Indirect tax collections in FY’19 may fall short by Rs90,000 crore: Report
6 years, 1 month ago

Indirect tax collections in FY’19 may fall short by Rs90,000 crore: Report

Live Mint  

New Delhi: Indirect tax collections are likely to fall short by Rs90,000 crore in the current fiscal on account of subdued GST mop-up and excise duty cut on petroleum products, an SBI research report said on Thursday. “We expect a shortfall of around Rs90,000 crore in GST and excise collections, out of which Rs10,500 crore is on account of reduction of excise duty on petroleum products by Rs1.50 per litre,” said SBI Ecowrap report. The report further said that for the second year in succession, direct tax collections are likely to be higher than the budgeted targets by at least around Rs20,000 crore. As per the report, the recent decline in oil prices might compress the current account deficit by around $5-6 billion from “our estimates of $78 billion in current fiscal”.

Direct Tax Collections Report Crore Gst Trillion Excise Duty Excise Collections  rs90000  report  prices  excise  collections  trillion  fy19  short  fall  petroleum  indirect  gst  tax  crore  products

History of this topic

Personal income taxes help direct tax collections rise 16% to Rs 16.9L cr
1 day, 17 hours ago

Personal income taxes help direct tax collections rise 16% to Rs 16.9L cr

New Indian Express  

NEW DELHI: Net direct tax collection in FY25 increased by 16% to Rs 16.9 lakh crore, driven mainly by strong personal income tax collection. Personal income tax collections during the period surged 21.6% to Rs 8.74 lakh crore compared to Rs 7.2 lakh crore. For the current financial year, the government has a target of collecting Rs 22 lakh crore …

India’s net direct tax collection swells 16% to ₹16.90 trillion so far in FY25
Trending News
2 days, 2 hours ago

India’s net direct tax collection swells 16% to ₹16.90 trillion so far in FY25

Live Mint  

New Delhi: Strong growth in tax collection from both personal and corporate income helped the Central government to collect ₹16.9 trillion in direct tax revenue so far this financial year after adjusting for tax refunds, official data showed on Monday. The net direct tax collection growth of 15.9% so far this year exceeds the 12.8% growth rate that finance minister …

Gabbar Sitharaman Tax: Congress’ fresh jab at FM, says new circulars are issued 90 months after GST rollout
6 days, 5 hours ago

Gabbar Sitharaman Tax: Congress’ fresh jab at FM, says new circulars are issued 90 months after GST rollout

Live Mint  

Congress leader Pawan Khera on Thursday took a swipe at Union Finance Minister Nirmala Sitharaman over Goods and Service Tax and said that even 90 months after the implementation of GST, new circulars are being issued. Speaking to ANI in Rajasthan, Khera referred to GST as Gabbar Sitharaman Tax, and said it has affected everyone. The tax that should have …

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy
1 week, 5 days ago

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy

The Hindu  

The Congress on Friday claimed that the last quarter of the current fiscal year witnessed the “second-slowest pace” of collection of Goods and Services Tax in the past three years and urged the government to focus on the complexities of the economy instead of imposing tax on popcorn. Net GST growth slumps to 3.3% in December, as revenues slow and …

Net GST growth slumps to 3.3% in December, as revenues slow and refunds rise 45%
2 weeks ago

Net GST growth slumps to 3.3% in December, as revenues slow and refunds rise 45%

The Hindu  

India’s gross Goods and Services Tax receipts increased at the second-slowest pace in 43 months in December, while growth in net GST collections, after adjusting for refunds, slumped to 3.3%, the weakest in financial year 2024-25. Editorial: ​Selective indecision | on the GST Council’s 55th meeting, decisions December’s gross GST inflows, for transactions undertaken in November, were a tad under …

GST collections rise 7.3 pc to Rs 1.77 lakh cr in December
Top News
2 weeks ago

GST collections rise 7.3 pc to Rs 1.77 lakh cr in December

Deccan Chronicle  

New Delhi: Goods and Services Tax collections rose by 7.3% to ₹1.77 lakh crore in December, maintaining figures above the ₹1.7 lakh crore mark for the tenth consecutive month. While higher than the ₹1.65 lakh crore collected in December 2023, it fell short of the record ₹2.1 lakh crore achieved in April 2024, according to government data released on Wednesday. …

How much GST did Indians pay in December 2024? Govt data says...
2 weeks ago

How much GST did Indians pay in December 2024? Govt data says...

