By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
The government's tax collections grew by over 14 per cent to Rs 1,63,611 crore (Rs billion) (Rs 1,636,11 billion) till December mainly due to impressive growth in corporate tax.
Jaitley said future transactions would be substantially digital as India moves towards a less-cash society
GST collections rose 12 per cent to over Rs 1.61 lakh crore in June, the finance ministry said on Saturday. The gross GST collection has crossed Rs 1.60 lakh crore mark for the fourth time since the roll-out of the indirect tax regime six years ago on July 1, 2017. The average monthly gross GST collection for the first (April-June) quarter of the 2021-22, 2022-23 and 2023-24 are Rs 1.10 lakh crore, Rs 1.51 lakh crore and Rs 1.69 lakh crore, respectively, the finance ministry said in a statement.
But the party favoured most of the proposals on indirect taxes.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
The direct tax collections posted a 20.42 per cent growth totalling Rs 36,733 crore upto October 15, but indirect tax collections were less buoyant, recording about eight per cent growth at Rs 63,413 crore upto September 30, this financial year.
The Prime Minister's Economic Advisory Council on Wednesday favoured more income tax sops as also a revision in indirect tax rates on consumer durables in Budget 2008-09 to fire up the economy.
The company's net loss widened to Rs 444.26 crore (Rs 4.44 billion) for the quarter ended December 31, 2011, due to high fuel costs and weaker rupee from Rs 253.69 crore (Rs 2.53 billion) in the October-December quarter in the last fiscal.
The other two components of indirect tax collections -- excise and customs duties -- were already in negative territory since October 2008. In particular, excise -- a levy on factory production levied at the gates - has started declining from September.
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
The government on Monday said the total tax revenue in 2011-12 would be up 18.50 per cent at Rs 9,32,439.88 crore, on the back of projected rise in revenue from taxes on income, services, customs and excise duties.
The government on Tuesday said that tax arrears rose over 18 per cent to Rs 2.93 lakh crore as on March 31, 2010 against the year-ago period.
Tax collections grew by 18 per cent at Rs 2,52,162 crore (Rs 2,521.62 billion), crossing the Budget target and pushing up the tax-GDP ratio to 9.1 per cent, during 2003-04.
The new Foreign Trade Policy announced a slew of tax concessions to boost exports, which have been on the downslide since October 2008.
On Thursday, the bench, after perusing the plea copy, noted that Wankhede had approached the Central Administrative Tribunal, too, against the notices issued to him by the NCB.
Budget to be presented on Friday is expected to carry out a "clean up" operation of tax administration besides measures to spur growth.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
The e-commerce sector is also fraught with redundant taxation laws that need immediate overhaul
The Union Cabinet on Wednesday approved changes to GST laws to levy a 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs, sources said. The amendments to the Central GST (CGST) and Integrated GST (IGST) acts, which were approved by the GST Council last week, are likely to be introduced in the ongoing monsoon session of Parliament, which will end on August 11. The GST Council in its 51st meeting on August 2 recommended amendments to the Schedule III of the CGST Act, 2017, to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.
The Bombay high court on Monday said no coercive steps shall be taken against IRS officer Sameer Wankhede till April 10 on notices issued to him on the NCB's preliminary inquiry over irregularities in a drugs case related to actor Sushant Singh Rajput's death.
rediffGURU Mihir Tanna answers your income tax queries.
Maybe the new methods of measuring GDP helped us get an accurate picture.
Petroleum Minister Jaipal Reddy said these measures would cost the government Rs 49,000 crore in the current financial year.
Tax collections appear to be on a roll this fiscal
Finance Minister P Chidambaram is banking on the aspirations of people to own a swanky new mobile phone to boost the government's indirect tax revenue in the next financial year.
The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India's gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago. Listed banks' combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.
Competition in the fast-growing quick commerce sector is heating up as Swiggy Instamart faces a tough challenge in narrowing the gap with Blinkit, which currently dominates the market. In the second quarter (Q2) of 2024-25 (FY25), Instamart's gross order value (GOV) rose by 42.1 per cent quarter-on-quarter (Q-o-Q) and 75.5 per cent year-on-year (Y-o-Y), reaching Rs 3,382 crore.
Tax holidays to special economic zones are estimated to lead to a revenue loss of over Rs 1-lakh crore by FY10, the Parliament was informed on Friday.
India can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
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