Page 2 - Latest Updates on Tax Collection
GST's secret sauce: Tax collections continue to surge but for how long?
The 31 per cent rise in GST collections has been significantly fuelled by imports
 "GST's secret sauce: Tax collections continue to surge but for how long?")
Aug tax collections decline 7.7%; personal income tax mop-up drops 37%
Direct taxes fall 42% to Rs 34,972 crore, from Rs 60,363 crore in August last year
 "Aug tax collections decline 7.7%; personal income tax mop-up drops 37%")
Finance ministry confident of keeping FY23 fiscal deficit in check
Robust tax mop-up, savings through SNA dashboard bode well for balance sheet, say officials
 "Finance ministry confident of keeping FY23 fiscal deficit in check")
Centre upbeat on Rs 1.5-trillion GST revenue every month from October
GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion
 "Centre upbeat on Rs 1.5-trillion GST revenue every month from October")
Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt
The ministry said refunds amounting to Rs 1.19 trillion have been issued till September 8 this fiscal year, 65.3 per cent higher than the refunds issued for the same period in FY22.
 "Direct tax mop-up jumps 35.5% to Rs 6.48 trillion in FY23: Govt")
Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn
Money will help carry out their capital expenditure and welfare spending plans
 "Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn")
Rs 94,800-cr gains from windfall tax an overestimation: Govt sources
At July 1 rates, revenue gains would be less than Rs 48,000 crore if impact on corporation tax is taken into account
Revenue dept working on a mechanism to plug capital gains tax leakage
In past few years, cases of capital gains tax evasion through stock market transactions have been probed
 "Revenue dept working on a mechanism to plug capital gains tax leakage")
Tax changes to offset duty cut on fuel; boost tax mop-up: Report
Changes in import duty and a windfall tax on fuel exports will not only offset duty cuts on fuels but will also increase overall tax collection over budget target to Rs 20.70 trillion, a report said
 "Tax changes to offset duty cut on fuel; boost tax mop-up: Report")
It's prudent to file nil ITR even if your income is below Rs 2.5 lakh
Filing income tax return will prove handy while applying for a loan, insurance cover, or a visa
 "It's prudent to file nil ITR even if your income is below Rs 2.5 lakh")
UP govt eyes increase in tax collection to Rs 1.5 trn during FY23
The Uttar Pradesh government is expected to raise the revenue collection target from Rs 98,107 crore to Rs 1.50 lakh crore for the financial year 2022-23, reflecting an increase of about Rs 57,000 cr
 "UP govt eyes increase in tax collection to Rs 1.5 trn during FY23")
GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax 'new normal'
As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore
 "GST: Tech use to plug revenue leaks, Rs 1.3 trn monthly tax 'new normal'")
FY23 tax collection likely to be better than budget estimate: Revenue Secy
The country's tax collections soared to a record high of Rs 27.07 lakh crore last year, compared to budget estimate of Rs 22.17 lakh crore.
 "FY23 tax collection likely to be better than budget estimate: Revenue Secy")
CBIC cautions against coercive tax collection during searches
The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment
Looking back at GST implementation: What the future holds?
The system is stabilising and efforts for simplification and strict compliance are seen in collections.
 "Looking back at GST implementation: What the future holds?")
GST, VAT to contribute over 62% to total receipts of Delhi govt in FY23
The GST and the VAT will be the biggest contributors to the Delhi government's tax revenue which is estimated at Rs 47,700 crore for 2022-23
 "GST, VAT to contribute over 62% to total receipts of Delhi govt in FY23")
Direct tax collection soars 48% in FY22, advance tax payment up 41%
Almost 53% of all direct tax collection was from corporate tax, while 47% came from personal income tax, including securities transaction tax on shares
 "Direct tax collection soars 48% in FY22, advance tax payment up 41%")
Industry has a role to play in reducing tax disputes, says FinMin
Two prominent policymakers - finance secretary TV Somanathan and revenue secretary Tarun Bajaj - said on Monday that the larger industry had a big role to play in reducing tax disputes
Odisha records robust growth rate of 47% in state GST collection
The successful auction of iron ore mines last year by the state government contributed significantly in increasing the tax revenue this year
 "Odisha records robust growth rate of 47% in state GST collection")
Modi govt is proud of high tax collection, doesn't see people's pain: Rahul
Congress leader Rahul Gandhi on Monday alleged the Narendra Modi government sees high tax collection as its big achievement but does not see the pain of the people who are troubled by the tax burden.
 "Modi govt is proud of high tax collection, doesn't see people's pain: Rahul")
