Page 3 - Tax Revenues

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,

Union Budget 2023: Individual taxpayers can expect some relief

Experts caution that fiscal support alone may create artificial demand and jack up prices

AP govt to raise taxes on vehicles to collect Rs 200 cr additional revenue

The Andhra Pradesh government is all set to enhance the quarterly tax on transport vehicles to raise an additional revenue of Rs 200 crore. Chief Minister Y S Jagan Mohan Reddy, at a recent meeting on resource mobilisation, gave the clearance to the quarterly tax hike proposal, official sources said here. Accordingly, the Transport Department prepared the plan to enhance the quarterly tax by 20-25 per cent on transport vehicles like taxis, trucks and buses, the sources said. In December last year, the state government increased the life tax on two- and four-wheelers and also the green tax to generate an extra revenue of Rs 400 crore per year. The life tax hike resulted in a 38.88 per cent jump in revenue to Rs 1,215.51 crore in the first six months of the 2022-23 financial year, as against Rs 875.20 crore in the corresponding period last year. Even before the proposed enhancement, quarterly tax on transport vehicles also saw a jump of 31.57 per cent to Rs 529.86 crore in the first

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

Govt may retain or cut bond borrowings for current fiscal on robust revenue

India may keep its market borrowing plan for the financial year intact, with a recent uptick in revenues likely to lead to a discussion on whether the target can be reduced

Centre's revenue receipts rise just 5% to Rs 5.7 trillion in June quarter

April-June fiscal deficit at 21.2% of Budget Estimates

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

Untaxed digital imports like video games cost India $4.9 bn in 4 years

According to a report by a Geneva-based think tank, the loss of revenue was from the import of just 49 products like movies, music, and video games

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.

Global minimum tax will make developing nations less attractive: UN report

The proposed reforms, planned for 2023 or 2024, aim to discourage multinationals from shifting profits to low-tax countries

RBI is getting its way on policy rates. But how long will this last?

It will be interesting to see if Shaktikanta Das can keep his political masters in good humor. Or if his relationship with the government - like that of his two predecessors - will also start to fray

Top Headlines: Fuel rate cut to ease inflation, report on EV fire, and more

The recent EV scooter fires were caused by defects in their batteries, including in the designs of the battery packs and modules, a DRDO report said. Read more in our top headlines.

Top headlines: India Inc divided over new apps, tax revenues at record high

Business Standard brings you the top headlines this morning

India's tax revenues soar to a record high of Rs 27.07 trillion in FY22

In terms of tax buoyancy, the overall tax buoyancy was 1.9 in FY22, with direct tax buoyancy at 2.8 and indirect tax buoyancy at 1.1.

Budget 2022-23: Directors may face tax recovery heat, say experts

The proposal in the Finance Bill to amend provisions of Section 179 of the Income Tax (I-T) Act from April 1, 2022, could increase risks for directors of medium and small-sized firms, said experts.

Budget 2022: For every rupee in govt coffer, 58 paise to come from taxes

The government is also looking to earn 7 paise for every rupee from Union excise duty and 5 paise from customs duty

What is Revenue Budget?

The govt is now giving final touches to the contours of Union Budget 2022. The Budget can be classified into two parts -- the Capital Budget and the Revenue Budget. Find out what is Revenue Budget

Centre expects tax revenues to be above 10% budget target: Officials

India's economy grew 20.1% between April and June, versus a 24.4% contraction during the same period last year.

States' tax revenues lower than two years ago as demand for spending rises

An analysis of 17 states shows that while states' revenue spending in April-June 2021 was 14% higher than the same period in 2019, own revenues were 8% lower

Andhra Pradesh tax collection targets enhanced for additional revenue

Faced with a severe resource crunch, the Andhra Pradesh government has revised the tax collection targets to mop up an additional Rs 1,700 crore during the current financial year