Page 7 - Latest Updates on Tax Collection
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
 "Industry has a role to play in reducing tax disputes, says FinMin")
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
 "Odisha records robust growth rate of 47% in state GST collection")
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.
 "Modi govt is proud of high tax collection, doesn't see people's pain: Rahul")
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
Budget 2022: Key sectoral expectations from Indirect Tax perspective
Expectations continue to circle economic recovery, ease of compliance and kick-start investment cycle to transit domestic economy into a higher growth orbit while remaining inclusive and sustainable
 "Budget 2022: Key sectoral expectations from Indirect Tax perspective")
Advance tax collection rises 54% to Rs 4.6 trn in FY22 so far: FinMin
Direct tax collections for 2021-22, as on Dec 16, show that net collections are at Rs 9.45 trn compared to Rs 5.88 trn over the year-ago period
 "Advance tax collection rises 54% to Rs 4.6 trn in FY22 so far: FinMin")
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
 "Govt makes largest-ever payment for slashing oil bond dues")
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
 "Fiscal deficit likely to stay at budget estimate of 6.8% of GDP in 2021-22")
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.
 "Govt may consider higher GST, fewer rates to simplify structure: Report")
Tax collections to foreign trade, economic recovery maintains momentum
Employment conditions and consumer sentiments have also improved dramatically, suggests CMIE data
 "Tax collections to foreign trade, economic recovery maintains momentum")
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
 "GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels")
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)
 "Central Board of Direct Taxes sweetens Air India privatisation offer")
Tax mop-up doubles in the first quarter but transfers to states shrink
Devolution accounts for just 22% of gross tax revenue in the first quarter
 "Tax mop-up doubles in the first quarter but transfers to states shrink")
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery
Revenues for July 2021 are 33 per cent higher than GST collected in the same month last year.
Govt's excise collections on petrol, diesel jump 88% to Rs 3.35 trn
To a separate question, the Minister of State for Finance Pankaj Chaudhary said excise collections in April-June this year totalled Rs 1.01 trillion.
Top Headlines: Advance tax collection up 146%; Nadella is Microsoft chair
Business Standard brings to you the top headlines on Thursday
Structural weakness
India needs to overhaul the tax system
 "Structural weakness")
Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19
The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1 trillion estimated in the Budget
 "Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19")
A near-empty CBDT tackles arbitration cases, domestic tax issues
Four vacancies in the Central Board of Direct Taxes (CBDT) have not been filled despite the Appointments Committee of Cabinet (ACC) clearing names in February, exposing administrative gaps
 "A near-empty CBDT tackles arbitration cases, domestic tax issues")