Page 2 - Latest Updates on Tax Revenue
Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs
Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs
 "Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs")
Uttar Pradesh tax mop-up may zoom 40% to Rs 2.62 trillion in FY24
Together, the state's composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23
 "Uttar Pradesh tax mop-up may zoom 40% to Rs 2.62 trillion in FY24")
Centre authorises release of tax devolution of Rs 72,961 cr to states
Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year
 "Centre authorises release of tax devolution of Rs 72,961 cr to states")
India's gross tax receipts remain robust; fiscal deficit at Rs 7.02 trn
Upward trend mainly due to spike in corporation tax mop-up
 "India's gross tax receipts remain robust; fiscal deficit at Rs 7.02 trn")
Taxpayers and the Covid impact
Govt data on direct taxes points to ways of expanding the tax net
 "Taxpayers and the Covid impact")
Early birds' Q2 profit soars, revenue growth slowest in 11 quarters
Earnings up 21.8% Y-o-Y; top line a worry
 "Early birds' Q2 profit soars, revenue growth slowest in 11 quarters")
Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta
Rs 600 cr TDS comes from online gaming firms, Rs 105 cr from crypto assets
 "Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta")
Preventing the mistakes of 2019
Interim Budget projections for 2024-25 should conform to standard practices of transparency, pragmatism and caution
 "Preventing the mistakes of 2019")
Fiscal constraints
Govt must generate more tax revenue
 "Fiscal constraints")
IRS says it collected $38 mn from over 175 high-income tax delinquents
The agency was in line for a $80 bn infusion of funds under the law but that money is vulnerable to potential cutbacks
 "IRS says it collected $38 mn from over 175 high-income tax delinquents")
Settl FY23 revenue jumps two-fold to Rs 17cr, to add 3,000 beds by March
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 markets
 "Settl FY23 revenue jumps two-fold to Rs 17cr, to add 3,000 beds by March")
Govt receives Rs 20,97,368 crore tax revenue in FY23, reveals data
Out of the total revenue, Rs 20,97,368 crore is tax revenue (net to Centre), Rs 2,86,151 crore is non-tax revenue, and Rs 72,187 crore is Non-Debt Capital Receipt
 "Govt receives Rs 20,97,368 crore tax revenue in FY23, reveals data")
NuRe, Railtel tie up for passenger services app on revenue share basis
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, Railtel tie up for passenger services app on revenue share basis")
Amul revenue grew by 18.5% in FY23 to Rs 55,055 cr 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
 "Amul revenue grew by 18.5% in FY23 to Rs 55,055 cr on better demand")
Private hospitals to clock 10-11% revenue growth in FY23, FY24: Report
Sethi further noted that occupancy dipped only once during this period to 53 per cent due to lockdown enforced during the first phase of the pandemic
 "Private hospitals to clock 10-11% revenue growth in FY23, FY24: Report")
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
 "Centre's share of cess and surcharges nearly double in three years")
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?
 "Should Indian states also levy an income tax?")
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
 "File revised income-tax return to correct errors in original ITR by Dec 31")
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
 "Direct tax collections for FY23 up 20% at Rs 11.35 trillion till Dec 17")
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
