Page 3 - Latest Updates on Tax Revenue
Centre's fiscal deficit in H1 touches 37.3% of full-year target
The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23
 "Centre's fiscal deficit in H1 touches 37.3% of full-year target")
On the cards: Expansionary Budget with optimistic tax revenue rise
Finance Minister Nirmala Sitharaman is expected to present the next Budget on February 1
 "On the cards: Expansionary Budget with optimistic tax revenue rise")
Israel decides to withhold $176 mn from Palestinian tax revenues
Israel has decided to withhold 600 million shekels in tax revenues it has collected for the Palestinian Authority to offset the latter's compensation for "attackers" against the Jewish state.
 "Israel decides to withhold $176 mn from Palestinian tax revenues")
Centre's fiscal deficit hits 12.3% of full-year target in April-May period
Non-tax revenue came in at Rs 49,251 crore, or 18.3 per cent of the full year target of Rs 2.69 trillion, compared with 48 per cent for the same period last year
 "Centre's fiscal deficit hits 12.3% of full-year target in April-May period")
Tax revenue boost or expenditure cuts can help meet fiscal deficit target
The impact of Saturday's excise duty cuts will be Rs 1 trillion for a year, Finance Minister Nirmala Sitharaman had said
 "Tax revenue boost or expenditure cuts can help meet fiscal deficit target")
BS Number Wise: Indian states are living dangerously on subsidies
Their tax revenues can't keep up with their largesse: it's a policy that risks putting them in economic peril
 "BS Number Wise: Indian states are living dangerously on subsidies")
'India on track to becoming $5-trn economy': FinMin on tax revenue mop-up
Prime Minister Narendra Modi in 2019 envisioned making India a USD 5 trillion economy and a global economic powerhouse. The Indian GDP is estimated to be around USD 3 trillion in 2021-22
 "'India on track to becoming $5-trn economy': FinMin on tax revenue mop-up")
Boom time for companies: What record profits may mean for govt's revenue
If much higher profits this year do not propel corporation tax revenue to a level higher than the FY19 peak, something must be wrong with corporation tax, writes T N Ninan
Pandora papers: A rich man's game, and its most willing participants
As an international consortium of journalists unearths the 'Pandora' list of stashes in tax havens, accountability becomes the call of the day. But what we get instead is hypocrisy, rues T N Ninan
Subdued govt spending despite high tax revenue may impact growth outlook
Private drive could taper off, high tax revenue notwithstanding
 "Subdued govt spending despite high tax revenue may impact growth outlook")
Govt expecting very robust tax revenue this fiscal: Revenue Secy
The government is expecting a 'robust' tax revenue in the current fiscal on the back of better-than-expected corporate sector performance, Revenue Secretary Tarun Bajaj said
 "Govt expecting very robust tax revenue this fiscal: Revenue Secy")
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")
Sitharaman as FM: Some positive surprises, a few works in progress
Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan
Fuel price surge: What India can learn from Biden and Sunak's tax policies
When the times change, policy has to adapt. Why then is New Delhi so determined to not raise rates on under-taxed forms of income and wealth, questions T N Ninan
Govt mulling ways to ease tax burden on foreign AIF investors
Such investors have had to bear higher taxes on their investment because of the goods and services tax (GST) borne by such funds, which is ultimately passed on to the investors
 "Govt mulling ways to ease tax burden on foreign AIF investors")
Divergence in revenue estimates due to early Budget or lack of discipline?
Provisional actuals of the Budget for 2020-21 have once again varied sharply from the revised estimates. The variation provides fiscal cushion, but also raises several questions
 "Divergence in revenue estimates due to early Budget or lack of discipline?")
Interest on public debt may eat away half of govt tax revenue in FY21, FY22
Expenditure on interest will account for 52.4 per cent of the central tax revenues in FY22
 "Interest on public debt may eat away half of govt tax revenue in FY21, FY22")
Forward-looking Budget eases tax compliance; ball in GST council's court
Budget can be viewed as a positive and a forward-looking in line with promoting the vision of an 'Atmanirbhar Bharat', coupled with continued efforts to ease compliance and check tax evasion.
 "Forward-looking Budget eases tax compliance; ball in GST council's court")
Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit
Reduction of time span for reopening assessments will reduce fear of the taxman
 "Budget 2021: PF interest, Ulip gains now taxable beyond a certain limit")
Moody's raises doubts on higher revenue targets from tax, divestment
Moody's, while silent on the sovereign rating on the higher-than-expected fiscal deficit numbers, expressed doubts over attaining the higher revenue targets and divestment realisation
 "Moody's raises doubts on higher revenue targets from tax, divestment")
