Page 2 - Tax Revenue

Settl FY23 revenue jumps two-fold to Rs 17cr, to add 3,000 beds by March

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

Govt receives Rs 20,97,368 crore tax revenue in FY23, reveals data

Out of the total revenue, Rs 2,097,368 crore is tax revenue (net to Centre), Rs 286,151 crore is non-tax revenue, and Rs 72,187 crore is Non-Debt Capital Receipt

NuRe, Railtel tie up for passenger services app on revenue share basis

3i Infotech-led consortium NuRe Bharat Network and RailTel on Monday unveiled PIPOnet mobile app which aims to provide all services, including e-ticketing, travel, stay reservations, and entertainment apps, for railway passengers. NuRe Bharat Network CEO Sax Krishna said that the app will become available on Android Play Store in the next two weeks. "We have integrated Netflix, Uber, Ola with the app. Through PIPOnet, passengers will be able to book e-ticket, platform tickets, porters, stay, food and many other things. It will have space for advertisers who want to reach out to passengers. The scope is huge. We expect to generate revenue of Rs 1,000 crore in the next five years," Krishna said. He said that PIPOnet will allow the advertisers to connect deeply with the people of Bharat across Tier 1,2,3 and 4 towns of India. Nure Bharat Network will share 40 per cent of the revenue earned from the services or minimum of Rs 14 crore per year with RailTel, RailTel Corporation, Director

Amul revenue grew by 18.5% in FY23 to Rs 55,055 cr on better demand

GCMMF, which sells dairy products under the Amul brand, on Sunday said its revenue grew by 18.5 per cent last fiscal to Rs 55,055 crore on better demand. In a statement, the Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) said it has registered a provisional turnover of Rs 55,055 crore for the financial year 2022-23. The turnover growth of 18.5 per cent is largely due to demand for branded consumer products, it added. "Our fresh products grew by 21 per cent with a contribution of 50 per cent to the GCMMF turnover and ice cream range grew by 41 per cent. "Our consumer products have registered a growth of 23 per cent YOY with products such as cheese, butter, UHT milk, milk beverages, paneer, cream, buttermilk and dahi having grown at 20-40 per cent," GCMMF said. The provisional unduplicated group turnover of member unions of the Amul group has crossed Rs 72,000 crore (USD 9 billion) last fiscal. With a focus of increasing our distribution across top 400 towns in terms of

Private hospitals to clock 10-11% revenue growth in FY23, FY24: Report

Revenue of private hospitals will grow 10-11 per cent in financial year 2022-23 and 2023-24, supported by increasing domestic demand and pick-up in medical tourism, says a report. According to the Crisil Ratings report, revenue of private hospitals will grow on the back of healthy bed occupancy and sustenance of high average revenue per occupied bed (ARPOB). In FY22, private hospitals had reported an all-time high operating profitability of 19 per cent due to a surge in treatment during the second wave of the Covid-19 pandemic, which also pushed up occupancy levels, and, later, pent-up demand for elective surgeries, it said. "Growing health awareness, especially after Covid-19, leading to increase in domestic demand together with recovery in medical tourism, will ensure bed occupancy being maintained at almost similar levels of 60 per cent (past five fiscals average) even as bed addition continues," Crisil Ratings Senior Director Anuj Sethi said. Sethi further noted that occupancy

Centre's share of cess and surcharges nearly double in three years

Experts say finance commission needs to provide clarity on whether cess should be shared with states

Should Indian states also levy an income tax?

An RBI report recently highlighted the grim fiscal condition of ten states. And of them, five seem to be in dire condition. What ails these states? What can be done to revive their economy?

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Direct tax collections for FY23 up 20% at Rs 11.35 trillion till Dec 17

Direct tax collections stood at Rs 11,35,754 crore, as on December 17, 2022, up by 19.81 per cent against Rs 9,47,959 crore recorded in the corresponding period of last year, officials said

New tax intelligence unit to raise revenue by boosting compliance: Punj FM

A new tax intelligence unit has been set up in Punjab to boost tax collections by improving compliance, Punjab Finance Minister Harpal Cheema said on Tuesday. Cheema said the tax intelligence unit will work directly under the control of the Taxation Commissioner, while the additional commissioner (Enforcement) and the director (Investigation) will monitor day-to-day functioning. "One assistant commissioner, three state taxation officers, and six taxation inspectors will work full time in the TIU," Cheema said, adding that special data analysts, legal experts, cyber experts and system managers were being recruited to make TIU professionally competent. A state-level facility with all new technologies and data analysis mechanisms would be set up at the taxation office in Patiala. "It will be equipped with the latest hardware, software and artificial intelligence tools for analysis of data being generated by the GST portal, e-way bill portal, and toll data of NHAI. "The major emphasis

Centre's fiscal deficit in H1 touches 37.3% of full-year target

The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23

On the cards: Expansionary Budget with optimistic tax revenue rise

Finance Minister Nirmala Sitharaman is expected to present the next Budget on February 1

Centre's fiscal deficit hits 12.3% of full-year target in April-May period

Non-tax revenue came in at Rs 49,251 crore, or 18.3 per cent of the full year target of Rs 2.69 trillion, compared with 48 per cent for the same period last year

Tax revenue boost or expenditure cuts can help meet fiscal deficit target

The impact of Saturday's excise duty cuts will be Rs 1 trillion for a year, Finance Minister Nirmala Sitharaman had said

BS Number Wise: Indian states are living dangerously on subsidies

Their tax revenues can't keep up with their largesse: it's a policy that risks putting them in economic peril

'India on track to becoming $5-trn economy': FinMin on tax revenue mop-up

Prime Minister Narendra Modi in 2019 envisioned making India a USD 5 trillion economy and a global economic powerhouse. The Indian GDP is estimated to be around USD 3 trillion in 2021-22

Pandora papers: A rich man's game, and its most willing participants

As an international consortium of journalists unearths the 'Pandora' list of stashes in tax havens, accountability becomes the call of the day. But what we get instead is hypocrisy, rues T N Ninan

Subdued govt spending despite high tax revenue may impact growth outlook

Private drive could taper off, high tax revenue notwithstanding

Govt expecting very robust tax revenue this fiscal: Revenue Secy

The government is expecting a 'robust' tax revenue in the current fiscal on the back of better-than-expected corporate sector performance, Revenue Secretary Tarun Bajaj said

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan