Page 5 - Tax Collection

Delhi to be leading state for tax admin through AI intervention: Gahlot

Delhi Finance Minister Kailash Gahlot on Wednesday said the collection of GST and VAT in the city was more than Rs 34,000 crores in 2022-23, and claimed Delhi will be a leading state for tax administration through the intervention of artificial intelligence. Trade and Taxes department plays an important role in the government, Gahlot said in a review meeting. "The GST and VAT collection was more than Rs 34,000 Crores in 2022-23. This year we expect remarkable growth in the collection," said Gahlot in a statement. Delhi government wants to constantly evolve while making the system more transparent and efficient. The plan is to have a well-structured system by adopting the best practices from all the leading states across the country, he said. The focus of the government is also to increase the convenience of the taxpayers, by resolving the existing pain points in the system, he said. In the coming few weeks, meetings with market and trade associations through outreach camps will al

Tax collection in India one of highest, reduce direct tax to 25%: Bhalla

While India is not the richest country in the world, the tax collection here is one of the highest and the income tax rate should be reduced to 25 per cent from around 40 per cent at present, eminent economist Surjit Bhalla said. While speaking to PTI, Bhalla said reduction in tax rate is required to accelerate the pace of economic growth. "We are a much more globalised economy in the world and the world is a lot more globalised. If you look at the overall tax rate structure in India, collection of taxes is one of the highest in the world and we are not the richest economy of the world," Bhalla said. He said that tax collection by state, Centre and local bodies is around 19 per cent of India's GDP. "We should move towards reducing it by 2 percentage points. As far as direct taxes are concerned, I think the overall tax rate should not be more than 25 per cent. Right now it is close to 40 with surcharges etc. 25 per cent, which is our corporate tax rate, that's what our income tax ra

TCS on foreign trips will not hit demand, but compliance a concern: Firms

"The government should now offer the relief to tour packages as well, irrespective of the mode of payment," said Mohit Kabra, chief financial officer of MakeMyTrip

CBDT asks Mumbai, West Bengal to step up efforts to raise revenue

CBDT asks officials to step up collection

Government to fall short on tax collection target of Rs 30.43 trn in FY23

The government may not achieve a revised tax collection target of Rs 30.43 lakh crore for the current financial year, a top official said. Revised estimate was raised steeply by over 10 per cent from the budget estimate in the FY24 Budget presented last month, the official said. The revised estimates (RE) for the current fiscal pegged gross tax revenues at Rs 30.43 lakh crore, higher than the budget estimates of Rs 27.57 lakh crore. On the direct tax side, the official said, "The RE was quite steep. we are expecting a shortfall. The net collections could be between Rs 15-15.5 lakh crore." In the current fiscal (2022-23), the revenues from direct tax (which includes income and corporate taxes) are projected to grow by over 17 per cent at Rs 16.50 lakh crore compared to 2021-22 fiscal when the collection was Rs 14.20 lakh crore. In the current fiscal, the revenue from corporate tax is expected to come in at Rs 8.35 lakh crore. This is projected to rise by 10.4 per cent to over Rs 9.

Bankers see rise in LRS remittances before new TCS rate kicks in

The TCS, is not in itself, a tax and credit for the amount paid on any transaction is available to the person to adjust against their tax liability for the year

Budget 2023: 20% TCS may take sheen off investments in foreign stocks

The money can be adjusted later, but the blocking of 20 per cent capital till tax filing is likely to dissuade direct investment in foreign equities

Direct tax: Budget gives a blueprint for sustained high-growth trajectory

Presently, no TDS is required on interest payable in the case of listed dematerialised securities

I-T dept spends 57 paise for every Rs 100 of tax collection: Govt official

Income-tax collection cost that the I-T Department incurs in the country is one of the lowest in the world at Rs 0.57 for every Rs 100 collected as tax, Shishir Agarwal, Chief Commissioner of Income Tax, Hyderabad, said on Thursday. He was speaking at a seminar on 'Post-Union Budget 2023-24-Implication for Trade and Industries' organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI). We spend just 57 paise to collect every Rs 100 income-tax. We are one of the lowest in the world. The UK spends 73 paise, Japan 174 paise, Germany 135 paise, Canada 150 paise, France 111 paise. The USA is the only country that spends less than us, a press release quoted him as saying. According to him 65 per cent of I-T returns filed were processed and refunds made within 24 hours of filing. Speaking about the Union Budget which was presented in Parliament on Wednesday, the official said it is progressive' and was presented in line with government of India policies ...

