Page 4 - Tax Collections

Higher Q1 tax mop-up shows economy on recovery path: Govt

Increased tax collection in the first quarter this fiscal shows that the economy is on the recovery path, Minister of State for Finance Pankaj Chaudhary said on Tuesday. Net direct tax collection in the April-June quarter of the current fiscal is over Rs 2.46 lakh crore, as against more than Rs 1.17 lakh crore during the same period of the previous fiscal. Reasons for increase in the collections include revival of economic activities and positive sentiments among taxpayers during this current financial year, leading to increased income estimates and higher advance tax payments in the first quarter of the FY 2021-22 as compared to the corresponding period of FY 2020-21, he said in a written reply to the Rajya Sabha. Net Indirect Tax (GST and non-GST) revenue collection in the first quarter of FY 2021-22 is Rs 3.11 lakh crore, he said. The increased tax collection (Direct & Indirect) as reported in the first quarter of the current financial year as compared to the same period ...

Govt's net tax collection rises 86% to Rs 5.57 trillion in first quarter

In Panama Papers and Paradise Papers leaks cases, undisclosed credits of Rs 20,078 crore and Rs 246 crore, respectively, have been detected.

Google tax collection jumps 4 times in Q1; Bengaluru tops the list

This comes in the backdrop of India agreeing to the global tax deal proposal at the OECD, which will require New Delhi to withdraw the equalisation levy by 2023

Mapping recovery

India needs a new medium-term economic road map

Advance tax collection: Automobile, IT firms lead surge in April-June qtr

Maruti Suzuki, Hero MotoCorp, TCS, and Infosys reported a jump between 44 per cent and 200 per cent in the April-June quarter of this financial year on account of a low base

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Some bright spots

There are still a number of risks to durable economic recovery

Advance tax collection surges 146% despite Covid-19-led economic disruption

Net direct tax mop-up zooms 100% till June 15

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Dangers of a wrong diagnosis

Indirect taxes are now higher than direct taxes. But cutting indirect tax rates to address this will amount to barking up the wrong tree

Direct tax mop-up zooms 85% in spite of economic disruption due to Covid-19

Trend in contrast to moderation in GST collections last month

Statsguru: A decline in growth poses risks to govt's fiscal forecast

While tax collections provided some reprieve, the government seems to be consistently underperforming on the disinvestment side.

More misses than hits

GST Council should have addressed pressing issues

Rationalise rates

GST Council must address the shortfall in collection

Govt's worry on corporation tax revenue front may worsen in coming years

Concern over a falling share of corporation tax revenue may get worse

Wave of disruption

New Covid cases could threaten the fragile economic recovery

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Renewed risks to recovery

Rising Covid cases could reverse recent gains

Personal I-T revenue now equals all other direct taxes: That's a problem

Until the 1950s taxes on output contributed more to government revenue than those on incomes of people and businesses. But since then the balance has gradually been reversed

Tax worries roil indices ahead of Budget; Sensex down 5% from peak

YTD returns turn negative