Tax Revenue

Other macro indicators give mixed signals; car sales stay strong

Defence Minister Rajnath Singh on Friday said that although the Jain community constitutes just 0.5 per cent of India's total population, their tax contributions account for 24 per cent of total tax collections. Addressing the inaugural session of JITO (Jain International Trade Organisation) Connect 2025, a three-day event here, Singh said the Jain community is regarded as a hard-working and prosperous society in the world. He also said the Jain community's philosophy is deeply rooted in Indian culture, and its history is an invaluable lesson in the spiritual and cultural journey of India. "The share of the Jain community in the Indian economy is remarkable. Their population is 0.5 per cent. But in total tax collection, approximately 24 per cent comes from them," Singh said. He further said that whether it is the pharma, aviation or education sector, Jains are leading the way. From toys to tanks, India is making everything. The day is not far when India will emerge as the factory

Exploring India's tax-to-GDP gap, lessons from global reforms, and the role of social security contributions in boosting revenue and citizen compliance

Net direct tax collections grew 9.18% YoY to Rs 10.82 trillion till Sept 17 in FY26, driven by higher non-corporate tax inflows and lower refunds, while advance tax rose 2.9%

That could push up domestic consumption at the expense of imports, they said, putting further pressure on already plunging global coal pricesZ

Kotak Mahindra Bank expects RBI to transfer up to ₹3.5 trillion to the government, while IDFC First Bank estimates the dividend at around ₹3 trillion for the fiscal year ending March

These 17 municipal corporations had a consolidated tax and non-tax kitty of about ₹3,140 crore in FY24

As the Union Budget 2025 approaches, it is crucial to understand how the government earns its revenue from taxes and non-tax sources. Here's a breakdown

The Himachal Pradesh government raised milk procurement prices from Rs 38 to Rs 45 and that of buffalo milk from Rs 38 to Rs 55 per litre this April

The Board of Directors of ICICI Bank Limited ("the Bank"), at its meeting held today, approved a proposal for sale of 19% stake held in ICICI Merchant Services

Experts feel that the government is likely to miss the target of Rs 11.1 trillion capital expenditure in the current financial year

The Bihar government is contemplating taking over the land worth about Rs 7,960 crore, belonging to the erstwhile estate of Bettiah Raj, one of the largest zamindaris of the state, a large part which was encroached upon, an official said. The move is being made to ensure 'effective protection and management' of the nearly 15,358 acres of land, mostly in Bihar's East and West Champaran districts and in Uttar Pradesh, the senior official said. The estate is currently managed by the Court of Wards, Board of Revenue of the Bihar government. According to data compiled by the Board of Revenue till December 13 last year, which is in the possession of the PTI, of the total land belonging to Bettiah Estate in West Champaran district, 6,505 acres (around 66 per cent) have been encroached upon. On the other hand, 3,219 acres or around 60 per cent of such land in East Champaran, have been encroached upon. Chairman-cum-Member of the Board of Revenue, K K Pathak, in an October order pertaining

Devolution of central taxes among states has remained a contentious issue over cess

The Budget on Tuesday is likely to increase the tax revenue projections by Rs 30,000-40,000 crore compared to the Interim Budget in February

"This force should also be responsible for budgetary reforms of the state government," said Kailash Sharma, senior vice-president of ARTIA

Ahluwalia suggested that a portion of central taxes be set aside for this transfer and the remaining be shared between the Centre and the states

The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17, the income tax department said on Tuesday. The net direct tax collection of Rs 18,90,259 crore(as of March 17) includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Refunds amounting to about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. On a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. "The provisional figures of Direct Tax collections for the Financial Year 2023-24 (as of March 17, 2024) show that net collections are at Rs 18,90,259 crore, compared to Rs 15,76,776 crore in the corresponding period of the preceding Financial Year (FY 2022-23), representing an increase of 19.88 per cent," the Central Board of Direct Taxes (CBDT) said in

The government has pegged non-tax revenue collection estimates from the communications sector at about Rs 1.20 lakh crore for 2024-25 and expects to exceed the budget estimates for the current fiscal. As per the interim budget document, the government has revised the revenue estimate from other communication services' for the current fiscal to Rs 93,541.01 crore from the earlier projection of Rs 89,469.17 crore mentioned in the previous budget. The revenue collections for 2024-25 are seen at Rs 1,20,267.31 crore. Finance Minister Nirmala Sitharaman presented the interim Budget on Thursday. The full Budget will be presented by the new government after the Lok Sabha elections. The actual revenue receipts of the government in 2022-23 were Rs 64,835.17 crore. The non-tax revenue receipts from the other communication services mainly relate to licence fees from telecom operators and receipts on account of spectrum usage charges. The Department of Telecom collects recurring licence fees

Nirmala Sitharaman's recent statement that the February 1 Budget would just be a vote on account could mean that she will uphold the convention surrounding an interim Budget

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