Page 4 - Direct Taxes

At Rs 10.6 trillion, net direct tax collection rises 23.4% in Apr-Nov

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said. Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period. Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal. Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, customs, excise). Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a t

Govt to stick to Rs 34 trillion tax collection goal in revised estimate

The government is likely to stick to the budgeted estimate of total tax collection target of Rs 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday. "So far, direct tax collection is up by about 20 per cent and indirect tax is higher by 5 per cent. We have data till the eight months of the fiscal and usually the collections are better in the first half. So, at the moment, we will stick to the Budget numbers in our Revised Estimates (RE)," an official said. For 2023-24 (April-March), the Union Budget had pegged total tax collections at Rs 33.61 lakh crore, up 10.1 per cent from Rs 30.54 lakh crore in the previous year. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, Customs, excise). The revised estimates for current fiscal's revenue numbers would be presented as part of the vote on account or ..

Govt to exceed Rs 18.23 trn full-year direct tax collection target: CBDT

The government will exceed the Rs 18.23 lakh crore direct tax collection target set for the current fiscal, CBDT Chairman Nitin Gupta said on Wednesday. "We will exceed the Budget target. The economy is doing well, and we will get a better picture of full-year tax collection once the third instalment of advance tax numbers come in by December 15," Gupta told reporters here. As per government data, the net direct tax collection between April 1 and November 9 this fiscal has swelled 22 per cent to Rs 10.60 lakh crore. "On a gross basis, the direct tax collection has been growing at 17-18 per cent, while on a net basis, we are growing at 22 per cent. We are also issuing refunds simultaneously. So, we have no doubt about tax collection exceeding estimates," Gupta said after inaugurating the taxpayers' lounge at the India International Trade Fair (IITF). Refunds totalling Rs 1.77 lakh crore have been issued between April 1 and November 9. The 2023-24 Budget has pegged direct tax collec

India's gross direct tax collection up 17.6% at Rs 12.3 trillion till Nov

The government has projected 10.5 per cent growth in revenues from corporate and individual income tax to Rs 18.23 trillion this financial year

Centre to revise SEZ Act, limiting tax sops and enhancing integration

SEZs are areas within the country that have different economic regulations and are considered as a foreign territory, with the primary focus on promoting exports

Taxpayers and the Covid impact

Govt data on direct taxes points to ways of expanding the tax net

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta

Collects Rs 600 cr as TDS from online gaming firms, Rs 105 cr from crypto assets

India's net direct tax collection up 23% at Rs 8.65 trillion till Sept 16

Improved profitability, compliance lead to jump in direct taxes

A new direction for direct taxes

The recent focus on direct taxes must be complemented with an analysis of what is causing the slowdown in their collections

Sec 54 benefit gets forfeited unless taxpayer meets multiple criteria

An ITAT ruling has clarified seller can commit to buy new house much before selling old one

India's direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far

"The provisional figure is 26.05 per cent of the total Budget Estimates of direct taxes for the current financial year 2024, " the ministry said

India's net direct tax mop-up rises 11% to Rs 3.8 trillion till June 17

Net direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore on higher advance tax mop up, the Finance Ministry said on Sunday. The Advance Tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over the same period last fiscal. The Net Direct Tax collection of Rs 3,79,760 crore (as of 17.06.2023) includes corporation tax (CIT) at Rs 1,56,949 crore and personal income tax (PIT) including Securities Transaction Tax(STT) at Rs 2,22,196 crore, the ministry said in a statement. On a gross basis, before adjusting refunds, the collection stood at Rs 4.19 lakh crore, a 12.73 per cent growth over the same period last fiscal. This includes Corporation Tax (CIT) at Rs 1.87 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 2.31 lakh crore. Refunds amounting to Rs 39,578 crore have been issued till June 17, a 30 per cent growth over last year.

India's net direct tax collection till June 15 in Q1FY24 up 11.5%

This is led by rise in advance tax payment, TDS collection

Revenue boost: FY23 net direct tax collection exceeds Revised Estimate

Mop-up could help govt meet its fiscal deficit target

Direct tax collection in FY23 likely to top govt's Revised Estimates

Until February, net direct tax collection stood at Rs 13 trillion

Top headlines: Adani group ratings under surveillance, Rs 8,083 cr for PLIs

Business Standard brings you the top headlines at this hour

Budget 2023 aims at providing a stable direct tax regime

At the domestic front, the government presented its last full budget wherein it had to maintain a balance in fueling growth trajectory, while being on the path of fiscal prudence, say analysts

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?

Irregularities in corporation tax assessments of high value cases: CAG

CAG audit report on Direct Taxes drew attention to 57 instances of significant errors and irregularities in corporation tax assessments of high value cases