Page 2 - Tax Collections

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

TCS on foreign remittances: FinMin evaluates issues flagged by banks

July 1 deadline extension not ruled out

Banks seek clarification from govt before TCS on credit cards kicks in

Banks are particularly concerned about use of several cards and bank accounts to make a simple remittance

New TCS norms on credit card spends: More than a matter of exchange

Money changers are miffed at the tax exemption for credit card forex spends of up to Rs 7 lakh a year under the liberalised remittance scheme

The unsung hero

After five years, it seems GST has begun to show sustained growth even as it has many weaknesses and policy challenges

Google tax mop-up slips for first time to Rs 3,864 crore since inception

Uncertainty over OECD's global tax deal affects collection in FY23

Rs 158 cr direct tax collected in current fiscal via TDS on crypto assets

Direct tax collected by way of tax deducted at source on payments made upon transfer of virtual digital assets aggregated to Rs 157.9 crore upto March 20, 2023, the Parliament was told on Tuesday

Delhi govt's 2023-24 Budget outlay could be close to Rs 80,000 cr

With boosted tax revenue, the Delhi government's budget outlay for 2023-24, to be tabled in the upcoming assembly session, may be close to Rs 80,000 crore, officials said on Wednesday. The tax collection of the government in the current and the next financial year is expected to remain as per estimates, they said The annual budget size of the government for 2022-23 was Rs 75,800 crore and Rs 69,000 crore in the year earlier. The budget session of Delhi assembly will start on March 17 with Lt Governor VK Saxena addressing the House.The budget will be presented on March 21 and it will be preceded by an Outcome Budget of the government. Finance Minister Kailash Gahlot will present his first budget in the assembly. He was given charge of the department after the resignation of deputy chief minister Manish Sisodia who was arrested by the ED in connection with the Delhi excise policy scam case. "Budget preparation is exciting but a very time consuming exercise. Days are filled with end

Tax collections up by 29.66%, to enable govt roll out tax reforms

With such a surge in tax collections, government would look to unleash reforms in the coming 2023-24 fiscal, especially as far as tax administration is concerned

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

Move seen as part of department's revenue maximisation exercise

New York risks losing wealthiest residents over high taxes: Official

An analysis by New York City's Independent Budget Office released this week showed that the number of city taxpayers who earned between $1 million and $5 million declined 11% in 2020

Tax collections to cross budget estimates in current fiscal, says govt

Revenue Secretary Tarun Bajaj was quoted as saying that the growth in tax revenues will continue to be higher than the GDP growth, owing to better compliance

Abolish exemptions

Instead of reducing tax rates, Budget 2023 should take steps to reverse the decline in tax buoyancy

Centre's fiscal deficit in H1 touches 37.3% of full-year target

The Centre is hopeful of keeping the fiscal deficit at 6.4 per cent of nominal GDP in FY23

Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23

Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in

Direct tax collections may exceed budget targets, CBDT chief says

Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

Direct tax collection grows 40% driven by personal income tax from Apr-Jul

Personal income tax collection posted a growth of 52% YoY at Rs 2.67 trillion, while corporation tax collection stood at Rs 45,000 crore

Corporate tax collection soars 34% between April and July: I-T dept

Tax dept attributed the robust growth to simplified tax regime, low rates and no exemptions