Firstpost  

The Central GST collection accounted for Rs 32,836 crore, State GST for Rs 40,499 crore, Integrated GST for Rs 47,783 crore, and Cess for Rs 11,471 crore. The year-to-date GST collections now stand at Rs 16,33,569 crore India’s gross Goods and Services Tax revenue climbed 7.3 per cent year-on-year to Rs 1.77 lakh crore in December, according to government data …

Centre, states collect gross GST revenue of ₹1.76 trillion in December
Trending News
2 weeks ago

Centre, states collect gross GST revenue of ₹1.76 trillion in December

Live Mint  

The Union and state governments collected gross Goods and Services Tax revenue of ₹1.76 trillion in December, the lowest in in three months, but showing an improvement of 7.3% from a year ago, official data showed. After adjusting for tax refunds, GST revenue collection stood at ₹1.54 trillion, showing annual growth of 3.3%. After refunds, GST revenue receipts in the …

Net direct tax collections rise 16.5%
3 weeks, 6 days ago

Net direct tax collections rise 16.5%

The Hindu  

With a little over three months left in 2024-25, India’s net direct tax collections were up 16.5%, crossing ₹15.82 lakh crore by December 17, with non-corporate taxes leading the growth. Data shared by the Central Board of Direct Taxes on Wednesday showed that gross tax receipts had grown 20.3% so far this year to cross ₹19.21 lakh crore, with corporate …

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December
4 weeks ago

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December

Live Mint  

The Centre’s direct tax collection from corporations and individuals after adjusting for tax refunds has reached ₹15.8 trillion so far this year, jumping 16.45% over the previous year and outpacing the budget estimate. While non-corporate tax collection from individuals and other entities like partnerships and local authorities, after adjusting for refunds, recorded a 22% jump so far this year to …

Net direct tax collection crosses Rs 15.82 lakh crore mark, registers 16.45 per cent growth
4 weeks ago

Net direct tax collection crosses Rs 15.82 lakh crore mark, registers 16.45 per cent growth

India TV News  

The government has reported a significant rise in net direct tax collections, which have surged by 16.45 per cent to exceed Rs 15.82 lakh crore in the ongoing fiscal year. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up …

Mind economy's interest before Revenue's: Sanjay Malhotra to tax officials
1 month, 1 week ago

Mind economy's interest before Revenue's: Sanjay Malhotra to tax officials

Live Mint  

New Delhi: Cautioning tax officials to not kill the goose that lays the golden egg in the process of tax collection, revenue secretary Sanjay Malhotra told a gathering of officials that they need to be careful not to hurt the economy’s interests in the hunt for revenue. “This is a very positive development for the industry—it signals the government's intention …

UP collects ₹1.35 lakh crore tax revenue in 8 months
1 month, 1 week ago

UP collects ₹1.35 lakh crore tax revenue in 8 months

Hindustan Times  

[email protected] For representation only Uttar Pradesh government on Wednesday claimed it has collected a tax revenue of ₹135058.47 crore in the first eight months of 2024-2025. It collected ₹7579.74 crore from transport, ₹2226.81 crore from energy and ₹279.54 crore from land revenue “Our revenue collections are going up and the state’s financial situation is witnessing marked improvement consistently. The state …

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance
1 month, 1 week ago

Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance

Deccan Chronicle  

New Delhi: About 70-75 per cent of GST revenues collected in 2023-24 fiscal year came from the 18 per cent slab, while just 5-6 per cent came from the 12 per cent bracket, Parliament was informed on Monday. The average GST rate has fallen below the revenue neutral rate of 15.3 per cent, prompting the need to start discussions on …

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema
Trending News
1 month, 1 week ago

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema

Hindustan Times  

Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said on Sunday that the state witnessed 62.93% growth in net GST collection during November 2024 compared to the corresponding period last year. Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said the total net collection from VAT, CST, GST, PSDT, and excise in November this year is …

GST mop-up fourth highest ever but red flags in laggard states
1 month, 1 week ago