Corporate tax collection to GDP ratio exceeds 3% after two years in FY'22

Corporate tax collections exceeded 3 per cent of the GDP after a gap of two years in 2021-22, reflecting overall improvement in profitability of India Inc propelled by increase in demand for goods and services. However, the corporate tax collection is yet to surpass its five-year high of 3.51 per cent of GDP recorded in 2018-19. In actual terms, the net corporate tax collection in 2021-22 stood at Rs 7.12 lakh crore. The Gross Domestic Product (GDP) at current market price was Rs 236.64 lakh crore. The percentage of net corporate tax to GDP worked out to be 3.01 per cent. An analysis of five-year data of corporate tax collection as a percentage of GDP showed that the ratio was the highest in 2018-19. The net corporate tax collection stood at Rs 6.63 lakh crore or 3.51 per cent of GDP. The mop up and ratio slipped to 2.77 per cent of GDP in 2019-20 on account of reduction in corporate tax rate. In the biggest reduction in 28 years, the government cut corporate tax rates for new ...

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

Gross direct tax collections up by 30% at Rs 10.93 trn in current fiscal

The Central government has set a target of Rs 14,20,000 crore for collection of direct taxes as per budget estimates for 2022-23

CBDT to hold high-level meeting to review revenue collection of FY23

Move seen as part of department's revenue maximisation exercise

Advance tax mop-up grew 13% in April-Dec period to Rs 5.21 trillion

Net direct tax collection has grown 19% to over Rs 11.35 trillion

CBDT seeks detailed report on the top 15 taxpayers in each region

Directive issued for maximising revenue collection and monitoring advance tax mop up

Over 60% of returns filed for amount less than Rs 5 lakh, shows data

Higher tax exemption slabs may exclude significant numbers from existing pool

Tax collection to exceed Budget estimate by nearly Rs 4 trn: Revenue Secy

India's tax collection will exceed the budget estimate by nearly Rs 4 lakh crore in the current fiscal on the back of buoyant income tax, customs duty and GST mop-up, Revenue Secretary Tarun Bajaj said on Wednesday. In an interview to PTI, he said the growth in tax revenues will continue to be higher than the GDP growth, helped by formalisation of the economy and better compliance. For this financial year ending March 2023, the tax collection target set in the Union Budget is around Rs 27.50 lakh crore. Bajaj said the direct tax collection comprising personal and corporate taxes would be close to Rs 17.50 lakh crore in the current fiscal. Mop up from indirect taxes (customs, excise and GST) would be close to Rs 14 lakh crore. The total tax collection is expected to be about Rs 31.50 lakh crore in 2022-23, he said. The Budget had pegged direct and indirect tax mop up at Rs 14.20 lakh crore and Rs 13.30 lakh crore for current fiscal, taking the total figure to Rs 27.50 lakh crore.

RBI report flags large-scale variation in property tax collection in states

It may look surprising but it is a fact that the property tax revenue of the municipal bodies in Delhi is much more than that of bigger states including Uttar Pradesh, Madhya Pradesh, Rajasthan

Better tax collection to help meet FY23 fiscal target of 6.4%: Report

The Centre is likely to meet the key fiscal targets led by the deficit getting contained at the budgeted target of 6.4 per cent in the current financial year, mainly due to better tax collection, according to a report. Bank of America Securities on Friday said the key risks to budgeted fiscal deficit include higher subsidies, lower divestment proceeds, excise duty cut on petrol and diesel. But the offsetting factors include better than estimated tax revenue buoyancy, higher nominal GDP growth, and lower capex loan to states, it said in a report. Accordingly, the brokerage said it expects the government to meet the budgeted FY23 fiscal deficit target at 6.4 per cent of GDP despite upside risks. The report also noted that it was expecting the government to undershoot the fiscal deficit target when the budget was presented at 6 per cent. However, as the year progressed, the outbreak of the Ukraine war started to exert meaningful pressure on global commodity prices, particularly food,

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year