Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax
5 months, 1 week ago

Direct tax mop-up rises 20% to ₹5.74 lakh cr on higher corporate advance tax

The Hindu  

Net direct tax collection grew 19.54% to over ₹5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The net direct tax collection of ₹5,74,357 crore includes CIT at ₹2,10,274 crore and PIT at ₹3,46,036 crore, as per data released by Central Board of Direct Taxes on July 13. During the same period last year, net direct tax collection was ₹4,80,458 crore. For full fiscal year, the interim budget has pegged direct tax collection at ₹21.99 lakh crore.

Tax Crore Direct Lakh Collection Direct Tax  advance  tax  574  rises  period  collection  net  taxes  mopup  direct  refunds  higher  lakh  corporate  crore  11  cr

History of this topic

Net direct tax receipts grows 16.45% to ₹15.82 lakh crore till mid-December
5 days, 11 hours 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
6 days, 1 hour 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 …

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema
Trending News
3 weeks, 1 day 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 …

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
3 weeks, 6 days ago

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat

Live Mint  

Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Particularly praiseworthy is the government’s proposal to undertake a comprehensive review of the Income Tax Act of 1961 within the context of reviewing the entire direct and indirect taxation regime. On the indirect taxation side, the 2024-25 budget …

India Expects to Surpass Rs 22 Lakh Cr Direct Tax Target
1 month 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 …

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate
Trending News
1 month, 1 week ago

Income tax share from below ₹10 lakh group shrinks over 10 years, high earners dominate

Live Mint  

Data from the Income Tax Department reveals a shift in India’s tax landscape over the past decade, with the share of tax collected from individuals earning less than ₹10 lakh dropping from over 10% to 6.22%. Tax collection from this group has tripled, rising from ₹2.52 lakh crore in 2014 to ₹9.62 lakh crore in 2024, data showed. “Tax liability …

India is investing more in mutual fund SIPs, and paying more tax too
1 month, 1 week 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
1 month, 1 week 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 …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
1 month, 1 week ago

It is time India started indexing tax slabs and exemptions with inflation

Live Mint  

NEW DELHI : One of the big stories of the Indian economy has been the sharp increase in personal income tax collections. As the government’s revenue from personal income tax rises, it will likely face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. The old tax regime evolved over several decades, allowing individuals …

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

Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years
2 months ago

Income Tax Department Sees Doubled Number of Income Taxpayers in 10 Years

New Indian Express  

The number of income taxpayers has doubled in the past 10 years, with direct tax collection tripling during the same period. Tax buoyancy has shown a sharp improvement, indicating that the growth in tax collection was more than double the nominal GDP growth rate. This is a positive sign for the Indian economy, as it suggests that the country is …

U.P. govt mops up over ₹98k cr tax revenue in six months
2 months, 2 weeks ago

U.P. govt mops up over ₹98k cr tax revenue in six months

Hindustan Times  

The Uttar Pradesh government has earned higher tax and non-tax revenue in the first six months of 2024-25 vis-a-vis the previous financial year, collecting tax revenue of ₹98,886.75 crore from April 1 to September 30, 2024. Other main tax revenue earners for the state government included excise with collections of ₹22,564.29 crore from this head. The state government’s non-tax revenue …

U.P govt’s revenue earnings up by ₹1725.83 crore in August
3 months, 2 weeks 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
4 months, 1 week 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
4 months, 1 week 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
4 months, 2 weeks 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 …

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways
5 months ago

Income tax benefits, capital gains tax hike, cheaper phones | Key Budget takeaways

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday proposed the much-awaited change in the income tax slabs as she tabled the first Union Budget of the new Narendra Modi government. "Under the new tax regime, tax rate structure to be revised as follows - ₹0- ₹3 lakh -Nil; ₹3-7 lakh -5%; ₹7-10 lakh-10%; ₹10-12 lakh-15%; ₹12-15 lakh- 20% and above ₹15 lakh-30%," …

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more
5 months ago

Afternoon briefing: New tax regime slabs revised in Budget 2024; IIT Delhi's submission to SC in NEET row; and more

Hindustan Times  

Finance minister Nirmala Sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman carrying the Budget tablet More news on Union Budget 2024-25 Budget: Sitharaman announces financial aid for student loans up to ₹ 10 lakh A panel of experts from Indian …

Punjab sees 15% jump in tax revenue despite sluggish GST
5 months 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 …

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?
5 months ago

Budget 2024: Will Nirmala Sitharaman bring cheer to middle-class with income tax changes?

