Tax Revenues

Keep interest of economy before revenue in tax notices: Revenue secy

Revenue Secretary Sanjay Malhotra on Wednesday askedI officers to nab the masterminds behind smuggling rackets, but keep the interest of the economy in mind before issuing high-pitched notices in commercial fraud cases. Addressing the 67th foundation day of the Directorate of Revenue Intelligence (DRI), Malhotra also said it is vital for the department to upgrade skills and manpower to adapt to the technology changes. He urged theI officers to focus energy on big fish and masterminds and bust syndicates in smuggling operations. However, Malhotra added that the officers have to be "very careful" while taking action against traders or businesses involved in potential commercial fraud cases. During 2023-24,I has detected duty evasion through misclassification and misdeclaration of goods, worth Rs 10,000 crore. He said there could be a technical nature of some tax demands and classification disputes rampant across the industry on some goods, which could lead to a very high-pitched dem

'Own-source' revenue of panchayats remains at Rs 59 per capita in 2017-22

Own Source Revenue (OSR) generation for panchayats remains low, with the income through tax collected by the rural local governance bodies on an average being just Rs 59 per capita between 2017 and 2022, according to government data. Even as the generation of OSR for panchayats has come into focus to give these rural bodies more financial autonomy, according to the data compiled by the Panchayati Raj ministry, between 2017 and 2022, only an amount of Rs 5,118.98 crore was raised as OSR by the panchayats. This comes down to Rs 59 per capita and Rs 2.27 lakh per panchayat over the five-year period for 2.25 lakh gram panchayats across the country. The total population coming under these panchayats was more than 86.95 crore in the said period. Among the states, Gujarat collected the highest amount as OSR at Rs 829.75 crore, while Kerala came second collecting Rs 802.95 crore. Andhra Pradesh, which raised Rs 791.93 crore, occupied the third position, followed by Karnataka (Rs 627.56 ...

Civic bodies need major reforms to enhance revenue sources: RBI report

Central bank says revenue sources not adequate for meeting revenue expenditure of most of the MCs, which affects their functional and financial autonomy

Municipal corporations need to enhance own sources of revenue: RBI report

Municipal corporations need to enhance their sources of revenue through reforms in property tax, rationalisation of user charges, and better collection mechanisms, an RBI report has suggested. The elasticity of property tax revenues, the predominant source of tax revenue, can be improved through adopting property tax formulae which are more reflective of property valuation, it said. The 'Report on Municipal Finances' released by the Reserve Bank on Wednesday noted that the demand for high-quality public services in urban areas is growing rapidly with a rising urban population. "Yet municipal corporations (MCs) in India invested with this responsibility generate limited revenues and rely heavily on the upper tiers of the government for their funding needs, limiting their operational flexibility," it said. State-specific strategies to strengthen MC finances through local taxation reforms, better enforcement, augmenting institutional capacity and transparent financial management are .

With a letter to CMs, Siddaramaiah reignites debate on tax devolution

The Karnataka chief minister has invited states to a conclave in Bengaluru to discuss the challenges of fiscal federalism, particularly ahead of upcoming recommendations from the Finance Commission

France's Atos cuts financial targets, says restructuring still on track

Atos said it now forecast a full-year 2024 group revenue of 9.7 billion euros ($10.72 billion), down from 9.8 billion euros previously estimated

PhonePe turns profitable with adjusted PAT, revenue up 74% for FY24

This is the first time the company has reported profit on consolidated numbers

Warner Bros Discovery writes down TV assets by $9 bn amid uncertainities

The shift of viewers from traditional television to streaming services has led to a decline in advertising revenue and affiliate fees, impacting the profitability of Warner Bros

