Page 5 - Tax Collection

Tax changes to offset duty cut on fuel; boost tax mop-up: Report

Changes in import duty and a windfall tax on fuel exports will not only offset duty cuts on fuels but will also increase overall tax collection over budget target to Rs 20.70 trillion, a report said

It's prudent to file nil ITR even if your income is below Rs 2.5 lakh

Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa

UP govt eyes increase in tax collection to Rs 1.5 trn during FY23

The Uttar Pradesh government is expected to raise the revenue collection target from Rs 98,107 crore to Rs 1.50 lakh crore for the financial year 2022-23, reflecting an increase of about Rs 57,000 cr

GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax 'new normal'

As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore

FY23 tax collection likely to be better than budget estimate: Revenue Secy

The country's tax collections soared to a record high of Rs 27.07 lakh crore last year, compared to budget estimate of Rs 22.17 lakh crore.

CBIC cautions against coercive tax collection during searches

The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment

Looking back at GST implementation: What the future holds?

The system is stabilising and efforts for simplification and strict compliance are seen in collections.

GST, VAT to contribute over 62% to total receipts of Delhi govt in FY23

The GST and the VAT will be the biggest contributors to the Delhi government's tax revenue which is estimated at Rs 47,700 crore for 2022-23

Direct tax collection soars 48% in FY22, advance tax payment up 41%

Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares

Industry has a role to play in reducing tax disputes, says FinMin

Two prominent policymakers - finance secretary TV Somanathan and revenue secretary Tarun Bajaj - said on Monday that the larger industry had a big role to play in reducing tax disputes

Odisha records robust growth rate of 47% in state GST collection

The successful auction of iron ore mines last year by the state government contributed significantly in increasing the tax revenue this year

Modi govt is proud of high tax collection, doesn't see people's pain: Rahul

Congress leader Rahul Gandhi on Monday alleged the Narendra Modi government sees high tax collection as its big achievement but does not see the pain of the people who are troubled by the tax burden. On the first day of the Budget Session, Finance Minister Nirmala Sitharaman on Monday presented the Economic Survey 2021-22 which said a strong revival in revenues and the government's agile fiscal policy approach have created headroom for additional fiscal support. It also noted that gross tax revenue during April-November 2021 has grown by 50 per cent year-on-year, while the GST mop up remained above Rs 1 lakh crore mark since July 2021. "The people of the country are troubled by the burden of tax collection, whereas for the Modi government the tax earnings are a big achievement. There is a difference of perception -- they see only their wealth, not the pain of the people," Gandhi said on the Economic Survey in a tweet in Hindi. India will retain its tag of the world's fastest-growin

Eco Survey: Formalisation of economy increased corporate tax collection

The corporate income tax registered a growth of 90.4 per cent over April-November 2020 and 22.5 per cent over April-November 2019

Advance tax collection rises 54% to Rs 4.6 trn in FY22 so far: FinMin

The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement. "The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said. The cumulative advance tax collections for the first, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, against advance tax collections of Rs 2,99,620.5 crore for the corresponding period of 2020-21, showing a growth of about 53.5 p

Govt makes largest-ever payment for slashing oil bond dues

Total interest outgo to top Rs 1.6 trn, against bonds of Rs 1.44 trn since FY10

Fiscal deficit likely to stay at budget estimate of 6.8% of GDP in 2021-22

Tax revenues may not narrow deficit; food, fertiliser subsidies to overshoot BE

Govt may consider higher GST, fewer rates to simplify structure: Report

The two lowest rates could be raised by a percentage point each to 6% and 13%, reports Bloomberg.

Tax collections to foreign trade, economic recovery maintains momentum

Employment conditions and consumer sentiments have also improved dramatically, suggests CMIE data

GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels

The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery

Central Board of Direct Taxes sweetens Air India privatisation offer

The Central Board of Direct Taxes (CBDT) has exempted the airliner from deducting tax collected at source (TCS)