Page 5 - Latest Updates on Tax Collection
Govt's 20% TCS policy unfair on domestic operators: Travel agents
Overseas travel firms have been granted exemption of up to Rs 7 lakh before TCS kicks in; no such benefit for domestic ones
 "Govt's 20% TCS policy unfair on domestic operators: Travel agents")
Delhi to be leading state for tax admin through AI intervention: Gahlot
Delhi FM said collection of GST and VAT in the city was more than Rs 34,000 cr in 2022-23, and claimed Delhi will be a leading state for tax administration through the intervention of AI
 "Delhi to be leading state for tax admin through AI intervention: Gahlot")
Tax collection in India one of highest, reduce direct tax to 25%: Bhalla
While India is not the richest country in the world, the tax collection is one of the highest and the income tax rate should be reduced from around 40 per cent at present, economist Surjit Bhalla said
 "Tax collection in India one of highest, reduce direct tax to 25%: Bhalla")
TCS on foreign trips will not hit demand, but compliance a concern: Firms
"The government should now offer the relief to tour packages as well, irrespective of the mode of payment," said Mohit Kabra, chief financial officer of MakeMyTrip
 "TCS on foreign trips will not hit demand, but compliance a concern: Firms")
Maintain proper documents proving source of funds remitted abroad
Have transparent reasons for each transfer and use reputable service providers in order to avoid scrunity
 "Maintain proper documents proving source of funds remitted abroad")
CBDT asks Mumbai, West Bengal to step up efforts to raise revenue
The net tax growth rate in some of these regions was below expectations, said two people privy to the development
 "CBDT asks Mumbai, West Bengal to step up efforts to raise revenue")
Government to fall short on tax collection target of Rs 30.43 trn in FY23
The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore
 "Government to fall short on tax collection target of Rs 30.43 trn in FY23")
Bankers see rise in LRS remittances before new TCS rate kicks in
The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year
 "Bankers see rise in LRS remittances before new TCS rate kicks in")
Budget 2023: 20% TCS may take sheen off investments in foreign stocks
The money can be adjusted later, but the blocking of 20 per cent capital till tax filing is likely to dissuade direct investment in foreign equities
 "Budget 2023: 20% TCS may take sheen off investments in foreign stocks")
Direct tax: Budget gives a blueprint for sustained high-growth trajectory
Presently, no TDS is required on interest payable in the case of listed dematerialised securities
 "Direct tax: Budget gives a blueprint for sustained high-growth trajectory")
I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official
The Budget was an effort in moving to a new tax regime which is simple and more open
 "I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official")
Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22
However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19
CBIC asks taxmen to recover lower dues from firms under insolvency
Issues a separate circular on limitation period of show-cause notices
 "CBIC asks taxmen to recover lower dues from firms under insolvency")
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
 "Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 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
 "Over 60% of returns filed for amount less than Rs 5 lakh, shows data")
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 trillion in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up, Revenue Secretary Tarun Bajaj said
 "Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy")
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
 "RBI report flags large-scale variation in property tax collection in states")