GST mop-up fourth highest ever but red flags in laggard states

Hindustan Times  

The Goods and Services Tax revenue in November grossed over ₹1.82 lakh crore, the fourth highest monthly collection ever that also crossed the ₹1.80 lakh crore mark for the fifth time in 88 months since July 2017, despite major states such as Andhra Pradesh, Rajasthan and Chhattisgarh showing a dip in growth. The goods and services tax revenue in November …

Top News on Dec 1: GST collection rises, Andhra dissolves Waqf board, Kejriwal rules out alliance in Delhi polls, more
1 month, 2 weeks ago

Top News on Dec 1: GST collection rises, Andhra dissolves Waqf board, Kejriwal rules out alliance in Delhi polls, more

Live Mint  

From increase in GST collection to Andhra govt dissolving Waqf board to killing of 7 Maoists to Donald Trump picking loyalist Kash Patel as his new FBI director, here are today's top stories. GST collection for November rises by 8.5% to ₹ 1.82 lakh crore The goods and service tax collection for the month of November rose 8.5 per cent …

GST mopup surges 8.5 per cent to 1.82 lakh crore in November
1 month, 2 weeks ago

GST mopup surges 8.5 per cent to 1.82 lakh crore in November

Deccan Chronicle  

New Delhi: India's gross goods and service tax or GST mopup surged by 8.5 per cent to over Rs 1.82 lakh crore in November on year-on-year basis as compared to Rs 1.68 lakh crore in the same month last year. As per the data released by the finance ministry, the total gross GST revenue grew 8.5 per cent to over …

GST collection for November rises by 8.5% to ₹1.82 trillion
1 month, 2 weeks ago

GST collection for November rises by 8.5% to ₹1.82 trillion

Live Mint  

New Delhi: Driven by festive demand, the Goods and Services Tax collections for the Union and state governments climbed to ₹1.82 trillion in November, marking an 8.5% year-on-year growth, according to official data released on Sunday. The import GST revenue growth of 6% also backs foreign trade data which indicates slower growth of non-petroleum imports," said MS Mani, partner at …

GST collection reports 8.5 per cent growth to Rs 1.82 lakh cr in November
Trending News
1 month, 2 weeks ago

GST collection reports 8.5 per cent growth to Rs 1.82 lakh cr in November

India TV News  

The gross Goods and Services Tax collections rose 8.5 per cent to over Rs 1.82 lakh crore in November on higher revenues from domestic transactions. The statement released by the government said the total gross Goods and Services Tax revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in …

Surcharge revenue triples in two years to Rs 1.39 lakh crore
1 month, 3 weeks ago

Surcharge revenue triples in two years to Rs 1.39 lakh crore

Deccan Chronicle  

Chennai: The surcharges levied by the government upon different taxes tripled in the past two years to a total of Rs 1.39 lakh crore in FY24 against Rs 40,758 crore in FY22. Of the surcharge revenue received in FY24, that from corporate tax accounted for Rs 59,000 crore and that from income taxes other than corporate tax stood at Rs …

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target
1 month, 4 weeks ago

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target

Deccan Chronicle  

New Delhi: The government on Monday said that it would exceed the Rs 22 lakh crore direct tax collection target set for the current fiscal year. As per the latest data released by the tax department between April 1 and November 10, net direct tax collection has grown 15.41 per cent to Rs 12.11 lakh crore, including net corporate tax …

India is investing more in mutual fund SIPs, and paying more tax too
2 months ago

India is investing more in mutual fund SIPs, and paying more tax too

Firstpost  

With individual wealth creation through investments aligning with strengthened government revenues, India appears resilient in the face of global uncertainties Investments in mutual funds,a s well as tax collection in India have gone up. New records for SIPs In October 2024, investments through monthly systematic investment plans into mutual funds surpassed Rs 25,000 crore for the first time and reached …

Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov
2 months ago

Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov

Live Mint  

New Delhi: The union government’s direct-tax collection has grown by 15.41%, after tax refunds, to ₹12.1 trillion so far this financial year, the Central Board of Direct Taxes said on Monday. Securities transaction tax contributed ₹35,923 crore so far this financial year, 90% more than the ₹18,909 crore collected in the same period a year ago, CBDT data showed. So …