Tata Play Q1: Loss widens to Rs 353.9 cr, revenue dips 4.32% to Rs 4,304 cr

Leading DTH operator Tata Play (erstwhile known as Tata Sky) has reported widening of its consolidated loss to Rs 353.9 crore, as revenue from operations declined 4.32 per cent to Rs 4,304.62 crore in the financial year ended March 31, according to financial data accessed by business intelligence platform Tofler. In FY23, the company had reported a net loss of Rs 105.25 crore and its revenue from operations stood at Rs 4,499.19 crore. Total expenses of Tata Play, in which Tata Sons now owns 50 per cent share, has increased 1.47 per cent to Rs 4,760.55 crore in FY24. Earlier, it stood at Rs 4,691.25 crore for the financial year ended in March, 2023. Tata Play's total revenue in FY24 also declined 4.47 per cent to Rs 4,327.07 crore. Earlier, the total revenue was at Rs 4,529.97 crore a year ago. On a standalone basis, Tata Play's revenue from operations also declined 6.07 per cent to Rs 3,982.57 crore for the financial year ended on March 31, 2024. It was at Rs 4,240.04 crore in ...

Revenues of top 18 states to grow 8 to 10% this financial year: CRISIL

Revenues of top 18 states, which account for 90 per cent of India's gross state domestic product, are likely to grow at a pace of eight to 10 per cent during the current financial year at Rs 38 lakh crore, according to a CRISIL Ratings report. Last fiscal, the revenues of the 18 states grew by seven per cent, it said. The growth will be primarily driven by robust GST collections and devolution of finances from the Centre, which comprise around 50 per cent of the aggregate state revenues, according to the report. It said while revenue on liquor sales, which is ten per cent of the states' revenues, is expected to remain stable, collections of sales tax imposed on petroleum products and grants recommended by the 15th Finance Commission will be modest. Senior director of CRISIL Ratings Anuj Sethi said that the biggest impetus to revenue growth will continue to come from aggregate state GST collections and also from improved tax compliance and greater formalisation of the economy. Cent

Trickling down to Viksit Bharat

Strong trickle-down through wage growth would eventually lead to a higher consumption of essential items such as basic clothing, utensils, and personal care products like soaps

FY24 fiscal deficit seen slightly better than projected Rs 17.4 trn: Report

India's income tax receipts rose 17.7% year-on-year to nearly $235 billion in 2023/24, higher than government's projection

Net direct tax collection surpasses RE in FY24; corp tax receipts a miss

Exceeds estimates by 0.7% to hit Rs 19.58 trn

Centre's alleged 'injustice' in devolution of taxes to southern states

Complaints from the south of the Vindhyas gained intensity as the debate over the lower devolutions added to the perception of a "North-South divide"

Govt aims to collect $1.7 billion revenue from online gambling tax in FY25

The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investor

60% may shift to new tax regime in FY24: CBDT chairman Nitin Gupta

'No extension of concessional corporation tax rate for new manufacturing units'

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

April-Dec fiscal deficit at Rs 9.82 trn, 55% of annual target: Govt

Total expenditure during the period was 30.54 trillion rupees, or about 68% of the annual goal, compared with 28.18 trillion rupees in the same period last year

Understanding GST revenue performance

Contrary to belief, GST underperformed the old tax regime in its initial years but has now begun to exceed expectations, six years after implementation

Centre approves 'terms of reference' for the 16th Finance Commission

The government has approved the 'Terms of Reference' for the 16 Finance Commission, which makes recommendations on sharing of tax revenues between the Centre and states. The recommendations would cover a five-year period commencing April 1, 2026, Information and Broadcasting Minister Anurag Thakur said on Wednesday, giving details about the decisions taken at the Cabinet meeting last evening. The commission would submit its report by October 31, 2025, Thakur said. The 15th Finance Commission was constituted on November 27, 2017. It made recommendations covering a six-year period commencing April 1, 2020 through its interim and final reports. The recommendations of the 15th Finance Commission are valid up to financial year 2025-26. Article 280(1) of the Constitutions lays down the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and states; allocation between states of respective shares of such