Page 2 - Tax Collection

Net direct tax kitty swells 16% to Rs 16.9 trillion so far in FY25

The net direct tax collection grew 15.88 per cent to about Rs 16.90 lakh crore so far this fiscal, according to government data released on Monday. As per the data by the Central Board of Direct Taxes (CBDT), mop-up from net non-corporate taxes, which include mainly personal income tax, stood at over Rs 8.74 lakh crore. The net corporate tax collection between April 1, 2024, and January 12, 2025, was around Rs 7.68 lakh crore. Net collections from securities transaction tax (STT) stood at Rs 44,538 crore so far this fiscal. Refunds worth over Rs 3.74 lakh crore were issued during the period, a 42.49 per cent increase over the year-ago period. Gross direct tax mop up between April 1 and January 12 grew 20 per cent to over Rs 20.64 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes. This includes Corporate tax collection of Rs 10.20 lakh crore, personal income tax and other taxes of Rs 11.87 lakh crore.

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The Indian Union Budget is crafted through a multi-step process involving various stakeholders.

Government extends deadline for direct tax Vivad Se Vishwas Scheme

Under the scheme, penalty charges vary based on the date of payment

Tax contribution of petroleum sector set to drop rapidly in FY 2024-25

Collections from windfall tax collections had cooled before it was withdrawn on December 2

Corporation tax paid by listed companies at 4-year low in Q2 FY25

Tax payment by listed companies was down 7 per cent year-on-year (Y-o-Y) in Q2FY25, their worst showing in the last four years and the first decline in corporate tax in seven quarters

Make tax collection less intrusive: Prez Murmu tells IRS trainees

President Droupadi Murmu on Monday said efforts should be made to make tax collection less intrusive and underlined the need for greater use of technology in the process. Addressing trainee officers of the Indian Revenue Service (Customs and Indirect Taxes), who called on her at the Rashtrapati Bhavan here, the President said the responsibility of bringing new ideas and solutions in the field of tax administration lies with the young officers. Taxation is not only a means of increasing the country's revenue but is also important for social, economic and political development. The tax paid by the citizens of the country is used for the development of the country and its people, Murmu said. She told the trainee officers that if they do their work with dedication and devotion, then they will be able to make a great contribution to the development of the country, according to a statement issued by the Rashtrapati Bhavan. "In this new and dynamic era, efforts should be made to make less

Net GST mopup rises 11% to Rs 1.63 trillion in Nov amid drop in refunds

Gross collection grows 8.5% to Rs 1.8 trillion

Govt must explore non-tax measures, not just spending cuts, to boost fiscal

With such fiscal pressures on the Centre's finances, it is necessary for the finance ministry to explore non-tax areas to raise revenue

Putting a leash: Govt likely to disband unit tracking pre-GST evasion

DGGI expects to complete investigation in all such cases by March

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