Page 2 - Tax Revenue

Uttar Pradesh tax mop-up may zoom 40% to Rs 2.62 trillion in FY24

Together, the state's composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23

Centre authorises release of tax devolution of Rs 72,961 cr to states

The Centre on Tuesday authorised release of tax devolution of Rs 72,961.21 crore to states for November. "The Union Government has authorised the release of tax devolution of Re 72,961.21 crore to State Governments for the month of November 2023, on 7th November instead of the usual date 10th November," the Union finance ministry said in a statement. This will enable the state governments to make in-time releases and add to the festivities and celebrations among the people, it added. Currently, 41 per cent of taxes collected by the Centre is devolved in 14 instalments among states during a fiscal year.

India's gross tax receipts remain robust; fiscal deficit at Rs 7.02 trn

Upward trend mainly due to spike in corporation tax mop-up

Taxpayers and the Covid impact

Govt data on direct taxes points to ways of expanding the tax net

Early birds' Q2 profit soars, revenue growth slowest in 11 quarters

Earnings up 21.8% Y-o-Y; top line a worry

Will exceed Budget target for direct tax: CBDT chairman Nitin Gupta

Collects Rs 600 cr as TDS from online gaming firms, Rs 105 cr from crypto assets

Preventing the mistakes of 2019

Interim Budget projections for 2024-25 should conform to standard practices of transparency, pragmatism and caution

Fiscal constraints

Govt must generate more tax revenue

IRS says it collected $38 mn from over 175 high-income tax delinquents

The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avert budget cuts sought by Republicans who want to gut the agency. IRS leaders said they collected $38 million in delinquent taxes from more than 175 high-income taxpayers in the past few months. In one case, an individual had used money owed to the government to buy a Maserati and a Bentley, and roughly 100 high-income individuals attempted to get favourable tax treatment through Puerto Rico without meeting certain tax requirements. Many of those cases are expected to face criminal investigation. It just shows you how much money is out there in delinquent taxes, and there are so many more cases for us to tackle," said new IRS Commissioner Daniel Werfel, just four months into the job. There's just a significant opportunity there. The agency did not provide figures for how those high-dollar tax collections compared with previous years. Werf

Settl FY23 revenue jumps two-fold to Rs 17cr, to add 3,000 beds by March

Co-living operator Setll has clocked over two-fold jump in its revenue last fiscal to nearly Rs 17 crore and plans to expand its capacity by 2.5 times to 5,000 beds by March next year. The company, which focuses on providing quality rental accommodations to working professionals, currently has around 2,000 beds at 40 centres across Bengaluru, Gurugram and Hyderabad. It is now looking to enter the Noida, Pune and Chennai markets, Settl said in a statement on Monday. The Bengaluru-based startup charges between Rs 12,000 and Rs 18,000 per bed. "We are currently present in three cities dominated by IT firms. We are now actively looking at entering Noida, Pune and Chennai where a lot of professionals are working in IT and other sectors. We anticipate strong demand for quality co-living centre in these cities," Settl co-founder Abhishek Tripathi said. The company is in an advanced stage of discussion with a few property owners in three cities where it has a presence as well as three new

Govt receives Rs 20,97,368 crore tax revenue in FY23, reveals data

Out of the total revenue, Rs 2,097,368 crore is tax revenue (net to Centre), Rs 286,151 crore is non-tax revenue, and Rs 72,187 crore is Non-Debt Capital Receipt

NuRe, Railtel tie up for passenger services app on revenue share basis

3i Infotech-led consortium NuRe Bharat Network and RailTel on Monday unveiled PIPOnet mobile app which aims to provide all services, including e-ticketing, travel, stay reservations, and entertainment apps, for railway passengers. NuRe Bharat Network CEO Sax Krishna said that the app will become available on Android Play Store in the next two weeks. "We have integrated Netflix, Uber, Ola with the app. Through PIPOnet, passengers will be able to book e-ticket, platform tickets, porters, stay, food and many other things. It will have space for advertisers who want to reach out to passengers. The scope is huge. We expect to generate revenue of Rs 1,000 crore in the next five years," Krishna said. He said that PIPOnet will allow the advertisers to connect deeply with the people of Bharat across Tier 1,2,3 and 4 towns of India. Nure Bharat Network will share 40 per cent of the revenue earned from the services or minimum of Rs 14 crore per year with RailTel, RailTel Corporation, Director

