Taxation

Net direct mopup growth lags Budget goal

Rajasthan Chief Minister Bhajan Lal Sharma directed key revenue-related departments to prepare a target-based action plan to accelerate revenue collection for the 2025-26 financial year, emphasising that robust revenue mobilisation is essential for the state's development and the smooth execution of welfare schemes.Chairing a review meeting with officials from the Excise, Transport, Commercial Taxes, and Registration & Stamps departments, the Chief Minister said the government is committed to inclusive growth and the welfare of all sections of society. He stressed that improved revenue performance would directly support development projects underway across the state.During the review of the Commercial Taxes Department, Sharma said the reduction in GST rates introduced by the central government must translate into tangible benefits for consumers. He called for strict monitoring to curb tax evasion, a crackdown on fake taxpayers, and the establishment of a more transparent tax ...

Finance Minister Nirmala Sitharaman on Tuesday said with the growing digitalisation of the economy and emergence of new financial products, countries globally will have to cooperate with timely exchange of information, while ensuring fairness and public trust in the tax system. Speaking at the 18th Global Forum Plenary meeting, Sitharaman said technological tools like artificial intelligence, along with judgement, should be used to ensure that tax information exchanged among jurisdictions leads to measurable outcomes. The Global Forum on Transparency and Exchange of Information for Tax Purposes is a multilateral framework comprising 170 jurisdictions. It monitors and peer reviews the implementation of international standards on transparency and information exchange. Stating that confidentiality and cybersecurity must be maintained with great care, the minister called for joint attention and cooperation to the new challenges arising from the digitalisation of the economy, emergence o

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Das said he shared stakeholders' concerns regarding the complexity of the existing audit report forms filed by trusts

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PHDCCI urges revival of concessional tax for new manufacturing units, reinstatement of R&D incentives, and GST reforms to ease compliance and boost India's competitiveness

Tax experts pointed out that the press release appears to have missed granting relief to taxpayers covered under transfer pricing (TP) provisions

Smartphone sector's GST collections are likely to top ₹65,000 crore this financial year; the smartphone industry has credited the PLI scheme for boosting exports

Net direct tax collection grew 6.33 per cent so far this fiscal to over Rs 11.89 lakh crore due to higher corporate tax mop-up and slower refunds. Refund issuances dropped 16 per cent to Rs 2.03 lakh crore between April 1 and October 12. Between April 1 and October 12, net corporate tax collection stood at about Rs 5.02 lakh crore, up from Rs 4.92 lakh crore in the same period of 2024. Non-corporate tax, which includes individuals and HUFs, mop up so far this fiscal stood at about Rs 6.56 lakh crore, up from over Rs 5.94 lakh crore in the same period last year. Securities Transaction Tax (STT) collection stood at Rs 30,878 crore, up from Rs 30,630 crore in the year-ago period. Net direct tax collection, which includes personal income tax and corporate tax, recorded a 6.33 per cent growth year-on-year at over Rs 11.89 lakh crore till October 12 this fiscal. It was about Rs 11.18 lakh crore in the year-ago period. Gross direct tax collection, before adjusting refunds, stood at over

We are losing touch with the soul of the indirect tax

PwC India's Navigate Tax Hub, powered by generative AI, integrates tax expertise and secure document management to boost efficiency, accuracy and value for tax teams

The GST Council's efforts at rationalisation have steadily lowered the system's complexity while sustaining revenue buoyancy

In its late-night regulatory filing on Monday, the company said the total demand includes ₹17.19 crore in GST, ₹21.42 crore in interest, and a penalty of ₹1.71 crore

July's net GST kitty growth marks the slowest pace since last February from when disaggregated data on gross and net GST collections is available. In June, net GST revenues were up 3.3 per cent

Gross GST mop-up was ₹1.82 trillion in July 2024. Last month, the collection was ₹1.84 trillion

Unlike the states, the Union did not have the cushion of compensation for a revenue shortfall in the initial years

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

The government has listed eight new bills for the upcoming monsoon session of Parliament, including amendments to taxation, mineral laws, and the Jan Vishwas Bill

Intra-state e-way bills stood at 78.85 million in June, while inter-state e-way bills were at 40.60 million during the month