Page 2 - Tax Revenues

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

60% may shift to new tax regime in FY24: CBDT chairman Nitin Gupta

'No extension of concessional corporation tax rate for new manufacturing units'

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

April-Dec fiscal deficit at Rs 9.82 trn, 55% of annual target: Govt

Total expenditure during the period was 30.54 trillion rupees, or about 68% of the annual goal, compared with 28.18 trillion rupees in the same period last year

Understanding GST revenue performance

Contrary to belief, GST underperformed the old tax regime in its initial years but has now begun to exceed expectations, six years after implementation

Centre approves 'terms of reference' for the 16th Finance Commission

The government has approved the 'Terms of Reference' for the 16 Finance Commission, which makes recommendations on sharing of tax revenues between the Centre and states. The recommendations would cover a five-year period commencing April 1, 2026, Information and Broadcasting Minister Anurag Thakur said on Wednesday, giving details about the decisions taken at the Cabinet meeting last evening. The commission would submit its report by October 31, 2025, Thakur said. The 15th Finance Commission was constituted on November 27, 2017. It made recommendations covering a six-year period commencing April 1, 2020 through its interim and final reports. The recommendations of the 15th Finance Commission are valid up to financial year 2025-26. Article 280(1) of the Constitutions lays down the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and states; allocation between states of respective shares of such

Two-pillar tax deal can help countries but needs a rejig to suit India

Tax in the time of digital

GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

Gross GST collection rises 10.2% to over Rs 1.62 trillion in September

September collection at Rs 1.62 trillion, takes the average monthly mop-up to Rs 1.65 trillion in FY24

At Rs 11.8 trn, India's gross tax revenue up by 16% in 5 months of FY24

August tax mop-up gives boost to govt finances

Kerala's revenue collection in 2021-22 down 10% compared to 2017-18: CAG

A report of the Comptroller and Auditor General of India (CAG) on Kerala's revenue sector for the financial year 2021-22 has found that the state's revenue collection had decreased by 10 per cent from what it was in 2017-18, while the receipts from the Centre had increased. The report, tabled in the assembly on Thursday, said that during the year 2021-22, the revenue collected by the state government decreased to 59 per cent from 69 per cent in 2017-18. At the same time, the receipts from the Centre increased to 41 per cent that year from the 31 per cent in 2017-18, it said. The report also said that even though the revenue raised by the state government during the year 2021-22 shows an increase from the previous year of 2020-21, the percentage of revenue raised by it to total revenue receipts has reduced when compared with that of 2017-18, 2018-19 and 2019-20 financial years. "The revenue receipts of the state increased by Rs 19,023.41 crore during 2021-22, compared to 2020-21. Th

Glenmark eyes double-digit revenue growth; to focus on debt reduction

Glenmark Pharmaceuticals aims to grow its revenues by 10-11 per cent with a focus on free cash generation to reduce debt in the current financial year, according to Chairman and Managing Director Glenn Saldanha. The Mumbai-based drug major is also looking at enhancing EBITDA margins while expanding presence in various therapeutic segments like oncology and dermatology. "For the new financial year, we aim to grow by 10-11 per cent in revenues, expand our EBITDA margin to 19-20 per cent, and continue to focus on enhancing free cash generation for further debt reduction," Saldanha said in the company's Annual Report for FY23. In FY23, the company's consolidated revenue from operations stood at Rs 12,990 crore, up from Rs 12,305 crore in FY22. Besides, the drug maker reported an EBITDA of Rs 2,278 crore during the 2022-23 fiscal with margins at 17.5 per cent. Glenmark reported net debt of Rs 2,905 crore for the fiscal ended March 31, 2023. Addressing the company's shareholders, he not

Jute industry revenue likely to dip by 5-6% on weak overseas demand: Report

Jute industry's revenue is likely to witness a decline of 5-6 per cent in this financial year due to lower exports, a report said on Wednesday. According to Crisil Ratings, this would be the second consecutive year of fall for Jute industry revenue, However, domestic demand is expected to be stable, it added. Exports, which form a third of the sector's revenue of Rs 12,000 crore, are seeing a 15 per cent dip this fiscal, after falling 8 per cent last fiscal, as overseas channel partners continue to destock amid slowdown worries in the US and Europe, Crisil Ratings said in the report. Weak overseas demand is likely to snip 5-6 per cent off revenue of the jute industry in the country this fiscal, the report added. The US and Europe are the key export markets accounting for over 60 per cent of the total jute exports from India, it noted. The end-use of jute in these markets is largely discretionary, the report added. In contrast, the report stated that the domestic demand is expecte

Bajaj Hindusthan Sugar net loss at Rs 75 cr in Q1 on lower revenue

Bajaj Hindusthan Sugar Ltd on Monday reported a consolidated net loss of Rs 74.69 crore in the June quarter on lower revenue. The company had posted a net loss of Rs 44.91 crore in the year-ago period. Total income fell to Rs 1,363.36 crore in the April-June period of 2023-24 fiscal from Rs 1,537.71 crore in the corresponding period of FY23. Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company. Part of the Bajaj Group (Kushagra), the company has 14 sugar plants, all located in Uttar Pradesh. The plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.