GST Revenue Trends: A Rollercoaster Ride of Ups and Downs
2 months, 1 week ago

GST Revenue Trends: A Rollercoaster Ride of Ups and Downs

The Hindu  

GST revenue trends have been volatile this year, with growth in gross and net receipts exceeding that of the previous year's highest points, but falling short of the previous year's overall growth. While the year started with a strong surge in April, subsequent months have shown a decline in growth. The latest GST receipts indicate a positive trend, but it …

Karnataka Tax Collection: Chief Minister Warns Officials of Missed Targets
2 months, 2 weeks ago

Karnataka Tax Collection: Chief Minister Warns Officials of Missed Targets

India Today  

Karnataka Chief Minister Siddaramaiah has issued a warning to government officials, emphasizing the importance of meeting tax collection targets. The state has set a target of Rs 1,10,000 crore for commercial tax collection for the financial year 2024-25, and as of October, Rs 58,773 crore has been collected. The state has achieved 53.5% of its target so far, but it …

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore
2 months, 3 weeks ago

India's Tax Filers Surge Fivefold, With 52% of Salaried Individuals Reporting Income Over Rs 1 Crore

ABP News  

India's tax filers have seen a significant surge in recent years, with the number of individuals reporting taxable incomes exceeding Rs 1 crore surging fivefold in the assessment year 2023-24. This growth has been driven by both an increase in the total number of taxpayers and an increase in the number of individuals with taxable incomes exceeding Rs 1 crore.

GST collections hit a 40-month low in September 2024
3 months, 2 weeks ago

GST collections hit a 40-month low in September 2024

The Hindu  

Growth in India’s Gross Goods and Services Tax collections slumped to a 40-month low of 6.5% in September, with revenues at ₹1,73,240 crore, about 1% lower than the tally in August. Gross domestic revenues were up 5.9% in September, with the uptick moderating 4.5% higher after adjusting for refunds, provisional numbers from the Central Board of Indirect Taxes and Customs …

U.P govt’s revenue earnings up by ₹1725.83 crore in August
4 months, 1 week ago

U.P govt’s revenue earnings up by ₹1725.83 crore in August

Hindustan Times  

The Uttar Pradesh government on Thursday claimed an increase of ₹1725.83 crore in tax and non-tax revenue earnings in August 2024 with the total collections going up to ₹15,969.65 crore vis-a-vis ₹14,243,82 crore earned in the same month in 2023. The state government’s tax collections in the first five months of 2024-2025 are 76 per cent of the target going …

Net direct tax collection rises 22% so far this fiscal
5 months ago

Net direct tax collection rises 22% so far this fiscal

Live Mint  

New Delhi: The central government’s direct tax collection has risen 22.48% so far this fiscal. Personal tax collection jumped 30% year-on-year to ₹4.47 trillion, while corporate taxes have risen 6% to ₹2.22 trillion. For FY25, the government targets a corporate tax mop-up of ₹10.2 trillion and personal income tax collection of ₹11.87 trillion. The total direct tax collection before adjusting …

Net direct tax collection grows 22 per cent to Rs 6.93 lakh crore for current fiscal: Govt data
5 months ago

Net direct tax collection grows 22 per cent to Rs 6.93 lakh crore for current fiscal: Govt data

India TV News  

India's net direct tax collection surged by 22.48 per cent, reaching approximately Rs 6.93 lakh crore as of August 11 for the current fiscal year, according to government data released on Monday. The overall tax collection includes Rs 4.47 lakh crore from personal income tax, showcasing the strong contribution of individual taxpayers to the exchequer. Refunds worth Rs 1.20 lakh …

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report
5 months, 1 week ago

Tax defaults in India skyrocket by 1000% over last 10 years, litigations double: Report

Hindustan Times  

Tax defaults in India have skyrocketed by 1000% in the last ten years and litigation associated with it has also consequently risen, according to a Moneycontrol report, which cited data compiled from various Union Budgets. Tax defaults in India skyrocketed by 1000% in the last ten years and associated litigation has also consequently risen How much tax default did India …