Hindustan Times  

The Union Budget 2024 could provide Income Tax relief for low earners looms large amid rising prices in the country. Experts believe that a reduction in Income Tax could address economic challenges in the country as Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2024-25 on July 23. This change would boost consumption, …

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress
5 months, 1 week 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 …

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

Centre releases ₹1.39 lakh crore to states in June
6 months, 1 week ago

Centre releases ₹1.39 lakh crore to states in June

Live Mint  

The Central government has devolved ₹1.39 lakh crore to states as devolution of its tax revenue in June, finance ministry stated on Monday. Centre devolves 41% of its tax revenue to state governments as part of the formula set by the Finance Commission. The Commission also examines the development needs of states and trends like tax buoyancy and major obligations …

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
6 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law  

Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment
7 months, 3 weeks ago

Calculating Your Taxes Made Easy: Advance Tax vs Self-Assessment

News 18  

In India, advance tax denotes the tax individuals, companies, and businesses pay ahead of time instead of deferring payment until the end of the financial year. As per section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of ‘Advance Tax’. The presumptive taxation scheme …

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

India's Net Direct Tax Collections Rise 20 Per Cent to Rs 18.9 Lakh Crore
9 months ago

India's Net Direct Tax Collections Rise 20 Per Cent to Rs 18.9 Lakh Crore

ABP News  

The direct tax collection of the Centre after adjusting for refunds has grown 19.88 per cent annually to Rs 18.9 lakh crore in FY2023-24, compared to the corresponding period of the preceding Financial Year, where collections amounted to Rs 15.7 lakh crore. This substantial rise in net collections primarily comprises Corporation Tax at Rs 9.1 lakh crore and Personal Income …

India’s direct tax collections grow 20 per cent for financial year 2023-24
9 months ago

India’s direct tax collections grow 20 per cent for financial year 2023-24

India TV News  

Business news: The net direct tax collection grew 19.88 per cent to over Rs 18.90 lakh crore till March 17 on higher advance tax mop-up. The Central Board of Direct Taxes said net direct tax collection of Rs 18,90,259 crore includes Corporation Tax at Rs 9,14,469 crore and Personal Income Tax, including Securities Transaction Tax at Rs 9,72,224 crore. Advance …

FY24 net direct tax revenue rises 20% to Rs 18.9 lakh crore
9 months ago

FY24 net direct tax revenue rises 20% to Rs 18.9 lakh crore

New Indian Express  

NEW DELHI: Net direct tax collections were at Rs 18,90,259 crore for the financial year 2023-24, compared to Rs 15,76,776 crore in the corresponding period of FY23, representing an increase of 19.88%, according to the provisional figures released by the Central Board of Direct Taxes on Tuesday. The net collection includes corporation tax at Rs 9,14,469 crore and personal income …

Direct tax kitty crosses 97% of 2023-24 target
9 months ago

Direct tax kitty crosses 97% of 2023-24 target

The Hindu  

Growth in India’s net direct tax collections slowed a bit over the past month but with a kitty of more than ₹18.9 lakh crore, more than 97% of the revised target for 2023-24 had been met by March 17, as per provisional figures released by the Finance Ministry on Tuesday. Personal Income Taxes, including the Securities Transaction Tax, continued to …

India’s direct tax collection jumps 20% to ₹18.9 trillion
9 months ago

India’s direct tax collection jumps 20% to ₹18.9 trillion

Live Mint  

New Delhi: The Centre’s direct tax collection after adjusting for refunds has grown 19.88% annually to ₹18.9 trillion, the Central Board of Direct Taxes said in a statement on Tuesday quoting provisional figures for up to Sunday. That was on account of a sharp upward revision of ₹ 1.21 trillion in personal income tax collection for this year as the …

