Page 4 - Latest Updates on Tax Collection
Fresh risk to economy
Govt should avoid the mistakes of 2020
 "Fresh risk to economy")
Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection
People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB)
 "Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection")
IMF revises India growth forecast, sees GDP shrinking at sharper 8% in FY21
Expects economy to grow 11.5% next year, which could slightly correct govt's fiscal mathematics
 "IMF revises India growth forecast, sees GDP shrinking at sharper 8% in FY21")
Barking up the wrong tree?
Instead of pursuing Vivad Se Vishwas, greater focus on collecting tax dues without dispute may yield better results
 "Barking up the wrong tree?")
Fall in direct tax mop-up slows in November on better economic movements
Personal income tax saw contraction shrink to 13 per cent by November from 22 per cent seen up to September, on the back of lower issuance of refunds and improvement in economic conditions
 "Fall in direct tax mop-up slows in November on better economic movements")
No escape from extra borrowing
Despite growth likely in the second half of the year, revenue gap will be large leading to higher borrowing and expenditure management
 "No escape from extra borrowing")
Will ask govt to make employers' contribution tax-free in Budget: PFRDA
Pension fund regulator PFRDA will propose to the government to make employers' contribution of 14% under NPS tax free for all categories of subscribers in the next Budget
 "Will ask govt to make employers' contribution tax-free in Budget: PFRDA")
Tax mop-up showing signs of pick up, economy on revival path: Finance Secy
Pandey said the generation of e-way bills, needed for transportation of goods, is back to pre-Covid levels and online payments have risen exponentially
 "Tax mop-up showing signs of pick up, economy on revival path: Finance Secy")
MFs, alternative investment funds may come under ambit of new tax norms
0.1% tax collected at source may hit funds, investors
 "MFs, alternative investment funds may come under ambit of new tax norms")
Equalisation levy posts 35% growth; overall tax collection remains muted
Direct tax, net of refunds, contracted by 24 per cent as of October 8 to Rs 3.66 trillion compared with Rs 4.8 trillion in the corresponding period last year.
 "Equalisation levy posts 35% growth; overall tax collection remains muted")
Google tax collection rises 18% after second instalment deadline
There is a possibility of some upward revision in the number based on last-minute payments by foreign players
Lower tax collected at source rate on funds remitted for education
But a higher rate will be levied if PAN isn't furnished
 "Lower tax collected at source rate on funds remitted for education")
Most firms not ready for new Tax Collected at Source regime: Survey
Four out of five anticipate issues in applicability of the new provisions
 "Most firms not ready for new Tax Collected at Source regime: Survey")
Top headlines: Tax growth picks up for cos in Q2; RBI defers MPC meet
From RBI's MPC meeting prep to Govt's plan to club unviable airports with main ones, here are top headlines this morning
 "Top headlines: Tax growth picks up for cos in Q2; RBI defers MPC meet")
Total tax collection falls 22.5% till Sept 15 to Rs 2,53,532 cr: Report
Total tax collection of the Centre, including advance tax collection for the second quarter, fell 22.5% to Rs 2,53,532 crore till September 15 of the current fiscal as compared to the year-ago period
West Bengal govt may reduce 30 % tax on liquor amid declining sales
The West Bengal has levied 30 per cent tax on liquor when wine shops reopened after the nationwide lockdown due to the Covid-19 pandemic
 "West Bengal govt may reduce 30 % tax on liquor amid declining sales")
Faceless tax scrutiny will ease compliance burden, increase fairness: FM
In a series of tweets, the Finance Ministry said the I-T department has taken up several reforms to make tax compliance easier for taxpayers
 "Faceless tax scrutiny will ease compliance burden, increase fairness: FM")
Compute tax demand for all assessees by August 31, says CBDT chief
Many taxpayers are waiting to file applications under 'Vivad Se Vishwas' scheme, but they are also waiting for correct demand to be intimated to them, says P C Mody
 "Compute tax demand for all assessees by August 31, says CBDT chief")
Late advance tax payments by corporate heavyweights give govt a breather
First quarter advance tax collection from India Inc has been revised upward to Rs 39,880 crore from initial mop up of Rs 8,572 crore
 "Late advance tax payments by corporate heavyweights give govt a breather")
Q4 corporate earnings disappoint amid lockdown, point to worse quarters
Combined revenues of 410 firms declined 6%, while profit before tax fell 35%
 "Q4 corporate earnings disappoint amid lockdown, point to worse quarters")
