Tax Collection

Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024

Though the scheme's operational date has been announced, the final date for the scheme is yet to be determined

Kudos to CBIC for dropping difficult CGST Rules, reducing compliance burden

When goods are exported without IGST payment under bond or letter of undertaking, the ITC of GST paid on related inputs and input services remains unutilised

Record Rs 81,875 crore GST evasion detected in online gaming in FY24

In terms of sectors, online money gaming was followed by the BFSI sector, which saw Rs 18,961 crore evaded in 171 cases

E-governance journey in CBIC: Moving towards development outcomes

As the IT system became more scalable, it not only led to better compliance but also made CBIC future-ready and resilient

Excise duty collections from petroleum sector decline 4.8% in FY24

Overall tax contribution of the petroleum sector rose marginally to Rs 7.51 trillion

Income Tax dept begins scrutiny in reassessment cases for AY-2018-19

The scrutiny might result in a raft of tax notices

'Don't want to raise tariffs to high levels as industry becomes complacent'

Since indirect tax figures are not being released, we are treating GST data in the same manner, he says

Statsguru: Six charts explain govt's tax collections are beating estimates

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

Outward remittances fell 16% in May due to increase in TCS: RBI bulletin

Remittances under the scheme stood at $2.42 billion in May 2024

Advance tax collection surges 27.34% to Rs 1.48 trillion in June qtr so far

Refunds amounting to Rs 53,322 crore have also been issued in FY25 till June 17, which is 34 per cent higher than refunds issued during the same period in the preceding financial year

I-T department set to complete 170,000 reassessments by next March

CBDT reopened total 600K cases between March 2021 and March 2024

Tax origin not suitable measure for budgetary devolution to states: Study

Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal

GST collection soars 10% to Rs 1.73 trn in May, FY25 mopup at Rs 3.83 trn

Trend indicates tax collection to remain above Rs 1.7 trillion during the fiscal year

GST collection rises 10% to Rs 1.73 trn in May on higher revenues

The country's gross GST collections rose to Rs 1.73 lakh crore in May, growing 10 per cent year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. GST collections had touched a record high of Rs 2.10 lakh crore last month. "The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at Rs 1.73 lakh crore," the ministry said in a statement. The 10 per cent year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions (up 15.3 per cent) amid slowing of imports (down 4.3 per cent). After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year. The gross GST collections in FY25 till May 2024 stood at Rs 3.83 lakh crore, which is a 11.3 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in import

Fix mismatches between Form 26AS and 16 before income tax filing

Form 26AS is a consolidated tax statement showing taxes deducted, tax credits, income sources, and tax deducted at source (TDS) and tax collected at source (TCS)

Indirect tax collection for FY24 exceeds RE by significant margin: CBIC

The indirect tax collection for FY24 has exceeded the revised estimates (RE) of Rs 14.84 lakh crore by "a handsome margin", helped by a record GST mop-up, a top government official said. Lauding the efforts of tax officials, CBIC chairman Sanjay Kumar Agarwal, in a letter to field officials, said, "I am happy to inform that the indirect tax collections for the Financial Year 2023-24, including Customs and Union Excise Duty have exceeded the Revised Estimates by a handsome margin". This achievement not only reflects professionalism but also underscores the strength of teamwork and perseverance within the CBIC community, he said, adding that "your relentless efforts have not gone unnoticed, and I extend my heartfelt appreciation to each and every member for their invaluable contributions throughout the year". The gross GST mop up for 2023-24 also marks a milestone with the collection of Rs 20.18 lakh crore -- comprising state GST, Central GST, integrated GST and compensation cess -- .

'Govt meets tax collection target of over Rs 34.37 trn for 2023-24'

The government has broadly met the tax collection target of over Rs 34.37 lakh crore for 2023-24 on the back of robust economic activity and improved compliance, an official said. "Overall targets for tax revenue have been met," the official told PTI. The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 lakh crore, while for indirect taxes (GST+ Customs + Excise) the target was lowered to Rs 14.84 lakh crore in the revised estimates (RE) presented in Parliament on February 1, 2024. The net direct tax collections (comprising corporate tax and personal income tax) reached over Rs 18.90 lakh crore as of March 17. GST remained a high point during the last fiscal with collections reaching a record high of Rs 1.87 lakh crore in April 2023 and the second highest collection coming in at Rs 1.78 lakh crore in March 2024. The gross tax collection target as per the revised estimate stood at Rs 34.37 lakh crore for FY24. Tax collection

Business Standard Manthan: Centre-state relations emerge as talking point

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

United Spirits gets Rs 4.47 cr tax demand from Maharashtra authorities

The state tax authority has demanded Rs 1.21 crore as MVAT, including a penalty of Rs 1 lakh, and Rs 3.26 crore as CST

National pension system added 21.5% fewer corporate subscribers in 2023

Saw 158,212 new subscribers last year compared to 201,517 during 2022