U.P. govt collected ₹2,813 cr more revenue in Feb this year
9 months, 2 weeks ago

U.P. govt collected ₹2,813 cr more revenue in Feb this year

Hindustan Times  

The Uttar Pradesh government on Monday claimed an increase of ₹2,813.88 crore in its revenue collections in February 2024. Minister for finance Suresh Khanna, briefing media persons, said the state government collected a revenue of ₹17,742.67 crore, 77.5 percent of the target of ₹22,888.79 crore in February 2024. government collected a tax revenue of ₹ 1,73,381.51 crore till February 29. …

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers
10 months ago

Small tax demands up to ₹1 lakh waived, bringing relief for income tax payers

Live Mint  

The government has recently announced a scheme to waive off small outstanding income tax demands, setting a ceiling of ₹1 lakh per taxpayer. The scheme aims to provide relief to taxpayers burdened with old outstanding tax demands. Criteria for waiver Finance Minister Nirmala Sitharaman had announced during the interim budget that small outstanding direct tax demands of ₹25,000 or less …

India’s net direct tax collection rises 20.25% YoY to ₹15.60 lakh crore
10 months, 1 week ago

India’s net direct tax collection rises 20.25% YoY to ₹15.60 lakh crore

Live Mint  

Central Board of Direct Taxes, on Sunday, released a new report revealing that the country’s net direct tax collections have increased by 20.25 % to ₹15.60 lakh crore higher than the net collections for the corresponding period of last year. The gross direct tax collection soared to ₹18.38 lakh crore as of 10 February which is 17.30% higher than the …

Net direct tax collection stands at Rs 15.60 lakh crore Y-o-Y growth of 20%
10 months, 1 week ago

Net direct tax collection stands at Rs 15.60 lakh crore Y-o-Y growth of 20%

India TV News  

New Delhi: Net direct tax collection in the current fiscal year has witnessed a growth of 20 per cent year-on-year to Rs 15.60 lakh crore. Direct tax collections up to 10th February 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year," …

Direct tax to GDP ratio climbs to 6.11% in F.Y. 2022-23: CBDT releases comprehensive data
11 months ago

Direct tax to GDP ratio climbs to 6.11% in F.Y. 2022-23: CBDT releases comprehensive data

India TV News  

Net direct tax collections surged by 160.52% from Rs. Enhanced resources for collection amidst rising taxpayers Despite a substantial rise in the number of taxpayers, the income tax department allocates increased resources to direct tax collection, indicating a reliance on advanced technology and improved compliance measures. Gross direct tax collections soar Gross direct tax collections in 2022–23 amount to Rs …

Robust revenues: On direct tax collection target and fiscal consolidation
11 months, 1 week ago

Robust revenues: On direct tax collection target and fiscal consolidation

The Hindu  

With little under a quarter left in the financial year 2023-24, the government has met nearly 81% of its direct tax collection target. Economists believe the exchequer’s net direct tax kitty will end up surpassing the Budget estimate of ₹17.2 lakh crore by about a lakh crore if not more, with the full-year growth settling at around 18%. Within direct …

Direct tax collections cross 80% of 2023-24 target
11 months, 1 week ago

Direct tax collections cross 80% of 2023-24 target

The Hindu  

India’s net direct tax collections touched ₹14.7 lakh crore by January 10, meeting over four-fifths of this year’s target and reflecting a growth of 19.4% over the same period of 2022-23. The Central Board of Direct Taxes on Thursday said that provisional direct tax collections continue to register ‘steady growth’ with gross collections rising 16.77% to ₹17.18 lakh crore, led …

Tax collection on course to grow 3 times to over ₹19 lakh crore in 10 years of Modi Government
11 months, 3 weeks ago

Tax collection on course to grow 3 times to over ₹19 lakh crore in 10 years of Modi Government

The Hindu  

Personal income and corporate tax collections are likely to rise to more than ₹19 lakh crore in 10 years of Prime Minister Narendra Modi-led Government, providing more leeway to come out with people-friendly tax measures. Driven by the increasing income of individuals, net direct tax collections after adjusting for refunds increased from ₹6.38 lakh crore in FY 2013-14 to ₹16.61 …

