities on Friday said the key risks to budgeted fiscal deficit include higher subsidies, lower divestment proceeds, excise duty cut on petrol and diesel. But the offsetting factors include better than estimated tax revenue buoyancy, higher nominal GDP growth, and lower capex loan to states, it said in a report. Accordingly, the brokerage said it expects the government to meet the budgeted FY23 fiscal deficit target at 6.4 per cent of GDP despite upside risks. The report also noted that it was expecting the government to undershoot the fiscal deficit target when the budget was presented at 6 per cent. However, as the year progressed, the outbreak of the Ukraine war started to exert meaningful pressure on global commodity prices, particularly food,

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year

Govt likely to surpass FY23 tax collection goal by over $24 billion

India's union budget, due to be presented in February, will outline the federal spending plan for the coming fiscal year

GST's secret sauce: Tax collections continue to surge but for how long?

The 31 per cent rise in GST collections has been significantly fuelled by imports

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

Finance ministry confident of keeping FY23 fiscal deficit in check

Robust tax mop-up, savings through SNA dashboard bode well for balance sheet, say officials

Centre upbeat on Rs 1.5-trillion GST revenue every month from October

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

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.

Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn

Money will help carry out their capital expenditure and welfare spending plans

Rs 94,800-cr gains from windfall tax an overestimation: Govt sources

At July 1 rates, revenue gains would be less than Rs 48,000 crore if impact on corporation tax is taken into account

Revenue dept working on a mechanism to plug capital gains tax leakage

In past few years, cases of capital gains tax evasion through stock market transactions have been probed