Tax Collections

Domestic demand, GST cut to drive 8-10% growth for fleet firms: Crisil

Fleet operators' revenues to rise 8-10% in FY26 on strong domestic demand, infrastructure push, and GST cut, even as higher truck costs lift expenses

Uttar Pradesh govt mops up nearly ₹27,858 crore tax revenue in Q1 FY26

Of the total collection, the share of goods and services tax (GST) and value added tax (VAT) stood at ₹20,798 crore and ₹7,060 crore, respectively

Datanomics: Govt betters fiscal deficit target despite lower tax receipts

The credit goes to higher GDP in nominal terms than considered by the Budget

Mind the tax gap: India's is smaller than peers', but comparisons mislead

Many of the studies in the latter approach combine data from all types of countries to obtain an estimate of potential revenue

Net direct tax mopup in FY25 hit Rs 22.26 trillion, shows govt data

This was marginally short of revised target; highest-ever refunds issued

From watches to horses: Now, 1% TCS on luxury goods over ₹10 lakh

Earlier, TCS under Section 206C (1F) was applicable primarily to the sale of motor vehicles above ₹10 lakh

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.

Net direct tax collection rises 16.45% to Rs 15.82 trillion till Dec 17

Net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up, government data showed. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year. Refunds worth Rs 3.39 lakh crore were issued during the period, registering a growth of 42.49 per cent year-on-year. Gross direct tax collection, which includes corporate, personal income tax and STT stood at over Rs 19.21 lakh crore, a 20.32 per cent growth over the collection in April 1-December 17, 2023.

Impacting growth, liquidity management: Shifting sands of fiscal policy

There is a very high chance that the actual fiscal deficit target will undershoot even 4.9 per cent of GDP as there was a decline in government expenditure during the general elections

Direct tax collections jump 182% in 10 years to over Rs 19.60 trn in FY24

Direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest 'Time Series Data' released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period. In the first year of the Modi government in 2014-15, direct tax collection was about Rs 6.96 lakh crore. This included about Rs 4.29 lakh crore of corporate tax and Rs 2.66 lakh crore of personal income tax. The number of income tax returns filed (including revised returns) increased from over 4.04 crore in 2014-15 fiscal to over 8.61 crore in 2023-24. Direct tax-to-GDP ratio increased from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24. Tax buoyancy, which measures revenue mobilisation efficiency with respect to GDP growth, increased from 0.86 to

Direct tax collections jump 24% to Rs 8.13 trn in April-Aug: Govt

Net direct tax collections, after adjusting for refunds, was Rs 6.93 trillion during the period, about 22.5 per cent higher than last year

Direct tax mop-up rises 20% to Rs 5.74 trn on higher corporate advance tax

Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore. The net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore, as per data released by Central Board of Direct Taxes (CBDT) on Saturday. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection, it said. During the same period last year, net direct tax collection was Rs 4,80,458 crore. Refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjust

I-T dept asks taxpayers to file updated ITRs for AY 2021-22 by March 31

The income tax department on Monday asked taxpayers whose cases have been flagged under e-verification scheme to file updated income tax returns for 2021-22 assessment year by March 31. The Central Board of Direct Taxes (CBDT) said in some ITRs filed for A.Y. 2021-22 (F.Y. 2020-21), a 'mismatch' has been identified, between the information filed in the ITR vis--vis information of specified financial transactions, as available with the department. In cases where ITRs for A.Y. 2021-22 have not been filed and the department is in possession of information of specified high value financial transactions, the same also needs to be examined. Accordingly, as part of the e-Verification Scheme-2021, the department is in the process of sending communication(s) to the taxpayers for the mismatch in information pertaining to A.Y. 2021-22 (F.Y. 2020-21). This information is being communicated to the taxpayers through their e-mail accounts as registered with the Income Tax Department. The "Depart

GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec

Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23

Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17

With a bit less than four and a half months still remaining for the financial year to end, the projection for direct tax mop-up would be easily exceeded

October GST collection rises 13% to Rs 1.72 trn, second-highest ever

With this, the average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, an 11 per cent increase year-on-year, the ministry observed

Nine-year shift: Taxpayers' income distribution less tilted to super-rich

ITR filing surges 90% during AY13-14 and AY2021-22

TMS Ep513: Tax collection, air pollution, OMC stocks, Google Search's genAI

Is softness in tax collection a cause for worry? How can India fix its air pollution woes? Should you avoid OMC stocks? Google Search's generative AI experience: How it works? All answers here

No TCS on credit card spends overseas, says Ministry of Finance

Implementation of 20% tax on foreign remittances put off until October 1

Spurring fiscal equality: Ratio of GST to GSDP higher in poorer states

One aspiration for the GST system was that it would lead to regional development as it is a destination-based tax regime