Tax Revenues

Jains form tiny population but contribute 24% of tax revenues: Rajnath

Defence Minister Rajnath Singh on Friday said that although the Jain community constitutes just 0.5 per cent of India's total population, their tax contributions account for 24 per cent of total tax collections. Addressing the inaugural session of JITO (Jain International Trade Organisation) Connect 2025, a three-day event here, Singh said the Jain community is regarded as a hard-working and prosperous society in the world. He also said the Jain community's philosophy is deeply rooted in Indian culture, and its history is an invaluable lesson in the spiritual and cultural journey of India. "The share of the Jain community in the Indian economy is remarkable. Their population is 0.5 per cent. But in total tax collection, approximately 24 per cent comes from them," Singh said. He further said that whether it is the pharma, aviation or education sector, Jains are leading the way. From toys to tanks, India is making everything. The day is not far when India will emerge as the factory

Net direct tax collection up 9% to Rs 10.82 trn till Sep 17 as refunds dip

Net direct tax collections grew 9.18% YoY to Rs 10.82 trillion till Sept 17 in FY26, driven by higher non-corporate tax inflows and lower refunds, while advance tax rose 2.9%

Net direct tax revenue jumps 9% to ₹10.82 trillion till September 17

Net direct tax collection grew 9.18 per cent so far this fiscal to over Rs 10.82 lakh crore due to higher advance tax mop-up from corporates and slower refunds. Refund issuances dropped 24 per cent to Rs 1.61 lakh crore between April 1 and September 17. During the period, corporate advance tax collection increased 6.11 per cent to over Rs 3.52 lakh crore. However, non-corporate advance tax mop-up declined 7.30 per cent to Rs 96,784 crore. Between April 1 and September 17, net corporate tax collection stood at over Rs 4.72 lakh crore, up from Rs 4.50 lakh crore in the same period in 2024. Non-corporate tax, which includes individuals and HUFs, mop-up so far this fiscal stood at about Rs 5.84 lakh crore, up from over Rs 5.13 lakh crore in the same period of the last year. Securities Transaction Tax (STT) collection stood at Rs 26,306 crore so far this fiscal, up from Rs 26,154 crore in the year-ago period. Net direct tax collection, which includes personal income tax and corporate

RBI bumper payout to help offset shortfall in tax revenues, say analysts

Kotak Mahindra Bank expects RBI to transfer up to ₹3.5 trillion to the government, while IDFC First Bank estimates the dividend at around ₹3 trillion for the fiscal year ending March

GST reforms: A roadmap to rationalisation, revenue, and regime evolution

From rate rationalisation to cess management and expanding the GST base, India's evolving tax regime faces critical design and compliance challenges requiring balanced reforms

Keep interest of economy before revenue in tax notices: Revenue secy

Revenue Secretary Sanjay Malhotra on Wednesday askedI officers to nab the masterminds behind smuggling rackets, but keep the interest of the economy in mind before issuing high-pitched notices in commercial fraud cases. Addressing the 67th foundation day of the Directorate of Revenue Intelligence (DRI), Malhotra also said it is vital for the department to upgrade skills and manpower to adapt to the technology changes. He urged theI officers to focus energy on big fish and masterminds and bust syndicates in smuggling operations. However, Malhotra added that the officers have to be "very careful" while taking action against traders or businesses involved in potential commercial fraud cases. During 2023-24,I has detected duty evasion through misclassification and misdeclaration of goods, worth Rs 10,000 crore. He said there could be a technical nature of some tax demands and classification disputes rampant across the industry on some goods, which could lead to a very high-pitched dem

'Own-source' revenue of panchayats remains at Rs 59 per capita in 2017-22

Own Source Revenue (OSR) generation for panchayats remains low, with the income through tax collected by the rural local governance bodies on an average being just Rs 59 per capita between 2017 and 2022, according to government data. Even as the generation of OSR for panchayats has come into focus to give these rural bodies more financial autonomy, according to the data compiled by the Panchayati Raj ministry, between 2017 and 2022, only an amount of Rs 5,118.98 crore was raised as OSR by the panchayats. This comes down to Rs 59 per capita and Rs 2.27 lakh per panchayat over the five-year period for 2.25 lakh gram panchayats across the country. The total population coming under these panchayats was more than 86.95 crore in the said period. Among the states, Gujarat collected the highest amount as OSR at Rs 829.75 crore, while Kerala came second collecting Rs 802.95 crore. Andhra Pradesh, which raised Rs 791.93 crore, occupied the third position, followed by Karnataka (Rs 627.56 ...