Tax kitty up 20.7%, crosses 75% of Budget target
1 year ago

Tax kitty up 20.7%, crosses 75% of Budget target

The Hindu  

India’s net direct tax collections had grown 20.7% by December 17 to cross ₹13.70 lakh crore, the Finance Ministry said on Monday, indicating that 75.15% of the year’s direct tax target has been met. “The net direct tax collection of ₹13,70,388 crore includes Corporation Tax at ₹6,94,798 crore and Personal Income Tax including Securities Transaction Tax at ₹6,72,962 crore,” the …

Consistent increase in 2023-24 revenue collections: UP govt
1 year ago

Consistent increase in 2023-24 revenue collections: UP govt

Hindustan Times  

LUCKNOW The UP government on Tuesday claimed a consistent increase in its revenue receipts with a collection of ₹2,580.78 crore more in November this year. We have maintained transparency in the release of data about tax and non-tax collections,” said minister for revenue Suresh Khanna while releasing the details about the state government’s total revenue collections. The state government’s non-tax …

Direct tax collections reach ₹11.07 lakh crore, up 18% YoY
1 year, 2 months ago

Direct tax collections reach ₹11.07 lakh crore, up 18% YoY

Hindustan Times  

A total of ₹11.07 lakh crore worth of direct taxes have been collected so far in the current financial year 2023-24, representing a 17.95 per cent increase on a yearly basis, Central Board of Direct Taxes Chairman Nitin Gupta said on Tuesday. Direct tax collection, net of refunds, stood at ₹9.57 lakh crore which is 21.82 per cent higher than …

Direct tax collection grows 17% to ₹5.84 tn
1 year, 4 months ago

Direct tax collection grows 17% to ₹5.84 tn

Live Mint  

The central government has collected ₹5.84 trillion in net direct tax revenues as of 10 August, marking a significant 17% improvement over a year-ago, according to an official statement. This accounts for about one third of the ₹18.2 trillion direct tax collection target of the government for FY24. The Central Board of Direct Taxes said in a statement quoting provisional …

India’s industrial output growth hits three-month low
1 year, 4 months ago

India’s industrial output growth hits three-month low

The Hindu  

India’s industrial output growth hit a three-month low of 3.7% in June, from a revised 5.3% in May, according to official data, with consumer durables’ production slipping back into contraction mode, and manufacturing growth slowing to 3.1% from 5.8% in May. The data released by National Statistical Office stated that mining output grew 7.6% in June, while Electricity generation, which …

Direct tax collections rise 16% to ₹6.53 lakh crore so far this fiscal
1 year, 4 months ago

Direct tax collections rise 16% to ₹6.53 lakh crore so far this fiscal

Hindustan Times  

Net direct tax collections swelled 17.33 per cent to ₹5.84 lakh crore so far this fiscal, reaching 32 per cent of the full-year budget estimates. On a gross basis, direct tax collection grew 15.73 per cent to ₹6.53 lakh crore till August 10 in the current fiscal. Net direct tax collection, after adjusting refunds, stands at ₹5.84 lakh crore, which …

Direct tax receipts after refunds in FY23 grow 18%
1 year, 8 months ago

Direct tax receipts after refunds in FY23 grow 18%

Live Mint  

New Delhi: The government collected ₹16.61 trillion in direct taxes after refunds in FY23, a 17.6% improvement over takings in the preceding year, the Central Board of Direct Taxes said on Monday, quoting provisional figures. Gross direct tax collections for FY23 before adjusting for tax refunds stood at ₹19.68 trillion, a growth of 20.33%, CBDT said. Gross collections of direct …

Income-tax collections grow 20% in one year, nears ₹20 lakh crore mark
1 year, 8 months ago

Income-tax collections grow 20% in one year, nears ₹20 lakh crore mark

Hindustan Times  

NEW DELHI: The Union finance ministry on Monday reported over 20% year-on-year jump in gross direct tax revenue at ₹19.68 lakh crore for the financial year ending March 31, 2023, days after it declared about 22% annualised growth in Goods and Services Tax collections at ₹18.1 lakh crore, reflecting sustained growth in economic activities, better tax administration and ease of …

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