State Revenues

Stronger data safeguards, effective use of shared info: Revenue secy

Revenue Secretary Arvind Shrivastava on Tuesday said countries need to work towards ensuring strong data confidentiality systems and also make sure that information shared under international standards is used effectively. He said jurisdictions globally must also adapt to new challenges, including digital economy taxation and crypto asset reporting frameworks, which will need both technical innovation and coordinated action. "Looking ahead we must continue to deepen beneficial ownership transparency, ensure strong data confidentiality systems and make sure that information shared under international standards is used effectively," the secretary said addressing the 18th Global Forum Plenary meeting here. Shrivastava said over the years, the Global Forum has enabled a transformation in the global tax landscape from banking secrecy and limited cooperation to transparency and information exchange. "The work of the Global Forum continues to evolve and India stands ready to contribute ..

India's GST cuts risk delay as states demand safeguards for revenue loss

Gross GST collections hit a record ₹22.1 trillion in fiscal year 2025, 9.4 per cent higher than a year earlier

Louder chorus now for hike in states' share of central tax revenue

Southern states like Kerala have held conclaves of Opposition-ruled states to demand a 50 per cent share for states

The cost of liquor ban: MP expects an annual revenue loss of less than 2%

The ban on the sale of spirits in 19 locations will impact 47 composite liquor outlets

Centre may urge states to cut delay in formation of finance commissions

Today's meet may focus on facilitating dialogue to enhance efficiency of SFCs

Secondary long steel makers likely to see 7% rise in FY25 revenues: CRISIL

Producers of long steel products in the secondary sector are expected to see a 7 per cent growth in their revenues in the ongoing financial year, Crisil Ratings said on Thursday. Secondary steel makers produce recycled products using electric arc furnace (EAF) and induction furnace (IF). Secondary steel players witnessed 4 per cent rise in their revenues in preceding 2023-24 fiscal year, the ratings agency said in its report. "Secondary long steel producers will see revenue grow 7 per cent this fiscal, up from 4 per cent last fiscal, riding on robust domestic demand fuelled by central government spending on housing and infrastructure," it said. This fiscal, the central government's spending on rural and urban housing and infrastructure projects, particularly under Pradhan Mantri Awas Yojana and the National Infrastructure Pipeline, will sustain demand. The uptick seen in the first half of the fiscal will pick up pace in the second half. Rahul Guha, Director, Crisil Ratings, said:

Himachal mulls freebies rollback: Why is the state in a financial tangle?

Promises like reviving the Old Pension Scheme (OPS), paying Rs 1,500 to women, and providing free power have contributed to the financial strain, with the state now facing a debt of Rs 86,589 crore

Tata Play Q1: Loss widens to Rs 353.9 cr, revenue dips 4.32% to Rs 4,304 cr

Leading DTH operator Tata Play (erstwhile known as Tata Sky) has reported widening of its consolidated loss to Rs 353.9 crore, as revenue from operations declined 4.32 per cent to Rs 4,304.62 crore in the financial year ended March 31, according to financial data accessed by business intelligence platform Tofler. In FY23, the company had reported a net loss of Rs 105.25 crore and its revenue from operations stood at Rs 4,499.19 crore. Total expenses of Tata Play, in which Tata Sons now owns 50 per cent share, has increased 1.47 per cent to Rs 4,760.55 crore in FY24. Earlier, it stood at Rs 4,691.25 crore for the financial year ended in March, 2023. Tata Play's total revenue in FY24 also declined 4.47 per cent to Rs 4,327.07 crore. Earlier, the total revenue was at Rs 4,529.97 crore a year ago. On a standalone basis, Tata Play's revenue from operations also declined 6.07 per cent to Rs 3,982.57 crore for the financial year ended on March 31, 2024. It was at Rs 4,240.04 crore in ...

How successful GST has been after seven years since being implemented?