Civic bodies need major reforms to enhance revenue sources: RBI report

Central bank says revenue sources not adequate for meeting revenue expenditure of most of the MCs, which affects their functional and financial autonomy

Municipal corporations need to enhance own sources of revenue: RBI report

Municipal corporations need to enhance their sources of revenue through reforms in property tax, rationalisation of user charges, and better collection mechanisms, an RBI report has suggested. The elasticity of property tax revenues, the predominant source of tax revenue, can be improved through adopting property tax formulae which are more reflective of property valuation, it said. The 'Report on Municipal Finances' released by the Reserve Bank on Wednesday noted that the demand for high-quality public services in urban areas is growing rapidly with a rising urban population. "Yet municipal corporations (MCs) in India invested with this responsibility generate limited revenues and rely heavily on the upper tiers of the government for their funding needs, limiting their operational flexibility," it said. State-specific strategies to strengthen MC finances through local taxation reforms, better enforcement, augmenting institutional capacity and transparent financial management are .

With a letter to CMs, Siddaramaiah reignites debate on tax devolution

The Karnataka chief minister has invited states to a conclave in Bengaluru to discuss the challenges of fiscal federalism, particularly ahead of upcoming recommendations from the Finance Commission

France's Atos cuts financial targets, says restructuring still on track

Atos said it now forecast a full-year 2024 group revenue of 9.7 billion euros ($10.72 billion), down from 9.8 billion euros previously estimated

PhonePe turns profitable with adjusted PAT, revenue up 74% for FY24

This is the first time the company has reported profit on consolidated numbers

Warner Bros Discovery writes down TV assets by $9 bn amid uncertainities

The shift of viewers from traditional television to streaming services has led to a decline in advertising revenue and affiliate fees, impacting the profitability of Warner Bros

Tata Play Q1: Loss widens to Rs 353.9 cr, revenue dips 4.32% to Rs 4,304 cr

Leading DTH operator Tata Play (erstwhile known as Tata Sky) has reported widening of its consolidated loss to Rs 353.9 crore, as revenue from operations declined 4.32 per cent to Rs 4,304.62 crore in the financial year ended March 31, according to financial data accessed by business intelligence platform Tofler. In FY23, the company had reported a net loss of Rs 105.25 crore and its revenue from operations stood at Rs 4,499.19 crore. Total expenses of Tata Play, in which Tata Sons now owns 50 per cent share, has increased 1.47 per cent to Rs 4,760.55 crore in FY24. Earlier, it stood at Rs 4,691.25 crore for the financial year ended in March, 2023. Tata Play's total revenue in FY24 also declined 4.47 per cent to Rs 4,327.07 crore. Earlier, the total revenue was at Rs 4,529.97 crore a year ago. On a standalone basis, Tata Play's revenue from operations also declined 6.07 per cent to Rs 3,982.57 crore for the financial year ended on March 31, 2024. It was at Rs 4,240.04 crore in ...

Revenues of top 18 states to grow 8 to 10% this financial year: CRISIL

Revenues of top 18 states, which account for 90 per cent of India's gross state domestic product, are likely to grow at a pace of eight to 10 per cent during the current financial year at Rs 38 lakh crore, according to a CRISIL Ratings report. Last fiscal, the revenues of the 18 states grew by seven per cent, it said. The growth will be primarily driven by robust GST collections and devolution of finances from the Centre, which comprise around 50 per cent of the aggregate state revenues, according to the report. It said while revenue on liquor sales, which is ten per cent of the states' revenues, is expected to remain stable, collections of sales tax imposed on petroleum products and grants recommended by the 15th Finance Commission will be modest. Senior director of CRISIL Ratings Anuj Sethi said that the biggest impetus to revenue growth will continue to come from aggregate state GST collections and also from improved tax compliance and greater formalisation of the economy. Cent

Trickling down to Viksit Bharat

Strong trickle-down through wage growth would eventually lead to a higher consumption of essential items such as basic clothing, utensils, and personal care products like soaps

FY24 fiscal deficit seen slightly better than projected Rs 17.4 trn: Report

India's income tax receipts rose 17.7% year-on-year to nearly $235 billion in 2023/24, higher than government's projection

Net direct tax collection surpasses RE in FY24; corp tax receipts a miss

Exceeds estimates by 0.7% to hit Rs 19.58 trn

Centre's alleged 'injustice' in devolution of taxes to southern states

Complaints from the south of the Vindhyas gained intensity as the debate over the lower devolutions added to the perception of a "North-South divide"

Govt aims to collect $1.7 billion revenue from online gambling tax in FY25

The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investor