Amul revenue grew by 18.5% in FY23 to Rs 55,055 cr on better demand

GCMMF, which sells dairy products under the Amul brand, on Sunday said its revenue grew by 18.5 per cent last fiscal to Rs 55,055 crore on better demand. In a statement, the Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) said it has registered a provisional turnover of Rs 55,055 crore for the financial year 2022-23. The turnover growth of 18.5 per cent is largely due to demand for branded consumer products, it added. "Our fresh products grew by 21 per cent with a contribution of 50 per cent to the GCMMF turnover and ice cream range grew by 41 per cent. "Our consumer products have registered a growth of 23 per cent YOY with products such as cheese, butter, UHT milk, milk beverages, paneer, cream, buttermilk and dahi having grown at 20-40 per cent," GCMMF said. The provisional unduplicated group turnover of member unions of the Amul group has crossed Rs 72,000 crore (USD 9 billion) last fiscal. With a focus of increasing our distribution across top 400 towns in terms of

Private hospitals to clock 10-11% revenue growth in FY23, FY24: Report

Revenue of private hospitals will grow 10-11 per cent in financial year 2022-23 and 2023-24, supported by increasing domestic demand and pick-up in medical tourism, says a report. According to the Crisil Ratings report, revenue of private hospitals will grow on the back of healthy bed occupancy and sustenance of high average revenue per occupied bed (ARPOB). In FY22, private hospitals had reported an all-time high operating profitability of 19 per cent due to a surge in treatment during the second wave of the Covid-19 pandemic, which also pushed up occupancy levels, and, later, pent-up demand for elective surgeries, it said. "Growing health awareness, especially after Covid-19, leading to increase in domestic demand together with recovery in medical tourism, will ensure bed occupancy being maintained at almost similar levels of 60 per cent (past five fiscals average) even as bed addition continues," Crisil Ratings Senior Director Anuj Sethi said. Sethi further noted that occupancy

Centre's share of cess and surcharges nearly double in three years

Experts say finance commission needs to provide clarity on whether cess should be shared with states

Should Indian states also levy an income tax?

An RBI report recently highlighted the grim fiscal condition of ten states. And of them, five seem to be in dire condition. What ails these states? What can be done to revive their economy?

File revised income-tax return to correct errors in original ITR by Dec 31

Any refund you are eligible for won't be processed unless you correct the mistakes in your return

Direct tax collections for FY23 up 20% at Rs 11.35 trillion till Dec 17

Direct tax collections stood at Rs 11,35,754 crore, as on December 17, 2022, up by 19.81 per cent against Rs 9,47,959 crore recorded in the corresponding period of last year, officials said

New tax intelligence unit to raise revenue by boosting compliance: Punj FM

A new tax intelligence unit has been set up in Punjab to boost tax collections by improving compliance, Punjab Finance Minister Harpal Cheema said on Tuesday. Cheema said the tax intelligence unit will work directly under the control of the Taxation Commissioner, while the additional commissioner (Enforcement) and the director (Investigation) will monitor day-to-day functioning. "One assistant commissioner, three state taxation officers, and six taxation inspectors will work full time in the TIU," Cheema said, adding that special data analysts, legal experts, cyber experts and system managers were being recruited to make TIU professionally competent. A state-level facility with all new technologies and data analysis mechanisms would be set up at the taxation office in Patiala. "It will be equipped with the latest hardware, software and artificial intelligence tools for analysis of data being generated by the GST portal, e-way bill portal, and toll data of NHAI. "The major emphasis

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