Page 3 - Tax Collections

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

At Rs 3.39 trillion, direct tax collection sees a 45% surge: CBDT

Advance tax by companies and individuals rises 33%

Untaxed digital imports like video games cost India $4.9 bn in 4 years

According to a report by a Geneva-based think tank, the loss of revenue was from the import of just 49 products like movies, music, and video games

Two records and a turn

The finance minister's ability to effect a steady rise in capex is more significant than her two records on deficit management

Reality check on tax growth

The record rise in tax collections in 2021-22 should be judged in a larger context

Govt did not raise taxes to fund economic recovery, focused on capex: FM

Sitharaman said the Modi Government's belief in lowering taxes and reduction in corporate tax have started yielding results with corporate tax collection touching Rs 7.3 lakh crore so far this fiscal

I-T Dept issues over Rs 1.67-trn refunds to 18.7 mn taxpayers till Feb 7

The Income Tax Department has issued refunds of more than Rs 1.67 lakh crore to 1.87 crore taxpayers so far this fiscal

Corporate tax this fiscal likely to exceed Budget Estimates by 19%

Direct, indirect tax revenues have been a bright spot for Centre in FY22

Minimum global tax rate should be 25%, says World Inequality Report

A higher rate of 25 per cent will reduce the risk of such a counterproductive outcome

India's fiscal deficit for April-October at 36.3% of FY22 target

The windfall gains from oil revenues have contributed to the government's tax collection

FY22 fiscal deficit may be better at 6.6% on stronger tax buoyancy: Fitch

Revenue Secretary Tarun Bajaj has said the government's tax collection kitty will surpass budget estimates this financial year on the back of good direct and indirect tax mop-up.

Govt to exceed tax collection target in FY22: Revenue secy Tarun Bajaj

The government has budgeted a 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for 2021-22 fiscal (April-March). In the last fiscal, the mop-up was Rs 20.2 lakh crore.

Tax mop-up likely to top target by Rs 2.5 trillion, say experts

Monthly GST collection likely to touch Rs 1.5 trillion next fiscal year

Formal sector, administration raises tax kitty 29% in Apr-July from FY20

Year-on-year, the collections grew by 83%. This growth was misleading since it comes on a 30% drop in tax mop-up a year earlier