GST mop-up in July up 10.3% to Rs1.82 lakh crore
5 months, 1 week ago

GST mop-up in July up 10.3% to Rs1.82 lakh crore

Deccan Chronicle  

New Delhi: India’s gross goods and services tax collection in July recorded a 10.3 per cent rise to over Rs 1.82 lakh crore. Total refunds stood at Rs 16,283 crore in July and net GST collection was Rs 1.66 lakh crore, showing a growth of 14.4 per cent. “The gross revenues from domestic activities grew 8.9 per cent to Rs …

GST receipts’ growth rebounds to 10.3%; July kitty third-highest ever
5 months, 2 weeks ago

GST receipts’ growth rebounds to 10.3%; July kitty third-highest ever

The Hindu  

India’s Gross Goods and Services Tax collections hit their third-highest monthly level in July to cross ₹1.82 lakh crore, with revenue growth recovering to 10.3% from a three-year low of 7.6% in June. Gross revenue from domestic transactions grew 8.9% in July, easing from 9.4% recorded in June, but growth in taxes collected on imports bounced 14.2% from just 2.4% …

GST collections surge by 10.3 per cent in July, cross Rs 1.82 lakh crore mark
5 months, 2 weeks ago

GST collections surge by 10.3 per cent in July, cross Rs 1.82 lakh crore mark

India TV News  

Goods and Services Tax collections for July reached Rs 1,82,075 crore, marking a 10.3% year-on-year increase. 2024 year-to-date: Total GST collections have been Rs 7.38 lakh crore, up 10.2% from Rs 6.70 lakh crore in the same period of 2023. 2023–24 Fiscal year: Gross GST collections totalled Rs 20.18 lakh crore, an 11.7% increase from the previous fiscal year. The …

Punjab sees 15% jump in tax revenue despite sluggish GST
5 months, 3 weeks ago

Punjab sees 15% jump in tax revenue despite sluggish GST

Hindustan Times  

Chandigarh : The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25. The Punjab government registered an increase of 15% year-on-year in its tax revenue in the first quarter of the financial year 2024-25 The impressive increase came on the back of improved state excise, sales tax and …

India's 2024 Budget: A push for tax reform
5 months, 4 weeks ago

India's 2024 Budget: A push for tax reform

India Today  

The 2024 Budget, scheduled for July 23, may see tweaks to key tax policies to boost government revenue — bold steps to tackle tax evasion and improve tax compliance. 1980: For every Rs 100 collected, Rs 11 came from income tax, Rs 12 from corporate tax, Rs 1 from other direct taxes, and Rs 76 from other indirect taxes. 2000: …

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress
6 months ago

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress

New Indian Express  

NEW DELHI: With the personal income tax collections exceeding the corporate tax collections, the Congress alleged on Sunday that the corporate tax cut has put over Rs 2 lakh crore in the "pockets of billionaires," while the middle class continues to bear the weight of heavy taxation. The opposition party's attack on the government came a day after data released …

Move ahead: On GST and reform
6 months, 3 weeks ago

Move ahead: On GST and reform

The Hindu  

Revenues from the Goods and Services Tax, which completes seven years at the end of this month, hit a record high of ₹2.1 lakh crore in April that typically sees higher inflows due to a year-end compliance rush. Although gross revenues from domestic transactions grew 15.3%, accelerating from a 13.4% rise a month earlier, revenues from goods imports dipped for …

Direct tax collections for FY 2024-25 surge by over 20%
6 months, 4 weeks ago

Direct tax collections for FY 2024-25 surge by over 20%

Hindustan Times  

The Ministry of Finance has announced a robust growth in India's direct tax collections for the financial year 2024-25, with net collections increasing by 20.99 per cent and gross collections growing by 22.19 per cent. As per the provisional figures up to June 17, 2024, the net direct tax collections for FY 2024-25 have reached ₹4,62,664 crore. The net collections …

GST collection rises 10% to ₹1.73 lakh crore in May
7 months, 2 weeks ago

GST collection rises 10% to ₹1.73 lakh crore in May

The Hindu  

The country's gross GST collections rose to ₹1.73 lakh crore in May, growing 10% year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. After accounting for refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year. The gross …

GST collection records 10 per cent year-on-year growth to Rs 1.73 lakh crore in May
7 months, 2 weeks ago

