Page 5 - Tax Collections

Net direct tax collections decline 31% in April-August FY21

The net direct tax collection in April-Augustwas 31.1 per cent lower on year-on-yearbasis at over Rs 1.92 trill, according to data provided by Minister of State for Finance Anurag Thakur in Lok Sabha

Google tax contributes merely 1% of direct tax kitty in major cities

Bengaluru, Hyderabad top the collections, Mumbai and Delhi together mop up a mere Rs 87 crore

Tax mop-up from metros sees double-digit decline; Kolkata worst-hit city

Numbers pose challenges to Centre's Rs 13.2-trn target

Fiscal deficit at 83.2% of budget estimates in Q1 on poor tax collection

Fiscal deficit during the corresponding period of last year was 61.4 per cent of the budget estimates

Tax mop up in Q1 'very encouraging', shows economic recovery: Finance Secy

Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year

Economic activity reviving; GST collections good sign: CBDT chief Mody

He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.

Covid-19 impact: Aviation, automobile sectors see worst tax outgo in Q1

Maruti Suzuki, Bajaj Auto, and Hero MotoCorp's tax collections were down 60-85 per cent.

Google tax collections remain muted in Q1, mop-up drops 30% to Rs 216 cr

The yield declined 30 per cent after the first instalment deadline ended on Tuesday, compared to the same period last year, revealed preliminary collection figures

Borrowings by states double to Rs 1.7 trn in Q1FY21 over Covid-19: Icra

"Icra estimates the net SDL (state development loans) issuance in Q1 FY2021 to have expanded by a sharp 135.6 per cent to Rs 1.4 trillion from Rs 0.6 trillion in Q1 FY2020," it said

Decline in tax revenue collection narrows to 37% in May as economy picks up

Gross tax revenue in May stood at Rs 58,533 crore, against Rs 93,389 crore in the same month last year, revealed the data by the Controller General of Accounts on Tuesday.

Fall in direct tax collection on expected lines and temporary: CBDT

The CBDT said the assertion that in spite of the tax reforms, the investment has not been picking up is not correct and is without an appreciation of the reality of the business world

FinMin sanctions Rs 92,077 cr to states as devolution of central taxes

The Budget had projected the share of the states in taxes at Rs 7.84 trilllion for 2020-21.

Dangerous crossroads: Extraordinary steps have the habit of becoming habits

Printing money to fund crisis measures is not without risk; countries like the US might get away with it, but the price for excess is always greater for a developing country, writes T N Ninan

Best of BS Opinion: Trump's India visit, SC blow on AGR dues, and more

From Trump's first India visit after Senate acquittal to SC blow on AGR dues, here are the opinion pieces of the day.

Tax collection at source on LRS to hit education abroad

The TCS is imposed on all LRS transactions above Rs 7 lakh including travel overseas

Union Budget 2020: Corporate tax growth of 12% for FY21 'unrealistic'

India Inc tax collections to fall 8% in FY20

Finance Commission: 41% of taxes go to States; 1% for J&K, Ladakh in FY21

The 15th Finance Commission on Saturday recommended 41 per cent share in the divisible pool of taxes for states and 1 per cent for the newly created Union territories of Jammu & Kashmir and Ladakh for the financial year 2020-21, thus retaining the devolution formula of the earlier Commission. The 14th Commission had recommended the share of states at 42 per cent in the divisible pool of taxes. In her Budget Speech, Finance Minister Nirmala Sitharaman said the commission has given its first report pertaining to 2020-21. "In the spirit of co-operative federalism, I am pleased to announce that we have, in substantial measure, accepted the recommendations of the commission," she said. The commission would submit its final report to the President during the latter part of the year, for five years beginning 2021-22. The first report said that for 2020-21, the commission is inclined to leave the vertical split of divisible pool at the same level as recommended by the 14th ...

GST, VAT collection dips as 6 states' tax revenue till November FY20 falls

On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period

Calibrating the policy mix

The right fiscal-monetary-external balance must be achieved to nurture and harness a nascent recovery

UP collects Rs 80,000 crore in taxes during first 8 months of FY19

Yogi government to target tax evaders through stiffer enforcement of tax rules