PepsiCo raises revenue, profit forecasts on price hikes and steady demand

PepsiCo's average prices jumped 15% for the quarter ended June 17, while organic volume slipped 2.5%

Sula Vineyards records double-digit sales growth in June quarter

Sula Vineyards Ltd, the country's largest wine producer, has recorded a strong double-digit sales growth in the June quarter. Its estimated net revenues year-on-year were up 17 per cent in the April-June period, said a sales update by Sula Vineyards. Sales from its own brands were at Rs 103.5 crore, up 24 per cent, while its portfolio of imported "elite and premium brands" had a 30 per cent growth. "The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business," it said. Its revenue estimates from wine tourism were at Rs 11.4 crore, up 11 per cent. This sales updates will be followed by financial statements for Q1 FY24 once approved by its board, said Sula Vineyards. Commenting on this, Sula CEO Rajeev Samant said: "Our focus on premiumisation continues to pay off with our elite and premium wines leading the pack in terms of growth." Sula Vineyards' wine tourism revenues also grew in double digits. Over the outlook, he

Lakme Lever revenue rises 19.8% in FY23, HUL's exports at Rs 1,268 cr

FMCG major HUL's revenue from Lakme Lever Pvt Ltd, a wholly-owned subsidiary engaged in the salon business, increased 19.3 per cent to Rs 328 crore in FY23, led by a recovery in the business after the COVID-19 pandemic, as per the company's latest annual report. The subsidiary reported a Rs 275 crore revenue from the sale of products and services in FY22. "The company (Lakme Lever) delivered robust top line and bottom line growth led by a recovery in the salon business," the report said. With a focus on safety, quality of operations, expert treatments and prudent cost optimisation, the salon business continues to perform well in the beauty services category, it said. "Job work business continued to do well," said HUL. Lakme Lever has over 450 owned/managed and franchisee salons. In the last year's annual report, the number of saloons was 400. "The company has emerged stronger post the pandemic by strengthening safety, quality and expertise across all touch points in our customer

Tata Coffee reports 20% rise in profit on strong demand for March quarter

The company, which also exports to over 40 countries, said its revenue from its value added products business increased about 11% to 6.24 billion rupees

Vaidyaratnam Group plans to double revenue to Rs 500 cr, IPO by 2030

Thrissur-based ayurveda group Vaidyaratnam is looking at closing the current fiscal with a Rs 240 crore revenue and double the same by 2030 when it hopes to go public. The 99-year-old entity is the only ayurveda group that follows the holistic Ashtavaidya tradition. It was started by the late Eledath Thaikkattu Neelakandan Mooss in Thaikkattussery in Thrissur in 1924. The company recorded a revenue of Rs 220 crore, of which Rs 170 crore came in from products/medicines and the rest from services in FY22. This year, they expect only a marginal increase in revenue to Rs 240 crore (Rs 190 crore from products and the rest from services) due to the sharp spike in input costs. "Our 2030 plan envisages more than doubling the turnover to Rs 500 crore. We hope to drive this primarily by entering new categories of treatment like infertility, sports and lifestyle diseases, among others -- and also launching new medical products, especially in the nutraceuticals," Ashtavaidyan Dr Yadu Narayanan

Usha International looks to close FY23 with around Rs 3,800 cr revenue

Consumer durable product maker Usha International is looking to close the current financial year with a revenue of around Rs 3,800 crore, said its CEO Dinesh Chhabra. As part of its strategy, the company is pursuing "profitable growth" across its segments with quality and not chasing the market shares, he said. "We would attempt to close to Rs 3,700 crore to Rs 3,800 crore in FY23," Chhabra told PTI. Usha International operates in the consumer durable space with a product portfolio, including fans, sewing machines, home appliances and power products. Presently 45 per cent of Usha International's business comes from the fan segment, while the rest is contributed by others. When asked about growth, Chhabra said he expects growth from all the segments. However, he also added: "I see growth from the cooking segment to be far better than fan as its penetration levels are low." The cooking range includes mixers, juicers, grinders, grillers and toasters etc. from where the growth would