GST revenue peaked at a record high of Rs 20.2 trillion in 2023-24

Politicians dole out sops to woo Andhra voters despite rising debt in state

Ahead of the Assembly polls, the state's economic health is in focus as it has consistently breached the fiscal deficit in eight of the last 10 years since Telangana's formation

A trillion dreams: Is this realistic, or are four states chasing a chimera?

The exchange rate will play a crucial role in this calculation and some assumptions must be made on this front

14 states, union territories raise Rs 35,544 crore at weekly bond auction

Amount higher than scheduled figure of Rs 32,532 crore, a first in seven weeks

Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy

The government expects average monthly GST collections to touch about Rs 1.85 lakh crore in the next fiscal, up from about Rs 1.66 lakh crore this year, Revenue Secretary Sanjay Malhotra said on Friday. In a post-Budget interview with PTI, Malhotra also said the incorporation date for startups to avail of tax benefits for three years out of 10 have been extended by a year till March 31, 2025. He also said the customs duty cut in mobile spare parts and components to 10 per cent is intended to simplify tax structure, reduce classification disputes and should further spur investment in mobile manufacturing. Finance Minister Nirmala Sitharaman in her 2024-25 interim Budget speech had said the GST taxpayer base as well as monthly revenues have doubled since its launch. The monthly Goods and Services Tax (GST) collection has crossed Rs 1.70 lakh crore in three months this fiscal, taking the average monthly mop-up to Rs 1.67 lakh crore in current fiscal. "GST collections are expected to g

State revenue grows 5% till Nov against 17.4 budgeted for FY24: Report

The growth rate of the combined revenue receipts of the 16 largest states has fallen by almost 80 per cent to 5 per cent during April-November from the budgeted 17.4 per cent for the current fiscal, according to a report. The states have so far borrowed over 37 per cent more than they did last fiscal and given these poor numbers, they will have to borrow heavily this fiscal to service their debt and pay salaries and pensions. The plunge is due to a contraction in sales tax and lower-than-budgeted growth of state goods and services tax collections (SGST), excise duty and stamps and registrations during the period, restricting the growth of states own tax revenue (SOTR) to 11 per cent. Another reason for the poor numbers is the steep decline in Central grants, Icra Ratings said in a report. The agency, though, expects an upside in tax devolution in the fourth quarter, its quantum may not be adequate to fully offset the shortfall in grants. Moreover, even if a sizeable portion of the

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns

States to boost fiscal health in FY24 with high revenue, capex: RBI report

The proportion of states' revenue in gross state domestic prod­uct (GSDP) is projected to reach 8.2 per cent in FY24, the highest sin­ce 2018-19

Twelve of 31 states, UTs project debt more than 35% of GSDP at FY24 end

It is not that only the poor states such as Bihar have high debt in proportion to their GSDP

States to miss capex targets this fiscal on fall in revenue, polls : Report

Several states are likely to miss their capital expenditure targets for the ongoing fiscal due to polls and fall in revenue, according to an analysis. A steep fall in revenue receipts will further lead to a major compression in state capex, which during the first half of FY24 rose to a record 35 per cent, Icra Ratings Chief Economist Aditi Nayar said. To maintain their Budget estimates, 21 states -- whose capex and other macro data is available -- will have to ensure that the capex run run rate is maintained at 28 per cent in the second half, which is unlikely, since model code of conduct is likely to take effect in the March quarter before the general elections, Nayar said. The combined revenue and fiscal deficits of these 21 states widened to Rs 70,000 crore and Rs 3.5 lakh crore, respectively, in the April-September period, from Rs 50,000 crore and Rs 2.4 lakh crore, respectively, in the year-ago period. The report excludes Arunachal Pradesh, Assam, Goa, Manipur, Meghalaya, ...

Populism: The only game in town

As political parties indulge in competitive populism, why do voters accept it?

Centre proposes amendment to boost state revenue from mining waste

The existing regulation permitted the leaseholder to dispose of these materials without specifying their intended use