GST collection records 10 per cent year-on-year growth to Rs 1.73 lakh crore in May

India TV News  

In a latest development, India’s gross GST collections rose to Rs 1.73 lakh crore in May, registering a 10 per cent year-on-year growth driven by augmented revenues from domestic transactions, the finance ministry stated on Saturday. The 10 per cent year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions amid slowing of imports, …

10 years of Modi government: Tax reforms, challenges
8 months ago

10 years of Modi government: Tax reforms, challenges

New Indian Express  

NEW DELHI: In the last 10 years of Modi government rule, India has undergone marked tax reforms focused on streamlining the tax framework, enhancing compliance, and fostering transparency. Key reforms common to Customs, GST, income tax, and corporate tax include digitisation for e-filing and digital payments, real-time data sharing to detect tax frauds, faceless assessment and appeals, dispute resolution schemes …

GST has helped people with a pro-poor approach, says Nirmala Sitharaman
8 months, 1 week ago

GST has helped people with a pro-poor approach, says Nirmala Sitharaman

The Hindu  

The Goods and Services Tax regime has benefitted people through a pro-poor approach, Union Finance Minister Nirmala Sitharaman asserted on May 6, while underlining that the recent landmark of GST collections crossing ₹2 lakh crore was driven by heightened economic activity. Noting that the idea of GST was first mooted under the Atal Behari Vajpayee-led NDA government, Ms. Sitharaman said …

Broaden GST net, cut cesses to reduce tax burden
8 months, 1 week ago

Broaden GST net, cut cesses to reduce tax burden

New Indian Express  

Goods and services tax collection crossed the landmark of Rs 2.1 lakh crore for the first time in April. Truth be told, April has always seen higher collections, thanks in part to year-end adjustments in tax assessments. But what sets apart the latest haul is that a part of the 12.4 percent increase over last year was led by a …

In fresh high, gross GST revenues shoot past ₹2.1 lakh crore in April
8 months, 2 weeks ago

In fresh high, gross GST revenues shoot past ₹2.1 lakh crore in April

The Hindu  

Year-end compliances lifted India’s gross Goods and Services Tax revenues past a record ₹2.1 lakh crore in April, reflecting a 12.4% growth over the previous highest tally of ₹1.87 lakh crore in the same month last year. Finance Minister Nirmala Sitharaman attributed the ₹2 lakh crore-plus GST revenues in April to “the strong momentum in the economy and efficient tax …

India's Direct Tax Collections Surge
8 months, 3 weeks ago

India's Direct Tax Collections Surge

Deccan Chronicle  

New Delhi: Reflecting buoyancy in the economy and rise in income levels of both individuals and corporates, India's net direct tax mop-up has surged by 17.7 per cent year-on-year to Rs 19.58 crore after accounting for refunds in the fiscal year ended March 2024. At the same time, the gross direct tax collections for the FY24 rose 18.48 per cent …

Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates
8 months, 3 weeks ago

Direct Tax Collections Grow 18 Per Cent To Rs 19.58 Lakh Crore In FY24, Beat Revised Estimates

ABP News  

The direct tax collections for the 2023-24 fiscal year increased almost 18 per cent against the funds collected in the previous fiscal year, official data from the Ministry of Finance revealed on Sunday. ➡️Net Direct Tax collections for FY2023-24 exceed the Budget Estimates by ₹ 1.35 lakh crore i.e by 7.40% & Revised Estimates by 0.67% ➡️Gross Direct Tax collections …

A reform window: On the GST trajectory
9 months, 1 week ago

A reform window: On the GST trajectory

The Hindu  

The financial year 2023-24 appears to have ended on a high on the revenue front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax has yielded a robust ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest …

Govt’s FY24 tax collection target broadly met on back of robust economic activity: Report
9 months, 1 week ago

Govt’s FY24 tax collection target broadly met on back of robust economic activity: Report

Live Mint  

The central government’s tax collection target of over ₹34.37 lakh crore for fiscal year 2023-24 has been broadly met on the back of robust economic activity and improved compliance, according to a report by PTI. The net direct tax collection grew 19.88 per cent to over ₹18.90 lakh crore till March 17 on higher advance tax mop-up. Advance tax collections …

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